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11/03/2010

Lancement de Saxo Properties

Saxo Bank (5,4 milliards d’euros d’encours) a décidé d'élargir son activité aux investissements immobiliers et a créé pour ce faire une filiale dédiée, Saxo Properties qui proposera des fonds immobiliers fermés aux particuliers haut de gamme et aux investisseurs institutionnels. La nouvelle société est dirigée par Jesper Damborg comme CEO et Claus Klostermann comme managing director, qui comptent parmi les gestionnaires immobiliers les plus connus du Danemark. L’administration des immeubles est confiée à Flemming Schandorff, l’ancien COO d’ISS, l’un des principaux acteurs mondiaux du facility service.
11/03/2010

AGI funds have trouble carving out a place for themselves on Commerzbank network

Allianz Global Investors (AGI) may be the largest management firm in Germany, with EUR248.4bn in assets, but it is only the fourth-largest management firm for open-ended retail funds, the most lucrative category, with EUR79.1bn, Handelsblatt reports. Since Allianz sold Dresdner Bank to Commerzbank, AGI has lost its captive distribution network, as Commerzbank practices open architecture. Its advisors are required to recommend the best funds - which are currently often products from Carmignac, James Dilworth, CEO of AGI Deutschland, admits. AGI is now seeking to set up joint products with Commerzbank. Dilworth admits that some distribution partners saw negative results last year. He will not say which ones, but sources familiar with the matter say that Allianz may be one of them.
11/03/2010

Sudden outflows from Swedish equities funds

For the first time since October 2008, equities funds on sale in Sweden saw net redemptions in the month of February. Outflows totalled SEK2.9bn (EUR300m), according to the Swedish investment fund association Fondbolagens Förening. This represents only 0.3% of assets in equities funds, which as of the end of February totalled SEK988bn (EUR102bn). In total, assets in Swedish funds totalled SEK1.691trn (EUR174bn). Net redemptions from equities funds in February were largely offset by net subscriptions of SEK4.9bn to money market funds. In total, funds saw an overall inflow of SEK4.6bn (EUR473m).
11/03/2010

Credit Suisse/Tremont index up 0.87% in February

On the basis of 76% of the usual sample, the Credit Suisse/Tremont hedge fund index is up 0.87% in February, following gains of .17% in January. The best monthly results were for managed futures, with gains of 2.01%, following losses of 3.81% in January, while the heaviest losses were for dedicated short bias, with 4.18%. For the first half of the year, distressed shows the best performance, with 2.42%, while the worst performer was, unsurprisingly, dedicated short bias, with losses of 3.92%.
11/03/2010

Martin Currie launches China OEIC fund

The Scottish management firm Martin Currie on Wednesday launched its China Fund, an OEIC vehicle managed by James Chong and focused on Hong Kong, as planned. The product, with 40-60 positions, will use the MSCI Zhong Hua index as its benchmark. Front-end fee and management commission are set at 5% and 1.5%, respectively, while management fees for institutional (B) class shares are 1%. Though the manager is based in Edinburgh, a team of 13 people based in Shanghai are at his disposal.
11/03/2010

Rothschild & Cie Gestion to recruit 10 people

“We will be making a large recruitment, of about 10 people, most of whom will be dedicated to commercial development in Switzerland, Germany, Benelux, Italy, and Spain, ... and to developing expertise in emerging markets equities management,” said Jean-Louis Laurens, managing partner at Rothschild & Cie Gestion, at an asset management conference held by Reuters in Paris on 8-10 March. The management firm is also seeking a partner for its Sélection R platform, and has not ruled out the possibility of selling a controlling stake in the venture.
11/03/2010

Carlyle recruits Michael Petrick

The private equity group Carlyle has recruited Michael Petrick as managing director and global head of alternative credit and capital markets. Petrick will also become a member of the executive board at Carlyle. He was previously at Morgan Stanley, where he spent 20 years, and where he was most recently managing director and global head of sales and institutional trading. He wil lbe based in New York, and will take up his new position at the end of March.
11/03/2010

Neptune arrives in France

After Jupiter, Neptune Investment Management has become the next planet to make its debut in the French asset management industry. The British independent asset management firm, which manages about GBP5bn in assets (as of the end of 2009), has recently been issued a license by the Autorité des marchés financiers (AMF) for nine of its funds.These funds are the Neptune Asia Pacific Opportunities, Neptune China, Neptune European Opportunities, Neptune Global Equity, Neptune India, Neptune Japan Opportunities, Neptune Russia & Greater Russia, Neptune UK Equity and Neptune US Opportunities. All of these are equity products. Three of them are managed by Robin Geffen, founder and managing director of the management firm: the China, Russia, and global funds, which Neptune says represent “the purest expression of the Neptune process.”The active management of the firm is based on internal research and the idea that the equities universe should be considered overall or by sectors, rather than by region.
11/03/2010

Vega reopens its three funds to subscriptions

After the best year in its history, the hedge fund management firm Vega, which had assets as of the end of December of about USD400m, has decided to reopen its three funds Vega Global (USD123m), Vega Select Opportunities (USD94.5m) and Vega Credit Opportunities (USD14m) to subscriptions, Expansión reports. According to sources familiar with the matter, the manager, Ravi Mehra, will not accept subscriptions from US investors. Vega, which also manages USD150m in mandates, had USD12bn in assets in 2004. Due to difficulties related to this excessive volume and the departure of some managers, Vega converted itself into a family office in 2007 and 2008, for its two managers, Mehra and Jesús Saá Requejo.
11/03/2010

Meridio launches an Islamic diversified fund

The Cologne-based wealth maangement firm Meridio has opened subscriptions to a Sharia-compliant diversified fund, Meridio Global Islamic Multi Asset Fonds, for an initial period from 10-19 March. The Luxembourg-registered, actively managed product will be launched on 24 March. It will invest worldwide in equities and sukuks, and will be overseen by an ethical committee composed of three well-known specialists in Islamic law. The fund will offer daily liquidity, and will be managed by Rashad Khourshid, head of private banking at the Federbank of Libanon and manager of the Meridio ArabWorld Fund, and Antoine Salamé, founder of Optimum Invest Libanon and head of trading at Middle East Capital Group Libanon. Meridio estimates the potential market for Islamic financial products in Germany at about EUR1.2bn per year. Characteristics Name: Meridio Global Islamic Multi Asset Fonds ISIN: LU 0442310859 (shares in EUR) LU 0442311071 (shares in USD) Front-end fees: 5% maximum Management commission: 1.5% maximum Performance commission: 15%, with a hurdle rate of 5% and an all time high watermark
11/03/2010

Eagle AM to liquidate money market funds - in favour of JPMAM

Eagle Asset Management, an affiliate of Raymond James, has announced plans to liquidate its two money market funds, Eagle Money Market Fund (USD.156bn) and Eagle Municipal Money Market Fund (USD1.24bn) on 27 August. Shareholders will vote on the measure in an extraordinary shareholders’ meeting on 12 August, but from 1 May, JPMorgan Asset Management (JPMAM) will offer special “Eagle” share classes in its JPMorgan Prime Money Market Fund and JP Morgan Tax Free Money Market Fund, which will allow Eagle shareholders to transfer their assets to these well-known products. Eagle Cash Trust estimates that it is impossible to continue operating these funds in an economically viable manner, due to the volume of expected redemptions and the fact that the fee ratio for the funds would not remain competitive. In addition, Eagle states that “an intermediary whose clients hold a substantial majority of shares” (which may be Raymond James) has advised Eagle that it will no longer offer shares in the fund for sale after 9 July, and will instead offer the “Eagle Class” shares in the two JPMorgan funds.
11/03/2010

Dreyfus launches a mutual fund with the flavour of a hedge fund

Dreyfus Corp on 4 March obtained a sales license from the SEC for the Dreyfus Dynamic Alternatives Fund, a mutual fund which aims to generate performance equal to or higher than that of a diversified portfolio of hedge funds belonging to the HFRI Weighted Composite index. Front-end fees total 5.75%, and net fees total 1.45%. There will be a 2% penalty for early withdrawal within the first 60 days.
11/03/2010

Claymore launches three ETF funds

On Tuesday, Claymore Securities announced the launch of three ETF funds replicating indices from Wilshire Associates: the Wilshire 5000 Total Market (acronym on NYSE Arca: WFVK); the Wilshire 4500 Completon (WXSP), and the Wilshire US REIT (WREI).Fees for the Wilshire 5000 Total market fund are 0.12% while for the Wilshire 45000 Completion, fees total 0.18%. The Wilshire US REIT charges 0.32%.
11/03/2010

EdRAM converts a fund into UCITS III format

To respond to strong growth in demand on the part of investors for the fund, Edmond de Rothschild Asset Management announced on Tuesday, 9 October that it has converted the Europe Rendement Flexible fund into a UCITS III fund. The OPCVM fund, founded on 30 January 2009, aims to allow investors a gradual return to the European equities markets with reduced volatility, adjusting the exposure to equities (from 20% to 80%), through a flexible, tactical allocation.
11/03/2010

Credit Suisse lists 13 more ETF funds in Frankfurt

Deutsche Börse has announced that 13 ETF funds with the Xmtch (Credit Suisse) brand were on Wednesday admitted to trading on the XTF segment of its Xetra electronic platform. The new additions bring the total number of Xmtch funds traded in Frankfurt to 30, and the total number of ETF funds on the XTF segment to 589. The launch and first listing of these products took place in January on the Swiss market SIX. Of the 13 newly-created funds, seven are denominated in Euros, four in US dollars, and two in pounds Sterling. Credit Suisse is planning to further extend its ETF product range, in a product category in which it currently manages about CHF10bn in assets. ETF Name ISIN Fees Currency Xmtch (IE) on DJ EURO STOXX 50 IE00B53L3W79 0.06% EUR Xmtch (IE) on DJ Industrial Average IE00B53L4350 0.22% USD Xmtch (IE) on FTSE 100 IE00B53HP851 0.22% GBP Xmtch (IE) on FTSE MIB IE00B53L4X51 0.20% EUR Xmtch (IE) on MSCI Canada IE00B52SF786 0.36% EUR Xmtch (IE) on MSCI EMU IE00B53QG562 0.20% EUR Xmtch (IE) on MSCI Europe IE00B53QFR17 0.20% EUR Xmtch (IE) on MSCI Japan IE00B53QDK08 0.36% EUR Xmtch (IE) on MSCI Pacific ex Japan IE00B52MJY50 0.35% USD Xmtch (IE) on MSCI UK IE00B539F030 0.21% GBP Xmtch (IE) on MSCI USA IE00B52SFT06 0.22% USD Xmtch (IE) on NASDAQ 100 IE00B53SZB19 0.17% USD Xmtch (IE) on Nikkei 225 IE00B52MJD48 0.38% EUR
11/03/2010

Launch of Saxo Properties

Saxo Bank (EUR5.4bn in assets) has decided to extend its activities to real estate investments, and to this end has founded a dedicated affiliate, Saco Properties, which will offer closed real estate funds to high net worth private and institutional investors. The new firm will be led by Jasper Dambord as CEO, and Claus Klostermann as managing director, and will feature some of the best-known managers in Demark on its management team. Property management will be handled by flemming Schandorff, former COO of ISS and one of the top global actors in facility service.
11/03/2010

F&C AM seeking acquisitions

On the occasion of the publication of unaudited 2009 results for F&C Asset Management, CEO Alain Grisay announced plans to increase the size and strengthen the capacity of the management firm he leads in the area of products and distribution, both organically and through acquisitions. He firm has also confirmed that it will remain in the running to acquire C-Quadrat, a management firm based in Vienna. In 2009, F&C AM saw a slight decrease in its assets, from GBP98.6bn as of the end of December 2008 to GBP97.8bn as of the end of 2009. Net revenues declines to GBP225.1m from GBP229.9m one year earlier. Operating profits were also down, from GBP60.7m to GBP51.8m.
11/03/2010

Two recruitments at Société Générale Cross-Asset Research

Société Générale Cross-Asset Research no Tuesday, 9 March announced the recruitment for its fixed income and currency strategy in London of Mark Capleton, who becomes head of Sterling fixed income strategy and global inflation, and Valentin Marinov as senior currency strategist. He will primarily cover G10 currency markets. Capleton was previously head of European fixed income strategy at RBS, while Marinov was senior currencies strategist at Commerzbank. Both will report to Vincent Chaigneau, head of fixed income and currency strategies, according to a statement from the firm.
11/03/2010

Jones Lang LaSalle recruits from Commerz Real

The German desk at Jones Lang LaSalle in London has a new head: Verena Brüller, who was most recently head of purchasing for the UK and Ireland at Commerz Real (Commerzbank group).
10/03/2010
Fonds

Hauck & Aufhäuser lance un fonds indiciel sur les producteurs de lithium

L’allemand Hauck & Aufhäuser (H&A) a annoncé la commercialisation du fonds de droit luxembourgeois Structured Solutions Lithium Index Strategie Fonds qui réplique l’indice S-Box Lithium Performance Index de Structured Solutions. Cet indice couvre les 25 plus grandes sociétés actives dans la production de lithium.Ce fonds lancé le 7 janvier 2010 bénéficie d’un agrément de commercialisation pour le Luxembourg, l’Allemagne et l’Autriche. Caractéristiques: Structured Solutions Lithium Index Strategie Fonds Code Isin : LU047020557Commissions de souscription : 5 % maximumFrais de gestion : 0,80 % maximum.
Fonds
10/03/2010

Allianz GI a pâti des sorties nettes de ses fonds monétaires en 2009

Pour janvier et février 2010, Allianz Global Investors (AGI) a enregistré en Allemagne des souscriptions nettes supérieures à 7 milliards d’euros, dont 2,9 milliards pour les fonds offerts au public et 4,2 milliards pour l’institutionnel.Cependant, pour 2009, le gestionnaire n’a pu afficher 4,2 milliards de souscriptions nettes que grâce aux 6 milliards d’euros entrés dans les fonds institutionnels (contre 8 milliards en 2008) alors que les fonds offerts au public accusaient des sorties nettes de 1,8 milliard d’euros imputable aux 4,4 milliards d’euros de remboursements nets subis par les fonds monétaires (contre 5 milliards en 2008). Les fonds d’actions ont bénéficié de rentrées nettes de 0,5 milliard pendant que les fonds obligataires ont drainé 1,6 milliard d’euros, a indique James Dilworth, CEO depuis octobre. En 2008, AGI Deutschland avait accusé des sorties nettes de 0,5 milliard pour les fonds d’actions et les souscriptions nettes des fonds obligataires avaient porté sur 3,1 milliards.AGI Allemagne affichait fin décembre un encours sous gestion et administration de 328 milliards d’euros, contre 259 milliards fin 2008 et 290 milliards fin 2007.Thomas Wiesemann, chief market officer d’AGI Europe et co-CEO d’AGI KAG, a indiqué que l’intégration de cominvest est désormais presque achevée. Dans ce processus, la gamme commune a été élaguée de 118 fonds et une petite centaine d’autres fonds seront fusionnés cette année.Le manager a précisé que les ventes de fonds d’AGI transitent pour un tiers chacun par le réseau d’Allianz, celui de la Commerzbank et les distributeurs externes. Les encours institutionnels représentent les deux tiers du total, mais seulement un tiers du bénéfice.
10/03/2010

DIC Asset va lancer des fonds immobiliers institutionnels

La société immobilière DIC Asset affiche pour 2009 un bénéfice net de 16,1 millions d’euros contre 25 millions pour 2008. Elle servira un dividende inchangé de 30 cents par action.Dans un avis boursier, DIC Asset annonce aussi qu’elle va lancer des fonds immobiliers institutionnels auxquels seront transférés des actifs performants de son portefeuille. Elle conservera une participation d’au moins 20 % dans ces fonds. Le portefeuille immobilier de DIC Asset a une valeur de marché de 2,2 milliards d’euros pour 1,3 million de mètres carrés dans l’immobilier commercial.
10/03/2010

Brown Brothers Harriman recrute un spécialiste des ETF

Jeudi, Brown Brothers Harriman (BBH) a révélé avoir recruté fin septembre Shawn McNinch, senior vice president, lequel vient d'être nommé global ETF product & sales head. L’intéressé était auparavant senior principal au sein du product strategy group chez iShares avant l’acquisition de ce gestionnaire par BlackRock. Il est désormais chargé de diriger le global product servicing, les développement et le conseil sur les nouveaux produits.BBH souligne dans son communiqué qu’il est le troisième conservateur d’ETF aux Etats-Unis et qu’il travaille avec huit émetteurs d’ETF dans le monde, dont trois des cinq principaux émetteurs d’ETF aux Etats-Unis. L’encours total sous conservation de BBH se montait au 31 décembre à 2.300 milliards de dollars.
10/03/2010

3i négocie la vente de Panreac

Le capital-investisseur britannique 3i a chargé la banque d’investissement Arcano de gérer un appel d’offres pour la participation de 75 % qu’il a achetée en 2005 pour 48,5 millions dans la société de réactifs chimiques Panreac, rapporte Expansión. Panreac emploie 230 personnes et a réalisé l’an dernier un chiffre d’affaires d’une quarantaine de millions d’euros. Les 25 % restants du capital sont détenus par le management.
10/03/2010
Fonds

Nikko AM veut commercialiser un fonds vert en Asie

Nikko Asset Management envisage de proposer son fonds obligataire vert, le Nikko AM World Bank Green Fund, aux investisseurs asiatiques hors Japon, après le lancement d’une version conforme à la directive OPCVM pour la clientèle européenne et du Moyen-Orient, selon Asian Investor.Le calendrier n’est pas défnitivement arrêté mais le fonds pourrait être enregistré à Singapour et à Hong Kong pour être notamment distribué auprès d’une clientèle institutionnelle.
Fonds

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