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23/08/2012

Sovereign fund CIC buys into BlackRock fund for a large investment

BlackRock has secured the support of the Chinese sovereign fund China Investment Corporation (CIC) for its China Global Opportunities Fund, whose placement objective is about USD2bn. The Chinese fund is planning to invest up to USD500m, Z-Ben Advisors reports, relaying reports by Bloomberg.The China Global Opportunities Fund is managed by Lin Erfei, former chairman fo activities at Bank of America Merrill Lynch in China. The first wave of inflows is expected to be completed by the end of this year. The fund will invest in shares in Chinese companies which sell products or commodities on their domestic markets.The fund will help BlackRock to strengthen its presence in Asia, where it has previously been rather modestly represented.
23/08/2012

Julius Baer lays off support staff but supports advisers

In the wake of the acquisition of the international wealth management activities of Merrill Lynch, the Swiss private bank Julius Baer is planning to lay off staff in support functions, in locations including Hong Kong and Singapore, where Merrill Lynch and Julius Baer both have significant numbers of personnel in this area, Handelszeitung reports. However, Julius Baer has set aside an allocaton of over EUR90m to win over good advisers to Merrill Lynch clients. Out of total staff of 2,243, Merrill Lynch has 528 client advisers and 1,715 back office employees.
23/08/2012

Qatar Holding takes over a 22.22% stake in Citic Capital Holdings

The Chinese investment fund management firm Citic Capital Holdings (USD4.4bn in assets) has announced that the sovereign fund Qatar Holding (an affiliate of the Qatar Investment Authority) has acquired a 22.22% stake in its capital, the Wall Street Journal repors.Following a capital increase which allowed for the creation of corresponding shares, Citic Pacific Ld and Citic International Financial Holdings, two affiliates of Citic Group, control 42.78% of Citic Capital, while the sovereign fund China Investment Corp (CIC) has a 31.11% stake.
23/08/2012

Urs Zeltner returns to UBS

Urs Zeltner has been appointed vice chairman of the Wealth Management Europe unit at the UBS group, finews reports, citing an interna memo dated 9 August. Until December 2011, Zeltner had been head of international wealth management activities at UBS for Germany and Austria. He had resigned from his position following a reshuffle of onshore and offshore activities in Europe. His departure nonetheless came as a surprise at UBS, and his return is now equally controversial. Zeltner is the brother of Jürg Zeltner, a board memebr at the group and CEO of UBS Wealth Management. Some claim that Urs Zeltner’s return may be a case of nepotism.
23/08/2012

S&P puts VP Bank on negative watch

The financial ratings agency Standard & Poor’s has revised its outlook on the Liechtenstin private bank VP Bank from stable to negative. Standard & Poor’s explains in a statement that the operational performance and inflows at VP Bank had suffered from a stronger-than-expected negative impact of international onshore activities. Standard & Poor’s has nonetheless confirmed its long-term and short-term ratings for the firm (A- and A-2, respectively).
23/08/2012

Frankfurt stock exchange listings pass 1,000 ETF mark

With the addition to trading of five Luxembourg-registered ETFS from db x-trackers (Deutsche Bank), the XTF segment of the Xetra electronic platform as of 22 August lists over 1,000 ETF funds, with a precise number of 1,004, Deutsche Börse has announced. By comparison, the European markets of NYSE Euronext as of the end of July included 687 ETFs, and assets in these products exceed EUR170bn.Among the new funds listed in Frankfurt are an ETF with shares hedged for currency risks in euros, replicating the MSCI Japan TRN index (a non-hedged version has existed since 2007, and has assets of EUR460.5m), and four funds replicating MSCI Country indices for Asian countries (Bangladesh, Pakistan, Philippines and Singapore).CharacteristicsName: db x-trackers MSCI Philippines IM TRN Index ETFISIN code: LU0592215403TER: 0.65%Name: db x-trackers MSCI Singapore IM TRN Index ETFISIN code: LU0659578842TER: 0.50%Name: db x-trackers MSCI Pakistan IM TRN Index ETF ISIN code: LU0659579147TER: 0.85%Name: db x-trackers MSCI Bangladesh IM TRN Index ETFISIN code: LU0659579220TFE : 0,85 %Name: db x-trackers MSCI Japan TRN Index ETF (EUR Hedged)ISIN code : LU0659580079TER: 0.60%
23/08/2012

RBS targeted in investigation over ties to Iran

The Royal Bank of Scotland (RBS) is being targeted in an investigation by the United States Federal Reserve (Fed) and the department of Justice for potential violation of the US regime of sanctions against Iran, several concurrent sources report. The investigation was launched 18 months ago, after the bank voluntarily disclosed information to the US and British authorities. RBS has declined to comment as to whether or not the investigation has a basis in fact, but has announced at a presentation of its results for the half that it was evaluating its practices and procedures related to transactions in US dollars outside the United States. Last Saturday, the New York Times confirmed that the US legal authorities were investigatin Deutsche Bank and other global firms, which are claimed to have transferred billions of US dollars for Iran, Sudan, and other countries subject to sanctions.
23/08/2012

IOSCO launches a consultation on market oversight

The International Organisation of Securities Commissions (IOSCO) on 22 August launched a consultation on the technological challenges to be confronted to achieve effective market surveillance («Technological Challenges to Effective Market Surveillance: Issues and Regulatory Tools»).The consultation document includes proposals to strengthen market surveillance capacities to improve use of collected data by market authorities for surveillance purposes. The consultation will remain open until 10 October.
23/08/2012

Liontrust to create institutional share classes in two funds

Pending approval from the FSA, Liontrust is planning to release institutional shares in its CF Liontrust Macro Equity and CF Liontrust Macro UK Growth funds, managed by Stephen Bailet, Jan Luthman and Jamie Clark, on 8 October. The creation of the share classes comes in the wake of strong demand on the part of discretionary managers and IFAs. Annual management commission will be 0.75%. Liontrust has also initiated the process to repatriate the Capita CF Liontrust Macro Equity Income, CF Liontrust Macro UK Growth and CF Liontrust Macro UK High Alpha Funds as an authorised fund manager, which will result in the disappearance of the CF prefix from the names of these products. Meanwhile, administration of these three funds will be transferred from Capita to IFDS, pending approval of these changes by the regulator.
23/08/2012

KPMG increases presence in alternative management

In an environment in which asset management firms are having to confront toughening regulations and requirements to lighten their structures and increase transparency, KPMG has recruited five people for its alternative investment unit.The consulting and auditing firm has recruited Ted Carreiro (formerly of State Street Bank & Trust), Angela Yu (previously of the firm’s taxation unit) and Michael T. Richards (who joins from another “Big 4” company) as partners.Laura Thomson (formerly of Bain Capital) joins the firm as managing director, while Phillip W. DeSalvo becomes senior manager, after being responsible for M&A taxation questions at one of KPMG’s competitors.
23/08/2012

Aberdeen strengthens presence in Paris

Richard Pandevant, director of marketing at Oddo Asset Management from March 2011 to June 2012, has recently been recruited by Aberdeen Asset Management as marketing manager for France. Pandevant had been head of marketing and product specialist at Banque d’Orsay between August 1999 ad February 2011.The Paris office of the firm has also recruited Florent Pettenello, from Fidelity, as an institutional distribution specialist. He will report to Frédéric Lejeune, Co-Head France – Deputy CEO, Head of Business Development France – Monaco.Assets at the French offices of the Scottish asset management firm total about EUR5.8bn, of which EUR5bn are for French clients (EUR3.4gn for institutional clients via French funds, and EUR1.6bn for distribution via Luxembourg funds), while half of institutional assets are managed by a local team in France, and half by centralised teams of the group, largely in London.
23/08/2012

Pimco reduces exposure to high yield debt

Market valuations of high yield debt have become so extreme that Pimco has considerably reduced its exposure to this asset class in the past six weeks, the Financial Times reports. The asset management firm has reduced its allocation to high yield in its corporate bond portfolio from 12% to about 8%.
23/08/2012

Considerable decline in profits at Eaton Vance

For the quarter ending on 31 July, Eaton Vance Investment Managers has announced net profits of USD50.2m, compared with USD52.9m in February-April, and USD68.1m in the corresponding period of last year, bringing net profits in the first nine months of the fiscal year ending on 31 October to USD150.35m, a decrease of 11% compared with the first three quarters of 2010-2011.In the quarter under review, the US asset management firm has seen net redemptions of USD1.4bn, largely due to outflows of USD3.8bn from large cap value mandates, which more than offset net subscriptions of USD2.4bn for other long-term strategies. In February-April 2012 and May-July 2011, Eaton Vance experienced net inflows of USD0.6bn and USD1.9bn, respectively.Assets as of 31 July totalled USD192.9bn, compared with USD197.5bn three months earlier, and USD199bn one year previously. Declines in the third quarter of the current fiscal year are due to net outflows of USD1.4bn, in addition to which there was a negative market effect of USD3.1bn.
23/08/2012

Rwanda to create a sovereign fund

Rwanda is to officially launch a donation-based sovereign fund on Thursday, in order to offset a decline in international aid, Financial News reports.
23/08/2012

STOXX launches a volley of 19 indices

The Swiss firm STOXX Limited has announced the launch of 19 broad and large indices of large caps, covering developed and emerging markets as well as broad regional indices for Asia and Africa. The new indices will be based on the STOXX Emergin g Markets Total Market, STOXX Developed Market Total Market, STOXX East Asia Total Market and STOXX Africa Total Market indices, launched this year.The new products will include the six broad indices STOXX Africa 90, STOXX Developed Markets 2400, STOXX East Asia 1800, STOXX East Asia 1800 ex Japan, STOXX Emerging Markets 1500 et STOXX Emerging Markets 1500 ex BRIC and the nine large versions STOXX Developed Markets Total Market Large, STOXX Developed Markets Total Market Mid, STOXX Developed Markets Total Market Small, STOXX Emerging Markets Large 500, STOXX Emerging Markets Mid 500, STOXX Emerging Markets Small 500, STOXX Emerging Markets Total Market Large, STOXX Emerging Markets Total Market Mid and STOXX Emerging Markets Total Market Small.Finally, the four large caps indices are the following: STOXX Developed Markets 150, STOXX East Asia 80, STOXX Emerging Markets 50 and STOXX Emerging Markets 50 ex BRIC.
23/08/2012

Aberdeen launches small cap fund

The British asset management firm Aberdeen Asset Management has launched a global small caps fund managed by its Edinburgh-based team and domiciled in Luxembourg, based on the model of its US fund Aberdeen Global Small Cap (USD52m), entitled Aberdeen Global – World Smaller Companies Fund. Management commission will be 1% for institutional shares, and 1.5% for retail shares.The portfolio managed by the global equity team led yb Stephen Docherty (14 members, GBP21bn in assets) will include 40 to 60 holdings, with cap sizes equal to or lower than USD5bn.Aberdeen also manages two other regional small cap funds, the UK Smaller Companies fund (GBP140m) and the Global Japanese Smaller Companies (GBP79m).
23/08/2012

Silk Road launches a fund to invest in Myanmar, Mongolia and Mozambique

Silk Road Management, an investment management subsidiary of Silk Road Finance, an investment bank operating in Mongolia, is launching Silk Road M3 Fund, an investment fund to be focused on Myanmar, Mongolia and Mozambique. The fund will primarily invest in equities of internationally listed companies with assets and operations in these three countries as well as high yield fixed income and local currency instruments. Silk Road Management has developed M3 investment theme on the basis of the following factors: M3 countries have massive, largely untapped natural resources. They are all formerly socialist countries and they are both geographically and economically strongly linked with BRICS (Brazil, Russia, India, China and South Africa). Based on above factors, Silk Road estimates that Mongolia, Myanmar and Mozambique will be among world’s top five fastest growing economies in the next decade with Mongolia GDP growth at projected 15% p.a. while Myanmar and Mozambique expanding annually 12% and 10% respectively.
23/08/2012

CF Partners preparing a hedge fund dedicated to commodities

The London-based investment firm CF Partners, specialised in renewable resources, is planning to launch a hedge fund dedicated to commodities by the end of the year, the website Hedgefund.net reports. CF Partners is also working on the launch of a hedge fund dedicated to energy in fourth quarter 2012.
23/08/2012

SIG plans to build presence in Asia

Skandia Investment Group, the asset management affiliate of the British firm Old Mutual, is planning to extend its product range in Asia, and at the same time to move a part of its capacity to the region, Asian Investor reports. SIG, which is in the process of merging with Old Mutual Asset Managers UK, will also be gits name, says Jane Fung, managing director for Asia.
23/08/2012

Norwegian firm Delphi plans to export its funds

The Norwegian asset management firm Delphi Fondene has changed the names of three equity funds in order to facilitate their sales abroad. From 23 August, Delphi Verden becomes Delphi Global, Delphi Europa becomes Delphi Europe, and Delphi Norden becomes known as Delphi Nordic. The investment strategies remain unchanged. A press release explains that these changes make the funds more comprehensible to international investors; the firm has recently received sales licenses for these funds in Finland and the Netherlands. It had previously been aimed only at investors in Norway and Sweden.
23/08/2012
Gestion d'actifs

La MIF ne s'intéresse pas aux ETF sur les matières premières

Alexandre Piazza, responsable des investissements de la Mutuelle d’Ivry la Fraternelle (MIF) : Sur notre poche stratégique nous externalisons la gestion sur les matières premières à Prim’ Finance pour un montant de 15 millions d’euros pour faire de l’allocation globale. Ensuite en tactique, nous nous intéressons au pétrole et à l’or, qui sont des marchés que je connais. Pour investir sur cette classe d’actifs, il y a plusieurs formes possibles. Les ETFs ne m’intéressent pas car leur corrélation intraday avec le sous-jacent n’est pas très bon et ils ne sont pas, pour la plupart, couverts en change. Ce qui rajouterait un risque de change dans mon portefeuille. Certains le sont mais une fois par jour, et acheter ces produits revient à acheter de la corrélation devises/commodities (sans parler du coût du quanto). En plus, les futures coûtent beaucoup trop chers si on désire les conserver (coût du rollover des contrats futures). C’est pourquoi, le meilleur moyen pour le moment est de faire des contrats forward avec une banque, mais en ne conservant pas la position en overnight, afin de ne pas subir d’appels de marge.
Gestion d'actifs
23/08/2012
Fonds

Francfort franchit la barre des 1.000 ETF cotés

Avec l’admission à la négociation de cinq ETF de droit luxembourgeois lancés par db x-trackers (Deutsche Bank), le segment XTF de la plate-forme électronique Xetra compte depuis le 22 août plus de mille ETF, 1.004 exactement, a indiqué la Deutsche Börse. A titre de comparaison, les places européennes de NYSE Euronext cotaient fin juillet 687 ETF, dont 593 en cotation principale. L’entreprise de marché allemande estime à environ 38 % sa part du marché européen des ETF, et l’encours de ces produits dépasse les 170 milliards d’euros.Parmi les nouveaux fonds cotés à Francfort figure un ETF avec des parts couvertes du risque de change pour l’euro répliquant l’indice MSCI Japan TRN (une version sans parts couvertes existe depuis 2007 et affiche un encours de 460,5 millions d’euros) ainsi que quatre fonds répliquant des indices MSCI de pays asiatiques (Bangladesh, Pakistan, Philippines et Singapour).CaractéristiquesDénomination : db x-trackers MSCI Philippines IM TRN Index ETFCode Isin : LU0592215403TFE : 0,65 %Dénomination : db x-trackers MSCI Singapore IM TRN Index ETFCode Isin : LU0659578842TFE : 0,50 %Dénomination : db x-trackers MSCI Pakistan IM TRN Index ETF Code Isin : LU0659579147TFE 0,85 %Dénomination : db x-trackers MSCI Bangladesh IM TRN Index ETFCode Isin : LU0659579220TFE : 0,85 %Dénomination : db x-trackers MSCI Japan TRN Index ETF (EUR Hedged)Code Isin : LU0659580079TFE : 0,60 %
Fonds
23/08/2012

Baisse sensible du bénéfice d’Eaton Vance

Pour le trimestre au 31 juillet, Eaton Vance Investment Managers a déclaré un bénéfice net de 50,2 millions de dollars contre 52,9 millions pour février-avril et 68,1 millions pour la période correspondante de l’an dernier, ce qui porte le bénéfice net pour les neuf premiers mois de l’exercice au 31 octobre à 150,35 millions de dollars, un montant en baisse de 11 % par rapport aux trois premiers trimestres de 2010-2011.Durant le dernier trimestre sous revue, le gestionnaire américain a subi des remboursements nets de 1,4 milliard de dollars, essentiellement à cause de sorties de 3,8 milliards sur les mandats value grandes capitalisations qui ont surcompensé les souscriptions nettes de 2,4 milliards de dollars enregistrées par les autres stratégies de long terme. Pour février-avril 2012 et pour mai-juillet 2011, Eaton Vance avait bénéficié de rentrées nettes de 0,6 milliard et de 1,9 milliards de dollars respectivement.L’encours au 31 juillet ressortait à 192,9 milliards de dollars contre 197,5 milliards trois mois plus tôt et 199 milliards un an auparavant. La baisse observée au troisième trimestre de l’exercice en cours est imputable aux sorties nettes de 1,4 milliard auxquelles s’est ajouté un effet de marché négatif de 3,1 milliards de dollars.
23/08/2012

KPMG recrute cinq personnes dans la gestion alternative

Dans un environnement où les sociétés de gestion doivent faire face à un durcissement des réglementations ainsi qu'à l’obligation d’alléger leurs structures et de gagner en transparence, KPMG a recruté cinq personnes pour son pôle fonds alternatifs.Le cabinet de conseil et d’audit a ainsi embauché Ted Carreiro comme associés (ex-State Street Bank & Trust), Angela Yu (qui était auparavant dans le pôle fiscalité) et Michael T. Richards (qui vient d’un autre des «Big 4").D’autre part, Laura Thomson (ex-Bain Capital) rejoint en tant que managing director tandis que Phillip W. DeSalvo devient senior manager après avoir été chargé des questions fiscales dans les opérations de rapprochement chez un concurrent de KPMG.
23/08/2012

Aberdeen se renforce à Paris

Directeur marketing chez Oddo Asset Management de mars 2011 à juin 2012, Richard Pandevant a récemment été recruté par Aberdeen Asset Management comme marketing manager France. L’intéressé a été responsable marketing et spécialiste produits chez Banque d’Orsay entre août 1999 et février 2011. Il reprend dans un premier temps les fonctions de Caroline Espinal-Vincent, actuellement en congé maternité.Paris vient aussi d’embaucher Florent Pettenello, en provenance de Fidelity, comme spécialiste de la distribution institutionnelle. Il sera subordonné à Frédéric Lejeune, Co-Head France - Directeur Général Délégué, Head of Business Development France - Monaco.L’encours de l’antenne française du gestionnaire écossais ressort à quelque 5,8 milliards d’euros, dont 5 milliards pour des clients français (3,4 milliards pour les clients institutionnels via des fonds francais et 1,6 milliard pour la distribution via des fonds luxembourgeois), sachant que les actifs institutionnels sont gérés pour moitié par une équipe locale en France et pour moitié par les équipes centralisées du groupe, principalement à Londres.
23/08/2012

Wragge & Co structure une offre de gestion privée

Le cabinet d’avocats Wragge & Co a annoncé le 22 août la structuration d’une offre d’accompagnement juridique et fiscal dédiée aux professionnels du patrimoine.Cette nouvelle offre rassemble les expertises du cabinet en matière d’immobilier, de produits financiers (toutes classes d’actifs confondues) et de stratégies de haut de bilan. Elle vise à apporter un accompagnement juridique et fiscal sur l’ensemble des problématiques propres aux professionnels du patrimoine (banques privées, sociétés de gestion, CGPI, Family Offices) : cession d’un patrimoine professionnel, montage d’un investissement immobilier, structuration d’un produit financier, ingénierie patrimoniale…
23/08/2012
Fonds

Silk Road lance un fonds Birmanie, Mongolie et Mozambique

Silk Road Management, la société de gestion de la banque mongole Silk Road Finance, vient de lancer un fonds centré sur la Birmanie, la Mongolie et le Mozambique appelé Silk Road M3 Fund.Le fonds sera investi sur des entreprises cotées du monde entier ayant des actifs et des activités dans ces trois pays, ainsi que dans des instruments obligataires à haut rendement et des instruments de devises locales.Pour Silk Road, la Birmanie, la Mongolie et le Mozambique (les 3 M en anglais), ont plusieurs points communs. D’abord, ils bénéficient d’importantes ressources naturelles, qui sont largement inexploitées. Ensuite, ce sont tous trois d’anciens pays communistes qui ont de par leur géographie et leur économie des liens étroits avec les pays BRICS (Brésil, Russie, Inde, Chine et Afrique du Sud). Compte tenu de ces éléments, Silk Road estime que «la Mongolie, la Birmanie et le Mozambique figureront parmi les cinq économies qui auront la croissance la plus rapide au cours des dix prochaines années». La société de gestion anticipe une croissance du PIB de 15 % par an pour la Mongolie, et de 12 % et 10 % respectivement pour la Birmanie et le Mozambique.
Fonds
23/08/2012
Fonds

Aberdeen lance un fonds de petites capitalisations

Prenant pour modèle son fonds américain Aberdeen Global Small Cap (52 millions de dollars), le gérant britannique Aberdeen Asset Management a lancé un fonds mondial de petites entreprises géré par son équipe d’Edimbourg et domicilié au Luxembourg, le Aberdeen Global – World Smaller Companies Fund. La commission de gestion sera de 1 % pour les parts institutionnelles et de 1,5 % pour les parts retail.Le portefeuille géré par l'équipe d’actions mondiales Stephen Docherty (14 personnes, 21 milliards de livres d’encours) comportera entre 40 et 60 lignes, des valeurs d’une capitalisation égale ou inférieure à 5 milliards de dollars.Aberdeen gère également deux autres fonds régionaux de petites capitalisations, le UK Smaller Companies (140 millions de livres) et le Global Japanese Smaller Companies (79 millions de livres.
Fonds

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