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30/08/2011

Innkeepers sues Cerberus

According to Innkeepers USA Trust, which operates hotels in the United States under the Hyatt and Marriott brand names, the private equity investor Cerberus Capital Management and Chatham Lodging Trust on 5 August called off plans to buy the hotel group only as a ploy to drive the price down, from a previously-agreed USD1.12bn.Inkeepers argues that the courts should require the buyers to consumate the deal at the agreed price, or to pay an agreed forfeit of USD20m for defaulting on the deal.
30/08/2011

Raj Thamotheram leaves AXA IM

Raj Thamotheram has left AXA Investment Managers, where he had been a senior advisor for three years, in order to launch an consultancy in the area of sustainable investment entitled Raj Thamotheram Associates, IPE.com reports. He will work with institutional investors.
30/08/2011

US wealth management employee numbers down 4.1% in 2010

The number of independent financial advisers working in banks, insurance companies and independent firms fell by nearly 14,000, or 4.1% of the overall total, according to a study by Cerulli Associates, the Reuters news agency reports. Morgan Stanley Smith Barney, Bank of America Merrill Lynch, Wells Fargo Advisors and UBS Wealth Management Americas have lost advisers and clients to independent broker-dealers or to other firms, the study finds.
30/08/2011

Thierry Rigoulet leaves ING IM

According to information received by Newsmanagers, Thierry Rigoulet has left ING Investment Managers. Since summer 2008, he had been CEO of ING IM France, after spending several years at Fortis Investments. The search for a successor is reportedly underway.
30/08/2011

Hedge funds betting on a rise in soft commodity prices

In the week to 23 August, hedge funds and other major US investors increased their net long positions on 11 futures contracts on soft commodities by 15%, the Frankfurter Allgemeine Zeitung reports, citing figures collected by Bloomberg from the CFTC. These net long positions have not been at such a high level since early May, and may be due to projections that corn and soy harvests will be smaller than expected, leading to high prices for the grains due to the shortage. A similar trend has also been observed on wheat futures markets.
30/08/2011

David Kalfon leaves EFG AM

David Kalfon, chief investment officer at EFG Asset Management France, an affiliate of EFG Banque Privée, has left the firm, “in order to take his career in a new direction,” according to a press statement. According to reports on H24 on 29 August 2011, he is expected to participate in the creation of a new management firm. Meanwhile, at EFG AM, Antoine Lacourt, CEO of EFG AM France, will become CIO, replacing Kalfon. The collective management team also gains the addition of two new managers: Cédric Cerf and Nathalie Megarbane. Cerf, formerly of Viel-Tradition, has been appointed as head of flexible management. Megarbane, previously in the mandated management department at EFG Asset Management France, is appointed as a junior manager. The changes are effective from Tuesday, 16 August 2011.
30/08/2011

Bill Gross (Pimco) loses sleep over bad bet on US Treasurys

Bill Gross, founder of Pimco (Allianz Global Investors) and manager of the Total Return Fund, has admitted that he lost sleep over the bad timing of a bet on US Treasurys, the Wall Street Journal reports. The star manager confesses that his decision to liquidate all positions on US Treasurys in order to then use derivatives to bet against government bonds in March was a “mistake.”From the beginning of the year to Wednesday, the Total Return Fund had generated returns of 2.99% for investors, putting it in 157th place out of 179 products in Lipper’s intermediate-term bond funds. For the past month through last Friday, the fund had lost 0.59%, while the benchmark had gained 2.01%.
30/08/2011

Absolute return funds in a rough spot due to market turbulence

Is it the time of truth for absolute return funds and flexible multi-asset class funds? Perhaps not, but the market trouble of summer has subjected them to a test of a magnitude they had not seen since the collapse of Lehman Brothers. This is true for absolute return funds in particular, which are supposed to earn positive returns in all market environments. According to a study by the ratings agency Fitch Ratings, European absolute return funds and European flexible multi-asset class funds in the first three weeks of August have seen losses of 2.5% and 7%, respectively. Since the beginning of the year, these funds show negative performance of -3.5% and -8.9%, respectively. Since the beginning of the year, 77% of absolute return funds show losses. The study says that many managers were taken by surprise by the size of the drop on the markets, and some protection mechanisms, macro hedging and extreme risks were not effective in these cases. “The volatility of the market observed in August increased the dispersion of returns from funds, particularly in falling market phases. Compensating for losses in 2011 has become an absolute priority for many absolute return and flexible funds, which will need to stay within very strict risk budgets,” the agency says.
30/08/2011

Strong increase in inflows in first half for LGT Group

The international wealth management firm LGT Group has posted a consolidated net profit of CHF82m in first half, down 18% compared with first half 2010, due to the volatility of financial markets and the strength of the Swiss franc. Despite the difficult market environment, net inflows in first half 2011 totalled CHF5.7bn, or 6.6% of assets under management. In first half 2010, net inflows totalled CHF3.1bn. Despite the unfavourable evolution of currency rates, assets under management rose by CHF2bn compared with the end of December 2010, to CHF88.1bn. LGT Group estimates that it is well-positioned for growth in second half, due to the diversity of its international activities. The group has recently received a complete banking license in Hong Kong, meaning that it now has a second accounting platform in Asia, after Singapore.
30/08/2011

Morocco creates a sovereign fund dedicated to tourism industry

The Moroccan tourism development fund (FMDT), which is supported by capital from the nation’s government as well as the private sector, has been created in order to propel the country along on its Vision 2020 initiative to double the number of visitors to the country, Agefi Switzerland reports. The FMDT will have initial capital of MAD1.5bn (EUR130m), which will be increased to MAD10bn over ten years. The fund will aim to consolidate financing for the tourism sector, raise international financing, and orient institutional savings to the tourist industry.
30/08/2011

Julius Baer forms partnership with CLSA, P. Rey

Julius Baer and Credit Lyonnais Securities Asia (CLSA) have formed a research partnership to conduct studies of consumer spending and the behaviour of high net worth individuals (HNWI) in Asia, Agefi Switzerland reports. The alliance will produce exclusive and in-depth analysis of the high net worth individual market in this region, the strong foothold of CLSA in this region is a considerable boon for Julius Baer Group, which considers Asia its second domestic market. On the basis of relatively conservative growth projections for Asia, the number of HNWI in the region could increase by 19% per year. Wealth in Asia may potentially grow by 23% on average. At this pace, the number of HNWI will be doubled in five years from its 2010 levels, from about 1.2 million to about 2.8 million people. The estimated value of these individuals in US dollars will nearly triple, from USD5.6trn to USD15trn, according to CLSA and Julius Baer.
30/08/2011

UK pension funds lag behind in SRI

Too few British pension funds have adopted a socially responsible investment approach, including funds which are promoted by businesses that are on the cutting edge in sustainable development, Financial Times Fund Management reports, citing the UK Sustainable Investment and Finance Association (UK SIF). In this environment, UKSIF is planning to ask businesses to convince their pension funds to improve their practices.
30/08/2011

Assets in unit-linked Riester plans now top EUR8bn

As of the end of June, the number of Riester subsidized unit-linked retirement savings policies totalled 2.88 million, compared with 2.71 million twelve months previously, and 2.48 million at the end of June 2009, the German BVI association of management firms reports. In the past two years, assets in Riester funds have more than doubled, from EUR3.54bn to EUR8.2bn. However, the number of policies has doubled only over the past four years, as it stood at 1.48 million at the end of first half 2007. The pace of increase in the number of Riester plans is slowing, as 170,000 new policies last year followed increases of 230,000 between June 2009 and June 2010, 360,000 between June 2008 and June 2009, and 640,000 between June 2007 and June 2008. The slowdown these figures would appear to indicate does not worry the BVI association, which maintains that the demographic evolution to be expected in Germany will require Germans to invest more in their individual retirement savings.
30/08/2011

Global macro strategies expected to outperform others in 2012

Hedge fund managers predict global macro strategies will deliver the best returns in 2012 and they continue to see Brazil, China and India as the most rewarding regions for investing, according to a GAIM survey of 185 members of the hedge fund industry who currently manage assets ranging between less than USD100 million to more than USD5 billion. . More hedge fund managers think global macro will outshine 17 other competing strategies in 2012, the survey found. Of the 55 hedge fund managers who responded to the 2011 GAIM GMA Hedge Fund Sentiment Survey, 22% picked global macro, followed by event-driven (11%) and commodities-based strategies and U.S. long/short equity (9%). Global macro was also chosen most often by investors in hedge funds as most likely to outshine other approaches (23%).
30/08/2011

Hedge funds lost money in August

According to provisional statistics from Hedge Fund Research, cited by the Financial Times, hedge funds lost an average of 4.1% in August, making it the fourth-worst month ever for the sector.
30/08/2011

MEAG releases an absolute return fund investing predominantly in bonds

On 15 July, MEAG Munich Ergo KAG launched the German-registered, European bond fund MEAG RealReturn, which aims to generate returns for the investor over the long term which are both consistent and protected against inflation.The concept for the diversified product, called a “strategy” fund, is to invest at least 51% of its assets in inflation-linked bonds from European issuers. The remainder may be placed in traditional bonds, but also in commodities markets.CharacteristicsName: MEAG RealReturnISIN code: DE000A0HMMW7Front-end fee: 3.5%Management commission: 0.80%Depository banking commission: 0.025%Minimal initial subscription: EUR1,200
30/08/2011

Sustainable fund assets hold stable in first half in Germany, Austria and Switzerland

As of 30 June, the 363 sustainable investment funds in the German-speaking countries (Germany, Austria and Switzerland) monitored by the Sustainable Business Institute (SBI) had about EUR34bn in assets under management, about as much as the 354 funds on the list at the beginning of the year. Overall, 23 funds with a volume of EUR2bn were added to the SBI database, while 14 others were closed or merged.Most assets as of the end of first quarter, at EUR22bn, were in 205 equity funds. Funds which had already been active as of the end of December earned returns in first half ranging from gains of 5% to losses of 22%.The other major contingent is 55 bond funds, with EUR6bn in assets, and total returns ranging from +6% to -6%.The SBI also counts EUR4.7bn in 65 diversified funds, and EUR150m in 15 funds of funds. 20 sustainable ETFs managed EUR697m, and the three micro-finance funds had EUR484m in assets.
30/08/2011

UBS lists ten ETF funds in Frankfurt

The XTF segment of the Xetra electronic trading platform (Deutsche Börse) gained ten listings on 29 August, of equities ETF sub-funds of the UBS ETF Sicav. Eight of these Luxembourg-registered products replicate the SRI versions of the MSCI World index or institutional and retail versions, as well as the North American, Europe/Middle East and Pacific regional indices.The last two products track the MSCI Turkey index in institutional and retail versions.The total expense ratio (TER) for these funds vary from 0.28% to 0.70% (see details below).With the addition of these new UBS products, the XTF segment now lists 868 ETF funds. Name of fund ISIN code TER UBS-ETF MSCI Europe & Middle East Socially Responsible A LU0629460675 0.45% UBS-ETF MSCI Europe & Middle East Socially Responsible I LU0629460758 0.28% UBS-ETF MSCI North America Socially Responsible A LU0629460089 0.50% UBS-ETF MSCI North America Socially Responsible I LU0629460162 0.33% UBS-ETF MSCI Pacific Socially Responsible A LU0629460832 0.70% UBS-ETF MSCI Pacific Socially Responsible I LU0629460915 0.53% UBS-ETF MSCI World Socially Responsible A LU0629459743 0.55% UBS-ETF MSCI World Socially Responsible I LU0629459826 0.38% UBS-ETF MSCI Turkey A LU0629459404 0.60% UBS-ETF MSCI Turkey I LU0629459669 0.43%
30/08/2011
Fonds

Erste Sparinvest lance un fonds d'obligations d'entreprises "durables"

Avec l’Espa Vinis Bond Euro-Corporate, Erste Sparinvest (groupe Erste Bank, caisses d'épargne) est le premier gestionnaire autrichien à lancer un fonds d’obligations d’entreprises sélectionnées selon des critères de développement durable. Ce nouveau produit a été créé le 1er mai 2011 et son portefeuille comporte actuellement 55 lignes (uniquement des titres libellés en euros), les plus importantes étant des obligations de France Télécom, National Grid USA, Schneider Electric, Michelin, Schering Plough et Verbund. Actuellement, le rendement moyen des titres détenus par l’Espa vinis Bond Euro-Corporate se situe à 4,1 % avec une échéance moyenne résiduelle d’environ cinq ans.C’est le onzième fonds offert au public dans la gamme des produits de développement durable d’Erste Sparinvest qui totalisent environ 600 millions d’euros d’encours. CaractéristiquesDénomination : ESPA VINIS Bond Euro-CorporateCodes Isin :AT0000A0PHH8 (part A, distribution)AT0000A0PHJ4 (part T, capitalisation)Droit d’entrée : 3,50 %Commission de gestion : 0,60 %
Fonds
30/08/2011
Fonds

UBS lance dix ETF à Francfort

La cote du segment XTF de la plate-forme électronique Xetra (Deutsche Börse) s’est allongée le 29 août de dix références, des ETF d’actions d’UBS ETF sicav. Huit de ces produits de droit luxembourgeois répliquent la version ISR du MSCI monde en versions institutionnelle et retail ainsi que ses sous-indices Amérique du Nord, Europe/Moyen-Orient et Pacifique. Les deux derniers suivent en versions institutionnelle et retail le MSCI Turquie. Les taux de frais sur encours (TFE) de ces fonds s'échelonnent entre 0,28 % et 0,70 % (voir tableau ci-dessous).Avec ces nouveaux produits UBS, le segment XTF cote 868 ETF.Nom du fonds Code Isin TFE UBS-ETF MSCI Europe & Middle East Socially Responsible A LU0629460675 0.45% UBS-ETF MSCI Europe & Middle East Socially Responsible I LU0629460758 0,28% UBS-ETF MSCI North America Socially Responsible A LU0629460089 0,50% UBS-ETF MSCI North America Socially Responsible I LU0629460162 0.33% UBS-ETF MSCI Pacific Socially Responsible A LU0629460832 0.70% UBS-ETF MSCI Pacific Socially Responsible I LU0629460915 0.53% UBS-ETF MSCI World Socially Responsible A LU0629459743 0.55% UBS-ETF MSCI World Socially Responsible I LU0629459826 0.38% UBS-ETF MSCI Turkey A LU0629459404 0,60% UBS-ETF MSCI Turkey I LU0629459669 0,43%
Fonds
30/08/2011
Fonds

MEAG commercialise un fonds de performance absolue à dominante obligataire

Le 15 juillet, MEAG Munich Ergo KAG a lancé le fonds obligataire européen de droit allemand MEAG RealReturn qui vise à générer pour l’investisseur des performances sur le long terme à la fois constantes et prémunies contre l’inflation/ Le concept de ce produit diversifié dit «de stratégie» consiste à investir au moins 51 % de l’encours en obligations indexées sur l’inflation d'émetteurs européens. Le reste peut être placé en obligations traditionnelles mais aussi sur les marchés de matières premières.CaractéristiquesDénomination : MEAG RealReturnCode Isin : DE000A0HMMW7Droit d’entrée : 3,5 %Commission de gestion : 0,80 %Commission de banque dépositaire : 0,025 %Souscription minimale initiale : 1.200 euros
Fonds
30/08/2011

Mandarine Gestion continue d'organiser sa distribution en Europe

Le 25 août, la CNMV a enregistré la sicav Mandarine Funds et le FCP de droit français Mandarine Valeur, précisant que ces produits seront commercialisés par l’incontournable Allfunds. Selon nos informations, des contacts ont déjà été pris avec les deux autres plates-formes importantes en Espagne, Inversis et Tressis, mais il fallait d’abord obtenir l’agrément du régulateur espagnol.Cela posé, les contacts clientèle sont assurés par UFG-LFP (dont le fonds LFP Libroblig a également été enregistré le 25 août) et les premières souscriptions ont d’ores et déjà été engrangées en Espagne (lire notre article du 8 mars).En Italie, Mandarine Gestion procède de manière similaire en partenariat avec UFG-LFP qui détient 15 % de son capital. Les premiers contacts clientèle et les premières présentations ont déjà eu lieu.Quant à l’accord de distribution en Autriche, il demeure valable, mais avec First Quant au lieu de Tury Investment, le responsable local du dossier ayant quitté le second pour le premier. Actuellement l’encours de Mandarine Gestion se situe à environ 1,5 milliard d’euros, «avec néamoins une collecte nettement positive depuis le début de l’année». Le gestionnaire français avait pratiquement atteint les 2 milliards d’euros fin mai (lire notre article du 24 juin), mais la crise des marchés boursiers de cet été a prélevé son tribut...
30/08/2011

Anthony Bolton devrait quitter Fidelity en avril 2013

Anthony Bolton a laissé entendre qu’il ne prolongerait pas son mandat en tant que gérant du China Special Situations de Fidelity (581,1 millions de livres) au delà d’avril 2013, rapporte le Financial Times. Interrogé à ce sujet, le gérant de 61 ans a déclaré : «il y a d’autres choses que je veux faire, mais j’ai signé pour rester jusqu’en avril 2013. Sauf si je passe sous un bus, je serai là jusqu’à cette date».
30/08/2011

Forte augmentation de la collecte au premier semestre pour LGT Group

Le gestionnaire de fortune international LGT Group a enregistré au premier semestre un bénéfice consolidé de 82 millions de francs suisses, en recul de 18% par rapport au premier semestre 2010 en raison de la volatilité des marchés financiers et de la fermeté du franc suisse.Malgré le contexte difficile, la collecte nette s’est élevée au premier semestre 2011 à 5,7 milliards de francs suisses, soit 6,6% des actifs sous gestion. Au premier semestre 2010, la collecte nette avait atteint 3,1 milliards de francs suisses. Malgré l'évolution défavorable des taux de change, les actifs sous gestion se sont inscrits en hausse de 2 milliards de francs suisses par rapport à fin décembre 2010 à 88,1 milliards de francs suisses. Concernant l'évolution au second semestre, LGT Group s’estime bien positionné grâce à la diversité de ses acgtvités à l'échelon international. Il vient de se voir attribuer une licence bancaire complète à Hong Kong, de sorte qu’il dispose désormais d’une deuxième plate-forme comptable en Asie après Singapour.
30/08/2011

La QIA appuie la fusion d'Eurobank et d'Alphabank

Le fonds souverain Qatar Investment Authority (QIA), qui détient déjà 4 % du grec Alphabank, contrôlera 17 % de l'établissement qui résultera en décembre de la fusion d’Alphabank avec EFG Eurobank (par échange d’actions, sur la base de cinq titres Alpha Bank pour 7 d’EFG Eurobank), rapporte la Frankfurter Allgemeine Zeitung. La QIA contribuera à la recapitalisation en souscrivant des obligations convertibles pour 500 millions d’euros.Le fonds souverain qatari est déjà un actionnaire important de Barclays et de Credit Suisse.
30/08/2011

David Kalfon part d’EFG AM

David Kalfon, le directeur des investissements d’EFG Asset Management France, filiale d’EFG Banque Privée, a quitté la société «afin de donner une autre orientation à sa carrière», selon un communiqué de presse. D’après les informations du site H24 Finance du 29 août 2011, il devrait participer à la création d’une nouvelle société de gestion.En attendant, chez EFG AM, Antoine Lacourt, directeur général d’EFG AM France, reprend le poste laissé vacant par David Kalfon. L’équipe de gestion collective s’étoffe par ailleurs avec l’arrivée de deux nouveaux gérants : Cédric Cerf et Nathalie Megarbane. Anciennement chez Viel-Tradition, Cédric Cerf est nommé responsable de la gestion flexible. Il assure à ce titre la gestion des OPCVM diversifiés flexibles. «Partenaire historique de l’équipe de gestion, Cédric Cerf a accompagné les gérants d’EFG Asset Management France depuis la création des fonds sous gestion», précise un communiqué d’EFG. Pour sa part, Nathalie Megarbane qui était auparavant au département de gestion sous mandat d’EFG Asset Management France, est nommée gérante junior.Cette réorganisation est effective depuis le mardi 16 août 2011.
30/08/2011

Thierry Rigoulet quitte ING IM

Selon nos informations, Thierry Rigoulet a quitté ING Investment Managers. Il était depuis l’été 2008 directeur général d’ING IM France, après avoir passé plusieurs années chez Fortis Investments. Un successeur serait en train d’être recherché.
30/08/2011

Raj Thamotheram quitte AXA IM

Raj Thamotheram a quitté AXA Investment Managers, où il était conseiller senior depuis trois ans, pour lancer sa société de conseils dans le domaine de l’investissement durable, Raj Thamotheram Associates, selon IPE.com. Il travaillera avec les investisseurs institutionnels.
30/08/2011
Fonds

Le Maroc lance un fonds souverain pour le tourisme

Le Fonds marocain de développement touristique (FMDT), associé à des capitaux souverains de pays amis et au secteur privé, s’inscrit dans le programme Vision 2020 qui vise un doublement du nombre de visiteurs dans le royaume chérifien, rapporte L’Agefi suisse. Le FMDT sera doté d’un capital initial de 1,5 milliard de dirhams (130 millions d’euros) qui sera porté à 10 milliards de dirhams sur une période de dix ans. Ce fonds a pour vocation de consolider le financement du secteur touristique, lever des financements à l’international et orienter l'épargne institutionnelle vers le tourisme.
Fonds

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