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24/08/2010

SGSS awarded a mandate by Santander AM

Société Générale Securities Services (SGSS) has been mandated by Santander Asset Management, the wealth management division of the Santander group, to provide an asset servicing range for funds based in Luxembourg, which are administered by and lodged at SGSS.
24/08/2010

FMR (Fidelity) borrows USD250m

FMR LLC, the parent company of Fideity, on 16 August notified the SEC (form D) that it is planning to launch a USD250m borrowing program. At the date of the filing, 766 investors had already subscribed for over USD68.2m. The minimal subscription is set at USD25,000, The form does not state the destination of the funds collected.
24/08/2010

Columbia trims its range

Columbia Management, whose acquisition by Ameriprise Financial (USD327bn in assets as of the end of June) was concluded in May, has announced that it is planning to merge 62 funds as a part of its integration with RiverSource Investments, another Ameriprise affiliate (the group which also owns the British asset management firm Threadneedle). If the mergers, which aim to atrengthen the institutional and retail fund range, are approved by the boards of directors and then shareholders in the funds, they may be concluded during second half 2011. The concentration will not lead to further job losses, as the cuts made on 30 April have been adequate.
24/08/2010

Mirae Asset adds to international activities

The South Korean management firm Mirae Asset Global Investments, the international division of Mirae Asset, is continuing its diversification both in terms of fabrication and distribution of products. Following the recruitment last month of a chief marketing officer (CMO) for the Asia-Pacific region, Martin Gilbey, Mirae Asset GI is seeking a director of institutional sales for the region, Asian Investor reports. The firm is developing its presence in Hong Kong, and elsewhere in the world (India, Brazil, the United States). By the end of the year, staff will increase from 71 to 80 in Hong Kong, and from 36 to 41 in Sao Paulo. Gilbey, who previously worked for Insight Investment in London, will also oversee sales and marketing teams for the United Kingdom, Europe, the Middle East and Africa. Mirae launched its first Sicav fund in mid-2008. Assets under management at Mirae Asset Management total slightly over USD50bn, of which USD30.4bn are invested in emerging markets equities.
24/08/2010

Bankinter launches a campaign to promote Lyxor ETFs

In all its branches in Spain, Bankinter will promote Lyxor ETFs, making it the first bank in the country to offer products of this type to retail investors, Funds People reports. Previously, only independent intermediaries such as Renta 4 and Inversis offered this type of fund to retail investors. Only BBVA and Lyxor Asset Management have listed ETFs on the Spanish stock exchange.
24/08/2010

Skandia IG invests in DWS Global Agribusiness Fund

In the last week of July, Skandia Investment Group’s (SIG) Global Dynamic Equity Fund has taken a 1.5% position in the DWS Global Agribusiness Fund, managed by Global Thematic Partners. The purchase of DWS is the second theme added by the fund this year, after taking a position in the JPM Global Financials Fund in the first quarter.
24/08/2010

LSE head leaves LCH.Clearnet

Agefi reports that Xavier Rolet, CEO of the London Stock Exchange, has resigned from the board of LCH.Clearnet. The decision is providing added fuel to rumours that the stock market company is planning to set up its own settlement service, the newspaper notes.
24/08/2010

Cofunds head of sales quits his job

Money Marketing reports that Nick Godfrey, director of sales for Cofunds, has quit the platform following a merger of the sales and marketing departments. Godfrey, along with Paul Rose, national sales manager, have left the firm effective immediately. The group explains that the restructuring was necessary in order to adapt to the new British RDR (Retail Distribution Review) regulations.
24/08/2010

Tony Blair goes into consulting business

The former British Prime Minister Tony Blair has founded his own consulting firm, which offers services to high net worth clients and international funds, the Sunday Times has revealed. Tony Blair Associates (TBA) has advised the Kuwait government and the Abu Dhabi sovereign fund Mubadala. Tony Blair in January also registered a financial services business, Firerush, which may operate throughout Europe, including Luxembourg, Liechtenstein and Gibraltar.
24/08/2010

Martin Currie recruits for sectoral research

The Scottish asset management firm Martin Currie has announced the appointment of three of its interns from a graduate trainee scheme as sector managers. Amy Platts joins the financial sector research team, while Joe McGann and Robbie McNab join the natual resources team. The sectoral research team has a total of 15 people, and focuses on natural resources, the financial sector, industrials, consumer goods, and IT, media and telecommunications.
24/08/2010

Deutsche Bank launches a dark pool in Hong Kong

Asian Investor reports that Deutsche Bank on 23 August launches its international dark pool, based in Hong Kong, entitled Deutsche Bank Automated Trading System (DBATS). The launch follows several months of in-house experimentation, which showed a reduction in transaction execution costs.
24/08/2010

Deka Immobilien invests in Paris and London

The German asset management firm deka immobilien has announced that it has acquired the three-building Opéra Gramont complex in Paris (8,000 square metres) for about EUR75m, for its open-ended real estate fund WestInvest ImmoValue, aimed at institutional investors. The vendor is the REIS group, which is part of the Santander Real Estate Advisory Program. The sole tenant in the property is Coty Inc. Meanwhile, Deka has also acquired the office building at 14 Pier Walk in London (18,400 square metres), which is wholly leased for 20 years to Transport for London, for GBP97.1m. The property will also be added to the portfolio of the WestInvest ImmoValue fund.
24/08/2010

Nomura launches a UCITS III fund

Nomura has announced the launch of a new UCITS III fund on its Dublin platform Enovara, entitled HFRq Ucits III Fund. Hedge Fund Research, with its HFRq index, is the sponsor of the fund’s index, while Quantitative Equity Strategies (QES) is advisor to the fund. Hedge Fund Research Asset Management also contributes to the fund. In terms of strategy, the fund will use an algorythmic and rules-based methodology developed by QES to adopt long/short positions on futures contracts, with positions on up to 54 different contracts to generate absolute returns. HFR is responsible for the selection and management of the contracts.
24/08/2010

Hedge funds specialised in emerging Asia face net outflows in second quarter

Despite considerable interest on the part of investors in emerging markets in the past few months, hedge funds specialised in emerging markets have posted net outflows of USD1.5bn in second quarter, according to statistics from HFR reported by Asian Investor. In first quarter, outflows totalled USD550m. Outflows in second quarter were largely concentrated on emerging Asia and Russia, as investors reallocated capital to Latin America, the Middle East and North Africa. In light of outflows and losses related to the performance of hedge funds, capital invested in hedge funds specialised in emerging markets fell by USD3.2bn to a total as of the end of June of less than USD95bn.
23/08/2010

Morgan Stanley compte commercialiser la gestion de fortune de Smith Barney sous sa propre marque

Dans une interview à la Frankfurter Allgemeine Zeitung, Dirk Notheis, président du directoire de Morgan Stanley Bank AG, annonce que le groupe Morgan Stanley a l’intention de développer en Europe son activité de gestion de fortune de Smith Barney sous le nom de Morgan Stanley, car la notoriété de Smith Barney se limite aux Etats-Unis ainsi qu'à l’Australie et à l’Asie.Concernant par ailleurs les hedge funds, Dirk Notheis indique que Morgan Stanley conserve encore plusieurs participations mineures dans de tels produits, mais que ce dossier est en train d'être réexaminé. Les hedge funds ne sont plus «cœur de métier».
23/08/2010

Anna Ho quitte Carlson

La gérante spécialiste du marché asiatique Anna Ho quitte la société de gestion Investmentgesellschaft Carlson Fund Management (DnB NOR Group), selon Das Investment. Elle cesse par conséquent d’assurer la gestion du fonds asiatique Asian Small Cap (WKN 986071) qui affiche une performance d’un peu plus de 58% sur cinq ans.Anna Ho a par ailleurs indiqué qu’elle allait créer sa propre boutique, Grey Capital Limited.
23/08/2010

Citi continue de se renforcer dans la banque privée

Selon Asian Investor, le patron de la banque de détail de Citi en Malaisie, Paul Hodes, va prendre la direction des produits de gestion de fortune de la banque régionale (consumer bank) de Citi. Outre cette nouvelle fonction, Paul Hodes assumera la direction des ventes de produits de gestion de fortune pour la région Asie-Pacifique. Il remplace à ce poste Stella Chua.Paul Hodes, qui a rejoint Citibank en 1998 au Japon, sera basé à Singapour.
23/08/2010

UniCredit pourrait vendre Pioneer par morceaux

De nombreux banquiers pensent que la banque italienne UniCredit obtiendrait un meilleur prix de la vente de sa filiale de gestion d’actifs Pioneer si elle la scindait et vendait l’activité américaine séparément, rapporte le site Internet InvestmentNews. La société américaine de Pioneer, qui gère à elle seule 56 milliards de dollars, intéresse de nombreux candidats, dont John Hancock Funds LLC, MFS Investment Management et Eaton Vance Investment Managers. Des sociétés de private equity pourraient aussi étudier le dossier.
23/08/2010

Number of funds at an all-time low since Internet bubble

Currently, Expansión notes, Spanish management firms offer over 2,492 funds, only slightly more than at the time of the dot.com bubble, and about 500 funds, or 20%, less than before the onset of the financial crisis in summer 2007. In the past three years, net redemptions have totalled nearly EUR105bn, compared with EUR260bn in assets before. As a result, many funds have fallen below the legal minimum of EUR3m, and have been liquidated. The other two reasons for the fall in the number of funds are losses at management firms, and an intensification of competition from major foreign management firms.
23/08/2010

Number of funds at an all-time low since Internet bubble

Currently, Expansión notes, Spanish management firms offer over 2,492 funds, only slightly more than at the time of the dot.com bubble, and about 500 funds, or 20%, less than before the onset of the financial crisis in summer 2007. In the past three years, net redemptions have totalled nearly EUR105bn, compared with EUR260bn in assets under management before. As a result, many funds have fallen below the legal minimum of EUR3m, and have been liquidated. The other two reasons for the fall in the number of funds are losses at asset management firms, and an increased competition from major foreign asset managers.
23/08/2010

PQSR reimburses subscribers

Since the beginning of the year, the hedge fund PQSR Capital Paolo Pellegrini has lost about 11%, of which 8% was lost in July, following unlucky bets on US Treasuries. The performance of the fund was over 61% in 2009. The CEO of the firm, who made more than USD15bn on Paulson & Co subprime assets, has decided to reimburse subscribers by 30 September, and no longer to manage money other than its own capital until further notice, the Wall Street Journal reports.
23/08/2010

John Paulson to adapt to regulated environment

Deutsche Bank has reined in John Paulson, the super-star hedge fund manager: its affiliate DB Platinum has applied to the Luxembourg CSSF for a license for a fund which will be managed by the US team, but which will comply with the UCITS III directive. The fund will be a hybrid between an unregulated hedge fund and a traditional investment fund, subject to very strict regulations, Handelsblatt reports. The growing number of “newcits” is part of a normal market cycle by which an idea is only marketed to retail investors once it has already passed the peak of its success, the newspaper comments. The fund, managed by Paulson, will comply with requirements to provide at least bi-monthly liquidity, which will not easily be made compatible with the strategy of buying businesses in danger of bankruptcy and streamlining them, and then selling them off at a higher price. Investors would do well to wait to see how well the super-star does at working within the close confines of the UCITS III directive.
23/08/2010

State Street muscle son offre sur l’analyse des risques

State Street a annoncé le 20 août un programme d’améliorations de ses services et outils d’analyse du risque destinés aux investisseurs institutionnels. Les nouvelles fonctionnalités offertes comprennent des outils de réallocation de portefeuille, des tests de résistance économique, et une quantité plus importante d’investissements concernés. Ces nouvelles capacités ainsi que la gamme complète des services de risque sont entièrement intégrées dans le tableau de bord d’analyse des investissements de State Street (Investment Analytics DashboardSM) à partir du site my.statestreet.com. Les clients peuvent désormais bénéficier d’une représentation complète de leurs investissements, du point de vue du risque, de la performance, des produits alternatifs et de la conformité.Les services Risque de State Street mettent en oeuvre de multiples méthodologies de calcul de la valeur à risque (VaR), des mesures du risque absolu et relatif prenant en compte les caractéristiques du portefeuille visé, ainsi que des tests de résistance renforcés et des capacités d’analyse par simulation. En outre, des services d’analyse du risque fondés sur les positions fournissent une méthodologie de réévaluation complète, produisant des rapports et analyses journaliers (T+1) ou mensuels ainsi que des services de collecte, de nettoyage et d’augmentation des données. Des mesures du risque basées sur le rendement, les outils de gestion d’inventaire et de construction de portefeuilles sont également disponibles.
23/08/2010

La recomposition du secteur financier se fera sans grande OPA

Selon Les Echos, les opportunités ne manquent pas dans le secteur financier mais les opérations de grande ampleur sont suspendues à la fixation d’un cadre prudentiel clair. Et beaucoup d’acteurs n’ont pas encore achevé la révision de leur stratégie. En France, globalement, les acteurs réfléchissent à l’opportunité de garder leur pôle d’assurance. Le groupe BPCE réfléchit aussi à l’avenir de son pôle immobilier, tandis que Société Générale a commencé de se désengager de ses métiers de financements spécialisés en cédant ECS, gestionnaire d’infrastructures informatiques et télécoms.
23/08/2010

L’UBS veut regagner la confiance de ses clients

Selon L’Agefi suisse, UBS a lancé dimanche une vaste campagne de publicité axée sur le retour à une relation de confiance avec ses clients. Après le démarrage en Suisse, la campagne sera lancée dans la zone Asie-Pacifique lundi, puis en Europe et au Proche-Orient fin août. La banque elle n’a pas précisé le montant investi dans ce programme. UBS souligne qu’il s’agit d’une campagne mondiale, sa plus grosse depuis trois ans. Via la télévision, Internet et la presse, elle veut transmettre l’idée qu’elle «n’aura pas de répit» tant que les clients ne seront pas convaincus d’avoir choisi la bonne banque.
23/08/2010

Herbert Jurt rejoint Valiant Banque Privée

Valiant a annoncé le 20 août que Herbert Jurt ferait son entrée au sein de la direction de Valiant Banque Privée le 1er octobre 2010. A cette date, il se verra confier la responsabilité des opérations de placement dans les régions Argovie et Suisse centrale, lesquelles comprennent les succursales de Valiant Banque Privée à Aarau, Lucerne et Zoug. Depuis 2004, Herbert Jurt était responsable de la clientèle institutionnelle auprès d’UBS pour la région Suisse centrale et Argovie.Valiant a par ailleurs fait état d’une collecte nette de 733 millions de francs suisses au titre du premier semestre qui s’est soldé par un résultat net de 70 millions de francs, en recul de 5,5% par rapport au premier semestre 2009.
23/08/2010

EQT soutient un MBO chez Roeser

Pour plus de 50 millions d’euros, le fonds EQT Expansion Capital II entre indirectement au capital du groupe allemand Roeser, un fournisseur de matériel médical destiné aux hôpitaux. Le capital-investisseur suédois contrôlé par la famille Wallenberg accompagne en souscrivant un emprunt subordonné un MBO qui permet au management de la société de Bochum de devenir majoritaire. L’objectif est de renforcer la position de leader de Roeser sur le marché allemand et d’aider la société à se développer à l’international.
23/08/2010

Thomas Richter (DWS) rejoint l'état-major du BVI

L’association allemande BVI des sociétés de gestion a annoncé l’arrivée au 1er octobre comme troisième membre de sa direction générale de Thomas Richter, l’un des directeurs généraux de DWS Investments (groupe Deutsche Bank) depuis 2007. L’impétrant, qui sera basé à Berlin, aura pour responsabilité principale la communication politique, le BVI ayant l’intention de renforcer son travail de lobbying. Il est déjà membre du directoire de l’association.
23/08/2010
Fonds

Le nombre de fonds tombe au plus bas depuis la bulle Internet

Actuellement, note Expansión, les gestionnaires espagnols ne proposent plus que 2.492 fonds, soit marginalement plus qu’au moment de la bulle des «dot.com» et environ 500 unités ou 20 % de moins qu’avant la crise financière de l'été 2007. Ces trois dernières années, les remboursements nets ont presque atteint 105 milliards d’euros par rapport aux 260 milliards d’euros d’encours à l'époque.De ce fait, beaucoup de fonds sont tombés sous le plancher légal des 3 millions d’euros et ont été liquidés. Les deux autres raisons de la diminution du nombre des fonds sont d’une part les pertes accusées par les sociétés de gestion et de l’autre l’intensification de la concurrence émanant des grands gestionnaires étrangers.
Fonds

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