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23/07/2009

BNY Mellon, Vitruvius and Carmignac top Feri rankings for June

Compared with May, the performance of asset management firms deteriorated in June, according to rankings from Feri EuroRatings: in June, only BNY Mellon, in the category of management firms with more than 25 funds, still has more than 50% of its products rated A or B, with a ratio of 50.94%, or 27 funds out of 53. In May, Threadneedle was on top of the rankings, with 60.71% of its funds rated A or B; but it has fallen to second place, with 21 funds out of 43 rated highly, or 48.84%. State Street remains in third place, with 48% (12/25), though it scored 52% the previous month (see Newsmanagers of 29 June).Union Investment is the first large German firm in the rankings, in fourth place with 13 funds rated highly out of 29, or 44.83%. It is followed by DWS, in seventh place at 43.40% (46/106), Allianz Global Investors, in twelfth place with 29.70% (48/160), and Deka, in thirteenth place with 29.70% (30/101).In the category of management firms with 8 to 24 funds on sale in Germany, Vitrivius and Carmignac Gestion remain the top-ranked providers with 100% of their funds rated A or B, of the nine and eight products on offer from these firms respectively. Star Capital And DJE follow in third and fourth place, with 87.50% (7/8) and 83.33% (10/12).In total, 15 asset management firms in this category have more than 50% or more of their funds rated A or B.
23/07/2009

Hauck & Aufhauser lost money last year

The 2008 annual report reveals that the Hauck & Aufhäuser (H&A), the private banking group lost EUR35m last year, compared with profits of EUR10m in 2007, largely due to significant losses on its proprietary securities portfolio, the Börsen-Zeitung reports. H&A has written down EUR42.6m on mortgages and securities, compared with gains of EUR8.9m the previous year.
23/07/2009

ING Groep may sell its private bank

The Wall Street Journal reports, citing sources familiar with the matter, that ING Groep is seeking potential buyers for its private banking activities in Europe and Asia. The sale is only in its early stages, and any potential operation will require months to complete. Among the potential buyers for the division, valued at over USD1bn, may be Credit Suisse Group, Standard Chartered, and banks in Singapore and Australia, according to the Journal’s sources.
23/07/2009

Fund management industry preparing for a concentration

Since the beginning of the crisis, assets under management at Spanish asset management firms have fallen 40%, while regulatory burdens have been increasing. Cinco Días reports that several sources are estimating that at least 15 management firms are now actively in search of a merger-acquisition deal, particularly small firms and affiliates of savings banks. Venture Gestión and Riva y García have announced that they are seeking allies, while Renta4 is seeking to grow through an acquisition. Nmás1 recently sold off 50% of its asset management affiliate to Syz, and Interdin, which is owned by the Spanish savings banks, sold 70% of its own management firm to Banca Privada d’Andorra last year. Fibanc Mediolanum has also recently outsourced a large part of the management of Gesfibanc funds to Trea. Experts estimate that only the leading firms will survive, which will be likely to include the affiliates of La Caixa, Ahorro Corporación, Caja Madrid, Ibercaja, BBK, Unicaja and Kutxa.
23/07/2009

A&G to manage private banking operations for several savings banks

The independent asset management firm A&G, which has been 72% controlled by EFG since April 2008, has stood out for its recruitment of independent private banking specialists. Now, it has chosen a new method of growth: taking on management of high net worth private wealth through outsourcing contracts with other entities, such as Banco Gallego and Mutua de Ingenieros, Miguel Irisarri, CEO of the firm, explains to Expansión. In 2008, assets at A&G increased by EUR600m (to EUR2.58bn), and the objective is to reach EUR800m per year, of which at least EUR300m would come from high net worth clients of asset management firms or savings banks. In first half 2009, A&G attracted EUR300m in assets, partly thanks to the recruitment of new agents.
23/07/2009

Record inflows for Oakley Absolute Return fund

The fund of hedge funds Oakley Absolute Return has posted 75% growth to its assets under management, to a total of USD175m, since January, when it decided to open its fund to external investors. The fund, which has been fed by its founding partners since its creation in July 2005, is part of Oakley Capital Investments, a firm that specialises in advising and asset management. The fund is managed by Nick Hannan, previously head of research at LCF Rothschild Asset Management, and Chris Parkinson, previously vice president of K2 Advisors. The fund has capital protection as its top triority, with an objective of 8% to 10% returns, with low volatility and highly limited correlation with other financial products. Since its creation, Oakley Absolute Return shows annualised returns as of the end of June, of 8.15%, with a standard deviation of 4.98%.
23/07/2009

Advisors to increase use of ETFs

US financial advisors are planning to reduce their clients’ exposure to funds to 27% in 2011, from 30% currently and 35% in 2007, according to a survey by Cogent Research, covering 1,500 brokers and other advisors with an average of USD80m under management each, the Wall Street Journal reports. This will work to the benefit of ETFs, which will receive an average of 14% of portfolio allocations in 2011, compared with 8% currently, and 5% in 2007. ETFs are cheaper than funds, and more transparent.
23/07/2009

Pimco reduces exposure to financial sector debt

In the most recent edition of its quarterly “Outlook,” Pimco (Allianz Global Investors) announces plans to reduce its allocation to debt from financial sector businesses, and to continue to avoid the high yield bond sector, suggesting that these two sources of profit in first half are likely to undergo a correction, or at least a slowing of the pace of their current rally, the Financial Times reports. Pimco is predicting a “W” shaped recovery in these markets, and is continuing to prefer high-quality shares; it will also diversify its positions outside the United States.
23/07/2009

Barclays Wealth poaches a big name from Merrill Lynch

Mitch Cox, who was most recently head of the global investment solutions group at Merrill Lynch Global Wealth Management, has been recruited by Barclays Wealth to manage its global investment and product office. He will be based in New York, and will report to Thomas Kalaris, CEO of Barclays Wealth. He will be in charge of developing all of the private bank’s activities in the Americas.
23/07/2009

KIC awards a mandate to Partners Group

The sovereign fund Korea Investment Corporation (KIC) has awarded a Private Equity Secondary mandate for USD100m to the alternative management firm Partners Group (CHF24bn in assets). KOC’s objective is to profit from the current turbulence on the secondary private equity market, which has resulted in low prices and high potential for returns.
23/07/2009

BNY Mellon France interested in an acquisition

Ignites reports that BNY Mellon Asset Management France is planning to double the volume of its assets in the next three years, and to acquire a French management firm. BNY Mellon is also planning to sell Mellon United National Bank to Banco Sabadell.
23/07/2009

Morgan Stanley in effort to relaunch management activities

For second quarter, Morgan Stanley has reported a loss of USD159m, or USD1.47 per share, (following gains of USD689m one year previously,) due in part to poor results for asset management activities. The asset management unit finished the quarter with a pre-tax loss of USD239m, compared with losses of USD232m in second quarter 2008. The head of the group, John Mach, does not conceal his disappointment, and states that measures have been taken to achieve better results for this activity, through the recruitment of management talent and targeted cost reductions. As of 30 June, assets under management or administration totalled USD361bn, compared with USD579bn one year previously. This spectacular downturn is largely the result of USD121.5bn in outflows since the second quarter of last year, primarily from money market and long-term fixed income funds. The Global Wealth Management Group, for its part, has posted a pre-tax loss of USD71m, compared with gains of USD272m one year previously. The quarter under review includes a month of operational results related to the integration of MSSB. At the end of the quarter, assets under management totalled USD1.420trn.
23/07/2009

Julius Baer adds to sales team

Marion Williams, who was previously head of relations with life insurers, platforms, funds of funds and brokers at Threadneedle, has been recruited by Julius Baer as associate manager, sales and business development, Investment Week reports. She will report to Stephen Moore, director of sales for the United Kingdom. She will promote the fund product range to British clients and will forge distribution agreements with third parties.
23/07/2009

Fund merger at Skandia

Skandia Investment Management has merged the Aggressive fund into another fund, the Global Dynamic Equity, launched last April. Investors in the Aggressive fund have agreed to merge the GBP35m in assets in their fund into the other fund, which is more flexible and complies with UCITS III criteria, Money Marketing reports.
23/07/2009

Aviva Investors recruits an infrastructure manager

Aviva Investors has recruited Ian Berry as a portfolio manager specialised in infrastructure and renewable energies. Berry will be based in London, and will be in charge of overseeing development of Aviva’s capacities in infrastructure investment. He will also manage the Aviva Investors European Renewable energy Fund, and will participate in the management of the current infrastructure fund available from the firm. Berry was previously at BlueCrest Capital Management.
23/07/2009

Dylan Ball replaces Martin Cobb as manager of the FT Growth Fund

As Martin Cobb has decided to join the Franklin Templeton offices in Toronto, the management of the Franklin Templeton Growth Fund has been taken over by its co-manager, Dylan Ball, who will be assisted by Peter Moeschter and Heather Arnold, Citywire reports. Cobb will continue to manage the Templeton global (Euro) and Templeton UK Equity funds.
23/07/2009

F&C REIT AM plans to launch an institutional fund

The Munich-based branch of F&C REIT Asset Management is planning to launch the F&C Value Best Deutschland fund on the German market. The product is an institutional fund specialised in office and commercial properties in mid-sized cities (20,000 to 200,000 inhabitants). The objective is to raise EUR450m; sales of the fund will open in fourth quarter 2009 or in first quarter 2010. Dividend will be 6% per year.
23/07/2009

iii launches a green real estate fund

The real estate management firm iii-Investments (HypoVereinsbank) is launching an institutional fund (Spezialfonds) which will be the first product of this type in Germany to invest exclusively in “green building” certified properties, the Börsen-Zeitung reports. The issuer is planning to raise about EUR400m for the fund.
23/07/2009

Hedge funds : mixed results for H1, says Credit Suisse/Tremont

For the first half, hedge funds in the Credit Suisse/Tremont index posted a 7.2% return, which is higher than the main securities indices... and with a lower volatility. In its «1H 2009 Hedge Fund Update: Halfway There» survey, Credit Suisse/Tremont states that convertible arb, emerging markets and global macro strategies have experienced a rally in demande since investors have become less risk-adverse and global markets rallied. Some 80 % of the funds showed positive returns in the second quarter.AUM plummeted by some USD18bn between March, 31st and June 30th, to USD1.3trn from USD1.5trn at end-December. At the end of June, some 9.6 % were impaired (either they had frozen their redemptions, or put gates in place, or «side-pocketed»).
23/07/2009

Emerging markets fund from Baring has over USD1bn

The Baring Global Emerging Markets Fund (IE0000838304,IE0004850503) has posted inflows since the beginning of the year of nearly USD600m, which has brought its total assets under management above the USD1bn mark as of mid-July. James Syme, who has managed the fund for three years, is optimistic about the future. “Emerging markets have been less affected by the crisis than developing markets, and they are better prepared,” he says.
23/07/2009

Pictet registers US Equity Value fund

Pictet Funds has registered a new Luxembourg-domiciled sub-fund with the CNMV, for sale in Spain, Funds People reports. The product is entitled Pictet Funds US Equity Value, and has assets of EUR15.6m; it is managed by Westwood Management Corp (see Newsmanagers of 17 July).
23/07/2009

SEC to prohibit political contributions by investment advisors

The Securities and Exchange Commission has unanimously voted to propose regulations that would prohibit investment advisors from managing public pension plans for two years if they make political contrnibutions, the Wall Street Journal reports. The rule would curtail practices by which people make political contributions in exchange for being awarded public contracts.
23/07/2009

Madoff liquidator in search of lost assets

Irving Picard, the administrator appointed by the State of New York to liquidate the assets of Bernard Madoff’s investment firm, has found USD14bn in assets in the hands of investment funds which were involved in the Madoff fraud. He is planning to seek to recover the money, to create a pot of funds to reimburse all victims of the fraud, now estimated to have involved USD65bn, Le Temps reports.
23/07/2009

Barack Obama may tax high-risk financial investments

For the first time, the Wall Street Journal reports, US president Barack Obama has mentioned the possibility that the US government may impose a tax on financial sector businesses involved in “far-out transactions,” to protect taxpayers against the risk of bailing these firms out in the future. The tax may be inspired by the fees which more than 8,000 banks pay to the FDIC to guarantee their deposits. The president stated that the charges may apply to transactions which the government wants to discourage.
23/07/2009

CESR consultation on OTC derivatives

The Committee of European Securities Regulators (CESR) has launched a consultation on the classification and identification of OTC derivative instruments, to facilitate exchange of information between CESR members. The CESR’s proposals are based on the recommendations of a round table of market participants launched this February. For these classifications, the CESR points out that the standard currently used (ISO 10962, or CFI, Classification for Financial Instruments) includes only two of the eight categories of instruments identified by the CESR: options and futures. The other six categories are warrants, contracts for difference, total return swaps, spreadbets, swaps (other than CfD, TRS and CDS), CDS, and complex derivatives. The CESR is not ignoring the fact that the Association of National Numbering Agencies (ANNA) is currently working on a new version of the standard, which may be ready later this year at the earliest. Although this new standard is expected to include all instruments, the CESR has decided to propose a simple system of classification for the purposes of reporting transactions on the basis of the classifications currently used by the British FSA and the Irish FSRA. This classification uses a single letter for each category: O for Options, W for Warrants, etc. In terms of identification, the standard system (ISO 6166 or Alternative Instrument Identifier, AII) does not include OTC derivative instruments either. THE CESR is therefore proposing to use a group of seven characteristics which, from its point of view, would be sufficient to allow CESR members to identify and correctly understand derivative instruments traded on the over-the-counter market. Participants are invited to comment on the CESR’s proposals until 1 October 2009.
23/07/2009

Italian authorities investigate real estate funds

In the wake of financial difficulties at the real estate group Risanamento in Italy, the Milan prosecutor’s office and the local surveillance authorities are investigating real estate funds and specialised asset management firms, Il Sole - 24 Ore reports. An investigation has been launched on Fimit, over a failure by the closed real estate fund Alpha (EUR380m) to disclose information to the market and the authorities. In the past few days, Consob has asked all asset management firms specialised in real estate to disclose their fund’s assets from 2 September.
23/07/2009

French finance continues move towards London

Les Echos reports that NYSE-Euronext’s plans to move its cash trading platform may give French financial industry actors another reason to move their teams to the United Kingdom, even though in the opinion of many observers, the trend is much older and deeper than that. In the past few months, banks and brokers in France have been developing their activities in London, and recruiting staff there, following the example of Cheuvreux and Exane.
22/07/2009
Fonds

Circle Partners sélectionné pour gérer l'indice de hedge funds néerlandais

Le spécialiste de l’administration de hedge funds Circle Partners a été désigné administrateur de l’indice de hedge funds néerlandais Finles/IEX à compter du 1er août 2009. L’indice néerlandais, qui a été lancé le 1er janvier dernier, comprend 23 hedge funds. Circle Partners assure pour sa part l’administration d’une centaine de fonds, à la fois fonds de hedge fonds et single hedge funds.
Fonds

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