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25/02/2010

Banif puts Carmignac back on its list of recommended investments

The private banking affiliate of Santander, Banif, has returned funds from the French management boutique Carmignac Gestion to its list of recommended products, after removing them from the list in October 2009, at a time when Quality, the fund platform from BBVA, did the same. The period during which the firm’s products were not recommended lasted only four months. Banif has undertaken an exhaustive audit of the French management firm, including a visit to its Paris offices, and the Spanish experts concluded that Carmignac’s funds are suitable for their service, though they recommend the funds only to investors with the highest propensity for risk. This is due to the fact that Santander’s analysts estimate that the genuine risk involved in Carmignac’s products is their excessive dependence on the decisions of the firm’s president.
25/02/2010

Stock market movements are a key indicator of hedge fund performance

Hedge Week reports that a study by Hennessee Group has shown that hedge funds generally lag behind their traditional counterparts when equity markets are in phases of strong growth. However, whenever markets are rising more modestly or falling, hedge funds show significant alpha relative to traditional funds.
25/02/2010

Goldman Sachs AM builds presence in Asia

Asian Investor reports that Goldman Sachs Asset Management is sizing up its presence in Asia, where the group has previously concentrated its efforts on distribution of products largely developed in the United States to Asian institutional clients. Goldman Sachs has now built up a track record of two to four years in management of onshore strategies in South Korea and India, where it has held a license for ten years, and has also built areas of competence in Japan. Goldman Sachs is also planning to open an office in Malaysia. The group is also planning to set up a specialised Asian fixed income team.
25/02/2010

Desmond Liu takes on new responsibilities at HSBC Private Bank

HSBC Private Bank has appointed Desmond Liu to the newly-created position of head of Greater China, Asian Investor reports, adding that Liu was previously head of China. Since 1 February, his responsibilities have also included oversight of Hong Kong operations, which are led by Randy Chu and Monique Chan.
25/02/2010

Liontrust to launch an absolute return fund

Liontrust will next week launch an absolute return bond fund, the Liontrust Credit Absolute Return, which will me managed by Simon Thorp, head of fixed income. Fundstrategy reports that the fund, domiciled in Luxembourg, will be based on the European credit long/short hedge fund which Thorp created at the firm Ilex, which he co-founded. The fund will initially be 65% invested in high yield, and 35% invested in investment grade credit.
25/02/2010

Institutionals want a longer period of calculation for performance fees

International institutional investors feel that the time interval used to calculate performance fees should be lengthened, according to the second edition of the “bfinance Institutional Investors Sentiment of Fees Survey.” 46% of institutionals surveyed say the period should be 4-5 years, compared with 29% who said so last year. Nearly one quarter of respondents would like to see a 2-year period, and only 15% vote for one year. In terms of management firms, a large majority of alternative managers (88%) say they will maintain their fee structures in 2010, at 1.5-2% and 15-20%. Following a decline in 2009 compared with 2008, hedge fund fees may stabilise in 2010, as only 12% expect fees to fall again, bfinance reports. 32% of single hedge fund managers charge fees of 150 to 200 basis points, compared with 34% in 2009, on investment of USD100bn. Passive strategies are also less costly, with 35% of funds of hedge funds charging 50 basis points or less, compared with 27% in January 2009.
25/02/2010

Korean firm KSD to launch a fund distribution platform in 2011

Asian Investor reports that Korea Securities Depository (KSD), which acts as a transfer agent for all funds domiciled in South Korea, has selected FundSettle, an affiliate of Euroclear, to handle automatic transfer of funds, which will be phased in in third quarter 2011. At that time, KSD is planning to launch its new multi-currency fund distribution platform.
25/02/2010

MFA signs partnership with New York Hedge Fund Roundtable

After recent overtures from the Connecticut Hedge Fund Association and the Mid-Atlantic Hedge Fund Association, the Managed Funds Association, which includes hedge fund professionals throughout the world, has signed a partnership with the New York Hedge Fund Roundtable, an association which includes over 1,000 investors, hedge fund professionals and financial services businesses. The partnership will allow the two organizations to exchange expertise in areas related to regulations and best practices, a statement says.
25/02/2010

DWS looking abroad for ways to grow

As competition to conquer distribution partners and investors intensifies, DWS (Deutsche Bank) will look abroad to find its areas of future growth, Handelsblatt reports. On the one hand, distributors are claiming an increasingly large portion of fees, while on the other hand, subscribers are becoming increasingly professional. Now, says Ingo Gefeke, head of distribution, DWS is hoping to become a European group with activities in Asia and the United States. US assets under management in Frankfurt total EUR6.7bn, while those managed for Asia weigh in at EUR2.3bn. Among other areas of growth, DWS has identified services to insurers and retirement planning products.
25/02/2010

Record assets at MLP

As of 31 December, assets under management at MLP totalled a record EUR12.8bn, “thanks to slight net inflows and mainly to performance at Feri, the fund management arm,” compared with EUR11.4bn twelve months earlier. The financial services provider has reported net profits for last year of EUR24.2m, compared with EUR24.6m in 2008, though the decline was as much as 11% for activities retained, at EUR27.2m, compared with EUR30.7m, on total operating revenues down 11% to EUR532.1m. Earnings before interest and taxes (EBIT) contracted by 25% to EUR42.2m, despite a strong increase (+74%) in fourth quarter. The total includes EUR3bn in legal consulting fees related to the Swiss Life raid, and EUR2m in restructuring charges. For 2010, MLP is expecting a difficult first half, and is aiming for a further EUR10m reduction in its fixed costs, after a EUR28.7m reduction in 2009. The firm’s objective remains to earn an EBIT ratio of 15% in 2012, compared with 7.9% last year.
25/02/2010

Lombard Odier signs a distribution agreement in Italy

Lombard Odier has signed a distribution agreement with the Italian platform Onlinesim. The Swiss firm has been working with Italian institutions since 1999. Its activities range from institutional management to distribution support for the 37 sub-funds of the Luxembourg Sicav LO Funds.
25/02/2010

China Merchants launches first QDII fund

China Merchants, in which ING Investment Management is a minority shareholder, has announced that on 1 March, it will open subscriptions to its first QDII fund, the Global Resources Equity, for 19 days. Assets in the fund will be capped to CNY3bn, Z-Ben Advisors reports. ING IM will be the sub-advisor for the new fund, while ICBC and Standard Chartered will be the custodians, one Chinese, and the other foreign. The benchmark selected will consist 25% of the MSCI World Energy Index, and 75% of the MSCI World Materials Index. Allocation to equities will be at least 60%, while 80% of this allocation will be invested in the energy, utilities, and commodities sectors.
25/02/2010

ETFS soon to launch ten new currency ETCs in Euros

ETF Securities (ETFS) has announced that it will launch ten currency ETCs denominated in Euros, replicating the Morgan Stanley Foreign Exchange (MSFXSM) indices, in long and short varieties, on Deutsche Börse’s Xetra electronic trading platform. The products will be integrally collateralised in Euros against the Swiss Franc, pound Sterling, Japanese Yen, Norwegian Kroner and the Swedish Kroner. The ETCs will also offer exposure to local interest rates. The ten new ETC funds come as an addition to the current range of 18 currency ETCs listed on the London Stock Exchange since 12 November 2009.
25/02/2010

Legg Mason to offer ETFs

Legg Mason has filed with the Securities and Exchange Commission to seek clearance to offer actively managed ETFs—funds aiming to capitalize on the skill of its stock and bond pickers, says the Wall Street Journal.
25/02/2010

Legg Mason to offer an absolute return fund

Fund Strategy reports that Legg Mason is preparing to launch a global absolute return credit fund, probably in third quarter, for one of its international affiliates, Western Asset Management, which is specialised in fixed income. The provisional name selected for the vehicle is said to be Legg Mason Western Global Credit Absolute fund. The product will be UCITS III-compliant, and will be domiciled in Dublin. It will be managed by the global credit team at Western, with Dipanker Sherman, previously of BlueBay Asset Management, at the helm.
25/02/2010

Salus Alpha opens a Singapore office

The Swiss-Austrian asset management firm Salus Alpha has opened a representative office in UOB Plaza, 80 Raffles Place, in Singapore. The office of Salus Alpha Financial Services (SG) Pte. Ltd. puts the group in a position to offer UCITS III-compliant hedge funds on the local market, to institutional and high net worth private clients. Salus Alpha has also launched a local website.
25/02/2010

Larsen & Toubro moves into asset management

The Indian industrial group Larsen & Toubro (L&T) has made its first foray into asset management, following its acquisition of the management firm DBS Chola Mandalam Asset Management Company (DCAM). L&T Finance, the financial services affiliate of L&T, acquired DCAM along with its affiliate DBS-Chola Mutual Fund. The management firm has been renamed as L&T Investment Management, while its affiliate is now known as L&T Mutual Fund. The fund has about USD570m in assets under management. L&T is planning to develop activities serving institutional investors, and is also hoping to enter foreign markets.
25/02/2010

Henderson looking for acquisition opportunities

A year after it bought New Star Asset Management, Henderson said it was on the look-out for more acquisitions. Andrew Formica, chief executive, said: “We remain alert to acquisition opportunities but we will be choosy.” The focus is likely to be on expanding outside the UK.
25/02/2010

12% growth in operating profits at St. James's Place

The UK asset management firm St James’s Place last year earned operating profits of GBP228.9m, a 12% increase year on year. Pre-tax profits totalled GBP363.2m, following losses of GBP115.9m in 2008. Assets under management rose 31% to GBP21.4bn.
25/02/2010

GBP73.7m in profits for Henderson in 2009

The UK asset management firm Henderson last year earned ongoing profits before amortisations, charges, and taxes of GBP73.7m, an 8% decline from the previous year’s results. Net profits total GBP14.5m, following a loss of GBP20.8m in 2008. Net inflows totalled GBP700m for high-margin assets, with an inflow of GBP1bn in fourth quarter. Assets under management as of 31 December last year totalled GBP58.1bn, compared with GBP49.5bn one year earlier. The increase was largely due to the acquisition of New Star (GBP8.1bn) last April. Positive market effects of GBP5.1bn were largely offset by net outflows of GBP4.6bn. A statement from the group points out that in continental Europe, Henderson saw net inflows of GBP500m, largely for the Henderson Horizon Global Technology Fund, and for two UCITS III-compliant funds, Henderson Horizon China (+125% for the year to the end of 2009), and Henderson Horizon Pan European Alpha (+34.7% in the same period).
25/02/2010

Fortress International Fund launches a fund investing in life insurance policies

Fortress International Fund is launching the Luxembourg Fortress International Capital & Partners SCS Fund, a product which will allow subscribers to invest in the secondary market in life insurance policies in the United States, Hedge Week reports. Policies included in the portfolio will be rated investment grade, and will have a mid- to long-term investment horizon.
25/02/2010

La BCE toujours plus pessimiste que le consensus

Les prévisions de croissance du consensus sont aujourd’hui bien plus optimistes que celles de la BCE. Alors que les prévisionnistes envisagent une progression du PIB de 1,3% cette année, la banque centrale ne table que sur une maigre hausse de 0,8%. Ses projections seront actualisées lors du conseil de mars, mais convergeront-elles significativement vers le consensus? Rien n’est moins sûr.
24/02/2010

Amundi ETF fait coter 17 ETF sur Deutsche Börse

Amundi ETF vient d’annoncer une nouvelle étape dans sa stratégie de développement à l’international avec la cotation de 17 ETF sur Deutsche Börse, dont la cote du segment XTF comporte désormais 573 références. Cette première vague de cotation sera suivie de plusieurs autres séries prévues dans les prochains mois qui viendront compléter de manière significative l’offre d’Amundi ETF sur Xetra a annoncé la société de gestion.Dans le détail, les 17 ETF se composent de 6 ETF Actions Régionaux, dont deux produits totalement inédits en Europe, permettant aux investisseurs européens ou de la zone euro de s’exposer au reste du monde en une seule transaction. A cela s’ajoutent 5 ETF Actions Pays, permettant de s’exposer aux actions allemandes, américaines, japonaises ou émergentes. Seront également disponibles 3 ETF à effet de levier et 2 ETF Short, pour les investisseurs souhaitant doubler leurs positions ou se couvrir sur des marchés spécifiques. A noter que les ETFs à effet de levier répliquent deux fois la performance quotidienne de leurs indices respectifs. Les 2 ETF short quant à eux, «offrent une exposition quotidienne inverse, à la hausse comme à la baisse, de l’évolution du DAX 30 et du DOW JONES EURO STOXX 50® respectivement», précise le communiqué. Enfin, dernier produit à être coté : 1 ETF Monétaire, pour un placement des liquidités à court et moyen terme. La gestion de ces ETF se caractérisent par une méthode de réplication synthétique de l’indice. La liste et les caractéristiques des différents produits peuvent être consultés sur le site amundietf.com.
24/02/2010
Fonds

Standard Life Investments lance des fonds aux Pays-Bas

Standard Life Investments va commercialiser sa Sicav luxembourgeoise aux investisseurs néerlandais, ayant reçu l’agrément de distribution de la part du régulateur des Pays-Bas, l’AGM. Cela concerne notamment la European Corporate Bond Fund SICAV et la European Smaller Companies Fund SICAV.La gamme se destine aux investisseurs particuliers et institutionnels, ainsi qu’aux intermediaires et aux plates-formes.
Fonds
24/02/2010

Les fusions et acquisitions s'accélèrent dans la gestion d'actifs

Les fusions et acquisitions dans la gestion d’actifs vont s’accélérer en 2010, estime le bureau d’analyse Jefferies. Ce rebond sera alimenté par la poursuite des cessions d’actifs par les grandes institutions financières et le retour des sociétés de gestion indépendantes sur le marché après une absence prolongée.Selon Jefferies, les acteurs spécialisés dans la gestion d’actifs (pure players) seront les principaux acquéreurs de sociétés de gestion en 2010, même si le private equity devrait aussi revenir dans la partie. La tendance à l’introduction en Bourse de gestionnaires sera aussi importante.Enfin, Jefferies voit aussi un retour des fusions et acquisitions transfrontières dans la gestion d’actifs, les acteurs du marché cherchant à s’internationaliser davantage.
24/02/2010

S&P lance le S&P Dynamic Futures Index

S&P lance l’indice S&P Dynamic Futures Index, qui suit l'évolution du momentum de prix sur les matières premières, les taux d’intérêt et les monnaies sur le long terme. L’indice est composé de 24 contrats de futures sur matières premières ou financières issues de 14 secteurs différents.
24/02/2010

Les hedge funds réduisent les risques

Les hedge funds procèdent à des changements opérationnels pour réduire les risques et attirer davantage d’investisseurs, selon une nouvelle étude menée par Greenwich Associates citée par Hedge Week. Environ 70 % des gestionnaires de hedge funds ont déclaré qu’ils avaient modifié leurs opérations pour réduire le risque de contrepartie.
24/02/2010
Fonds

DWS compte commercialiser deux fonds supplémentaires

Pieter Furnér, directeur des ventes pour le Royaume-Uni, les Pays-Bas et les pays nordiques, a indiqué que DWS compte commercialiser au Royaume-Uni les compartiment Diversified Fixed Income Strategy et Global Thematic de sa sicav luxembourgeoise DWS Invest. Money Marketing rapporte que le gestionnaire allemand va également créer une part «retail» et demander le statut de distributeur pour le premier de ces deux fonds.
Fonds

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