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15/07/2010

Fund assets down in May

According to statistics from the CSSF published on Tuesday, total net assets in collective investment organisms and specialised investment funds (SIFs) format as of the end of May totalled EUR1.99241trn, compared with EUR2.01289trn as of 30 April, which represents a decline of EUR20.47bn, or 1.02%, in one month. However, over one year, assets under management have increased by slightly over 23%. EUR5.62bn of the decline in assets in May is due to negative market effects, and EUR14.86bn is due to net redemptions.
15/07/2010

Sarah Russell takes over as head of Aegon AM

The Aegon group announced on 13 July that it had appointed Sarah Russell as CEO of its asset management activity Aegon AM, which represents about EUR200bn in assets under management. Sarah Russell, previously CEO of ABN Amro AM, succeeds Erik van Houvelingen, who is leaving to pursue other interests. She will begin in the position on 1 August.
15/07/2010

Lyxor lists nine new ETFs in Madrid

Bolsas y Mercados Españoles (BMA) on Tuesday announced that it has admitted nine ETFs from Lyxor Asset Management (Société Générale) to trading, bringing the number of funds listed on the corresponding segment of the Madrid stock exchange to 41, of which 33 are Lyxor products, and the other 8 are products from BBVA. The average management commission for the newly-listed funds is 0.35%. The new products are the following: Lyxor ETF Stoxx Europe 600 Telecommunications Lyxor ETF Stoxx Europe 600 Health Care Lyxor ETF Stoxx Europe 600 Utilities Lyxor ETF Stoxx Europe 600 Oil & Gas Lyxor ETF MSCI World Lyxor ETF MSCI Europe Lyxor ETF MSCI USA Real Estate Lyxor ETF MSCI Ac Asia Ex Japan Real Estate Lyxor ETF Euromts AAA Government Bond
15/07/2010

UBS registers a carry-trade fund in Spain

On 9 June, UBS registered the Irish-domiciled UCITS-compliant Sicav fund LSAM SF 1 Plc with the CNMV, including the V10 Enhanced FX Carry Strategy Fund (IE00B613ZC61), a specialised carry-trade sub-fund which invests in currencies of G10 countries and may take long and short positions on a basket of currency futures with a volatility feature which alerts managers in extreme situations. The product replicates the evolution of the UBS V10 Fund TR index. Minimal subscription is 10 EUR100 shares for retail investors, and 1,000 shares for institutional investors. Management commission is 2.25% for retail clients and 1.25% for institutionals.
15/07/2010

Credit Suisse appoints a new head of UNHWI clients

The former head of private wealth management for the Frankfurt region at Deutsche Bank has joined Credit Suisse Deutschland as director of activities serving ultra high net worth individuals (UNHWI). He succeeds Wulf Matthias, 65, and has been replaced at Deutsche Bank by Daniel Hoster, who had effectively already been active in the position since May.
15/07/2010

Monega tops EUR5bn in assets

The Cologne-based management firm Monega, a joint venture of DEVK, the Sparda banks and Sal. Oppenheim, founded in 1999, now has EUR5.1bn in assets under management in its custom open-ended funds for institutionals (Partnerfonds) and institutional funds (Spezialfonds). Monega currently manages 15 Partnerfonds, of which five were launched in the past 12 months, including a sustainable development product launched for Sparda Bank Munich, and advised by Sarasin.
15/07/2010

Janus adds to sales team

Janus Capital International has announced the recruitment of Steven Bilodeau for its financial institutions sales team serving the German-speaking countries of Europe (Germany, Austria, Switzerland). Bilodeau, who will be based in Munich, was previously sales manager at Threadneedle for Germany. He will work with Thomas Doring, and will report to Michael Jones, head of financial institutions for Europe. He will be in charge of client development for fund of fund managers, insurance companies, savings banks, co-operative banks and private banks.
15/07/2010

LGT Capital Management opens Frankfurt office

The asset management arm of the Liechtenstein LGT Group, LGT Capital Management, on Wednesday opened its first sales office in Europe outside Switzerland in Frankfurt. The office is led by Marcus Perschke, who was previously head of distribution for M&G International Investment in Germany.
15/07/2010

Natixis Global Associates adds to sales personnel

Jörg Knaf, managing director of Natixis Global Associates (NGA) for Germany and director of distribution for Germany, Austria and Switzerland, Benelux and Scandinavia, is getting reinforcements. NGA has recruited Viktor Paul Pospiech, who was head of distribution and spokesman for the Zurich-based hedge fund management firm FiveT Capital, as director of institutional distribution for Germany. He will work with Tina Reinle, head of wholesale distribution.
15/07/2010

François Pérol takes over as president of FBF from 1 September

The French banking federation (FBF) on 13 July announced that François Pérol, chairman of the board at the BPCE group, will succeed Baudoin Prot, director and CEO of BNP Paribas, as head of the professional association, for a period of one year, beginning on 1 September 2010. At the same time, the chairman and CEO of Société Générale becomes vice president of the FBF. The other members of the executive committee are Jean-Paul Chifflet, CEO of Crédit Agricole SA; Pierre Mariani, chief executive officer and chairman of the management board of Dexia SA; and Etienne Pfimlin, chairman of the national confederation at Crédit Mutuel. Prot will remain as president of the French banking association (AFB), the professional organisation for commercial banks in the social domain.
15/07/2010

New CIO at Morgan Stanley Investment Management

Morgan Stanley Investment Management (MSIM) on 12 July announced the appointment of Michael Kushma as chief investment officer for the Global Fixed Income unit. In his new role, Kushma will be in charge of all bond strategies at MSIM. Kushma is currently co-head of the Global and European fixed income team, which manages about USD25bn in assets. As of 31 March this year, assets under management at MSIM (United States, Global and European fixed income) totalled about USD56bn.
15/07/2010

Morgan Stanley funds boost assets at Invesco

Retail assets under management at Morgan Stanley acquired by Invesco on 1 June represent USD114.6bn in total. Invesco had assets as of 30 June of USD557.7bn, of which USD478.6bn were for equities, bond, balanced, money market and hedge funds, compared with USD379.1bn at the end of May, while assets in ETFs, UITs, and passive funds totalled USD79.1bn, compared with USD50.9bn. Invesco states that the fall on the financial markets has reduced assets under management, but that this impact was partially offset by positive currency effects of USD2.2bn. The management firm states that net inflows were “strongly positive.”
15/07/2010

Carmignac played it safe in second quarter

At a presentation of his analysis of the economic situation, Frédéric Leroux global manager and director of risk management at Carmignac Patrimoine, said the firm has responded to the crisis by adopting a prudent attitude, in particular by reducing exposure to equities in second quarter, and making use of futures on European and US indices and short positions on sectoral indices of the European banking sector. In bonds, the French asset management firm has steered clear of “second-class” government debt, in preference to German bunds and US Treasuries.
15/07/2010

Pimco reduces exposure to Europe

David Fisher, head of global product management at Pimco (Allianz Global Investors group), has stated that the asset management firm based in California does not expect any default in Europe, but that it has reduced its exposure to European debt, and is investing in US Treasuries, even though the returns are lower, the Wall Street Journal reports. The main worry spots for Pimco are the countries on the periphery of Europe (Spain, Italy, Portugal and Greece), as well as Japan, while the bright lights are China, South Korea, Mexico and Brazil among emerging countries, and Canada and Australia among developed countries.
15/07/2010

Assets down at Legg Mason in first half

As of 30 June, assets under management at Legg Mason were down to USD645.4bn from USD684.5bn as of the end of March, and USD681.6bn as of the end of December. They were also down from the USD656.9bn recorded at the end of June 2009.
15/07/2010

Pimco reverses position on UK bonds

Although last year it had adopted a negative attitude to the UK due to its rising budget deficit and the deteriorating condition of its public finances, the US management firm Pimco (Allianz Global Investors) has now changed its position: it is now neutral on gilts, rather than underweight, the Financial Times reports. The about-face is all the more significant as Bill Gross, co-head of Pimco, was one of the fiercest critic of the United Kingdom. Since the beginning of the year, returns on 10-year gilts has fallen 16%, while returns on bunds have fallen by 20%.
15/07/2010

Mutual funds still top target for Finra

According to a study by the law firm Sutherland Asbill & Brennan of disciplinary measures and fines mentioned in the monthly reports of the Financial Regulatory Authority (Finra), penalties levelled against mutual funds last year represented about USD12m, out of total funds of nearly USD50m (compared with USD28m in 2008), the Wall Street Journal reports. In addition, suitability allegations which in some cases have also affected mutual funds led to fines of USD11.9m. These results do not match up well with the publicly announced intentions of Finra to give top priority to cases related to elderly clients, hedge funds, and Ponzi schemes. However, Brian Rubin, a partner at Sutherland, says these themes were not at the top of the list of fines in 2009 since enquiries take one to three years to conclude. Finra was created in 2007, out of the former NASD and the regulation division of NYSE.
15/07/2010

Epic launches bond fund accessible to retail market

Fund Strategy reports that Epic Asset Management has launched a UCITS III-compliant international bond fund which aims to invest in corporate, international and government bonds. The vehicle, listed in Dublin, is the first open-ended fund available to bond retail and institutional investors. The two managers of the fund, Adam Tyrell and Achilles Sofroniou, will invest in debt from OECD countries in particular. The allocation to currencies other than pounds Sterling not hedged for currency risks may not exceed 15% of the value of the fund. Gross returns may come to about 4%, and returns at maturity 3.3%, on the basis of a portfolio duration of 3.7 years. Front-end fees have been set at 3%, and management commission at 0.95% per year.
15/07/2010

Net redemptions of EUR17.7bn in May

According to the most recent statistics from Lipper FMI, European funds in May saw net redemptions of EUR17.7bn, due to net outflows from equities and money market funds. The agency notes in particular EUR6bn in net redemptions from French money market funds, related to cyclical withdrawals which came sooner than usual. Net outflows for equities funds were limited to EUR1.6bn, due to the good health of the sector in Germany. European equities funds were the worst affected, with outflows of EUR4.8bn, while China and Japan funds were next on the list of redemptions. Lipper FMI states that BlackRock was the fund management firm that saw the most net subscriptions, with EUR5.5bn. It also leads for net inflows to its equities products, with EUR4.7bn. In terms of bond and diversified funds, the two managers to have seen the largest net inflows were Franklin Templeton and Carmignac, respectively.
15/07/2010

Net outflows of EUR23bn in May for UCITS funds

According to statistics from the European asset management federation (Efama), UCITS funds in May saw net outflows of EUR23bn. For the first time since March 2009, long-term funds (excluding money markets) finished the month with net outflows of EUR8bn. In the first five months of the year, long-term UCITS funds posted net inflows of EUR108bn. In another first since March 2009, long-term funds (excluding money markets) finished the month with net outflows of EUR8bn. In the first five months of the year, long-term UCITS funds posted net inflows of EUR108bn. Also a first since March 2009, equities and bond funds finished the month with net outflows of EUR11bn and EUR2bn, respectively. This development is related to fears about investments in European government debt and the risks of contagion for the global economy. Diversified funds and dedicated funds nonetheless continued to attract investors, with net inflows of EUR3bn and EUR4bn, respectively. Money market funds lost EUR14bn in May, after outflows of EUR7bn in April.
15/07/2010

Mandairne releases Unique R fund in Germany

The Luxembourg-registered fund Mandarine Unique R (LU0489687243), which as of 12 July had assets of EUR18m, was granted a sales license for Germany by BaFin on 18 June. The fund, launched on 29 March 2010, invests in European small and midcaps, by selecting companies with unique business models which are present in niche markets with large global market share.
15/07/2010

Partners Group sees CHF3bn in net inflows in first half

On Tuesday, the Swiss firm Partners Group announced that in first half it has registered net subscriptions of CHF3bn, compared with CHF2.2bn in July-December 2009, and CHF1.4bn in the corresponding period of last year. Assets as of 30 June, for their part, totalled CHF26.5bn, as negative currency effects due to the depreciation of the Euro against the Swiss franc accounted for CHF1.8bn. Though Partners Group accounts are denominated in Swiss francs, 70% of activities are undertaken in Euros, compared with 25% in US dollars, and 5% in other currencies. Urs Wietlisbach, co-founder and vice chairman, says that Partners Group, which has already announced plans to open an office in Dubai (see Newsmanagers of 28 May 2010), is also planning to open an office in Latin America, and one in Asia.
15/07/2010

Moody's to publish an indicator of structured finance instruments

The Moody’s ratings agency on 14 July announced that from 2 August it will be introducing a special indicator to signal the publication of ratings of structured finance instruments. The indicator will take the form of an abbreviation (“sf”) which will be added to the end of a rating (for example, “Aaa3 (sf)”). Moody’s, which announced its plans to introduce an indicator of this type in Autumn 2009, says in a statement that it is meeting the requirements of European regulations governing ratings agencies. The instruments concerned include ABPS, ABS, CDO, CMBS, RMBS, and dedicated vehicles (SIV).
15/07/2010

Mirabaud London adds to equities team

Mirabaud Investment Management has recruited Alex Illingworth as an addition to its new international equities management team. Illingworth was laid off from his previous position at Insight Investment, where he managed the European ethical fund. The head of the international equities team will be appointed on 1 April 2011.
15/07/2010

NYSE Euronext to launch a new market in London

NYSE Euronext on 13 July announced the launch of a trading platform entitled Nyse Euronext London, which will aim to encourage foreign issuers to raise capital and list their stock on the transatlantic platform. The new platform has received permission from the British authorities, but a statement from the firm does not state the launch date for the platform, which will compete with the London Stock Exchange.
15/07/2010

Guillaume Rambourg leaves Gartmore

The London Stock Exchange on Wednesday at 6 PM published a statement in which Gartmore Group announced the resignation of Guillaume Rambourg, a senior analyst in its European large caps team, which will continue to be led by Roger Guy, assisted by Darrell O’Dea, Leopold Arminjon and Tomas Pinto. Jeff Meyer, CEO of Gartmore, says that Rambourg would like to dedicate more time to an investigation into his conduct by the FSA.
15/07/2010

Assets up at Ashmore Group

Ashmore Group on Wednesday announced that its assets have increased to USD35.3bn as of the end of June, from USD33bn at the end of March. This increase is due to net subscriptions of EUR2.9bn, and negative market effects of USD600m. Final results for the fiscal year to 30 June will be published on 14 September.
15/07/2010

Global X and HSBC launch Brazil ETFs

The New York management firm Global X Funds on 8 July launched the Global X Brazil Consumer ETF (acronym BRAQ) on the Arca platform from NYSE. The product claims to be the first ETF to provide targeted access to shares of the Brazilian consumer goods sector. It replicates the Solactive Brazil Consumer Index, whose three largest components are AmBev, JBS and Natura Cosmeticos. The Brazilian ETF range from Global X includes five other products. The new product charges a management commission of 0.77%. For its part, HSBC ETF Plc on 13 July launched the Irish UCITS-compliant fund HSBC MSCI BRAZIL ETF (IE00B5W34K94), a physical replication ETF with a TER of 0.60%. As its name indicates, the new product replicates the MSCI Brazil index. It is listed in US dollars, and is licensed for sale in the United Kingdom.
15/07/2010

Hennessee hedge fund index up 0.20% in first half

The hedge fund index calculated by Hennessee was up 0.20% in first half, as markets had their worst half since 2008. The S&P 500 was down 7.57%, the Dow Jones by 6.27%, and the Nasdaq Composite by 7.05%. Among the various strategies, the Arbitrage/Event Driven index gained 3.21% since the beginning of the year, while Long/Short Equity was down 0.14%. Fixed income gained 5.69% in first half, while the European index lost 6.46%.
15/07/2010

Hard times for hedge funds in first half

Since the beginning of the year, hedge funds have posted average returns of near zero, according to the specialised consulting firm Eurekahedge. Funds specialised in distressed bonds and debt, however, did well. In first half, funds specialised in recycling distressed debt, such as debts thought to be unrecoverable, gained 6.42%. Bond funds did not disappoint, with gains of 3.73%. However, macro funds earned nearly nothing this year, and long-short funds lost 1.75%. Meanwhile, according to Eurekahedge, Asia ex Japan hedge funds lost 3.13% in first half. The worst performance for all the regional indices and the global index remains virtually unchanged at -0.02%. Hedge Fund Research reports that Latin American funds posted the worst returns, with losses of 3.67%, compared with losses of 2.41% for Asia ex Japan funds. Newedge hedge fund indices were also oriented downward in June. The CTA index lost 19% in June, but shows gains of 1.75% since the beginning of the year.

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