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13/09/2010

Old Mutual AM perd son CEO

Tom Turpin, le directeur général (chief executive officer) d’Old Mutual Asset Management, a décidé de quitter la société pour saisir d’autres opportunités, annonce un communiqué d’Old Mutual. Ce départ est concomitant à la décision du groupe d’initier une introduction en Bourse partielle. Tom Turpin confiera la responsabilité opérationnelle quotidienne de la société à Linda Gibson, l’actuelle COO, qui devient également CEO par intérim, en attendant que le groupe trouve un successeur.
13/09/2010

Pimco s’attaque aux particuliers britanniques

Pimco se lance sur le marché britannique des investisseurs particuliers avec une gamme de fonds obligataires, rapporte le Financial Times Fund Management. Pour cela, la société de gestion américaine s’est alliée à Aegon, qui distribuera ses fonds Select Ucits III sur sa plate-forme d’investissement via des produits d’épargne et d’assurance et des plans de retraite à contributions définies.
13/09/2010

Linda Gibson devient CEO par interim d'OMAM

Tom Turpin a démissionné de son poste de CEO d’Old Mutual Asset Management (OMAM), quelques mois après l’annonce qu’Old Mutual a décidé de lancer une offre publique de vente (OPV) sur une partie de son activité de gestion d’actifs aux Etats-Unis (lire notre article du 12 mars). OMAM a indiqué le 10 septembre que Tom Turpin a jugé opportun dans ces conditions de se consacrer à un autre projet professionnel et personnel.En attendant qu’un successeur soit trouvé à Tom Turpin, la COO Linda Gibson assume l’intérim de CEO sous l’autorité directe de Julian Roberts, groupe CEO d’Old Mutual.
13/09/2010

State Street to provide logistics for a Lemanik Sicav management by PensPlan

p { margin-bottom: 0.08in; } State Street Corp on Friday announced that it will be taking over accounting, custody, transfer agency, reporting and compliance for the new UCITS-compliant Sicav from Lemanik Asset Management Luxemourg, managed by the Italian firm PensPlan Invest SGR, based in Bolzano, South Tyrolia.
13/09/2010

Franklin Templeton launches four new sub-funds

p { margin-bottom: 0.08in; } Franklin Templeton Investments on 10 September announced the launch of four new sub-funds of its Luxembourg Sicav Franklin Templeton Investment Funds. The four new sub-funds received licenses from the AMF ( Autorité des Marchés Financiers) on 9 July, and have been on sale in France since 22 July 2010, when the Balo was published. The FTIT Franklin Gold & Precious Metals Fund (ISIN code for original A-class shares: LU0496367417), managed by Stephen Land and Frederick Fromm, aims primarily to increase capital, with revenues as a secondary objective. The FTIF Franklin Real Return Fund (ISIN code for original A-class shares: LU0496367417), managed by Anthony Coffey and Kent Burns, aims to obtain total returns higher than inflation through an economic cycle, in a manner which is compatible with prudent portfolio management. The FTIF Templeton Euro Money Market Fund 5 (ISIN code for original A-class shares: LU0454936104), managed by John Beck and David Zahn, aims to retain a high level of capital preservation and liquidity, while maximising returns in Euros by investing in portfolios of high quality debt and debt-related securities in Euros, money markets, and availabilities denominated in Euros. The FTIF Templeton European Corporate Bond Fund (ISIN code for original A-class shares: LU0496369546), managed by David Zahn, Robert Nelson, Emmanuel Teissier, and Eric Takaha, aims to maximise total returns in a manner compatible with prudent portfolio management, through a combination of interest returns and capital appreciation.
13/09/2010

Two new guaranteed funds from Natixis AM

p { margin-bottom: 0.08in; } Until 6 January 2011, Banque Populaire is offering two new funds which guarantee initial capital at maturity: Fructi Sécurité juillet 2017, for ordinary securities accounts and life insurance policies, and Fructi Sécurité PEA juillet 2017, for PEA retirement savings accounts. Over an investment duration of 6 years, 6 months and 6 days, the funds will aim to offer the investor 55% of the final average performance of the DJ Euro Stoxx 50. The performance in question will be calculated by taking the average of the performance of 13 sub-indices, calculated on a semi-annual basis from the inception of the funds. Characteristics Fructi Sécurité juillet :ISIN code: 2017 FR 0010920348Fructi Sécurité PEA juillet 2017 :ISIN code: FR 0010920363Front-end fee: 2.5% until 6 January 2011 Redemption commission: 2% after 6 January 2011Management fee: 2%Value of one share: EUR100 Minimal subscription: 1 share
13/09/2010

University professors who create ETFs are not to be trusted blindly

p { margin-bottom: 0.08in; } Geert Rouwenhorst and Robert Shiller, professors at Yale, Jeremy Siegel, a professor at Wharton, and Andrew Lo, a professor at MIT, have recently lent their names to ETFs launched by SummerHaven Investment Management, MacroMarkets, Wisdom Tree and ProShares. Though research by these professors have made it possible for major investment firms to create hundreds or even thousands of portfolios, vehicles created by the theoreticians themselves have not always been successful, the Wall Street Journal finds. The Large Cap ETF from Wisdom Tree has underperformed the SPDR ETF based on the S&P 500 and the iShares fund based on the Russell 2000 in the past three years, while the MacroMarkets ETF did not achieve critical size. The ProShares Credit Suisse 130/30 inspired by Andrew Lo may have slightly outperformed the S&P 600 on one year, but it did not attract more than USD50m in assets. The United States Commodity Index ETF from SummerHaven looked more attractive from the marketing documents, but its theoretical track record when backtested for 10 years, which appears to show outperformance of the PowerShares DB Commodity ETF, should be regarded with caution.
13/09/2010

Soros and Paulson are making more money than Mickey Mouse and Ronald McDonald

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Sonntagszeitung reports that according to calculations by LCH Investments, the 10 highest-performing hedge funds have generated USD153bn in profits since their inception, one third of the total earned by the 7000 funds in the sector. Funds from superstars George Soros and John Paulson together made more money than Walt Disney and McDonald’s, with USD26.4bn, about the same amount as Boeing. The secret of the stars? They are careful not to raise too much capital from investors, which would dilute their strategies.
13/09/2010

Inflows to Swedish balanced funds

p { margin-bottom: 0.08in; } In August, funds on sale in Sweden posted net subscriptions of SEK1.9bn (EUR0.2bn), according to the most recent statistics from the Swedish investment fund association (Fondbolagens Förening). Inflows went largely to balanced funds, which received SEK1.2bn in subscriptions. Bond and money market funds for their part saw inflows of SEK0.5bn and SEK0.7bn, respectively. However, equities funds saw redemptions totalling SEK0.1bn, and hedge funds had outflows of SEK0.3bn. Equities funds most severely affected by redemptions were those invested in eastern Europe, North America, and Sweden. Since the beginning of the year, the Swedish fund sector has seen inflows of SEK51.3bn, of which SEK25.2bn went to balanced funds, and SEK18.1bn to bond funds. As of the end of August, assets in the sector had increased to SEK1.77trn.
13/09/2010

Vanguard launches new tracker products

p { margin-bottom: 0.08in; } On Thursday, Vanguard released ETF shares in its tracker fund Vanguard Index Fund (USD86.8bn), with management commissions of 0.06%, and eight new equities tracker funds with ETF shares focused on the growth and value segments of the S&P 500 index and the growth, value and blend segments of the S&P MidCap 400 and S&P SmallCap 600. Vanguard, whose ETFs attracted USD23bn in the first eight months of the year, bringing ETF assets in the brand up to USD113bn, from USD71bn as of the end of August 2009, has also announced plans to launch 11 more tracker funds with ETF share classes. The seven new equities products will replicate the value, growth and blend segments of the Russell 1000 (large caps) and the Russell 2000 (small caps). It will also launch a fund covering the market more broadly, which will also include ETF shares; the product will replicate the Russell 3000. Meanwhile, Vanguard is planning to launch three municipal bond tracker funds with ETF shares, which will replicate the indices of the S&P national AMT-Free Municipal Bond series. The total expense ratio will be 0.12%. Vanguard is also planning to launch a real estate fund, whose benchmark will be the S&P Global ex-US Property, with institutional shares, signal shares, and ETF shares.
13/09/2010

Investment advisor implicated in Ponzi scheme

p { margin-bottom: 0.08in; } Sandra Venetis, who was head of Systematic Financial Associates, based in Branchburg, New Jersey, has been accused of securities fraud. The Wall Street Journal reports that she is accused of defrauding 100 investors of USD11m. The operation was a Ponzi scheme, in which Venetis told subscribers that the money was being used to finance lending to doctors. The fraud continued from 1997 until 2010, when Systematic Financial Associates had USD60m in assets under management for 1000 clients. It is alleged that the money defrauded from clients was used to pay for Venetis’ gambling debts and international travel.
13/09/2010

Banks losing asset management market share

p { margin-bottom: 0.08in; } According to Ahorro Corporación, the Spanish market share controlled by fund management affiliates of banks fell to 54.5% as of the end of August, the lowest level since the 1990s, compared with 57.8% as of the end of December, Funds People reports. However, asset management firm affiliates of savings banks gained market share, with net subscriptions of EUR200m in August (though affiliates of the banks saw net outflows of EUR800m), and now represent 35% of the market, compared with 32.4% as of the end of December. Independent asset management firms also posted an increase in their market share, to 10.5%, compared with 9.8%. The growth of asset management firms affiliated with savings banks is largely a result of the popularity of long-term bond funds and guaranteed funds, while the falling market share for affiliates of banks is largely the result of redemptions from money market and short-term bond funds.
13/09/2010

Old Mutual AM loses its CEO

Tom Turpin, chief executive officer of Old Mutual Asset Management, has decided to leave the business «to pursue other opportunities». He has led Old Mutual’s asset management business as CEO through its continued development over the past two years and leaves the business well positioned as a leading asset manager, says a press release. «With the announcement of Old Mutual’s intention to instigate a partial initial public offering, Tom Turpin has decided that it is the right time to pursue other professional and personal interests». Tom Turpin will hand over day-to-day operating responsibility to chief operating officer Linda Gibson who will take on the additional role of interim CEO as Old Mutual commence a search for a new CEO. Ms Gibson will report directly to Julian Roberts, group chief executive of Old Mutual until a successor is found.
13/09/2010

Linda Gibson becomes interim CEO of OMAM

p { margin-bottom: 0.08in; } Tom Turpin has resigned from his position as CEO of Old Mutual Asset Management (OMAM), a few months after the announcement that Old Mutual has decided to put a part of its US asset management activities up for sale (see Newsmanagers of 12 March). OMAM announced on 10 September that Turpin considers the moment an opportune one to dedicate himself to other professional and personal projects. Until a successor for Turpin is found, the COO, Linda Gibson, will serve as interim CEO, and will report directly to Julian Roberts, group CEO for Old Mutual.
13/09/2010

Pimco makes a play for UK retail market

Pimco is breaking into the UK retail market with bond funds, writes the Financial Times Fund Management. The US fund manager is teaming up with Aegon to distribute Ucits III Select funds on Aegon’s investment platform through savings and insurance products and defined contribution pension schemes.
13/09/2010

Lombard Odier recruits Richard Walsh

Lombard Odier Investment Managers continues to develop its fixed income capabilities with the appointment of Richard Walsh as head of emerging market debt. He has depth of experience in this field, gained at BlueCrest Capital Management and GLG Partners. His is the latest in a series of senior appointments to Lombard Odier’s fixed income team. Richard Walsh will report to Stéphane Monier, global head of fixed income and currencies.
13/09/2010

German investors compensate for redemptions by French clients

p { margin-bottom: 0.08in; } In July, the European fund sector posted net subscriptions of EUR22bn, according to the most recent statistics from Lipper FMI. These inflows were driven by German investors, who invested a net total of EUR3bn (excluding money market funds). These inflows compensated for redemptions to French investors, which totalled EUR3bn, of which EUR2bn came from money market funds alone. Lipper notes that for the quarter, net outflows to French investors total EUR39bn overall (EUR8bn excluding money market funds). In terms of asset classes, bond funds are still the leaders in July, with subscriptions which doubled month-on-month to EUR15bn. Equities funds, however, saw a reduction in inflows from EUR1.4bn to EUR600m. Franklin Templeton was the management firm with the strongest inflows, with EUR2.6bn. The firm is neck-and-neck with Allianz/Pimco as leaders in inflows to bond funds for the month, with EUR2.1bn each. For equities, Aberdeen has done best, with net subscriptions of EUR900m, of which EUR390m went to the Global Emerging Markets fund alone.
13/09/2010

Brussels faces delays in final talks over AIFM

p { margin-bottom: 0.08in; } Les Echos reports that talks between representatives of the Council and the European Parliament over the Europen directive to regulate the activities of hedge fund managers (AIFM) are still facing several stumbling-blocks: a European passport for managers based outside the European Union, rules for passive marketing, and responsibilities of depositories being among them. No agreement is expected until October at least.
13/09/2010

Real estate funds at a crossroads

p { margin-bottom: 0.08in; } For a long time, open-ended real estate funds attracted German investors with their dependable returns. Now, many of them are seeing losses and have suspended redemptions. The heads of the DEGI Europa and KanAM US grundinvest funds are watching the reopening of the P2 Value fund from Morgan Stanley with interest, as the fund will become the first to reopen, on 1 November, and their turns will be coming soon after, the Frankfurter Allgemeine Sonntagszeitung reports. The P2 fund raised EUR228m in liquidity through sales of properties, and can count on a line of credit worth EUR97m in case of need. This will need to be enough, at least, for the first day, as the fund may subsequently be closed to redemptions again for up to a maximum of two more years. The funds which have frozen redemptions are not necessarily the worst ones, however: the SEB Immoinvest and CS Euroreal are among the best-performing funds of the past several years, and are closed, while the UniImmo: Europa and Deka Immobilien Europa funds remain open. The red lights are the UniImmo: Deutschland (open) and the DEGI Europa (closed). Meanwhile, the best two funds of the past 10 years in terms of their risk/return ratio are the CS: Euroreal and the SEB Immoinvest, both of which are currently closed. The redemption freeze does not, in fact, seem to have any connection with the quality of the fund, but with its capacity for distribution. Union (co-operative banks) and Deka (savings banks) have powerful networks, which is not the case for Axa, KanAM or Morgan Stanley.
13/09/2010

Sustainable development funds gaining popularity

p { margin-bottom: 0.08in; } According to a study by the Austrian institute Finance & Ethic Research (FER), sustainable development equities funds, bond funds, and diversified funds in the German-speaking countries (Germany, Austria, and Switzerland) have grown significantly in the past few years, with an increase in assets from EUR17bn as of the beginning of 2007 to EUR31.6bn as of the end of August 2010. However, the annual performance of sustainable development equities, bond and diversified funds has proven inferior in all sub-funds, which FER says is due to the fact that there are comparatively fewer sustainable development specialists in emerging markets, compared with the general market. In the 12 months to the end of August, the best results among sustainable development products, with returns of about 12% were for “water” themed funds, followed by ethical/ecological funds (about 9%) and climate funds (about 6%). New energies funds gained only 0.86%.
13/09/2010

Wolfgang Mansfeld (Union) chooses to retire

p { margin-bottom: 0.08in; } Union Asset Management Holding announced on 10 September that Wolfgang Mansfeld, a board member at the central management firm for the German co-operative banks since 1994, has decided not to seek another term, and will retire on 30 June 2011. He will be 60 years old. Currently, Mansfeld is head of the real estate fund unit, and also directs product development strategy, management control, legal affairs, compliance, and relations with professional associations. He served as president of Efama and of the German BVI association of management firms.
13/09/2010

Russell adds to alternative management team

p { margin-bottom: 0.08in; } Russell Investments on 9 September announced a new enlargement of its alternative management team with the recruitment of three specialists. Egidio Robertiello has been appointed managing director for alternative strategies, with a specific focus on hedge funds. He previously worked for Credit Suisse Group in New York. Stephan Breban, previously founder and managing director of City Capital Partners in London, has been appointed director of private equity. Lastly, Samual Baughn, previously chief operating officer and chief financial officer of ETF Portfolio Management in New York, is joining Russell as director of operational due diligence.
13/09/2010

Morgan Stanley Smith Barney appoints a managing director

p { margin-bottom: 0.08in; } Morgan Stanley Smith Barney on 9 September announced the appointment of James F. Walker, managing director, has head of consulting services, the division which provides investment advising and services to managed accounts. Walker succeeds James J. Tracy, who in July was appointed as chief operating officer for development and distribution for wealth management in the United States for Morgan Stanley Smith Barney. Consulting Services is the top provider of managed accounts in the United States, with assets of USD385bn, a market share of nearly 21%.
13/09/2010

Inventor of BRIC acronym becomes chairman of GSAM

p { margin-bottom: 0.08in; } Pending approval from the British regulatory authorities, the Goldman Sachs Group on 10 September appointed Jim O’Neill to the newly-created position of chairman of Goldman Sachs Asset Management, or GSAM (USD802bn in assets as of the end of June). O’Neill, who invented the acronym BRIC (Brazil, Russia, India and China), will continue to be based in London, and will report to the two co-heads of the investment management division of Goldman Sachs, Ed Forst and Tim O’Neill. O’Neill was previously head of global economics, commodities and strategy research at Goldman Sachs & Co.
13/09/2010

Oddo & Cie seeks to reassure teams at Banque d'Orsay

At a press conference to discuss the 20-year partnership between the independent financial advising firm Oddo & Cie and the management firm Banque d’Orsay, Philippe Oddo, managing partner at Oddo & Cie, confirmed that the recent acquisition of the Banque d’Orsay will give the partnership higher ambitions in terms of growth. Without exception, the logic of the operation is not to realise economies of scale, but rather, for teams at Banque d’Orsay, to enrich the product range and integration. “The teams at Banque d’Orsay are worried, and logically so,” Oddo noted. “We would also like to tell them that we would like to work with them.” After the departure last week of one of the more experienced heads of distribution from Oddo & Cie, Philippe Louisadat (see Newsmanagers of 10/09/10), Oddo confirmed that he would naturally consider staff at Banque d’Orsay before appointing a replacement.
13/09/2010

MCP Asset Management acquires Sparx International (Hong Kong)

p { margin-bottom: 0.08in; } Hedgeweek reports that the fund of hedge fund management firm MCP Asset Management, based in Hong Kong, has acquired Sparx International (Hong Kong), the regional entity of the Sparx group, the second largest hedge fund in Asia.
13/09/2010

Russell Investments opens an office in Milan

p { margin-bottom: 0.08in; } Russell Investments has opened an office in Milan, and added to its local team, led by Mirko Butti, Bluerating reports. The four people already present in Italy are now joined by three professionals dedicated to sales development. Michele Quinto, who joins from Fidelity, will be in charge of the retail channel, as regional director, and will be assisted by sales manager Fabiano Galli, who was also at Fidelity. Vanessa Levi, from Russell UK, will handle the wealth management sector.

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