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14/02/2012

Baring AM recrute pour son équipe multi-actifs

Baring Asset Management a renforcé son équipe multi-classes d’actifs avec la nomination d’Alison Huang qui sera basée à Londres, rapporte Citywire. Elle vient de TT International Investment Management où elle était analyste actions.
14/02/2012
Fonds

Records en 2011 pour les fonds de fonds et les fonds indiciels

Les statistiques annuelles de l’Investment Management Association (IMA) publiées le 13 février font apparaître que l’encours des fonds de fonds a atteint à la fin de l’an dernier sa part la plus élevée des actifs gérés par les fonds britanniques, avec 10,5 % et 60,2 milliards de livres contre 9,6 % et 56,4 milliards un an plus tôt. Les fonds de fonds ont drainé en net 5.210 millions de livres en 2011 après 6.485 millions en 2010.Quant aux fonds indiciels, ils ont enregistré en 2011 des souscriptions nettes record de 1.924 millions de livres contre 1.744 millions l’année précédente, leur encours au 31 décembre ressortant à 39 milliards de livres contre 38,3 milliards.Enfin, l’IMA constate une diminution à 201 millions de livres contre 297 millions des rentrées nettes des fonds éthiques, dont les actifs sous gestion ont baissé à 6,7 milliards de livres contre 6,9 milliards.
Fonds
14/02/2012

Henderson pourrait faire de petites acquisitions

Même si Henderson ne cherche pas à réaliser «quelque chose de grand» sur le front des acquisitions cette année, de petites opérations sont possibles, indique David Jacob, CIO et managing director d’Henderson Investment Management, interviewé par le Financial Times Fund Management. En particulier, il aimerait bâtir un pôle de gestion d’actifs aux Etats-Unis où le groupe n’a que des équipes d’immobilier et de distribution. Une alliance pour améliorer la distribution en Asie fait aussi partie de sa liste de vœux, ainsi que l’Australie. Grâce aux acquisitions successives de New Star Asset Management et Gartmore, Henderson a maintenant une clientèle retail qui représente 43 % de ses 65,4 milliards de livres d’encours sous gestion, contre 18 % avant ces opérations.
14/02/2012
Fonds

Fidelity lance un fonds de dividendes

Fidelity Worldwide Investment annonce le lancement du compartiment Fidelity Funds Global Dividend Fund, dont le portefeuille est investi dans des sociétés mondiales qui versent régulièrement des dividendes à leurs actionnaires. L’objectif initial du produit est de verser un dividende annuel net de 3,6 % sur une base mensuelle ou trimestrielle, selon le souhait de l’investisseur, précise un communiqué. «Le fonds se concentre sur les sociétés offrant une croissance durable des dividendes et sur la «marge de sécurité» offerte par un bilan sain et des multiples de valorisation favorables», précise le gérant du fonds, Daniel Roberts. Le fonds privilégie les grandes entreprises, la capitalisation boursière moyenne de ses positions boursières étant de 29,2 milliards de dollars. Caractéristiques Forme juridique : compartiment de Fidelity Funds, sicav de droit luxembourgeoisCodes ISIN : Part de capitalisation (en Euro hedgé) : LU0605515377/Part de distribution mensuelle (en Euro) : LU0731782404/ Part de distribution trimestrielle (en Euro) : LU0731782826Frais de souscription : 5,25% maxFrais de gestion annuels : 1,50%Indicateur de comparaison : MSCI All Country World IndexDevise du fonds : eurosNombre de lignes en portefeuille : environ 50
Fonds
14/02/2012

CalPERS modifie la structrure de ses comités

Le fonds de pension californien a annoncé une nouvelle structuration de ses comités, ramenés à six contre sept précédemment. Le conseil d’administration doit dans les prochains jours étudier la suppression d’un comité sur les retraites qui ramènera le nombre de comités à cinq.La modification la plus importante concerne la fusion programmée des comités «Benefits and Program Adminisrtration " et «Health Benefits» dans un un seul et même comité, le «Pension and Health Benefits Committee». Deux nouveaux comités sont constitués, l’un dédié aux questions financières et administratives, l’autre aux problématiques d’audit et de risque (compliance).
14/02/2012
Fonds

iShares prépare un ETF d'ETF tous terrains

Le 2 février, iShares (BlackRock) a notifié à la SEC son intention de lancer le iShares Morningstar Multi-Asset High Income Index Fund, un ETF d’ETF qui cherchera à répliquer un indice multi-classes d’actifs de Morningstar couvrant des ETF iShares tant pour les actions, les obligations et les classes alternatives (actions préférentielles et REIT).Le montant de la commission n’a pas encore été dévoilé. L’indice se compose à 20 % d’ETF actions, à 60 % d’ETF obligataires et à 20 % d’ETF de préférentielles et de REIT. Les sommes qui ne seraient pas investies dans les ETF de l’indice le seraient dans des Cash Funds de BlackRock.
Fonds
14/02/2012
Fonds

ProShares sort les premiers ETF à levier sur le spread TIPS/TSY

Le gestionnaire alternatif ProShares (23 milliards de dollars fin décembre) a annoncé le lancement de ce qu’il estime être les premiers ETF répliquant le différentiel de taux entre les Treasurys (TSY) et les TIPS (obligations indexées sur l’inflation), ou breakeven inflation (BEI), avec un effet de levier de 3 en long et en short.Il s’agit respectivement du ProShares UltraPro 10 Year TIPS/TSY Spread (acronyme UINF) et du ProShares UltraPro Short 10 Year TIPS/TSY Spread (SINF). Ces produits cotés depuis le 9 février sur la plate-forme NYSE Arca cherchent à reproduire l'évolution du Dow Jones Credit Suisse 10-Year Inflation Breakeven Index avant frais. Les deux ETF sont chargés à 0,75 %.
Fonds
14/02/2012
Fonds

JP Morgan lance un portail dédié à l'administration de fonds

JP Morgan Worldwide Securities Services (WSS) vient de lancer le Fund Reporting and Media Exchange Site (FRaMES) qui propose à sa clientèle un accès sécurisé et collaboratif pour des activités d’administration de fonds.Dans un premier temps, le nouveau portail sera disponible pour la clientèle américaine (services réglementaires et responsables de la compliance).
Fonds
14/02/2012

HSBC Trinkaus IM tops EUR10bn in assets

The distributor-branded fund administration provider HSBC Trinkaus Investment Managers has for the first time topped EUR10bn in assets under management or administration, Fondsprofessionell reports. Its German affiliate HSBC INKA (EUR150bn in assets) currently administers 57 funds.
14/02/2012

Cioffi and Tannin (Bear Stearns) to pay USD1.05m

The two former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin will ultimately pay a total of USD1.05m to settle civils suits against them, the Wall Street Journal reports (see Newsmanagers of 10 February).The two men, who are also accused of lying about the health of their funds at the outbreak of the subprime crisis, will also be barred from professional practice in the securities industry for three and two years, respectively.The implosion of the funds cost investors USD1.6bn.
14/02/2012

Ban on short-selling lifted

A rule forbidding all net short positions or increases of such positions in the capital of a set list of French financial sector companies ended on Saturday, 11 February 2012, the French financial regulator, the Autorité de marchés financiers (AMF), announced on 13 February.As a result, a ban on short-selling shares in the capital of, or providing access to the capital of the following credit and insurance sector businesses is lifted: April Group, Axa, BNP Paribas, CIC, CNP Assurances, Crédit Agricole, Euler Hermès, Natixis, Scor and Société Générale.The AMF points out that since February 2011, there has been a requirement in place that net short positions on equities be declared, and that, in line with French regulations, all investors must be in a position to deliver a J+3 declaration on the shares sold.
14/02/2012

Mercer awards "true" ESG label to 9% of strategies

Of the 5,175 ESG (environmental, social and governance) strategies analysed by Mercer, only 9% truly deserve the top ratings (ESG1 or ESG2) in this area, the consultant reports. It has been rating these strategies in all asset classes and all regions of the globe since 2008.As expected, 57% of strategies rated ESG1 are dedicated to ESG or sustainable development themes, while 72% are managed by signators to the United Nations Principles for Responsible Investment (UN PRI). Among the strategies rated ESG2 (the rating just below ESG1), 22% are labelled as ESG or sustainable development products, which means that 78% are mainstream products which incorporate ESG criteria into their investment process. PRI signatories account for 22% in this category.Mercer states that of the 5,175 strategies analysed, 57% involve publicly-traded equities, 20% bonds, and 23% real estate, private equity, hedge funds and other alternative asset classes. Private equity is the area in which the largest percentage of strategies with top ESG ratings are found, while hedge funds and bonds are the areas in which the percentage is lowest.
14/02/2012

Appetite for risk remains lively

Investors seeking returns are continuing to enter funds dedicated to emerging markets in the first few days of February. Emerging market bond funds also finished the week ending on 8 February with record inflows of USD2.14bn, while emerging market equity funds, for their part, have seen exceptional subscriptions of USD5.8bn, according to statistics from EPFR Global. Inflows since the beginning of the year have totalled USD3.8bn for emerging market bond funds, compared with USD2.7bn in the corresponding period of 2011, and USD17bn for emerging market equity funds, compared with net redemptions of USD11.4bn the previous year. Equity funds overall attracted USD9.83bn, while bond funds for their part have posted net inflows of over USD6bn. The other winners of the week are high yield bond funds, EMEA equity funds, European equity funds and municipal bond funds. Money market funds, for their part, have posted net inflows of USD11.2bn, with more than three quarters of this total going to European money market funds.
14/02/2012

Deborah Fuhr opens a consulting firm, looks for a job

Following her departure from BlackRock and her arrival at BofA Merrill Lynch, which was cut short, Deborah Fuhr is now in the process of opening a consulting firm in London in order to meet a need for information about the ETF sector worldwide, Asian Investor reports. But she is not concealing the fact that she remains open to any job offers, including in Asia. The creation of a consulting firm based in London meets a need to dissipate misunderstandings about ETFs, and to explain what these prodcuts really are, from the point of view that they are transparent and competitive products that create value.
14/02/2012

Banca Civica and BBVA launch guaranteed funds that pay 3%

On 6 and 10 February, Banca Civica and BBVA Asset Management registered two guaranteed bond funds with the CNMV. The first of these, Banca Cívica Premium Rendimiento VII, will mature on 15 September 2014, while the second, BBVA Solidez XV BP, will mature on 28 December 2015. The two funds will pay annual returns of 3%.CharacteristicsName: Banca Cívica Premium Rendimiento VIIISIN code: ES0165546039Front-end fee: 3%Management commission: 0.7%Withdrawal penalty (from 15 March 2012 to 14 September 2014): 3%Name: BBVA Solidez XV BP, FIISIN code: ES0110016005Front-end fee: 5%Management commission: 0.87%Withdrawal penalty: 1%
14/02/2012

Credit Suisse remains sceptical of growth on ETF markets

In a survey published on Monday, Credit Suisse claims that the environment in which the European ETF sector is developing remains difficult due to economic uncertainties worldwide and the European debt crisis, Handelsblatt reports.However, the Swiss group, which claims a place as the fourth-largest ETF promoter in Europe, estimates that this year regulators will cause fewer difficulties for actors in this area. Proposals unveiled late in January by ESMA are considerably less strict than many experts had expected, which will partly dispel investors’ concerns.
14/02/2012

UCITS-compliant hedge funds gained 1.37% in January

As of the end of January, the Geneva-based firm Alix Capital counted about 750 UCITS-compliant funds with assets of about EUR118bn, and the UCITS Alternative Index Global has posted returns of 1.37% in Janyary, after gains of 0.35% in December. For 2011 as a whole, the index lost 3.64%. The UCITS Alternative Index Fund of Funds in January showed gains of 0.18%, compared with losses of 0.05% in December, and losses of 5.25% for last year as a whole.
14/02/2012

David Wright appointed secretary general of IOSCO

The International Organization of Securities Commissions (IOSCO) on 13 February announced the appointment of David Wright as secretary general of the international organisation. Wright will begin in his new role in March 2012. Wright worked for over 30 years at the European Commission. He was senior advisor to the Commission during the financial crisis. He has very recently been a member of the Commission’s working group on Greece.
14/02/2012

Half-yearly results down sharply at Investcorp

The alternative asset management firm Investcorp, based in Dubai, has reported a decline in its net profits for the first half of its fiscal year to 30 June 2012, to USD5.25m, from USD56.23m in the corresponding half of the previous year. This development is largely due to poor results on investments in hedge funds. Assets under management totalled USD11.6bn as of the end of December, compared with USD11.8bn as of 30 June 2011. Over the next two years, the asset management firm is planning to invest more than USD440m in stakes in companies in Turkey and the gulf states via its Gulf Opportunities fund (USD1bn in assets), which is already 50% invested in four deals.
14/02/2012

Household financial assets down in 2011

Despite record savings rates, the level of financial savings expressed as a percentage of household disposable income was lower than 8% in 2011, well below the long-term average of 10% and 12% in the good years from 2005-2007, according to the Cahiers de l’Epargne-PAIR Conseil. The rate is expected to remain below 8% in 2012, as households continue to dip into their financial savings to pay off debts and to increase contributions to real estate transactions. Caught between limited inflows of new investments and falling valuations of financial assets in the wake of the financial crisis, the value of the financial assets of households is estimated to have lost value in 2011 (-0.9%), to a total of EUR3.892trn. At the same time, the non-financial wealth (the vast majority of which is real estate) has gained value (+6.8%), driven by the ongoing rise of values for older real estate properties. Overall, household wealth has seen its growth slow in 2011 to +4.2%, compared with +8.8% in 2010. It now totals EUR11.806trn as of the end of 2011, according to the Cahiers de l’Epargne.
14/02/2012

Baring AM recruits for multi-asset class team

Baring Asset Management has added to its multi-asset class team with the appointment of Alison Huang, who will be based in London, Citywire reports. She joins from TT International Investment Management, where she had been an equity analyst.
14/02/2012

Former TCI and Citadel managers found a hedge fund

Masroor Siddiqui, formerly of The Children’s Investment Fund (TCI), has teamed up with Bruce Emery, former head of European equities at Citadel, to launch a hedge fund entitled Naya Capital, Financial News reports. The new firm has already raised USD75m to USD100m from friends and family.
14/02/2012

Principal IM releases its latest recommendations

The asset management firm Principal Asset Management is inviting investors to prefer value funds rather than growth funds in the current low-growth environment. In its latest recommendations, Principal suggests that investors should pull out of the Neptune Income fund (GBP1bn in assets), due to its bias on global growth, Investment Week reports. The Neptune fund is now on a “grey list” by Principal, which lists funds whose styles are no longer in favour or which are at risk of collapsing. Principal also publishes a “white list” of winning funds and a “black list” of funds to avoid. There is only one new addition to the white list: the Fidelity MoneyBuilder Dividend, which focuses primarily on companies which are well-managed and generate cash flow, and which are likely to pay dividends to investors in times of stress. The White List Troy Trojan Income, Threadneedle UK Equity Income, Threadneedle UK Equity Alpha Income, Threadneedle UK Monthly Income, CF Walker Crips Equity Income, Invesco Perpetual High Income, Invesco Perpetual Income, RBS Equity Income, Artemis Income, St James’s Place UK High Income, Cazenove UK Equity Income, Aviva Investors UK Equity Income, Royal London UK Equity Income, Fidelity MoneyBuilder Dividend The Black List Lazard UK Income, Ignis UK Equity Income, Jupiter Income Trust, Old Mutual Equity, JPM UK Higher Income, Standard Life UK Equity High Inc, Marlborough UK Inc and GTH Trust, Henderson Global Care UK Income, AXA Framlington Monthly Income, Henderson Higher Income, AXA Framlington Equity Income, Scottish Widows UK Equity Income, GLG UK Income, SWIP UK Income (based on data as of 31 December 2011)
14/02/2012

Irish-registered funds top EUR1trn

Total assets under management in Irish-registered funds as of the end of December totalled EUR1.008trn, a record. Since the end of 2009, these assets have increased by 40%, Hedgeween notes. At the end of 2009, they totalled EUR711bn.
14/02/2012

ETFs on linkers benefit from inflationary fears

US investors have made profits in investing in inflation-linked bonds (or ‘linkers’) such as Treasury Inflation-Protected Securities (TIPS), which have gained 111% over 10 years, compared with 73% for normal bonds, and 33% for equities (S&P 500), the Börsen-Zeitung reports. Some ETFs based on linkers have also benefited from fears of a rise in inflation. For example, the German-registered fund iShares Barclays Capital Dollar TIPS has posted average annualised gains since its launch in December 2006 of 7.5%. Since inception in June 2007, the db x-trackers iBoxx Global Inflation Linked Index Hedged has gained 40%.
14/02/2012

Hedge funds profit from banking sector rally

Several hedge funds have made money on the rally in the European banking sector in the past few weeks, and are betting that the trend will continue, due to the cash by central banks, the Financial Times reports. On average, long/short hedge funds have posted returns of 3.8% in January, and have made 1.6% in February, Hedge Fund Research reports. Among the big winners are Toscafund, the European fund from Crispin Odey, and the British flagship fund from Lansdowne Partners.
14/02/2012

EFAMA calls for revision of Volcker rule

The proposed Volcker rule, in its current form, represents an inadapted extra-territorial application of US legislation, the European financial and asset management association (EFAMA) claims in response to a consultation launched by the US authorities for this newly-proposed legislation.The legislation proposed would significantly exacerbate the negative impact of the Volcker rules on the asset management sector in Europe, without tangibly advancing the objectives of the legislation, EFAMA explains in a statement published on 13 February.The primary concern of EFAMA is related to the highly varied treatment of US mutual funds, on the one hand, and UCITS and other regulated investment funds available to European investors, on the other.“Our members are particularly concerned by the extra-territorial impact of the Volcker legislation on the structure of the asset management sector in Europe. If these problems are not resolved, the rules may lead to a costly and large-scale restructuring of the sector, which has nothing to do with the objectives of the Volcker Rule. It is simply not permissible that the Volcker rule should have a more marked impact in Europe than in the United States,” the director general of EFAMA, Peter de Proft, states.
14/02/2012

EDHEC claims Solvency II penalises hedge funds too much

In his study “Solvency II : A unique opportunity for hedge fund strategies,” published in January, Mathieu Vaissié, research associate at the Edhec-Rick Institute and a senior portfolio manager at Lyxor Asset Management, claims on the basis of a sample of 14 Lyxor hedge fund strategy indices, that it would have been enough to cover 21.86% of investment risks with tier 1 equity over a period of 5 1/2 years (from the beginning of 2006 to mid-2011). That is 55% lower than the 49% ratio that Solvency II regulations require insurers to maintain for investments in hedge funds, and even a lower ratio than the 39% required for investments in equities.Edhec is now of the opinion that a regulatory rate of 25% for investments in hedge funds would be adequate.
14/02/2012

Soccer bites into market activity, ECB finds

In a working paper, the European Central Bank has analysed the impact of rebroadcasts of World Cup (FIFA) soccer matches from South Africa on market activity in 15 countries. When the matches involve the national teams of the countries concerned, the number of stock market transactions falls by 45%, and trading volumes fall by 55%. In the event of a goal being scored, the number of trades falls a further 5%. During the match, newsflow has 20% lower importance than between matches.
14/02/2012

CalPERS modifies structure of committees

The California pension fund CalPERS has announced a new structure for its committees, which are reduced in number to six from seven previously. The board of trustees will be studying the dissolution of a retirement committee in the next few days, which would reduce the number of committees to five. The most significant change concerns the planned merger of the Benefits and Programs Administration and Health Benefits committees, to form a single Pension and Health Benefits Committee. Two new committees are being created, one dedicated to financial and administrative questions, and one to auditing and compliance issues.

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