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15/01/2013

Fidelity to post daily NAVs for MMFs

Following the example set by Goldman Sachs Asset Management, BlackRock and JPMorgan Asset Management, Fidelity Investments on Sunday announced that it will publish net asset values on a daily basis with a one-day delay, from 16 January, for shares in money market funds which it manages (USD430bn in assets). This will have no impact on the principle of the constant net asset value of USD1 which will continue to apply to all transactions by investors on fund shares, says Nancy Prior, president of money markets.
15/01/2013

BlackRock recruits a new head for China

BlackRock is expected this week to announce the recruitment of Wang Hsueh-ming, a former partner at Goldman Sachs, as chairman of its operations in China, the Financial Times predicts. “ If we are asked, we plan to help the Chinese think about turning Chinese savers into investors by making the financial markets more robust ,” Larry Fink, the founder and CEO of BlackRock, tells the FT.
15/01/2013

Chinese sovereign fund earns returns of over 10%

The China Investment Coporation (CIC), the Chinese sovereign fund, whose assets under management total about USD482bn, last year earned returns of over 10%, according to statements from the head of the fund, Lou Jiwei, the website Opalesque reports. “We don’t have final figures … but we are confident that our returns will be higher than 10%,” the head has stated.
15/01/2013

JPMAM replaces head and recruits in Switzerland

finews.ch reports that J. P. Morgan Asset Management (JPMAM) has appointed Philipp Pfenninger, who had previously served as head of distribution to banks, as country head for Switzerland, replacing Roland Vogel, who has left the business.JPMAM has also recruited an investment consultant from Bank Vontobel, Marc Schumacher, who will join the team to assist clients at the cantonal and regional banks.The news website also reports that Claudia Nägeli (formerly of RBS) joined JPMAM in October 2012 as senior sales executive, global liquidity. She will be particularly responsible for assisting corporate and institutional clients.
15/01/2013

GAM acquires 30% of a US asset management firm

Switzeland’s asset manager GAM will acquire a minority stake of approximately 30% in QFS Asset Management, a US-based alternative asset management boutique that specialises in currency, global macro and fixed income strategies.The partnership will also see GAM and QFS work very closely together, with GAM being responsible for the global distribution and marketing of existing and new strategies managed by QFS.Moreover, following the formal closure of the agreement, GAM plans to introduce a UCITS product based on QFS’s flagship currency strategy in the coming months. Launched in March 1993 and trading in highly liquid instruments, the strategy has delivered net returns to clients of 10.75% per annum (as at 31 December 2012). GAM has USD48 billion in assets under management, while QFS has over USD1 bn of assets under management.
15/01/2013

Wegelin: two managing partners file lawsuits against Christophe Darbellay

Konrad Hummler and Otto Bruderer, who heads of the former Wegelin bank, are suing Christophe Darbellay. The chairman of the Christian Dmocratic party (PDC) called them “traitors” for announcing that Wegelin’s fraudulent practices in the United States represented the norm among Swiss banks. Darbellay still maintains his position. “The statements of Mr. Hummler and Mr. Bruderer constitute a defamation of the Swiss financial market before the entire world. As a Swiss sitizen and politician and a representative of the Swiss economic centre, I feel that such an attitude is treason,” the member of Swiss parliament says, cited by Béatrice Wertli.
15/01/2013

New QFII and RQFII quotas for 14 asset managers

The Chinese State Administration of Foreign Exchange (SAFE) has issued new quotas for a total of USD1.4bn to eight asset managers which have been licensed as Qualified Foreign Institutional Investors (QFII), including USD500m for the Canada Pension Plan Investment Board (CPPIB), and CNY18bn for holders of RQFII licenses (Hong Kong yuan-denominated funds), Asian Investor reports. As of 31 December, SAFE had awarded QFII quotas totalling USD37.4b to 169 asset management firms, and CNY67bn to 24 RQFII managers.The other five recipients of QFII quotas are Morgan Stanley, Deutsche Bank, BOC Group Life Assurance Company (USD200m each), KB Asset Management (USD100m), the Church Pension Fund, and Duke University (USD50m each).For RQFII quotas, SAFE has increased by CNY5.8bn the quotas for China Asset Management and E Fund, and CSOP for a further CNY5bn, while ICBC Credit Suisse, China International Fund Management and GF Fund Management have received their first quotas for CNY800m each.
15/01/2013

Santander AM opens branch office in Frankfurt

Santander Asset Management has received a license from BaFin, and in the next few weeks will open a branch office in Frankfurt, to be led by Stefan Jochum (most recently a member of the executive board at Staedel Hanseatic), with 11 employees.The Spanish group on 14 January announced that it already has EUR600m in assets under management for German institutional investors. Santander Asset Management Germany will start up with EUR100m in six open-ended funds (three equity products, three profiled funds) which have been on sale since 2012.Santander already has a network in Germany of 170 branches, and has over 1 million clients in the country.
15/01/2013

German real estate funds invested EUR4.3bn in 2012

Last year, German open-ended real estate funds which are not in liquidation invested EUR4.3bn, in 37 deals, including EUR1.1bn in Germany, EUR725m in Eastern Europe (almost entirely in Poland), EUR740m in the United Kingdom, EUR625m in France, and EUR400m in the United States.According to the Berlin-based rating agency Scope, the largest investments were made by the UniImmo: Deutschland fund from Union Investment (EUR1.3bn), the Deka-ImmobilienEuropa fund (EUR750m), the WestInvest InterSelect fund (also from Deka) and the UniImmo: Europa (EUR500m each).In terms of net subscriptions, Union Investment Real Estate has posted inflows of EUR1.9bn in January-October, putting it ahead of Deka (about EUR1bn) and RREEF (Deutsche Bank) with EUR618m). However, Commerz Real Investment has undergone net redemptions, with outflows of EUR566m from the hausInvest fund.
15/01/2013

Portigon chief economist joins Meriten

Holger Fahrinkrug, who had been chief economist at Portigon, formerly WestLB, will in February join Meriten Investment Management, formerly WestLB-Mellon Asset management (EUR23.6bn in assets), a joint venture in which BNY Mellon recently bought up the remaining stake held by Portigon.At his new firm, Fahrinkrug will again serve as chief economist, and will report to Werner Taiber, CEO. He succeeds Holger Sandte, who has left the firm.
15/01/2013

UIRE recruits an international head

The Hamburg-based asset management firm Union Investment Real Estate (UIRE) has recruited Martin Brühl, who resigned in August from his position as director of Cushman & Wakefield for Germany, as head of his international department, the Immobilien Zeitung reports. He will begin in the newly-created position on 1 May 2013, and will be responsble for the United Kingdom, the Americas and Asia.The appointment comes as part of a reorganisation of investment management at UIRE, which includes three other departments (Europe, shopping centres and hotels). The investment management unit is led by Frank Billand, one of the MDs.
15/01/2013

New CEO for Generali Investments Germany

Shortly after Heinz-Peter Clodius retired as MD of Generali Investments Deutschland KAG on 31 December, the German asset management firm Generali Investments Germany has appointed Ulrich Kauffmann as MD, alongside chairman Heinz Gawlak, Fonds Professionell reports.The new recruit had previously served as CEO of UBS Global Asset Management in Frankfurt. He will take over two roles from Clodius, in administration and operational management.Gawlak will take over Clodius’ other two roles, as director of both marketing and sales.
15/01/2013

Kutxa the only firm in the top 10 to post net subscriptions in 2012

Among the top ten Spanish asset management firms by assets, only the Basque Kutxabank posted net inflows last year, with a total of EUR53.66m. The strongest net subscriptions last year were for Aviva Gestión (EUR392.96m), March (EUR269.46m) and Caja Laboral Gestión (EUR206.32m), according to statistics from VDOS Stochastics.However, the top three firms in terms of assets under management posted net redemptions in 2012. Santander Asset Management saw net outflows of EUR3.8376bn, BBVA Asset Management had net redemptions of EUR1.586m, and the champion for net subscriptions in previous years, Invercaixa, has seen outflows of EUR1.2784trn. Ahorro Corporación Gestión, for its part, has posted net redemptions of EUR1.4256bn.In the top 10 by assets in Spanish-registered funds, only two companies managed to increase their AUM. They were Allianz Gestión (+EUR56.6m) and Kutxa Gestión (+EUR30m). But Santander Asset Management has seen a decline in its assets year on year of EUR3.0634bn, to EUR21.1745bn, while assets at BBVA AM were down by EUR727.12m, to EUR19.1392bn. Assets at InverCaixa, for their part, were down by EUR425.6m to EUR17.1741bn.Overall, assets in Spanish-registered funds were down 4.49% in the twelve months to the end of December, at EUR126.83912bn, while net redemptions totalled EUR11.86847bn for the year 2012 as a whole.
15/01/2013

Inversis hires for its fund selection team

The Spanish Inversis Banco has added to its team of fund-pickers, following the departure of Carlos Fernández, former head of fund research, Citywire global reports. Juan Hernando will replace him. He has been working at Inversis for 4 years, previously as a manager and fund analyst. The Spanish firm has also recruited Carlos Moreno Espinoza from Allianz Popular, as a fund analyst.
15/01/2013

CalPERS earns returns of 13.3% for the year to the end of December

The Californian pension fund CalPERS has earned returns of 13.3% for the twelve months to 31 December 2012, according to a statement released on 14 January. For the first six months of the 2012-2013 fiscal year, to the end of December 2012, CalPERS has posted returns of 7.1%, the statement says. The pension fund has recently announced that its performance in the 2011-2012 fiscal year to the end of June was only 0.1%. Results for the twelve months to the end of December were driven by international equities, which gained 17.2%, and real estate, which posted returns of 12.8%. All other asset classes show gains, including private equity (12.2%) and bonds (7.6%). CalPERS has also announced that it has unanimously re-elected Rob Feckner as chairman of its board of directors, and George Diehr as its vice-chairman.
15/01/2013

Charles Vaquier leaves UMR

At the end of March, IPE reports, Charles Vaquier will be leaving his position as CEO of UMR (EUR10.2bn) to become a part-time managing partner at an actuarial consulting firm in Paris. According to Vaquier, the board of directors is seeking an external successor, and may be prepared to recruit an interim CEO until his “final” successor arrives.
15/01/2013

JP Morgan launches a multi-asset class post-market platform

JP Morgan has launched an electronic multi-asset class platform which is able to unite post-market reporting and reporting on settlement and clearance operations on a single platform, Asian Investor reports. The new platform, JP Morgan Markets, allows banks and asset management firms to manage data on OTC transactions in a standard format, which may be sent directly to depositaries.
15/01/2013

Three former Skanska managers launch a hedge fund

Jonas Granholm, who left the Swedish pension fund Skanska on 11 January, and Gustav Lundeborg, who will be leaving his job on 18 January, are teaming up with the former CFO of the pension fund, Hans Biörck, to launch a hedge fund, the website IPE reports. Granholm will be CEO of the new firm, while Biörck will be its chairman. The hedge fund may be launched in October.
15/01/2013

Strong inflows to Swedish funds in 2012

Funds on sale in Sweden in 2012 recorded net inflows of SEK74.5bn (EUR8.6bn), according to statistics from the Swedish investment fund association Fondbolagens förening. That is far higher than the SEK16bn (about EUR1.8bn) posted in 2011. Inflows were driven by balanced funds (SEK34.6bn) and equity funds (SEK30.8bn), while bond funds also did well (SEK20.8bn). However, money market funds saw outflows of SEK5.3bn, while hedge funds had net redemptions of SEK6.2bn. At the end of 2012, assets in Swedish funds totalled SEK2.049trn, or about EUR237bn, of which about 53% were in equity funds. That represents an increase of SEK230bn year on year.
15/01/2013

Citi to provide additional services to Franklin Templeton

In Hong Kong, Citi on 8 January announced that Franklin Templeton Investments (Asia) Limited has selected it to provide trustee, custody and transfer agency services to the Templeton China Opportunities Fund, the first unit trust of Chinese A-class QFII equities from Franklin Templeton.The contract extends the service mandates which links Citi to the MPF funds from Franklin Temlpeton, says David Russell, regional head, Asia Pacific, securities & fund services at Citi.
15/01/2013

Consultinvest AM releases three funds of funds

Consultinvest Asset Management, the asset management firm created as a joint venture between the Consultinvest and Cassa di Risparmio di Ravenna groups, has launched three flexible funds of funds, Bluerating reports. They are Consultinvest and Multimanager Low Volatility, Consultinvest Multimanager Medium Volatility, and Consultinvest Multimanager Opportunities.
15/01/2013

UBS GAM launches 61 ETFs in Milan

UBS Global Asset Management has announced the launch of 61 ETFs on the Milan stock exchange, replicating 41 equity, bond and alternative indices, Bluerating reports. This is the largest single simultaneous listing of ETFs in the history of the Italian stock exchange.
15/01/2013

Two analysts join Carmignac Gestion

Carmignac Gestion further strengthens its fixed income expertise with the hiring of Pierre Verlé as credit analyst, bringing the fixed income team headed by Rose Ouahba to 6 fully dedicated members. He will take up this role on January 21 and will work under the responsibility of Keith Ney, head of credit. Verlé will be involved in the management of Carmignac’s four fixed income funds Carmignac Global Bond and Carmignac Sécurité, Carmignac Capital Plus and Carmignac Court Terme as well as the fixed income portfolio of flexible funds Carmignac Patrimoine and Carmignac Emerging Patrimoine. Before joining Carmignac Gestion, Pierre Verlé, 33, was co-manager of the distressed debt fund at Butler Investment Managers in London and an analyst covering special situations principal investments at Morgan Stanley. He focused on high yield bonds, bank loans and successfully negotiated numerous debt reorganizations. The asset management firm has also announced the arrival on 4 February of Edward Cole on the emerging market equity team as an analyst responsible for the markets of Eastern Europe the Middle East and Africa (EMEA). He will report to Simon Pickard, and will contribute to the management of the Carmignac Emergentes and Carmignac Emerging Discovery funds, as well as the flexible fund Carmignac Emerging Patrimoine, where he will contribute to the development of a theme for improving living conditions in emerging countries. Cole, 37, was co-manager of emerging market funds for six years, first at Ashmore Group, and then and Finisterre Capital. He previously served as an equity strategist for six year, in charge of the EMEA region at JP Morgan Securities.
15/01/2013

Aberdeen AM recruits from Schroders

Aberdeen Asset Management has recruited Dimme Lucassen, a manager specialised in real estate, who for ten years had worked in the real estate unit at Schroders, where he had been manager of a real estate fund of funds, Citywire reports. In his new role, Lucassen will concentrate on a euro zone fund of funds, previously managed by Karin Koks, who has recently been appointed as head of international markets at Aberdeen AM.
15/01/2013

Temasek hires from Morgan Stanley

The Singapore sovereign fund Temasek has recruited Jonathan Popper, managing director, in charge of merger/acquisition activities at Morgan Stanley for South-East Asia, Finance Asia reports. Popper will join Temasek in the next few months. Morgan Stanley has confirmed the departure of Popper, without stating his destination. Assets under management at Temased at the end of March 2012 totalled SGD198bn, or about USD160bn.
15/01/2013

UCITS funds post inflows of EUR36bn in November

UCITS registered net inflows of EUR 36 billion in November compared to EUR 41 billion recorded in October, according to the latest European Fund and Asset Management Association’s investment sales and asset data. Long-term UCITS (excluding money market funds) net sales rose in November to EUR 36 billion, from EUR 34 billion in October. Net sales of equity funds amounted to EUR 13 billion, up from EUR 3 billion the previous month, while net inflows into bond funds amounted to EUR 19 billion, compared to EUR 25 billion in October. Balanced funds registered a reduction in net sales month on month of EUR 3 billion versus EUR 5 billion.“Net inflows into bond funds remained the largest contributor to total net sales of UCITS in November. The substantial volume of net sales of equity funds was largely due to the transfer of some insurance company assets into UCITS,” said Bernard Delbecque, director of Economics and Research at EFAMA.Net sales of money market funds broke even in November after recording net inflows of EUR 6 billion in October.Net sales of non-UCITS totalled EUR 8 billion, down from EUR 13 billion in October. Special funds (funds reserved to institutional investors) reduced sharply in November to EUR 3 billion, compared to EUR 10 billion in the previous month.Finally, total net assets of UCITS increased 1.1% in November to EUR 6,316 billion, whilst non-UCITS net assets increased 0.9% to stand at EUR 2,502 billion.
15/01/2013

Gottex liquidates its absolute return fund

On 11 January, Gottex Fund Management sent a letter to shareholders in the Gottex Absolute Return fund, stating that a lack of sufficient assets has required it to close the absolute return fund, Funds Europe reports. Assets under management had fallen to EUR4.11m as of 2 January, from EUR12.6m as of the end of June. The last net asset value from the single sub-fund of the Gottex Luxembourg-registered Sicav will be calculated on 15 February.
15/01/2013

BlackRock recrute un nouveau patron pour la Chine

BlackRock doit annoncer cette semaine le recrutement de Wang Hsueh-ming, ancienne associée de Goldman Sachs, en tant que président de ses activités en Chine, anticipe le Financial Times. «Si l’on nous demande, nous prévoyons d’aider les Chinois à penser à transformer les épargnants chinois en investisseurs en rendant les marchés financiers plus robustes», explique au FT Larry Fink, le fondateur et directeur général de BlackRock.
15/01/2013
Fonds

Le fonds souverain chinois dégage un rendement de plus de 10%

Le China Investment Corporation (CIC), le fonds souverain chinois dont les actifs sous gestion s'élèvent à quelque 482 milliards de dollars, a dégagé l’an dernier une performance de plus de 10%, selon des propos du patron du fonds, Lou Jiwei, rapportés par le site Opalesque."Nous n’avons pas encore les chiffres définitifs (…) mais nous avons la certitude que notre performance sera supérieure à 10%», a notamment déclaré le responsable.
Fonds
15/01/2013

JPMAM change de patron et recrute en Suisse

J. P. Morgan Asset Managent(JPMAM) a nommé Philipp Pfenninger, jusqu’à présent responsable de la distribution auprès des banques, comme country head pour la Suisse en remplacement de Roland Vogel, qui a quitté l’entreprise, selon finews.ch.Par ailleurs, JPMAM a recruté chez Bank Vontobel un «investment consultant», Marc Schumacher, qui rejoint l’équipe de suivi de la clientèle banques cantonales et régionales.Enfin, précise le site d’information, Claudia Nägeli (ex RBS) a rejoint JPMAM en octobre 2012 comme senior sales executive global liquidity. Elle est plus particulièrement chargée du suivi de la clientèle entreprises et institutionnelle.

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