Le fournisseur de services et de données dédié à la gestion alternative a annoncé le lancement de BarclaysHedge TV, un service vidéo en ligne conforme aux exigences de la Securities & Exchange Commission, qui pour la première fois va permettre aux gérants de hedge funds ou de fonds de fonds de proposer des présentations en ligne à destination de leurs clients.

BNY Mellon a annoncé la nomination de James Malgieri en tant que chief executive officer des services de broker-dealer.James Malgieri, chez BNY Mellon depuis 2002, était précédemment executive vice president et responsable de la gestion produit pour les services de collateral management.

Selon des documents dont The Wall Street Journal a eu connaissance, Morgan Stanley avertit les investisseurs qu’il existe un risque de perte de 5,4 milliards de dollars sur le portefeuille de 8,8 milliards de dollars du fonds immobilier de private equity MSREF VI International.

Le manque de liquidité frappant les actions de sociétés de private equity cotées sur Euronext Amsterdam a poussé HarbourVest, l’un des plus gros fonds de fonds de private equity au monde, à lancer une offre secondaire de titres à Londres. Le groupe, basé à Boston et gérant plus de 30 milliards de dollars, va ainsi devenir le sixième membre du Specialist Fund Market.

State Street Global Advisors (SSgA) a annoncé mardi l’ouverture d’un bureau de représentation à Séoul. Cette démarche souligne l’intention du gestionnaire américain de développer son activité en Corée du Sud. Scott Powers, president & CEO, a souligné que si SSgA est surtout connu pour ses stratégies passives et ses ETF, la maison peut également fournir des solutions de placement pour des investissements actifs et des produits alternatifs. Les clients sud-coréens était traités depuis l'étranger depuis 2005.State Street Global Advisors Asia Ltd bénéficie de licences à la fois pour la gestion discrétionnaire offshore et pour le conseil d’investissement en Corée.En Asie-Pacifique, SSgA est présent à Hong-Kong depuis 1990. Le gestionnaire est également présent à Tokyo, Sydney et Singapour.

Suite à l’acquisition d’agence britannique de notation OBSR par Morningstar (cf. NewsManagers du 13 avril), les deux sociétés ont indiqué à Investment Week qu’elles se donnaient jusqu'à l'été pour harmoniser les cas où elles n’ont pas attribué la même notation à un fonds.OBSR a précisé que sur quelque 120 fonds notés par les deux sociétés, moins de 25 fonds affichaient des notations divergentes. Le patron de la recherche de Morningstar, Don Phillips, ajoute que l'écart constaté est généralement d’un cran.

Le gestionnaire écossais Martin Currie a annoncé mardi qu’il adjoint Ruairidh Stewart à l'équipe de gestion de son fonds luxembourgeois Global Resources (LU0174483585, 110 millions de dollars au 28 février) qui se compose déjà de Chris Butler et Duncan Goodwin. L’intéressé a rejoint Martin Currie en 2007 et il exerce déjà les fonctions de co-gérants du fonds long-only Energy, avec Duncan Goodwin.Le gestionnaire précise que le fonds a généré depuis son lancement (30 décembre 2005) une performance annualisée de 13,8 % contre 7,2 % pour les autres fonds de son secteur.

L’ancien Threadneedle (Lux) Emerging Markets Low Duration Fund (environ 40 millions de livres d’encours), un fonds d’origine Standard Chartered, a été reconditionné par le gestionnaire britannique pour devenir le Threadneedle (Lux) Emerging Market Corporate Bonds Fund.Ce fonds libellé en dollars peut investir «de manière opportuniste» en instruments de dette de sociétés des pays émergents émis en monnaies locales. Le portefeuille compte actuellement une cinquantaine de lignes. Le gérant sera géré par Richard House, head of emerging market debt, en remplacement d’Henry Stipp, qui avait «nettoyé» le portefeuille et qui va se concentrer sur le Global Emerging Markets Short Term Bond fund. Deux co-gérants sont prévus pour le fonds reconditionné, Barrie Whitman, head of high yield et David Oliphant head of corporate bonds.Threadneedle gère environ 8 milliards de livres sur les marchés émergents et le fonds sera un projet commun entre l'équipe marchés émergents et les spécialistes de l’obligataire qui ont la responsabilité d’environ 19 milliards de livres d’actifs.

In March, funds on sale in Sweden posted net inflows of SEK11bn (EUR1.1bn), according to the most recent statistics from the Swedish investment fund association (Fondbolagens Förening). Inflows were driven by equities funds, which attracted SEK15.2bn. However, money market funds saw outflows of SEK8.1bn. In first quarter, Swedish funds have seen net subscriptions of nearly SEK25bn, of which EUR18.9bn have gone to equities funds. As of 31 March, assets totalled SEK1.789trn (EUR183.6bn), of which SEK1.075trn were in equities funds. This is the highest level of assets since 2007.

On Friday, the CNMV granted a license to Merchant Funds Plc, which will allow the British management firm Merchant Capital to release its UCITS-compliant hedge fund Merchant European Equity, for which the Spanish firm Tressis is the adviser (see Newsmanagers of 26 March), in Spain. The product, whose investment universe is the Euro Stoxx 600, is a long/short European equities fund which aims for 12% returns with volatility of less than 6%.

According to a study by Russell Investments entitled “Are your FX fees too high?” foreign exchange commissions paid by managers are indeed excessive. Over a 40-year period, commissions for currency exchange transactions can represent as much as 2% of the total value of a portfolio, Russell finds. Russell analysed 40,000 currency transactions conducted by managers with custodians or other counterparties between January 2008 and December 2009, on institutional assets totalling USD19bn. The cost of a transaction came to about 9 basis points, compared with an average range of 1 to 3 basis points for the most commonly-traded currencies. These findings are highly similar to those of a study undertaken in 2004, covering 36,000 transactons. Costs have been neglected for a long time, the study estimates, and suggests that using the services of an agent like Russell can reduce fees or at least keep them low.

Optimism seems to have returned in full to the investment world. A growing number of investors are anticipating a recovery of the global economy, and a vigorous one at that, according to the most recent survey, undertaken in April, of 197 participating managers, with USD546bn under management, undertaken by BofA Merrill Lynch. The number of investors who are taking higher-than-average risks with their portfolios has returned to its highest level since January 2006. Participants in the survey increasingly expect strong growth combined with low inflation: 32%, compared with 21% in March, have this opinion. Inflationary fears remain highly moderate, and 42% of respondents, compared with 385 the previous month, do not expect the Fed to raise interest rates before 2011. As a result of this rising optimism, a net total of 52% of respondents are overweight in equities, compared with 33% in February. This brings the proportion back to its January level, with investors underweight in financials and more exposed to cyclical shares. In terms of geographical attraction, investors are avoiding the Euro zone due to concerns about Greek debt, even though European investors still consider European shares inexpensive, with 28% of this opinion, compared with 29% in July 2007, when 18% of respondents were underweight in Euro zone equities.

Only one European savings investor in three has been offered a product by his or her financial institution which does not come from the house range, according to a study by TNS Sofres for Fidelity Investments, covering investors in 11 countries. This finding seems to show that open architecture is far from widespread. In France, the market is even more closed, as only 22% of savings investors have been offered a third-party product, and 16% were offered a product which was not from the establishment at their last time of purchase. However, although two thirds of European savings investors consider it “important” to have a choice of investments from different financial establishments, more than 4 out of 10 estimate that this complicates things and that they have enough products to choose from currently. In France, 48% think that this is important, but 60% think they have access to a sufficient number of products. In addition to this, although two thirds of European savings investors say they are 100% independent in the management of their investments, only slightly over half say that they have a good level of knowledge about financial investments. In this environment, a wide range of products on offer is not necessarily a good thing.

As of the end of March, Atlas Capital Gestión de Patrimonios managed EUR1.3bn in assets for 2,276 clients, 20% and 3% more, respectively, than at the end of 2009, Expansión reports. The firm has appointed Jaime Espinosa de los Monteros as head of its private banking activities; he joins a team led by Jorge Sanz. He previously served at Kepler Capital Markets and Espinoza Partners.

Agnes Deng, head of China equities, who is based in Hong Kong, will manage the new Baring A-Share Fund Plc, which was launched on Tuesday, and which already has USD200m in assets pledged by institutional investors, while the full capacity of the fund is USD285m. Deng is already manager of the Baring Hong Kong China Fund (USD4.74bn as of 26 February). The Irish-registered fund, with 40-70 positions, will allow subscribers, largely institutional investors, access to companies which are based in the People’s Republic of China or operate there. At least 70% of assets will be invested in A-class shares traded on the Shanghai and Shenzhen markets. Minimal subscription for the fund is set at USD25,000. Baring Asset Management has a Qualified Foreign Institutional Investor (QFII) quota of USD200m.

L’Echo reports that Clearstream is at work on creating a stock market for investment funds. The Luxembourg chamber of compensation (owned by Deutsche Börse) is testing a new system, Emporium, which would eliminate intermediary costs between asset management firms and final investors, who would have access to a platform of 77,000 European funds. The testing phase is planned for September, says Philippe Seyll, director of investment fund services at Clearstream.

Jean-Paul Gauzes, the MEP responsible for steering the AIFM directive through the EU’s parliamentary process, has proposed a “two-tier” approach to the registration of non-EU funds, says the Financial Times. Non-EU managers looking to market in the EU would be able to obtain a “passport” to do so throughout the bloc if they agreed to comply with the EU’s new rules on registration, leverage and so on. This would have to be backed by an agreement with their home country market regulator, adds the newspaper.

The first major moves to breathe new life into the MiFID directive are being taken. The Committee of European Securities Regulators (CESR) on 13 April published three consultation documents to allow respondents to make technical recommendations to the Committee. The three documents proposed for consultation until 31 May concern the protection of investors and intermediaries, equities markets, and transaction reporting. In these areas, the CESR has identified a need for improvement, in areas including quality, cost and consolidation of post-market data, the CESR says in a statement. The CESR says that a public hearing on these subjects is planned for 17 May, at the CESR offices in Paris. The Committee is planning to announce the conclusions of the consultation by the end of July. The Committee also announces that it is continuing to work on several specific questions, and that some of them (transparency of markets other than equities markets, and the level of standardization necessary for securities trading), it may launch further consultations at some time in spring. The CESR may also ask participants about various aspects of the classification of clients or about issues related to reporting of positions and transactions.

At the second summit of BRIC countries (Brazil, Russia, India and China), to open tomorrow in Brasilia, La Tribune reports that the Russian president will insist on the need for more concerted risk management between the countries, in particular involving an exchange of information on potential speculative attacks which could damage the value of the countries’ respective currencies, their equity markets, and commodities. Brazil last year imposed a tax which aims to stabilise flows of foreign capital on the stock markets, the newspaper adds. Indonesia may soon do similarly. However, these countries prefer to use more market friendly methods, such as strengthening the required owners’ equity levels at banks, some observers remark. Excepting China, the flows of capital towards these countries is massive (USD20bn since the beginning of the year), but speculative in nature.

According to provisional estimates from Credit Suisse/Tremont based on about 70% of the usual sample, the hedge fund index is expected to have gained 2.09% in March, following gains of 0.65% in February. In first quarter, hedge funds are estimated to have earned 2.96%, despite losses of 8.97% for dedicated short bias strategies, and a decline of 0.69% for market neutral. However, convertibles arbitrage is up 3.68% since the beginning of the year, while event-driven strategies have earned 5.295 (wht a special mention for distressed, which has gained 5.92%).

According to documents obtained by the Wall Street Journal, Morgan Stanley has warned investors that there is a risk of losing USD5.4bn from the USD8.8bn portfolio of the real estate private equity fund MSREF VI International.

CPR Asset Management, an affiliate of Amundi better known for its quantitative management, has launched two conviction-oriented equities funds, one of which is themed on ageing populations, and one on SRI (socially responsible investment). The two products, created in December 2009, received licences from the French market regulator AMF (Autorité des marchés financiers) in early April, and may now be released for sale in France. The first of the two funds, CPR Silver Age, aims to “outperform the European equities markets on the long term by investing in European companies that benefit from an ageing population,” CPR AM states. The investment process of the fund combines a top down approach and with a bottom up one. In an initial stage, the asset management team determines which sectors benefit from the demographic trend, on the basis of their past and projected future growth. On the basis of this sector allocation, shares are selected and the portfolio is constructed. The second fund, CPR Progrès Durable Europe, aims to ride the wave of popularity for SRI funds. It it not a “best in class” product, as it is investing not only in the best businesses in environmental, social and governance (ESG) areas, but also in companies which are making progress in this area. This method is called “best effort” by Cyrille Collet, head of equities management at CPR AM. Concretely, the managers of the fund, Nicolas Picard and Michaël Sourp, will initially select and retain shares in European companies with positive ratings (on a scale of -2 to +2) from Ideam Asset Management, an affiliate of Amundi dedicated to socially responsible investment. Of the 750 eligible shares, the co-managers will focus on the ones which have seen an increase in their ratings in the past 12 to 18 months. The two funds, with a total of EUR15m currently for the Silver Age fund and EUR25m for Progrès Durable Europe, will be aimed at private banking clients, funds of funds, and potentially institutionals.

Thomas Meyer, CE of Wertgrund Immobilien, has announced the forthcoming launch, on 20 April, of the first open-ended real estate fund to invest solely in residential real estate located in Germany, the Wertgrund Wohnselect D, which will aim to raise about EUR300m, the Börsen-Zeitung reports. This would correspond to about 4,000 to 5,000 housing units.

Bruno Crastes will not be the only one to leave Amundi, Agefi reports. Vincent Chaillet, head of international and absolute return bond activities, and Jean-Noël Alba, deputy CEO of CAAM London Branch, his closest partners, will also be leaving. The former spent 15 years at Crédit Agricole Asset Management (CAAM), while the latter spent ten years in his position. Their departures will be effective in a few months’ time. One observer quoted by the newspaper says that the three managers will leave behind EUR30bn in assets, and may launch an entrepreneurial project together.

The former Threadneedle (Lux) Emerging Markets Low Duration Fund (about GBP40m in assets), a fund originally from Standard Chartered, has been reconditioned by the British management firm, to become the Threadneedle (Lux) Emergin Market Corporate Bonds Fund. The fund, denominated in US dollars, may invest “opportunistically” in debt instruments from companies of emerging markets issued on local currencies. The portfolio now includes 50 positions. The fund will be managed by Richard House, head of emerging market debt, replacing Henry Stipp, who “cleaned up” the portfolio and will now concentrate on the Global Emerging Markets Short Term Bond fund. Two co-managers will assist with the reconditioned fund: Barrie Whitman, head of high yield, and David Oliphant, head of corporate bonds. Threadneedle manages about GBP8bn in emerging markets, and the fund will be a common project between the emerging markets team and bond specialists, who will be in charge of about GBP19bn in assets.

The Scottish management firm Martin Currie announced on Tuesday that it has placed Ruairidh Stewart on the management team for its Luxembourg fund Global Resources (LU0174483585, USD110m in assets as of 28 February), which already includes Chris Butler and Duncan Goodwin. Stewart joined Martin Currie in 2007, and is already co-manager of the long-only Energy fund, with Duncan Goodwin. The management firm states that the fund has since its launch on 30 December 2005 generated annualized returns of 13.8%, compared with 7.2% for other funds in its sector.

Edmond de Rothschild Asset Management (EDRAM) has announced that Lavin Mok has joined the firm as head of sales for Asia. Mok will be in charge of sales and marketing at EDRAM Hong Kong, and will aim to develop commercial relations throughout Asia, to promote EDRAM, and to sell the brand and products managed in Paris and Hong Kong. He will continue the sales and development strategy for funds in Asia, especially sales of funds Taiwan, Hong Kong, Singapore and Japan, to institutional clients and through distribution networks. Since 2006 Mok had been at Tremont Capital Management, where he was director of sales for funds of hedge funds for several Asian countries. As of 31 March 2010, Edmond de Rothschild Asset Management managed about EUR1.9bn in Asia and emerging countries.

The Swedish specialist in Eastern European markets East Capital is reaching a little further east with the acquisition of a 100% stake in an asset management firm specialised in China. Like East Capital, the firm acquired is based in Stockholm. It is Asia Growth Investors, which was founded in 2004 by Gustav Rhenman, and which manages EUR240m in three funds invested in China and Asia. The three funds will be integrated into the range from East Capital, and eventually renamed. But initially, the funds will continue to be available only in Northern Europe. The management team at AGI, based in Stockholm, will become the Asian arm of East Capital. In parallel with this acquisition, Karine Hirn, co-founder of East Capital and head of the project, will move to Shanghai in August. The aim will be to gradually build up the AGI teams and to observe the Chinese market. The acquisition, which is subject to approval by regulators, is expected to be completed in June 2010. The acquisition price has not been disclosed.

Barclays Wealth vient d’annoncer le recrutement de Helen Pun en tant que director, market head à Hong Kong. Dans ses nouvelles fonctions, Helen Pun, qui était précédemment chez UBS à Hong Kong, aura la responsabilité de l'équipe de banquiers privés couvrant Hong Kong ainsi que du développement des activités sur ce marché.Ces derniers mois, Barclays Wealth a déjà recruté plusieurs responsables pour la zone Asie-Pacifique.Fin 2009, les actifs sous gestion de Barclays Wealth s'élevaient à 151,2 milliards de livres. La répartition géographique n’a pas été divulguée.

Following the acquisition of the British ratings agency OBSR by Morningstar (see Newsmanagers of 13 April), the two firms have told Investment Week that they have given themselves until summer to harmonise their databasis in cases where they may have attributed different ratings to a fund. OBSR says that of about 120 funds which are rated by both firms, fewer than 25 have different ratings. The head of research at Morningstar, Don Phillips, adds that the differences observed are usually minimal.