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06/10/2010

State Street élargit les fonctionnalités de sa plate-forme Wealth Connect

State Street Corporation a annoncé le 4 octobre que sa plate-forme State Street Wealth Connect dispose désormais de capacités élargies à la conformité de la politique d’investissement, aux rapports administratifs, à la gestion des ordres de négoce et à la gestion intégrée des comptes.Actuellement, State Street fournit des services à environ 500 gestionnaires de fortune avec 250 milliards de dollars d’encours pour 90.000 comptes.Les nouveaux services permettent aux clients de configurer à façon leur flux de tâches opérationnelles et les processus d’autorisation pour les rendre conformes à leur processus.
06/10/2010

Javelin Capital lance son premier fonds

Selon Hedgeweek, la société de gestion new yorkaise Javelin Capital, qui a récemment obtenu son agrément, vient de lancer son premier hedge fund, le Javelin Capital Global Equity Strategies Fund, doté de 31 millions de dollars. Le fonds prendra des positions longues et courtes sur les actions dans le monde entier, y compris les marchés émergents.Le fonds est géré par une équipe de gérants qui travaillaient précédemment chez Goldman Sachs et de Citi.
06/10/2010

L’ex stratégiste de BarCap chez Odey

Tim Bond, l’ancien responsable de l’allocation d’actifs mondiale de Barclays Capital, a resurgi chez la société britannique de hedge funds Odey Asset Management, selon Financial News.
06/10/2010

Threadneedle choisi par SWIP

Threadneedle vient de remporter un mandat de 285 millions de livres auprès de l’équipe de multigestion de Scottish Widows Investment Partnership (SWIP) portant sur les actions britanniques. L’équipe actions britanniques de la société de gestion gère plus de 12 milliards de livres.
06/10/2010

Lionhart Aurora Fund is the best Asian hedge fund in January-August

p { margin-bottom: 0.08in; } Asian Investor reports that the best-performing Asian hedge funds ranked by Eurekahedge are Lionhart Aurora Fund, which has earned 81.6%, Quantedge Global Fund (42.8%), FX Concepts (SAC) Ltd (38.9%), Lionhart Asia Plus Fund (35.6%), RAB Energy Fund (32.8%), and Komodo Fund (31.4%). These are followed by funds which earned performance of under 30%: 36 South SPC Ltd (28.3%), Horizon Growth Fund (27.6%), Credence Oriental (26.4%), and Asean Small Cap Fund (24%). None of the top ten hedge funds ranked by Eurekahedge were in the rankings last year.
06/10/2010

FundQuest plans to develop in Asia

p { margin-bottom: 0.08in; } The multi-management specialist FundQuest, a partner of BNP Paribas Investment Partners, has appointed Sébastien Cabanel as head of sales for Asia. This is a newly-created position, which illustrates FundQuest’s desire to enter and grow in the region. Cabanel will initially focus on Hong Kong, where he will be based, as well as Tokyo and Singapore. He will report to Valérie Meurice, head of institutional clients and external distributors. Cabanel previously worked at HDF Finance in Singapore, as managing director.
06/10/2010

Javelin Capital launches its first fund

p { margin-bottom: 0.08in; } Hedgeweek reports that the New York asset management firm Javelin Capital, which has recently obtained a license, has launched its first hedge fund, the Javelin Capital Global Equity Strategies Fund, with USD31m in capital. The fund will take long and short positions on equities worldwide, including emerging markets. The fund is managed by a team of managers who previously worked at Goldman Sachs and Citi.
06/10/2010

Axa IM offers Redex shares in three more funds

p { margin-bottom: 0.08in; } Since May, Axa IM has added a Redex (Reduction of Duration Exposure) share class to the Axa WF Global Inflation Bonds fund, which, with the addition of a hedging strategy, makes it possible to reduce the exposure of investors to fixed income risks (see Newsmanagers of 18 May). Assets in Redex shares in the fund total EUR111m, out of a total of EUR578m. On 5 October, Axa IM Deutschland announced that Redex shares in three other bond funds are now available: AXA WF Euro Inflation Bonds (EUR148m in total), AXA WF Euro Credit IG (EUR170m), and AXA WF Euro Credit Plus (EUR329m).
06/10/2010

Non-UCITS hedge funds outperform UCITS funds

p { margin-bottom: 0.08in; } Hedgeweek reports that a research on regulation of UCITS hedge funds by Nils S. Tchsmid and Erik Wallenstein at the Haute Ecole de Gestion in Geneva and Louis Zanolin of Nara Capital suggests that non-UCITS hedge funds earn better returns than UCITS funds. The report is one of the first to compare the performances of the two fund categories. Although the expected outperformance of non-UCITS funds is not self-evident, the authors have identified a non-negligible difference, in that risk levels are lower for UCITS funds.
06/10/2010

Neuberger Berman launches a UCITS version of an emerging markets equities fund

p { margin-bottom: 0.08in; } The Irish Stock Exchange announced on 5 October that Neuberger Berman on 4 October launched the Neuberger Berman Emerging Markets Equity Fund, a sub-fund of Neuberger Berman Investment Funds Plc, which is the UCITS III-compliant version of a mutual fund launched in 2008 in the United States. The fund is a long-only emerging markets equities product, for which minimal subscription is set at USD10,000, with currency risks not hedged. The portfolio, managed by Conrad Saldanha, will have about 90 positions, including small and midcaps, out of an eligible universe of about 400 shares selected from about 12,000 companies. Initially, the fund is overweight on Turkey and the Philippines, and is also invested in China and India, as well as in shares in the healthcare and industrial sectors.
06/10/2010

Portugal has two months to fully adopt UCITS III directive

p { margin-bottom: 0.08in; } The European Commission has given Portugal two months to bring itself into compliance with the UCITS III directive. If Portugal does not achieve this, it will be brought before the Court of Justice of the European Union (CURIA), Funds People reports. In 2008, the Portuguese government passed a law which authorised the Portuguese regulator, the CMVM, to give general dispensation to UCITS III fund managers to allow them to invest in assets which are not authorised by the directive, or to overstep authorised ceilings.
06/10/2010

Kerviel sentenced to prison and fine

p { margin-bottom: 0.08in; } The former Société Générale trader Jérôme Kerviel, who was sued for a record loss of nearly EUR5bn in early 2008, was sentenced on Tuesday to five years in prison, of which he will be required to serve at least three, and ordered to pay EUR4.9bn in damages to the bank, corresponding to the amount lost in early 2008. His lawyer announced that he would appeal the verdict. The president of the 11th chamber of the Paris correctional court, Dominique Pauthe, found Jérôme Kerviel guilty of all three charges against him: abuse of trust, forgery and computer abuse. The former trader “overstepped his duties by taking speculative positions on behalf of the bank, and in gigantic proportions,” the court found after more than three months of deliberations.
06/10/2010

Jefferies creates a hedge fund relations team

p { margin-bottom: 0.08in; } On 4 October, Jefferies announced the recruitment of Josh Gold as managing director and head of a new team which will be dedicated to relations with hedge funds based in the United States. Gold was most recently managing partner of Dematteo Monness, an independent primary research firm which also acts as a broker-dealer.
06/10/2010

Spanish fund managers remain confident in equities

p { margin-bottom: 0.08in; } According to a Lipper monthly survey, the major Spanish asset management firms have not made major modifications to the composition of their portfolios in September, Cinco Días reports. Allocation to money markets increased from 13.34% in August to 14.15% last month, while alternative investments remain below 4%. Exposure to bonds has fallen to 41.50% from 42.42%, while exposure to equities remained unchanged at 40.73%. 69.23% of specialists surveyed are of the opinion that equities will outperform bonds in the next twelve months, slightly lower than the August result.
06/10/2010

ERAFP awards three business rating contracts to Vigeo

Following a RFP opened on 9 February 2010, to select a business ratings agency, the French public employees’ pension fund Etablissement de retraite additionnelle de la fonction publique (ERAFP) has announced that it has awarded three contracts for extra-financial ratings of its investments to Vigeo.Vigeo will evaluate the socially responsible character of investments by the pension fund in the following asset classes: Batch 1: SRI ratings of publicly-traded shares in large, mid and small cap businesses, credit bonds, bonds issued by supra-national organisations, and potentially SRI ratings of convertible and high yield bonds. Batch 2 (in partnership with oekom): SRI ratings of bonds issued by OECD member states, members of the European Union which are not OECD members, and countries which are candidates to join the European Union. Batch 3 (in partnership with oekom): SRI ratings of bonds issued by territories within OECD member states.
06/10/2010

John Meriwether is back

The founder of LTCM (Long Term Capital Management), John Meriwether, has returned to the market.Meriwether, the cause of the most catastrophic bankruptcy in the history of alternative management, is said to be on the verge to launch a global macro strategy aimed at US and offshore investors, Financial News reports. This is Meriwether’s third attempt, as two previous projects, LTCM and JWM Partners, were not particularly successful. This may be the reason that he has abandoned relative value arbitrage strategy in favour of a more traditional strategy.
06/10/2010

State Street extends functionality of Wealth Connect platform

p { margin-bottom: 0.08in; } State Street Corporation announced on 4 October that its State Street Wealth Connect platform now has extended capacities including investment policy compliance, administrative reviews, trade order management and integrated account management. Currently, State Street provides services to about 500 wealth managers with USD250bn in assets in 90,000 accounts. The new services will allow clients to configure their operational workflows and approval rules to suit their processes.
06/10/2010

Germans have more money invested in funds than savings accounts

p { margin-bottom: 0.08in; } According to a study commissioned by the German BVI association of asset management firms and conducted by the ZEW research institute, the financial savings of German households in the form of shares in funds as of the end of December 2009 represented about EUR805bn, most of it in direct form (part of it, however, via insurers and retirement institutions). On that date, assets in saving books, according to statistics from the Bundesbank, represented EUR577.5nb. Households in all income classes held shares in investment funds, ranging from 17% of their financial savings for the most modest to 24%, with the average at about 20%. The BVI association is launching a campaign (“Investmentfonds. Nur für alle”), which will aim to convince reticent retail investors of the value of funds. The vocabulary used has been chosen with an eye to simplicity, without any financial jargon.
06/10/2010

HSBC launches a leveraged version of GIF Global Macro fund

p { margin-bottom: 0.08in; } In response to demand from investors seeking outperformance, even at the price of higher volatility, HSBC Global Asset Management this week launched HSBC GIF Global Macro II Fund, a version of the absolute return fund HSBC GIF Global Macro Fund (USD847.5m in assets), which will be managed by the same managers, Guillaume Rabault and Jim Dunsford, but which will double all positions. The UCITS-compliant fund, a sub-fund of the Luxembourg Sicav GIF, will offer daily liquidity, and will aim for returns 1,200 basis points higher than the Euribor 1-month, with maximal volatility of 15%, double that of the fund launched in June 2007. The strategy may be either market neutral or directional, with long and short positions on derivative instruments.
06/10/2010

UFF adds an environmental fund managed by Pictet to its range

p { margin-bottom: 0.08in; } Union Financière de France (UFF, EUR6.7bn in AUM as of the end of June) has opened up new territory in themed funds with the UFF Capital Planète fund, which may be followed by products focusing on aging population and health, among others. The new product is a plain vanilla environmental fund which currently has 50-60 positions, corresponding to the best ideas selected from the 240 shares of the Pictet Environmental Megatrend Selection (see Newsmanagers of 25 August), which in turn combines in a single product the Water, Agriculture, Timber and Clean Energy portfolios. Pictet has about EUR6bn in assets under management in these themes. The new UFF product, managed by Arnaud Bisschop (Pictet Water) and Gertjan van der Geer (Pictet Agriculture), “is a ‘positive’ fund which invests in innovative companies,” said Nicolas Schimel, CEO of UFF, on 4 October. Cap sizes of most firms in the portfolio are between EUR1bn and EUR5bn. It will initially be aimed at high net worth clients with a relatively long investment horizon (managers recommend “7 years or more”). Schimel and Paul Younès (deputy CEO) add that UFF did not intend “to create an ethical fund, but rather a fund which generates returns” with this product. The management mandate has been granted to Pictet, following a request for proposals in which three firms were selected, including one other Swiss and one British firm. In partnership with the NGO Planète Urgence, UFF has decided to finance the planting of five trees for each time that the UFF Capital Planète is mentioned in a meeting with a financial advisor.
06/10/2010

Amundi ETF launches two ETF funds on NYSE Euronext Paris

p { margin-bottom: 0.08in; } Amundi ETF announced on Tuesday, 5 October, that it has listed the Amundi ETF MSCI Europe Energy and Amundi ETF AAA Govt Bond EuroMTS funds on NYSE Euronext in Paris. The first of these allows for exposure to 20 European shares in the energy sector, via near as possible replication of the MSCI Europe Energy® index both rising and falling. The second fund aims to replicate as nearly as possible the evolution of the EuroMTS AAA Government® index, in both rising and falling markets. The index, which is revised monthly, is composed of securities issued by governments of Euro zone member countries, with at least three ratings of “AAA” or equivalent from the 3 ratings agencies, S&P, Moody’s and Fitch. Characteristics Name: EuroAMUNDI ETF MSCI EUROPE ENERGY ISIN code: FR0010930644 Total expense ratio: 0.25% Name: EuroAMUNDI ETF AAA GOVT BOND EUROMTS ISIN code: FR0010930636 Total Expense Ratio: 0.14%
06/10/2010

M&G launches dividend fund in France

p { margin-bottom: 0.08in; } The Paris office of M&G will release the M&G Global Dividend Fund, a fund which invests in businesses worldwide which are increasing their dividends, in France. The product, launched in July 2008, with assets of EUR404m, will be aimed at institutional and retail investors. The manager, Stuart Rhodes, will aim to invest in businesses which have consistently increased their dividends over time. He says firms which adhere to such a discipline tend to avoid misspending their money, and are instead more selective in their growth initiatives. Rhodes focuses less on returns, which he says are only a form of historical data, and give no indication of the capacity of businesses to pay dividends in the future.
06/10/2010

Turgot AM launches a flexible Asia fund

p { margin-bottom: 0.08in; } Turgot Asset Management has announced the launch of Turgot Asie Flexible, a flexible fund which invests in large caps of the entire Asia Pacific region (China, India, Japan, South-East Asia, Australia), with no country weighting requirements. Waldemar Brun-Themin, manager of the fund, will avoid countries which present risks such as political instability, deflation, or excessive indebtedness. He may reduce exposure to equities to 0%, through the use of coverage with derivative instruments, in order to preserve the fund’s returns in periods of heavy market decline. At the other extreme, exposure may be increased to 130% to benefit from rising markets. Turgot Asie Flexible will concentrate on three investment themes: returns (dividends, cash flow, etc.), the emergence of consumer markets (infrastructure), and commodities (agriculture, minerals, etc.).
06/10/2010

John Hancock launches a global currencies fund

p { margin-bottom: 0.08in; } John Hancock Funds has announced the launch of the John Hancock Currency Strategies Fund, whose management will be provided by First Quadrant. The fund will invest in a diversified manner in the various global currencies, and will endeavour to profit from market anomalies. The portfolio of the John Hancock Currency Strategies Fund gives priority to short-term contracts on currencies of developed markets, a statement says.
06/10/2010

Paul Trickett to join GSAM

According to IPE.com, Towers Watson has informed staff and clients of the departure of its EMEA head of investment consulting, Paul Trickett. He is to join Goldman Sachs Asset Management in a senior position, IPE understands.
06/10/2010

New CIO at Woori

p { margin-bottom: 0.08in; } The Singapore-based alternative management firm Woori Absolute Partners has appointed Edward Sungshik Moon as chief investment officer, Hedgeweek reports. Moon will retain his responsibilities as head of funds of funds and lead portfolio manager.
06/10/2010

Former BarCap strategist at Odey

Tim Bond, the former head of global asset allocation at Barclays Capital, has emerged at UK hedge fund manager Odey Asset Management, writes Financial News.
06/10/2010

Threadneedle chosen by SWIP

Threadneedle has won a GBP285m UK equity income mandate from the Scottish Widows Investment Partnership’s multi-manager team. Threadneedle’s UK equities team manages more than GBP12bn.
06/10/2010

New distribution agreement in Italy for Edmond de Rothschild

p { margin-bottom: 0.08in; }a:link { } Edmond de Rothschild SIM has signed a distribution agreement with Banca Efigest, by which 40 French-registered funds from Edmond de Rothschild will be available on http://www.fundstore.it/, Bluerating reports. The agreement brings the number of asset management firms available on the Internet platform owned by Banca Efigest, one of the only platforms which allows clients to subscribe to funds from current accounts, to 96.

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