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30/01/2012
Fonds

Deutsche Bank prépare un fonds pour les déçus des hedge funds

Deutsche Bank prépare selon le Financial Times un fonds dont le portefeuille serait composé de participations illiquides ou affectées dans des hedge funds n’ayant pas retrouvé leur niveau d’avant la crise de 2008. La banque estime que ce type d’actifs peut représenter jusqu'à 100 milliards de dollars pour les investisseurs déçus. Mais ils présentent également de gros potentiels à long terme, notamment pour des investisseurs de type fonds de pension. Le fonds devrait être monté par Deutsche Bank avec Rosebrook Capital et lever au moins 500 millions de dollars, selon des sources proches du projet.
Fonds
30/01/2012

Nikko AM recrute un ancien de Coutts

Nikko Asset Management vient de recruter Geoffrey Post en qualité de responsable du développement de l’offre internationale hors Japon, rapporte Hedge Week.Geoffrey Post, qui travaillait précédemment chez Coutts, sera basé à Londres.
30/01/2012

"Nous voulons être représentatifs, écoutés et entendus"

MIF, Bâle III, Solvabilité II, taxe sur les transactions financières, agences de notation, gestion alternative… Jean Eyraud, élu le 22 juin 2011 président de l'Af2i, ne se limite pas à développer le plan de marche de l'association mais prend position pour Newsmanagers sur les grands thèmes de l'heure.
30/01/2012
Fonds

L'australien Ascalon investit dans des hedge funds asiatiques

L’ incubateur australien Ascalon Capital Managers, spécialisé dans le secteur de la gestion alternative, vient d’investir dans deux hedge funds asiatiques, rapporte Asian Investor.Au début du mois, Ascalon a pris une participation de 30% dans la société basée à Singapour Canning Park Capital, qui gère un fonds actions long/short. En décembre, Ascalon a en outre pris 35% d’Athos Capital à Hong Kong, qui envisage de lancer une stratégie event-driven. En Australie, Ascalon a déjà investi dans sept boutiques dont les actifs sous gestion cumulés s'élèvent à 4,5 milliards de dollars.
Fonds
30/01/2012

Swisscanto eyes German institutionals

From 1 February, Andreas Rothmer will be joining the sales team at Swisscanto in Frankfurt, as a senior account manager. Rothmer will be particularly charged with recruiting and assisting institutional clients throughout Germany. He previously worked at Allianz Global Investors and Deka, also in distribution of funds to institutional clients.Rothmer will report to Ralf Branda, head of international distribution at Swisscanto.
30/01/2012

Chairman of board at Janus Capital Group retires

Steven L. Scheid, chairman of the board of directors at Janus Group, will be leaving the firm to retire in April. He had been in the position since 2004. He will be replaced by Glenn S. Schafer, former director and chairman of the audit board.
30/01/2012

Bank of Korea issued a QFII license

The Korean central bank has obtained a qualified foreign institutional investor (QFII) license from the Chinese authorities, Asian Investor reports. The Bank of Korea is hoping to invest in Chinese equities from the first half of this year, as soon as it is allocated a quota which may range from USD200m to USD300m. Currency reserved at the Bank of Korea total USD310bn.
30/01/2012

BNY Mellon automates processing of loans to hedge funds

Combining the expertise of BNY Mellon Alternative Investment Services (AIS) in alternative management and BNY Mellon Corporate Trust in bonds, BNY Mellon is now offering hedge funds an automated securities lending service. The administrative solution offers straight-through processing (STP), covering all operations from pre-market to post-market, using exclusive technologies. BNY AIS serves as administrator and custodian for USD450bn from hedge funds, funds of hedge funds and private equity funds, while BNY Mellon Corporate Trust provides credit services totalling USD11.8trn.
30/01/2012

Profits contract at Legg Mason

For the third quarter of the fiscal year to 31 March 2012, from October to December 2011, Legg Mason has announced a net profit of USD28.3m, compared with USD56.7m for July-September and USD61.6m in the corresponding period of 2010.In the nine months to the end of December, net profits have totalled USD144.7m, compared with USD184.9m in April-December 2010.The asset management firm has confirmed that its total assets as of the end of December totalled USD627bn, compared with USD611.8bn as of the end of September, and USD671.8bn twelve months earlier.In October-December, Legg Mason had net outflows of USD7.1bn from fixed income funds, and USD4.9bn from equity funds, and net subscriptions of USD10.7bn to money market funds. As of 31 December, assets under management were 56% in fixed income, 25% in equity and 19% in money market funds, with 63% of assets coming from clients based in the United States.
30/01/2012

South Carolina pension fund backs off hedge funds

Five years ago, the South Carolina public pension fund was not allowed to invest in hedge funds or other alternative products. Now, the Wall Street Journal reports, this type of investment represents nearly half of the fund’s USD26bn in assets (20% in hedge funds, 6 times more than the average pension fund allocation).The State Treasurer, Curtis Loftis, is planning to considerably reduce this percentage, not only due to the risks, but also due to the costs, as management commissions paid by the fund increased in the fiscal year ending on 30 June 2011 by 11%, to USD344m, while performance before fees was 18.6%, compared with a 21.4% average for major pension funds, according to Wilshire Trust Universe Comparison Service.
30/01/2012

Lone Star finally gets clear of KEB tangle in Seoul

Agefi reports that the South Korean regulator has granted its approval to an agreement between the Texas-based fund Lone Star and the claimant to acquire its majority stake in the capital of the Korea Exchange Bank (KEB), the local Hana Financial group. The bank’s 51% stake in the stock market firm will change hands for KRW3.9trn, equivalent to EUR2.7bn.
30/01/2012

Only one in four Spanish funds had inflows last year

According to statistics from the Inverco association of asset management firms, 650 funds out of 2,655 funds on sale in Spain posted net subscriptions last year, Funds People reports. That corresponds to a ratio of 25%.Two guaranteed funds from InverCaixa, Foncaixa Estabilidad and Foncaixa Estabilidad Plus, led the rankings with net inflows of EUR2.444bn and EUR514m, respectively. Third place goes to a conservative fund from Santander, the Santander Select Prudente, with EUR437m.Of the top 20 funds by net inflows, 14 are guaranteed funds.Inverco has also announced that average assets in Spanish funds as of the end of December totalled EUR53m. Only eight funds have over EUR1bn in assets, compared with 13 in October 2010. The three largest are the Foncaixa Estabilidad, whose assets have increased 88% to EUR2.533trn, and the Santander Banif Inmobiliario, whose assets under management have fallen 4.6% to EUR2.4tbn (of which 93% are held by Santander), and the BBVA Ahhoro C/P, whose assets have fallen 18% to EUR1.798bn.
30/01/2012

Nikko AM recruits a former Coutts manager

Nikko Asset Management has recruited Geoffrey Post as head of development for its international ex Japan product offerings, Hedge Week reports. Post, who had previously worked at Coutts, will be based in London.
30/01/2012

Britain's 3i launches a new Europe fund

The 3i group on 27 January announced that it will be seeking investors in late 2012 to launch a single fund dedicated to LBOs and venture capital. In order to follow a regional allocation approach, the fund will invest only in Europe and the United States. In all other countries where it has seen growth vectors in recent years, such as China and India, 3i si preferring to raise funds locally. It is preparing to raise a second fund for infrastructure in India with USD2bn, and is the only European fund to have received permission from the Chinese government to launch a USD100m convertibles fund in local currency.
30/01/2012

Fidelity launches a global dividend fund

With the Fidelity Global Dividend Fund, Fidelity Worldwide Investment is launching a Luxembourg-registered fund which will invest in shares in global companies which pay high dividends. The portfolio will include about 50 positions, which the manager, Dan Roberts, will select from a universe of 2,500 shares, of which 180 to 200 will be potentially eligible. Each position will account for 1% to 4% of the total.The subscriber will have the choice between capitalisation and distribution either on a quarterly, monthly, or annual basis at a rate of 3.6% annually.The new sub-fund of the Fidelity Funds Sicav uses the MSCI World All Country index as its benchmark, and is not subject to any weighting constraints. Roberts will invest in companies which are expected to pay high dividends, but not in those which may give rise to increased risk levels for the portfolio as a whole.The manager points out that 550 businesses of the MSCI World index pay dividends of over 4%, while in Europe, there are fewer than half as many such firms.CharacteristicsName: Fidelity Funds – Global Dividend FundISIN codes:Monthly distribution EUR: LU0731782826USD: LU0731783048Quarterly distributionEUR: LU0731782404USD: LU0731782586EUR capitalisation: LU0605515377Front-end fee: 5.25%Management commission: 1.50%
30/01/2012

iShares changes benchmark index for an SRI ETF

From 16 March 2012, the Dow Jones Sustainability Eurozone ex alcohol, tobacco, gambling, armaments & firearms and adult entertainment fund from the Swiss asset management firm SAM will replace the Euro Stoxx Sustainability 40 index as the basis for replication of the iShares Euro Stoxx 40 (DE) ETF. The name of the fund will be changed to iShares Dow Jones Eurozone Sustainability Screened (DE). The ISIN code (DE000A0F5UG3) and commission level (0.41%) will remain unchanged, but the number of positions will increase from 40 to 80.
30/01/2012

Pantheon remains active in Europe

The British fund Pantheon (USD25bn in assets under management) is not planning to hold itself aloof to the European fund market, despite the euro crisis. “There is clearly a crisis, but we are vigilant and we are watching the fundamentals. We will continue our investment strategy focused on SMEs worldwide, but we see particularly attractive niche opportunities in certain regions of Europe, such as Scandinavia, and in investment segments or sectors, such as recovery funds and agribusiness,” Elly Lingstone, a partner at Pantheon, tells Les Echos.
30/01/2012

Deutsche Bank preparing a fund to invest in distressed hedge fund assets

The Financial Times reports that Deutsche Bank is preparing a fund to snap up investors’ illiquid or damaged holdings in hedge funds that have failed to recover since the financial crisis..The bank claims that assets of this type may represent up to USD100bn for investors. But they also have good long-term potential, particularly for pension fund investors. The fund would be launched by Deutsche Bank with Rosebrook Capial, and would aim to raise at least USD500m, according to sources familiar with the project.
30/01/2012

Raiffeisen takes over nearly all of Wegelin bank

Despite its repeated denials, Wegelin has ultimately decided to take drastic action. Growing threats to the situation at Wegelin & Co. private bankers in the United States have led management into a radical decision, to transfer the majority of clients and employees to the private bank Notenstein Private Bank Ltd., which Raiffeisen will acquire in its entirety. The transfer will bring lasting reinforcement to the position of Raiffeisen on the Swiss wealth management market. The sale price has not been disclosed.On 27 January 2012, Wegelin bank thus transferred most of its clients and employees to the private bank Notenstein SA. The transfer allows the bank to withdraw from asset management activities which had previously been conducted internally at the bank, and to combine them with Wegelin Fund Management Ltd in a dedicated entity, 1741 Asset Management SA, a wholly-owned subsidiary of Notenstein Private Bank Ltd., the bank says in a statement. The Swiss financial market supervisory authority, Finma, has announced that it will authorise the operation.Wegelin & Co. private bankers will remain active to manage US client contracts to their conclusion, and to participate in talks with the US penal authorities. “As a fully liable party, we will clearly assume our responsibilities,” explains Konrad Hummler, partner and director at the bank. “We wanted to confront the legal debates which await us. But at the same time, we had a duty to offer our clients and employees as much security as possible. All personnel at the bank are unanimous in this position.”
30/01/2012

British government unveils financial reforms

The British government on 27 January published its Financial Services Bill. Under the new legislation, the FSA will cease to exist, while the Bank of England will inherit extended powers, and will become responsible for strengthening financial stability and supervising banks, Agefi reports. Three new organisations will be created: the Financial Policy Committee, whose role will be to contribute to the stability objectives of the Bank of England and to monitor systemic risks; the Prudential Regulation Authority, which will be the future authority to oversee the British banking system, replacing the FSA; and the Financial Conduct Authority (FCA), which will concentrate on protecting consumers and markets.
30/01/2012

Australia's Ascalon in vests in Asian hedge funds

The Australian fund incubator Ascalon Capital Managers, a specialist in the alternative management sector, has invested in two Asian hedge funds, Asian Investor reports. Earlier this month, Ascalon bought a 30% stake in the Singapore-based firm Singapore Canning Park Capital, which manages a long/short equity fund. In December, Ascalon bought a 355 stake in Athos Capital in Hong Kong, which is planning to launch an event-driven strategy. In Australia, Ascalon has already invested in seven boutiques whose cumulative assets under management total USD4.5bn.
30/01/2012

Assogestioni plans to lower ratings criteria for money market funds

The Italian asset management association, Assogestioni, is studying the possibility of lowering the minimal rating required for sovereign debt held by money market funds. The limit would be lowered to investment grade.The Italian association made the announcement in a statement. The decision would prevent managers from being required to divest the funds due to recent and future downgrades of the credit ratings of some governments on the part of ratings agencies.Assogestioni points out that by its rules, money market funds may hold bonds with a rating of at least A2 (Moody’s) or A (S&P).
30/01/2012

“We want to be representative, to be listened, and heard”

MiFID, Basel III, Solvency II, a tax on financial transactions, ratings agencies : Jean Eyraud, elected on 22 June 2011 as president of the Af2i, is not limiting himself to the association market, but talks to Newsmanagers about the major topics of the day.
30/01/2012

IASB and FASB want to harmonise classification of financial instruments

The developer of international accounting standards IASB, and the US accounting auditor FASB on 27 January announced that they have reached an agreement to attempt to reduce disparities between their respective classification and measurement models for financial instruments.The talks will be part of the discussions underway on a proposed update of IFRS 9 standards for financial instruments, published in November 2009 and amended in October 2010.
30/01/2012

FSA and Finma would sue UBS

The Wall Street Journal reports that British (FSA) and Swiss (Finma) regulators are preparing to file legal actions against UBS for shortfalls which allowed a trader at the firm, Kweku Adoboli, to make unauthorised trades which led to USD2.3bn in losses.
30/01/2012

BlackRock appoints a head of sales

BlackRock has announced the appointment of Jeremy Roberts as head of retail sales for the United Kingdom. He replaces Mark Elliott, who becomes head of strategic retail clients for Europe, the Middle East and Africa. Roberts had previously been head of the sales team for London and the Channel Islands, Investment Week reports.
30/01/2012

Independent wealth managers turn in good results

Investment Europe reports that Andreas Grünewald, chairman of the German VuV association of German independent wealth managers, has announced that 673 funds launched by members have earned average returns of 15.61% for the three years to the end of 2011, with aggressive products making 27.5%, compared with 22.6% for diversified products, and 8.75% for defensive products.However, the size of funds remains small, with about one quarter of products under EUR10m, and only 27 funds with over EUR1bn.
30/01/2012
Gestion d'actifs

Le RSI a sélectionné son partenaire en charge de la gestion d'un FCP dédié sur les obligations d'entreprises

A l’issue d’une mise en concurrence restreinte initiée en 2011, le RSI a sélectionné Natixis AM pour gérer un FCP dédié de 250 millions d’euros dont le dépositaire, valorisateur et conservateur unique est Caceis. Il s’agit d’une gestion obligataire d’entreprises émettant dans des pays de l’OCDE, avec une notation minimum de Baa3/BBB-, ayant pour indice I box 1-5 ans et une sensibilité comprise entre 0 et 5. Contacté à ce sujet, Natixis AM n’a pas souhaité confirmer, ni commenter cette information.
Gestion d'actifs

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