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23/01/2012

Management reshuffle at BNY Mellon Asset Servicing

Vince Sands has been appointed as deputy CEO at BNY Mellon Asset Servicing, a position in which he will report to Tim Keaney, vice chairman and CEO. He will be replaced as head of Asset Servicing Ammericas by Samir Pandiri, who had been CEO of BNY Mellon Shareowner Services.For his part, Lou Maiuri, head of outsourcing, has been appointed as head of the global financial institutions business, replacing Nadine Chakar, who becomes global head of Derivatives360.Hani Kablawi will replace Frank Froud, who is leaving the business, as head of EMEA Asset Servicing. Along with Maiuri, Kablawi will report to Tim Keaney, who will continue to report to Chung Jin Leow, head of Asia Pacific Asset Servicing.
23/01/2012

BNY Mellon appoints Nadine Chakar as head of Derivatives360

Nadine Chakar, head of the global financial institutions group at BNY Mellon Asset Servicing, has been appointed as global head of Derivatives360, a derivatives trading platform. She will report to Karen Peetz, vice chairman and CEO of the financial markets & treasury services division at BNY Mellon, and succeeds Patrick Tadie, who has been appointed as business executive for hedge fund services and broker-dealer activities.
23/01/2012

Assets at La Française REM up 20% in 2011

La Française REM last year posted a record increase of 20% to its real estate assets, the firm announced on 20 January in a statement. Assets under management now total over EUR7bn. Gross inflows last year totalled EUR1.2bn. The real estate asset management affiliate of La Française AM says that the past year was marked by the comlpetion of several projects using OPCI vehicles as their investment structure, for French and international clients, in the form of dedicated portfolios or as club deals. In one year, La Française REM has tripled its OPCI assets, to over EUR1bn as of the end of 2011. La Française REM is now positioning itself on the OPCI market as one of the leading providers, while retaining its position as leader in the SCPI non-publicly traded real estate fund segment (over EUR500m in gross inflows in 2011, and assets of EUR5.8bn). It is also continuing to develop multi-management in Europe, where it has increasing assets.
23/01/2012

Samsung seeking real estate partnership

The Korean asset management firm Samsung Asset Management is seeking to develop its investment portfolio of real estate in the United States, the UK, and other developed economies, in order to profit from sales of distressed properties, Asian Investor reports. Samsung launched its real estate fund activity in 2009, with three funds representing assets under management of USD500m. Samsung also launched an infrastructure fund in 2011.
23/01/2012

Franklin Templeton launches dividend fund

Uwe Zöllner, head of Pan European equity at Franklin Equity Group, is head of the management team for the Franklin European Dividend Fund (LU0645132811), which has recently received a sales license from BaFin for Germany and the FMA for Austria. The fund is long-only, as it invests in European equities likely to pay higher than average dividends. The investment horizon for the product, which has no benchmark, is 3 to 5 years.
23/01/2012

Some real estate funds may go institutional

According to the Börsen-Zeitung, Axa IM is currently in talks with institutional investors who hold 100% of the open-ended real estate fund Axa Immosolutions (EUR352m), about a potential conversion of the fund into an institutional product.Hartmut Leser, chairman of the managing board at Aberdeen Asset Management, claims that a transformation of this kind is the only way to save the DEGI German Business fund (EUR242m).However, UBS Germany has ruled out converting the 3 Sector Real Estate Europe fund (EUR348m) into an institutional fund, as it still has 20% retail shareholders, and the asset management firm is keen to stay on the good side of these clients.
23/01/2012

Eaton Vance launches two funds managed by Parametric

Two new funds with retail and institutional share classes managed by Parametric Portfolio Associates (USD41.9bn in assets) have been launched by Eaton Vance Corp (USD184.5bn). They are the Eaton Vance Parametric Structured Absolute Return Fund (acronyms: EPRAX and APRIX), and the Eaton Vance Structured Currency Fund (EAPSX and EIPSX). The funds are co-managed by David M. Stein, CIO of Parametric, and Thomas Seto, managing director, portfolio management, at Parametric.The first of these funds deploys a structured investment process proprietary to Parametric, with a market neutral approach. The objective is to profit from certain characteristics of the quantitative and behavioural market, to generate returns via adjustments to the weighting of a vast range of asset classes, including US and international equities, commodities, and currencies.The Currency Fund applied the Parametric investment process to investments in short-term instruments, which allow for exposure to currencies other than the US dollar. The goal is to protect funds from a falling US dollar through holding currencies from emerging and developed countries, with periodic rebalancing.
23/01/2012

Partnership announced between Bernheim, Dreyfus and Hyde Park Investment

The Paris-based asset management firm Bernheim, Dreyfus & Co has selected the London-based third-party marketer Hyde Park Investment, which will seek to place EUR200m in shares in the Diva Synergy and Diva Synergy UCITS funds. Hyde Park Investment is regulated by the British FSA, while its sister firm, Hyde Park Investment International, is regulated by the Maltese financial services authority.
23/01/2012

BlackRock to launch an absolute return equity fund focused on Americas

BlackRock is planning to launch an absolute return fund dedicated to US and Latin American equities, Fund Web reports. The Americas Diversified Equity Absolute Return fund will offer at least 70% exposure to the market via equities and equity related securities from Canada, Latin America, and the United States. The portfolio will be managed by Raffaele Savi, managing director and member of the scientific advising committee for equities. Front-end fees may range up to 5%, with an annual management commission of 1.5% and a performance commission of 20% with high watermark. The fund may be launched toward the end of first quarter.
23/01/2012

ALFI critical of Volcker rule and Tobin tax

2012 will be marked by an increase in regulatory pressure, according to the Luxembourg investment fund association (ALFI), which says that it is “particularly concerned” by the Volcker Rule and a proposed tax on financial transactions.At a press conference, Marc Saluzzi, the new chairman of ALFI, claimed that the Volcker rule, in its current form, would create market distortions, and needs to be modified. “At the least, we think that the final version of this law should put European regulated funds on an even footing with their US equivalents,” says Saluzzi. In relation to the proposed tax on financial transactions, ALFI claims the legislation may drag down sales of UCITS-compliant funds outside Europe, and significantly reduce assets in European funds. In order to limit its impact, financial institutions “will make large-scale efforts to move their activities abroad, and/or to increase costs for consumers.” ALFI insists that the proposed legislation could slow sales of UCITS-compliant funds outside Europe, and significantly reduce assets placed in European funds. The impact on the fund sector would be significant, not only due to the high level of tax proposed, “but also because the proposal assumes multiple taxation of the fund portfolio and investors.”
23/01/2012

EQT to manage future funds onshore

EQT, the nordic private equity company with close to EUR18bn in raised capital, has decided to manage future EQT funds onshore in Europe, citing clarification of the European regulatory environment. «A number of steps have been taken within the EU to introduce a harmonized framework for the regulation of alternative investment fund managers, such as private equity. The regulatory environment has been clarified significantly and the framework will enable EQT to manage future funds onshore», explains the company in a press release.Potential new locations for management will be UK, the Netherlands and Luxembourg, but also other onshore alternatives, for instance Sweden, will be considered.
23/01/2012

Two Dax ETFs attracted over USD17bn in 2011

According to statistics from BlackRock, there are two Dax ETFs in the rankings of the top five funds by net subscriptions for 2011. These are the iShares Dax ETF, which attracted a net total of USD11.6bn, and finished the year with USD13.96bn, and the db x-trackers Dax ETF, which attracted USD5.67bn, and had assets as of 31 December of USD7.55bn.The global leader remains the ETF SPDR S%P 500 from State Street Global Advisors (SSgA), whose assets under management as of the end of 2011 totalled USD95.28bn, and which has seen net inflows of USD6.57bn.The Dax ETFs from iShares and db x-trackers ranked 15th and 39th by asset volumes, respectively.
23/01/2012

Hedge funds struggle to gain back lost ground

Hedge fund clients of Credit Suisse currently have leverage of 2.5 times, compared with 2.4 times at the low point just after the crisis, while their cash holdings have fallen to 22% from 25% last summer, the Financial Times reports. However, two thirds of hedge funds are still below their high watermark, and 13% have earned no performance commissions since at least 2007.
23/01/2012

European bonds and Chinese equities in high demand

The prospect of an end to the euro zone debt crisis with the support of the International Monetary Fund have boosted European bond and Chinese equity funds, both of which are asset classes that have been unpopular recently.In the week to 18 January, Chinese equity funds posted a net inflow for the first time since the end of April 2010, of over USD600m, largely from institutional investor clients, according to weekly statistics from EPFR Global.European bond funds have posted their highest levels of subscriptions since the second week of July 2009, EPFR Global states, without giving specific figures. Bond funds overall have attracted USD4.35bn, while equity funds have posted inflows of USD2.8bn, and money market funds have finished the week with nearly USD12bn in net redemptions.Since the beginning of the year, bond funds have posted a net inflow of USD14.2bn, compared with USD2.9bn in the corresponding period of 2011, and equity funds have made USD7.4bn compared with over USD24bn, and money market funds have taken on USD5.9bn, while in the same period last year they saw outflows of over USD49bn.
23/01/2012

Lyxor launches two ETF funds in Italy

From 23 January, two new Lyxor ETF funds focused on emerging countries will be listed on the Milan stock exchange. They are the Lyxor ETF MSCI Indonesia (FR0011067511), focused on Indonesia, and the Lyxor ETF Thailand (FR0011067529), focused on Thailand. The asset management firm is the largest ETF manager on the Borsa Italiana, both in terms of contracts (68%) and exchange value (57%).
23/01/2012

Banque Pâris Bertrand Sturdza continues development

Banque Pâris Bertrand Sturdza (BPBS), founded in March 2009, which offers management advising and outsources private management activities from other providers, is planning to develop in Switzerland and western Europe, with the opening of offices in Zurich and Luxembourg, Agefi Switzerland reports. Teams specialised in Asia and the Middle East may be recruited in 2012.BPBS, which has 34 employees and is continuing to recruit, is also in talks with independent managers, “who may be hired as employees or future partners,” says Olivier Bertrand, one of two operational partners, alongside Pierre Pâris.The lead project for 2012 is the creation of PBS Investment, a unit which will be “the core of management at BPBS,” based on a systematic multi-asset class approach developed internally. The firm has not disclosed its level of assets under mamagement, which are said to have increased 85% last year, after doubling in 2010.
23/01/2012

Schroders suffers no crisis in Japanese equities

“Not only has the Schroder ISF Japanese Equity Alpha (EUR194.2bn) earned 10.4% since its launch, compared with 4.3% for its benchmark index, the Topix, but this strategy has outperformed the MSCI World index by 300/350 basis points over ten years,” Nuno Texiera, deputy CEO of Schroders France, and Shogo Maeda, head of Japanese equities, explain to Newsmanagers.Schroders now has about USD4.8bn in assets in Japanese equities, with four ISF funds, including the Japanese Equity fund managed by Maeda, which with assets of EUR307.1m as of the end of December, is focused on core portfolio large caps, with less risk and more stable earnings, while the Japanese Equity Alpha is more oriented to midcaps, with a portfolio concentrated on about 30 positions.Two of the four Luxembourg-registered Japanese equity funds of the range, the Japanese Equity and Equity Alpha, have brought in a net total of more than EUR158m in 2011. The Japanese Large Cap fund, which saw net outflows of EUR9.8m last year, will be converted into an “Opportunities” fund in April, and its investment perimeter will be extended to include all cap sizes. “One of the major advantages of Schroders, which has about 140 staff in Japan, is that it is interested in the under-researched midcaps universe, which many sell-side analysts have abandoned,” says Maeda.
23/01/2012

Nippon Life buys a stake in Reliance CAP

The Japanese insurance group Nippon Life Insurance has acquired a 26% stake in the capital of the Indian asset management group Reliance Capital Asset Management, Finance Asia reports. Transaction costs total USD286m. This is the largest foreign investment in the Indian asset management sector to date. Nippon Life has already teamed up with Reliance for insurance activities.
23/01/2012

Hedge funds reject settlement proposed by Porsche

Porsche, which is facing lawsuits seeking damages and interest of EUR2bn from several US hedge funds which accuse the firm of misleading communications policies during a takeover bid by Volkswagen, has proposed to settle present and future cases for a sum in the hundreds of millions of euros, manager magazin reports. However, the plaintiffs are reported to have rejected the offer as too low. The heirs of Adolf Merckle are also seeking EUR250m in damages and interest from Porsche.
23/01/2012

Oxfam launches a microfinance fund

Oxfam, a charity to fight poverty, is launching its first fund, the Financial Times reports. The Small Enterprise Impact Investment Fund is a joint initiative of Oxfam GB and Symbiotics, a Swiss microfinance specialist. It will invest in financial intermediaries with the goal of supporting small and mid-sized businesses in Africa and Asia.
23/01/2012

Lloyd George Management recruits for frontier markets team

Greg Mills, Dafydd Lewis and Donatas Uzkurelis are joining the frontier markets team at Lloyd George Management (LGM), Das Investment reports. Mills will be in charge of strategy; he had previously been national director of the South African institute for international affairs, and continues to serve as director of the Brenhurst Foundation in Johannesburg, which is dedicated to economic development in Africa. Lewis had been head of frontier market research at an investment firm in Dubai, and will be a specialist in the finance sector, while Uzkurelis will focus on the consumer goods sector, after serving for six years as an analyst at a European bank in Lithuania.
23/01/2012

ICAP retains Prosper to manage a UCITS version of one of its funds

The Swiss asset management firm Prosper Professional Services will advise and promote the fund Prosper Stars & Stripes, a UCITS-compliant version of a US long/short equity hedge fund. The product will be managed in Denver by the team at Independence Capital Asset Partners (ICAP) which is responsible for the original fund, Hedge Week reports. The fund will soon be registered in Switzerland, and will be aimed primarily at institutional clients.
23/01/2012

Lazard AM proposes an allocation fund dedicated to emerging markets

The asset management firm Lazard Asset Management has created a fund based on an existing strategy dedicated to emerging markets, to be managed by Kai Jacob, Fund Web reports. The Dublin-based fund, Lazard Emerging Markets Allocation, may rely on Lazard’s offerings in equities, debt and emerging market currencies. The new fund, derived from the portfolio of the Lazard Emerging Markets Multi-Strategy fund, which Jacob has managed since 2009, places the emphasis on growth and value equities, fixed income and currencies, in order to benefit from developments in the economic environment. Currently, the fund’s largest geographical allocation is to Brazil, where nearly 12% of the fund is invested, followed by Russia (11%) and China (8%).
23/01/2012

Skandia IG awards Artemis over GBP50m

Skandia Investment Group (SIG) has awarded Tim Steer of Artemis a mandate in the Skandia Global Best Ideas Fund worth GBP38 million and a mandate within the Skandia UK Best Ideas Fund worth GBP24 million. His appointment to the two Best Ideas funds sees him taking over the reins from Audrey Ryan of Kames Capital.Tim Steer is well known to SIG having managed a mandate for UK Best Ideas when at New Star. Additionally, he currently manages a mandate in UK Strategic Best Ideas.
23/01/2012

Invesco Perpetual rolls out a financial sector fund

Invesco Perpetual is offering a new fund dedicated to financial sector equities, the Global Financial Capital fund, which will be managed by the co-heads of fixed income, Paul Causer and Paul Read, and CIO Nick Mustoe. The fund will seek to earn returns over the mid- to long term through investments in banks and other financial institutions across the globe, in order to benefit from regulatory developments such as Basel III and ongoing structural reforms. The fund will be launched on 25 January, with initial capital of GBP2m. Initially, the fund will be primarily a bond vehicle, with a total equities allocation of 0% to 5%, but allocation to equities may increase up to 40%.
23/01/2012

Standard Life Investments extends MyFolio range

The range of MyFolio profiled funds on offer from Standard Life Investments (SLI), which has already attracted GBP9000m since October 2010, has gained two families of five products, the multi-managed MyFolio Multi Manager Income I to V funds, and the income funds MyFolio Managed I to V. The Multi Manager products are by definition composed of funds from throughout the market, while Managed funds are largely built from SLI funds. The MyFolio range offers subscribers active or passive management, which is always weighted in terms of risk.
23/01/2012

Arca Sgr cuts staff

In the space of six months, the Italian asset management firm Arca Sgr has reduced its staff from 180 to 70, Il Sole – 24 Ore reports. The changes come as part of a restructuring, which has also involved a change of governance. “The firm needed to radically change in order not to be liquidated, in light of the ongoing decline in net inflows since 2001,” the chairman of the firm, Guido Cammarano, explains. As of the end of 2011, assets at Arca totalled EUR12.4bn, compared with EUR31.6bn in 2001.
23/01/2012

"En France, nous voulons nous développer dans la banque privée"

Spécialiste de la gestion quantitative, Vincent Gleyze à la tête de Rivoli Finance revient sur le comportement de cette gestion en 2011 et sur le développement de sa maison cette année. Les objectifs sont ambitieux : via différents canaux, il est question de renforcer la présence de la société de gestion en France et en Europe auprès des épargnants, et de séduire également les investisseurs institutionnels...
23/01/2012

Bercy va lancer un arsenal contre la fraude fiscale

Dans le cadre du collectif budgétaire sur la TVA sociale, qui doit être présenté en conseil des ministres le 8 février, Bercy entend renforcer son arsenal en alourdissant les amendes sanctionnant la fraude fiscale, inchangées depuis une trentaine d’années, selon le quotidien. En premier lieu, le fisc aurait l’intention de confisquer environ 5% des avoirs des ménages qui dissimulent un compte bancaire à l'étranger. De plus, les sanctions pénales en cas de fraude dans les paradis fiscaux, qui impliquent un passage devant le juge, «seront décuplées». Enfin, les récidivistes s’exposeront à des amendes pouvant aller jusqu'à 500.000 euros.

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