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06/12/2012

Progression de 36,5% des bénéfices de Brewin Dolphin en 2011/2012

Les bénéfices avant impôts de Brewin Dolphin ont fait un bond en avant de 36,5% durant l’exercice au 30 septembre pour s'établir à 29,9 millions de livres contre 21,9 millions pour l’exercice précédent, a annoncé le 5 décembre la société de gestion.Les actifs sous gestion s’inscrivaient fin septembre à 25,9 milliards de livres contre 24 milliards de livres un an plus tôt. Cette évolution est due notamment à la progression de 16,7% des fonds discrétionnaires à 18,2 milliards de livres à fin septembre contre 15,6 milliards un an plus tôt.
06/12/2012

Pimco patents a GDP-weighted bond index

The US Patent & Trademark Office has issued a patent to Pimco (Allianz Group), Bill Gross (co-CIO) and Ramin Taloui (global co-head of emerging markets portfolio management) for the methodology underlying the Global Advantage Bond Index (GLADI). The patent application was filed in November 2008.The bond index aims to better capture investment opportunities in an environment of “new normal.” It is weighted according to GDP and not cap-weighted, in order to offer higher risk-adjusted returns than those delivered by traditional methods.
06/12/2012

Institutionals make liquidity a priority

Institutional asset owners are reconsidering their asset allocation strategies, in the wake of ongoing volatility on international financial markets, which has highlighted deficiencies in investment portfolios. “In their allocation decisions, many asset holders are now targeting liquidity as a priority, and they are reconsidering their management approach from this perspective,” says Dan Farley, senior managing director at SSgA and global director of the investment solutions division at the asset management firm, at a presentation of a Vision report. The report, entitled “The Asset Owners’ Perspective: Evolving Investment and Operational Models,” attached, explains that investors are relying on new liquidity management approaches ot modify the composition of their portfolios, to reconcile the two imperatives of liquidity and returns. Among the foremost measures taken by asset owners in order to offset the liquidity crisis are tougher stress tests. In terms of allocation, 39% of corporate retirement plans which participated in the SSgA study are planning to increase their allocation to investment grade corporate credit, and 30% of public retirement regimes are planning to include emerging markets in their allocation next year. 45% of asset owners also note that low returns on traditional assets have generated increased interest at their organisation in alternative products.
06/12/2012

BlackRock reduces stake in Man Group below 5%

As regulations require, BlackRock has announced that it has reduced its stake in the alternative management group Man Group below 5%, compared with 9.32% in March this year. The news comes at a time when Man Group has been through a difficult period for the past two years, which has resulted in its removal from global MSCI indices last month.
06/12/2012

Profits at Brewin Dolphin in 2011/2012 up 36.5%

Pre-tax profits at Brewin Dolphin have leapt 36.5% in the period to 30 September, to a total of GBP29.9bn, from GBP21.9bn in the previous fiscal year, the asset management firm announced on 5 December. Assets under management as of the end of September totalled GBP25.9bn, compared with GBP24bn one year previously. The development is largely due to a 16.7% increase in discretionary funds to GBP18.2bn as of the end of September, compared with GBP15.6bn one year previously.
06/12/2012

Schroders releases Schroder ISF RMB Fixed Income in France

Schroders on 5 December announced the launch of the Schroder ISF RMB Fixed Income fund in France. The new, recently-created strategy (see Newsmanagers of 28 November), which is also on sale in Spain, offers investors an opportunity to access the Chinese bond market denominated in local currencies. The fund is actively-managed, and will be based on the RMB Investment Grade Bond Total Return Index as its benchmark. It is managed by the Asian fixed income management team at Schroders, which relies on the expertise of more than 30 credit analysts worldwide, led by Rajeev De Mello, head of Asian fixed income management, and Angus Hui, Asian bond portfolio manager. The fund aims to construct a diversified portfolio which best expressed the vision of the team for the orientation of the Chinese bond market in terms of selection of maturities on the interest rate curve, choice of sectors and issuers. The fund invests in Chinese government bonds as well as in local and foreign corporate bonds issued in renminbi. The Schroder ISF Fixed Income fund aims for long-term capital growth denominated in renminbi (RMB), and allowing investors to benefit from growth on the bond market supported by solid economic fundamentals.
06/12/2012

Index IQ liquidates a mini-ETF

The IQ Emerging Markets Mid Cap ETF (NYSE Arca ticker: EMER), launched in July 2011, has attracted only USD1.7m in assets. Now, Index Universe reports, the fund will be liquidated on 18 December, in line with a decision taken by the board on 3 December.Assets in the fund represent less than 0.5% of assets under management in ETFs monitored by IndexIQ, which total USD590.2bn.
06/12/2012

Paulson in losing bet on euro zone

The euro zone debt crisis has been a setback for John Paulson as it has caused significant losses for his former flagship fund, the Financial Times reports. The manager bet that the monetary union would collapse. But he has reduced his positions based on this supposition since the European central bank has announced that it will intervene in favour of the euro zone. The Advantage Plus strategy from Paulson showed losses of 18.4% since the beginning of the year as of the end of October. This is the second year of losses for the fund.
06/12/2012

Pictet launches quality equity fund

As announced in Newsmanagers on 20 November, Pictet Funds (Europe) has registered the Pictet-Quality Global Equities fund in seven European countries and one Asian country between 31 October and 29 November. The countries are Germany, Austria, Finland, France, Liechtenstein, Luxembourg, the United Kingdom and Singapore, and the product is a quality global equity fund, managed by Laurent Nguyen, head of active quantitative investments and SRI. The product is starting up with EUR19.8m (4 December), and was launched on 30 November.CharacteristicsName: Pictet-Quality Global Equities-R EURISIN code: LU0845340305Management commission: 1.7%Custody charge: 0.03%Administrative fees: 0.22%
06/12/2012

Investec AM in a global equity fund launch

Investec Asset Management has launched a global equity fund whose target is to deliver high returns and low volatility, Citywire Global reports. The Investec GSF Global Endurance Fund will be managed by Christine Baalham and Nigel Hankin. It will focus on global equities which distribute the highest returns while avoiding the most volatile.
06/12/2012

NCB Capital launches a UCITS-compliant fund platform

The Saudi wealth management firm NCB Capital has created a UCITS-compliant fund platform registered in Ireland. NCB Capital now offers two funds on the platform, the NCB Capital Saudi Arabian Equity Fund and the NCB Capital GCC Equity Fund, two Sharia-compliant vehicles which invest in companies listed in Saudi Arabia and other Golf Co-operation Council (GCC) countries. The two funds will be distributed internationally in partnership with Amundi, which signed a strategic alliance with NCB Capital in March.
06/12/2012

Edram's ex boss to launch a consulting firm

According to reports received by Newsmanagers, Philippe Couvrecelle is preparing to launch a consulting firm with a former employee of Edram, the asset management firm of the Compagnie Financière Edmond de Rothschild which he led for five years. Couvrecelle, who left Edram in August this year, would now like to put the experience he acquired in the collective management world to use. Via his firm, which will be known as PTH Conseil, the head will serve not only French businesses with reflections on the transformation of their asset management activities, development, and future, but also foreign asset management firms seeking to gain a foothold in Europe. Couvrecelle, who has worked for major groups and family-owned businesses, has also opened international offices and has good knowledge of the challenges to come. He is entering a market in crisis in which questions of strategy are increasingly present. According to information obtained by Newsmanagers, the professional is also planning to serve US and Asian investment firms which are aiming to establish a presence in Europe, such as GCS, which has recently entered exclusive negotiations with the Dexia group to take over Dexia AM. In light of the currently attractive valuations, investment funds are also a target for PTH Conseil. Lastly, Couvrecelle is also expected to approach firms whose objective is to profit from savings reserves in emerging markets and capital managed by pension funds, such as Chilean funds.
06/12/2012

KPMG renforce son pôle fonds alternatifs

KPMG, the U.S. audit, tax and advisory firm, is adding several new hires to its Alternative Investment Funds (AIF) practice’s national team, in Los Angeles and San Francisco. The new hires include: Martin A. Griffiths, K. Peter Ritter, and Graeme M. Fletcher as principals. Martin A. Griffiths has joined the Los Angeles office as a principal in the Federal Tax practice. He will be KPMG’s West Coast real estate tax practice lead. Before joining KPMG, he was senior vice president at Irvine Company, overseeing its income and property tax group.K. Peter Ritter has joined KPMG as a principal in KPMG LLP’s San Francisco Federal Tax practice. He came to KPMG from the law firm O’Melveny & Myers LLP where he was a tax partner resident in its San Francisco office.Graeme M. Fletcher is a principal in International Corporate Services, who transferred from KPMG’s Atlanta office to San Francisco. In addition, Daniel Prager has joined KPMG as a managing director in its Federal Tax AIF practice. Based in Los Angeles, he most recently served as head of Corporate Finance for Telefónica Czech Republic. Richard Hinton has joined KPMG’s San Francisco AIF practice, as a Seconded Partner with a focus on the hedge fund industry. He established and led the team responsible for rolling out KPMG’s FATCA proposition to clients in the United Kingdom.
06/12/2012

Socially responsible investment: Crédit Agricole deploys its sectoral policies

After laying out its principles on weapons, Crédit Agricole will soon publish its policy for the energy sector, Stanislas Pottier, head of sustainable development at Crédit Agricole, announced on 4 December, at a round table held by Novethic as part of its annual conference. This is an enormous challenge, as it involves deploying this sector policy for all positions of the group, starting with the investment bank, and extending to advising activities. The next two industries on which Crédit Agricole is already at work are metals and transport. Pottier also says that Crédit Agricole will in early January publish the first edition of the social performance index from the Crédit Agricole group, the FreD index, which will have an impact on variable pay scales for managers throughout the group. This is a good way for the issue of SRI to attract “regular attention” in the group, says Pottier.
06/12/2012

UBS veteran takes charge of Sherbank private bank

Finews reports that Anna Tokaeva has quit her position as head of UBS Global Asset Management Russia in order to take charge of the Sherbank private bank. The Russian banking group has recently launched its activities dedicated to high net worth clients.
06/12/2012

UK asset management resists the trends

British asset management is the exception in European management, Agefi Weekly reports today. “The United Kingdom is the only European country to have posted positive inflows in the past decade,” says Ed Moisson, head of research at Lipper for the United Kingdom and cross-border markets, who has noted “a genuine dynamic for cross-border managers.” The movement was particularly beneficial for M&G (EUR2.674bn), whose net inflows in third quarter totalled EUR6.4bn. In the UK market, where the ten largest funds represent over 51% of sales, according to the Investment Management Association, mid-sized players are facing the most difficulties, “as they are more vulnerable to market declines.” Asset managers, whose business model is largely based on commissions to intermediaries, are also in danger, the weekly newspaper suggests. The industry is also preparing to face a genuine revolution in financial services distribution in the domstic market on 1 January. The Retail Distribution Review (RDR), first announced in 2006, will end commissions to financial advisers, who will now need to negotiate their added value directly with end clients.
06/12/2012

Fitch confirms rating for Schroders

Fitch Ratings has affirmed Schroder Investment Management’s ‘M1' Asset Manager rating. The rating covers the company’s London-based investment activities with the exception of the alternative asset management business. The rating affirmation reflects Schroders’ strength and overall stability during 2012, according to the agency. The main challenges facing Schroders are to accelerate growth in certain regions (Asia and US) and client segments (Sovereign Wealth Funds and private saving pools), expand its absolute return and income-oriented investment capabilities and adapt to regulatory changes. The forthcoming overhaul of the Front Office technological platform is a major project to support the longer term evolution of the business, including the increased use of derivatives.
06/12/2012

Change of managers at Threadneedle

David Dudding will be stepping down from the management of the Threadneedle European Smaller Companies fund next year, to manage the Threadneedle (Lux) Global Focus, succeeding Neil Robinson, Citywire Global reports. He will be replaced on the European small caps fund by Mark Heslop on 1 January, but will retain control of the Threadneedle European Select.
06/12/2012

Alcatel-Lucent may be excluded from CAC 40

Analysts estimate that shares in Alcatel-Lucent may be removed from the CAC 40 index, Les Echos reports. The scientific index council, which decides on additions and removals of shares from the CAC 40 index, is expected to undertake its quarterly review at the end of this week. At that time, Gemalto may enter the flagship index. With a decline of 27% since the beginning of the year, its second-worst year ever, and a market capitalisation of only EUR2bn, Alcatel-Lucent is “by far” the smallest member of the CAC 40.
06/12/2012

Oppenheimer Funds acquires Steelpath

The acquisition of SteelPath Capital Management and SteelPath Fund Advisors (USD3.3bn in assets as of the end of November) has been completed by Oppenheimer Funds. Steelpath will become known as OFI Steelpath. The acquisition price has not been disclosed.OppenheimerFunds Distributor, Inc will become the distributor and primary subscriber to each series from The SteelPath MLP Funds Trust.Steelpath is an asset management firm specialised in investment in infrastructure related to energies, focused on Master Limited Partnerships (MLP). It offers a range of mutual funds as well as dedicated funds focused on MLPs.
06/12/2012

Special dividend at Eaton Vance

On 4 December, the board at Eaton Vance Corp announced that it is paying out a quarterly dividend of USD0.20 per share on 20 December to shareholders registered as of 17 December. It has also decided to pay a special dividend of USD1 per share, payable on 20 December to shareholders registered on 14 December. As of 31 October, assets at Eaton Vance totalled USD199.5bn.
06/12/2012

Summit releases a German water infrastructure fund

California-based asset manager Summit Global Management (USD460m) is launching a German-registered equity fund with the Frankfurt-based Universal-Investment and the Swiss Green Shoots Capital (EUR50bn in assets advised), specialised in infrastructure in the area of water, entitled Summit Water Absolute Return UI.The long/short equity product replicates an American fund from Summit in a UCITS-compliant format, with sustainable development and respect for environmental, social and governance (ESG) criteria. The fund is managed by John Dickerson.CharacteristicsName: Summit Water Absolute Return UIISIN code:DE000A1JZK84 (A shares, retail)DE000A1JZK92 (B shares, institutional)Front-end fee: Maximum 5% (A shares)Management commission:1.85% (A shares)1.25% (B shares)Performance commission: 10% of positive performance + 400 basis points (hurdle rate) with high watermark
06/12/2012

Henderson once more hires from Cushman & Wakefield

After Kathrin Andres two months ago (see Newsmanagers of 4 October), Henderson Global Investors has again recruited a specialist from Cushman & Wakefield for the real estate team at its Frankfurt office. This time, it is James Ellis, who becomes assistant portfolio manager. He will be responsible for providing performance measurement and analysis elements for the AUB Oportunity III and Henderson German Logistics funds.
06/12/2012

ETPs continue to post record subscriptions

In November, the 4,746 ETPs worldwide posted net subscriptions of USD25bn, compared with USD11bn for the 4,721 products listed as of the end of October. Assets as of 30 November totalled USD1,871trn, compared with USD1,842trn one month earlier, the BlackRock Institute reports.In the first eleven months of the year, net inflows totalled USD218.9bn, a new record, and this amount is considerably higher than the USD173.4bn posted for 2011 overall. The previous record for January-November was in 2008, at USD208.5bn.In terms of flows, US ETPs, which represent 70% of total assets, received 73% of net subscriptions since the beginning of the year, and 82% in the month of November alone.
06/12/2012

iShares, Vanguard and SPDR lead for ETF subscriptions

In January-November, a time when ETFs attracted a net total of USD201bn worldwide, iShares products rank at the top, with net inflows of USD65.85bn, followed by Vanguard, with USD54bn, and SPDR ETFs with USD4.68bn, ETFGI reports.The heaviest net outflows in the first eleven months of the year were from ComStage (Commerzbank) at USD1.45bn, Direxion (USD887m) and EasyETF (BNP Paribas) with USD831m. As of the end of November, overall assets in ETFs totalled USD1.688trn, 2% more than at the end of October (USD1.655bn), and 24.6% more than at the end of December 2011 (USD1.355trn). The top three ETF providers are iShares (USD707.24bn as of the end of November), SPDR ETFs (USD251.16bn), and Vanguard (USD242.76bn). For matter of record only, the fourth-largest player is Invesco PowerShares, with only USD60.91bn. In other words, the top three players alone account for 71.2% of total ETF assets.
06/12/2012

European ETFs: ComStage, EasyETF and db x-trackers suffer most

Although overall, European ETFs have posted net inflows of USD21.18bn between 1 January and 30 November, ten of the 20 largest firms have seen net redemptions. The heaviest were from ComStage (USd1.45bn), EasyETF (USD831m) and db x-trackers (USD788m), according to statistics from ETFGI.However, the strongest net inflows were for iShares (USD14.7bn), Source (USD2.87bn), and SPDR ETFs (USD2.07bn).In terms of assets, iShares dominates the rankings by far, with USD132.06bn as of the end of November, followed by db x-trackers (USD44.38bn) and Lyxor (USD37.39bn).
06/12/2012

Henderson recrute encore chez Cushman & Wakefield

Après Kathrin Andres il y a deux mois (lire Newsmanagers du 4 octobre), Henderson Global Investors a de nouveau embauché pour l’équipe immobilière de son bureau de Francfort un spécialiste chez Cushman & Wakefield. Il s’agit cette fois de James Ellis, qui devient assistant portfolio manager. Il sera responsable de fournir des éléments de mesure de la performance et d’analyse pour les fonds AUB Opportunity III et Henderson German Logistics.
06/12/2012
Fonds

Summit lance un fonds allemand d’infrastructures “eau”

Le gestionnaire californien Summit Global Management (460 millions de dollars) lance avec le francfortois Universal-Investment et le consultant helvétique Green Shoots Capital (50 milliards d’euros conseillés) un fonds d’actions de droit allemand spécialiste des infrastructures dans le domaine de l’eau, le Summit Water Absolute Return UI.Il s’agit d’un produit d’actions long/short qui réplique sous un format coordonné un fonds américain de Summit avec un parti-pris de développement durable et de respect des critères environnementaux, sociaux et de gouvernance (ESG). Le fonds est géré par John Dickerson.CaractéristiquesDénomination: Summit Water Absolute Return UICodes Isin: DE000A1JZK84 (parts A, retail)DE000A1JZK92 (parts B, institutionnels)Droit d’entrée: 5 % maximum (parts A)Commissions de gestion:1,85 % (parts A)1,25 % (parts B)Commission de performance: 10 % de la performance positive + 400 pb points de base (taux butoir) avec high watermark
Fonds

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