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08/04/2010
Fonds

Nomination à la tête du plus grand fonds souverain du monde

Un technocrate émirati, Khalifa Mohammed Al-Kindi, a été nommé à la tête de l’Adia (Abu Dhabi Investment Authority), le plus grand fonds souverain du monde dont les avoirs sont estimés à plus de 600 milliards de dollars, rapporte la Tribune. Cette nomination fait suite au décès d’Ahmed Ben Zayed Al-Nahyane dans un accident d’avion ULM au Maroc le mois dernier.
Fonds
08/04/2010

Le nombre de hedge funds pourrait doubler en Suisse

Selon L’Agefi suisse qui cite un entretien accordé au Handelszeitung, Eric Syz, general manager de la Banque Syz & Co affirme que «les managers de hedge funds londoniens s’intéressent à la Suisse et ils vont se baser ici ces prochaines années». Cataldo Castagna, partenaire et directeur de l’Asset Management chez Ernst & Young Suisse estime que le nombre de hedge funds va doubler ces prochaines années en Suisse. Le secteur des hedge funds en Suisse emploie quelque 5000 personnes.
08/04/2010

L'UBP renforce son pôle marchés émergents

Mardi, l’Union Bancaire Privée (UBP) a annoncé le recrutement d’Eli Koen et de Mathieu Nègre en tant que coresponsables des marchés actions Europe émergente. Tous deux viennent de Fortis Investments, qui se trouve être l’ancienne maison de Richard Wohanka, nouveau CEO de la gestion d’actifs et de la gestion alternative du groupe suisse. Eli Koen dispose d’une expérience de dix-sept ans sur le marché actions turc, et Mathieu Nègre est spécialisé depuis 2001 dans la gestion des fonds Europe émergente.Richard Wohanka souligne que la plupart des investisseurs institutionnels étant sous-investis dans les actions et les obligations émergentes, l’UBP a décidé de renforcer ses capacités et sa gamme de fonds dans ces segments.
08/04/2010
Fonds

JO Hambro IM veut distribuer un produit de performance absolue auprès des fonds de fonds

JO Hambro Investment Management envisage de commercialiser sa stratégie de performance absolue, le Waverton UK Absolute Oeic, auprès de fournisseurs de fonds de hedge funds, selon Investment Week.La société est actuellement en discussion avec des gérants de fonds de fonds et des bases de données pour positionner ce véhicule qui pèse 77,3 millions de livres.JO Hambro estime qu’il y une pénurie de choix sur les produits de qualité parmi les véhicules au format OPCVM III et que sa stratégie de performance absolue devrait s’imposer dans un tel environnement.
Fonds
08/04/2010

Joe Cassidy (Nomura) rejoint la Deutsche Bank

A compter du mois prochain, Joe Cassidy, qui a été Global Co-Head of Prime Services, Global COO of Prime Services, Head of Equity Strategy et Head of European Corporate Strategy chez Nomura, rejoindra la Deutsche Bank comme Head of Prime Brokerage and Derivative Clearing for Global Rates. Il sera subordonné à Fredrik Gentzel, Head of Credit Portfolio Management and Prime Brokerage for Global Rates and Commodities. Cette nomination s’inscrit dans le cadre du projet stratégique de la banque allemande de mettre sur pied un plate-forme de compensation pour le marché des dérivés OTC.
08/04/2010
Fonds

Amundi lance un nouvelle salve d'ETF sur le marché de Francfort

La Deutsche Börse et Amundi ont annoncé mercredi que 20 ETF supplémentaires du gestionnaire français ont été admis à la négociation sur le segment XTF de la plate-forme électronique Xetra. La cote de cette dernière aligne désormais 644 références, dont 58 de la marque Amundi. Le précédent bouquet d’ETF Amundi (21 fonds) avait fait son entrée sur Xetra il y a moins d’un mois (lire notre article du 17 mars), les 17 premiers fonds de la marque ayant été cotés à Francfort le 23 février.Parmi les ETF nouvellement cotés à Francfort, tous de droit français, dix sont des produits actions (régionaux, pays, secteurs), six sont des produits obligataires «short» sur les indices EuroMTS de titres gouvernementaux et quatre des fonds matières premières sur des indices S&P GSCI. Les commissions de gestion s'échelonnent entre 0,14 % pour les ETF short sur les obligations d’Etat et 0,55 % pour l’Amundi ETF MSCI Brazil.La liste détaillée de ces produits est disponible à l’adresse 07.04.10 FR Amundi ETF_3ème cotation Allemagne.pdf
Fonds
08/04/2010

Hedge funds had EUR1.4bn in assets as of the end of December

As of the end of 2009, according to a report by the CNMV, there were 41 hedge funds and 28 funds of hedge funds registered in Spain, compared with 40 and 24 one year previously. Assets totalled EUR820.3m for hedge funds, compared with EUR1.02bn as of the end of 2008, while for funds of hedge funds, assets increased to EUR611.2m from EUR539.4m. The number of subscribers to hedge funds fell to 5,411 from 8,151 one year previously, while the number increased for funds of hedge funds to 1,839 from 1,589.
08/04/2010

SEC creates a position for a compliance officer

The Securities and Exchange Commission (SEC) has recruited Kathleen Griffin as head of compliance, a position created with this appointment, as an addition to the SEC’s internal compliance program, the Commission says in a statement. Griffin was previously vice president, senior compliance manager and deputy head of ethical code at Putnam Investments.
08/04/2010

SEC creates a position for a compliance officer

The Securities and Exchange Commission (SEC) has recruited Kathleen Griffin as head of compliance, a position created with this appointment, as an addition to the SEC’s internal compliance program, the Commission says in a statement. Griffin was previously vice president, senior compliance manager and deputy head of ethical code at Putnam Investments.
08/04/2010

TD Ameritrade increases commissions

The online broker TD Ameritrade has raised the commission it charges on no-transaction-fee mutual funds on its NTF platform to 0.40% from 0.35%, Investment News reports, relayed by Mutual Fund Wire. The increase puts TD Ameritrade at the same level as its competitors Charles Schwab and Fidelity.
08/04/2010

Piper Jaffray company launches its second mutual fund

Advisory Research Inc., a management firm which has recently been acquired by Piper Jaffray, has launched its second mutual fund, Advisory Research International Small Cap, only five months after the launch of the All Cap Value fund. Fees for the new fund total 135 basis points. It will be made available on the platforms from Schwab and Pershing.
08/04/2010

8.7% of assets in funds are low-liquidity

In a 68-page report on the securities market and its agents, situation and outlooks (http://www.cnmv.es/DocPortal/Publicaciones/Mercados/Mercadosweb.pdf), the CNMV points out that EUR14.87bn in assets, out of a total of EUR170.55bn as of the end of 2009, were of low liquidity, which represents a proportion of 8.7%, compared with 8.5% as of the end of September. Most of these low-liquidity assets are financial sector bonds rated AAA/AA (EUR4.64bn), financial sector bonds of a lower rating than AA (EUR4.62bn), or securitisations (EUR5.42bn). The regulator states that low-liquidity assets represent 30.1% of the portfolios of bond funds.
08/04/2010

World's largest pension fund appoints new head

A technocrat from the United Arab Emirates, Khalifa Mohammed Al-Kindi, has been appointed as the new head of ADIA (the Abu Dhabi Investment Authority), the largest sovereign fund in the world, with assets estimated at over USD600bn, La Tribune reports. The appointment follows the death of Ahmed Ben Zayed Al-Nahyane in a glider crash in Morocco last month.
08/04/2010

JO Hambro IM to distribute an absolute return product to funds of funds

JO Hambro Investment Management is planning to release its absolute returns strategy Waverton UK Absolute OEIC to hedge fund providers, Investment Week reports. The firm is currently in talks with managers of funds of funds and databases, to position the GBP77.3bn vehicle. JO Hambro estimates that there is a lack of choice of high-quality products among UCITS III-compliant vehicles, and that its absolute return strategy will have an impact in this environment.
08/04/2010

Italians prefer bond funds in March

In March, funds and Sicavs on sale in Italy had net inflows of over EUR1.86bn, according to Assogestioni, the Italian association of asset managers. Inflows were driven by bond funds, which attracted a net total of EUR3.1bn, and which now have total assets of EUR173bn, or 40% of total assets in the fund management industry. Flexible and diversified funds are also in positive territory, with EUR852m and EUR826m in inflows. Money market funds, however, saw heavy redemptions, of EUR2.9bn. Equities funds are also in the red, by EUR12m. In the first three months of the year, Sicav funds in Italy posted net subscriptions of EUR1.5bn. As of the end of March, assets had increased to EUR444.2bn, from EUR433.8bn at the end of February.
08/04/2010

Amundi launches a new salvo of ETF markets on the Frankfurt market

Deutsche Börse and Amundi on Wednesday announced that 20 new ETF funds from the French asset management firm have been admitted to trading on the XTF segment of the Xetra electronic trading platform, which now includes 644 funds, 58 of which carry the Amundi brand name. The last wave of releases from Amundi (21 funds) was listed on Xetra less than one month ago (see Newsmanagers of 17 March), while the first 17 funds from the brand were listed on Frankfurt on 23 February. Among the new ETFs listed in Frankfurt, all of which are registered in France, ten are equities products (covering regional, country, and sectoral indices), six are “short” bond products based on EuroMTS indices of government bonds, and four are commodity funds based on S&P GSCI indices. Management commissions range from 0.14% for short ETFs based on government bonds, and 0.55% for the Amundi ETF MSCI Brazil. The detailed list of products is available online, at 07.04.10 FR Amundi ETF_3ème cotation Allemagne.pdf.
08/04/2010

Sustainable development gains market share among retail investors

According to a survey undertaken on behalf of Union Investment by the Forsa institute of 500 household “financial decision-makers” (aged 20-59), 32% of German investors estimate that sustainable development investments are attractive, compared with 27% who consider them uninteresting. In the 20-29 year old age group, the number of favourable opinions of green investment is far higher, at 45%. Meanwhile, 63% of those surveyed say that they are prepared to settle for lower returns on their investments in order to support sustainable development, while 35% say that they do not want to sacrifice a part of their expected financial gains.
08/04/2010

Joe Cassidy (Nomura) joins Deutsche Bank

From next month, Joe Cassidy, who previously served as CO-Head of Prime Services, Global COO of Prime Services, Head of Equity Strategy and Head of European Corporate Strategy at Nomura, will join Deutsche Bank as Head of Prime Brokerage and Derivative Clearing for Global Rates. In this role he will report to Fredrik Gentzel, Head of Credit Portfolio Management and Prime Brokerage for Global Rates and Commodities. The appointment comes as part of a strategic effort at the German bank to set up a clearing platform for OTC derivatives.
08/04/2010

UBP adds to emerging markets unit

On Tuesday, Union Bancaire Privée (UBP) announced the recruitment of Eli Koen and Mathieu Nègre as co-heads of European emerging markets equities. Both men join the firm from Fortis Investments. Koen has 17 years of experience in Turkish equities markets, while Nègre has been a specialist in the management of emerging Europe funds siuce 2001. Richard Wohanka, CEO for asset management and alternative management, says that, as most institutional investors are underinvested in emerging markets equities and bonds, UBP has decided to add to its capacities and its product ranges in these segments.
08/04/2010

Frankfurt is largest market for publicly-traded ETF funds in Europe

Les Echos reports that the Xetra electronic platform from Deutsche Börse is the largest player in the European market for publicly-traded tracker funds, with a 41% market share in 2009, far ahead of Euronext and the London Stock Exchange. The time is not far off when the number of ETFs listed in Frankfurt, which currently totals 616, will be on a par with the United States, where there are currently 790. From EUR0.4bn at the end of 2000, the volume of assets managed in ETF funds has risen to EUR134.4bn as of the end of fourth quarter last year, according to statistics which Deutsche Börse will release today.
08/04/2010

Pension funds: exodus from equity markets continues

Following the recent recovery of the financial markets, a trend for institutional investors to move away from equities markets is continuing, according to a Mercer survey entitled “European Asset Allocation Survey 2010,” which covers over 1000 European pension funds and retirement institutions with more than EUR500bn under management. The trend is more marked for mature regimes, such as British defined contribution funds, for which allocation to equities has fallen from 54% in 2009 to 50% in 2010. In Ireland, equities allocations fell from 60% to 59%, while in the Netherlands this allocation is down from 28% to 23%. the trend is set to continue, with 29% of British and 35% of other European retirement plans planning a further reduction in their allocation to domestic equities. For international equities, more than 20% of British pension plans and 33% of other European plans are also planning a reduction. Although bonds continue to be the dominant asset class in most portfolios of European funds, a marked change has been observed since the 2009 survey. For example, following a significant recovery on equities markets, there are now more (a net total of 12%) British pension plans which are planning to increase their exposure to government bonds, while in 2009 there were more (a net total of 6%) plans planning to lower their exposure to this asset class. The trend has also been reversed for corporate bonds, where only 16% of British pensions are planning to increase their exposure, compared with 27% last year. Investment in non-traditional asset classes remains strong, with increases observed in the UK and Ireland (from 6% to 9% in these two countries in 2010), and in Switzerland (from 19% to 23%).
08/04/2010

BBVA pension fund establishes voting policy for AGMs

The BBVA and labour unions are in the process of negotiating the strategy which the bank’s pension fund (EUR2.09bn, 38,000 members) will employ at general shareholders’ meetings at businesses in which it invests, which include Santander, Iberdrola Renovables and BBVA. Expansión reports that 76% of assets are invested in bonds, and that the fund, which is a signatory to the United Nations Principles for Responsible Investment (UN PRI), does not permit investment in private equity, in order to avoid disadvantaging more elderly pensioners.
08/04/2010

Gartmore discloses more details of SEC enquiry case

An investigation by the United States SEC into Gartmore concerns a single infraction inadvertently committed in May 2009, Money Marketing reports. In a letter to intermediaries, Richard Pursglove, head of UK retail, says that the infraction violated a rule forbidding participation in a secondary equities offering registered with the SEC when there have been short positions on the share during the “restricted” period. The violation does not involve the manager Guillaume Rambourg, who was recently suspended, and did not disadvantage the fund or its subscribers.
08/04/2010

Carmignac will not be under pressure to sell to an institution

In a long article on Carmignac Gestion, Citywire writes about the future of the asset manager. It is notable that Edouard Camignac’s daughter Maxime Carmignac has just rejoined the firm. ‘What is interesting about Maxime being here, apart from the fact she is brilliant and my daughter, is that it creates a sense of comfort that should I disappear one day there is continuity here. It also shows that there will be no pressures to sell to an institution, which would be the worst thing we could do to our clients,’ Edouard Carmignac says, adding that the number of potential buyers ‘sniffing around’ his firm has shrunk: ‘We have become too expensive now,’ he says, laughing.
08/04/2010

Samsung teams up with Man Investments

Samsung Securities is offering to distribute hedge funds and funds of hedge funds from Man Investments to qualified Korean investor clients, Asian Investor reports. The firm may also advise the British group on the use of such products in package offers. Man products are awaiting licenses from the South Korean financial authorities, which still do not allow offshore hedge funds, but which are prepared to accept hedge funds which do not use leverage. However, the Korean authorities are planning to study a liberalization of its rules governing the hedge fund sector.
08/04/2010

SEI improves range for side pocket management

SEI on 6 April announced a new range of services for the management of side pockets created during the financial crisis due to liquidity problems on the markets. SEI has set up several automatic functions which deploy the best practices observed at clients and managers.
07/04/2010

Lombard Odier à l’offensive sur le marché russe

Selon L’Agefi suisse, Lombard Odier a reçu une licence de la part de la Banque centrale russe lui permettant d’ouvrir un bureau de représentation. Michael Kuenzi, qui avait mis sur pied l’unité de gestion privée d’UBS en Russie avant de rejoindre Lombard Odier l’an dernier, a été accrédité pour représenter la banque genevoise sur place. Le processus suit son cours, selon la banque, qui ne communique pas de date d’ouverture du futur bureau moscovite. Lombard Odier vise les 20 milliards de dollars d’actifs détenus par des Russes dans leur pays, a affirmé à Bloomberg Alexander Kotcoubey, vice-président exécutif.
07/04/2010

Aviva Investors muscle son pôle développement

Aviva Investors poursuit le redéploiement de son pôle développement (lire notre dépêche du 6 avril) avec la nomination de deux directeurs chargés de superviser les activités de toutes les équipes de développement en Europe sur les segments de clientèle stratégiques (institutions financières, investisseurs institutionnels et Aviva)Gabriele Miodini, basé en Italie, est nommé director, responsable des établissements financiers - Europe. Il sera essentiellement chargé de nouer des relations avec les principaux établissements financiers, bancaires et banques privées, ainsi qu’avec les plateformes de distribution aux particuliers dans toute l’Europe.Véronique Cherret, basée en France, est nommée director, responsable des investisseurs institutionnels, Royaume-Uni et Europe. Sa mission consistera principalement à établir des relations avec les fonds de pension, ainsi que les compagnies d’assurance et les établissements.

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