Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
20/06/2011

Bansabadell Inversión launches a diversified fund

On 10 June, the CNMV issued a sales license for Spain to the locally-registered fund Sabadell BS Selección Alfa, created on 6 May.The diversified product will invest at least half of its assets in other funds, while the remainder will be placed in government and corporate bonds which will at most position the portfolio with a negative duration of three years. Exposure to equities under normal conditions will be 10% via funds, with currency risks will not exceed 30%, and risks related to emerging markets will be lower than 5%.The indicative recommended investment duration if 18 months.CharacteristicsName: Sabadell BS Selección AlfaISIN code: ES0111187003Management commission:direct: 0.9%indirect: up to 4%
20/06/2011

PCA to launch a hedge fund in Hong Kong

Reuters reports that PCA Investments (Principia Capital Advisors) has received a management license from the Hong Kong market regulator, the Securities and Futures Commission (SFC), which allows it to launch and operate a hedge fund. The firm would initially like to offer a CTA strategy, which will bet on long-term market trend strategies, and will then launch equities and credit strategies during summer. The firm is planning to raise USD750m for the fund.
20/06/2011

Dow Jones Credit Suisse index down 0.96% in May

According to the most recent projections, the Dow Jones Credit Suisse index is down 0.96% for the month of May, as seven of the ten sectors monitored show negative performance, Hedgeweek reports. Managed futures strategies lost 4.44% in the month under review, while dedicated short bias strategies, meanwhile, earned the best results of the month, with gains of 2.20%. Despite the difficult month, the sector posted net inflows of USD1.5bn in May, bringing net subscriptions since the beginning of the year to USD28.6bn. Assets under management total about USD1.82trn.
20/06/2011

Franklin flagship fund granted license in Germany

Franklin Templeton announced on 17 June that BaFin has issued it with a sales license for Germany for the Templeton Emerging Markets Balanced fund (LU0608807433).The fund (see Newsmanagers of 10 May) is co-managed by Mark Mobius, president of the Templeton Emerging Markets Group, for the equities portion, and Michael Hasenstab, president of the Franklin Templeton Fixed Income Group, for the bond allocaiton. The two star managers of the group are assisted respectively by Dennis Lim, Tom Wu and Allan Lam, for the former, and Laura Burakreis, for the latter.Currently, the emerging markets fund is 60% invested in equities, and 40% in bonds.
20/06/2011

Sylvain Viret joins Tobam

According to information received by Newsmanagers, Tobam has hired Sylvain Viret as head of institutional clients for French-speaking Europe. Viret was previously director of sales at PhiTrust, and was previously head of institutional clients at Pioneer Investments France.Tobam, formerly Lehman Brothers AM, in which CalPERS has recently acquired a 17.5% stake with Strategic Investment Company, is specialised in anti-benchmark management, based on the principle that benchmark indices which are weighted by capitalisation are not adequately diversified, and that they tend to give excessive weight to shares and sectors whose share price is already high. As of the end of April, the firm managed EUR1.35bn in assets.
20/06/2011

Och-Ziff bets on volatility of US equities

The Frankfurter Allgemeine Zeitung reports that the hedge fund management firm Och-Ziff Capital Management (about Usd30bn in assets) has invested nearly USD12bn since the beginning of the year in options on US equities. The strategy is intended to generate capital gains if the markets become more volatile.
20/06/2011

Permal counters charges of liquidity risks for two of its funds

In a letter to subscribers dated 8 June, Isaac Souede, CEO of Permal (Legg Mason group) seeks to reassure clients of Merrill Lynch who subscribed to shares in Permal Investment Holdings NV, a multi-strategy fund of hedge funds with USD2.2bn in assets, the Wall Street Journal reports.The manager says that the fund would have no liquidity problems in case of a market crunch. The claim also applied to the Permal Fixed Income Holdings NV fund, with USD6bn in assets. Citigroup and Bank of America Merrill Lynch have warned their clients against potential liquidity problems for the two funds.Permal has managed to stabilise its client base, and nearly 40% of clients are now pension funds and other institutionals. Recently, for its first investment in alternative asset classes, the New York City pension fund (USD117bn) selected Permal, and awarded it USD450m.
20/06/2011

Banks need to take their asset management activities seriously

If Europe’s banks and insurers continue to run their fund management arms as “backwater businesses”, their share of the market in global assets under management will fall from 31 per cent to 21 per cent in 2015, according to Casey Quirk, a US consultant, cited by the Financial Times. With improvements, Europe’s investment management businesses could be worth an additional EUR175bn. The banks need a clearer strategy for asset management arms and to improve the way they sell funds through non-affiliated advisers, says Casey Quirk. The key to success is attracting and retaining talented investment managers and establishing a culture of independence from parent groups.
20/06/2011

Goldman Sachs AM chief prefers Russia

Jim O’Neill chairman of Goldman Sachs Asset Management, considers China and Russia the BRIC countries which currently are the most attractive, as the Indian market is “relatively expensive,” CNBC reports. According to O’Neill, Russian president Dimitri Medvedev is resolved to fight corruption and improve the financial reputation of the country. O’Neill also says he is persuaded that Russia, a major player in the commodities markets, has the means to diversify, for example, into the technologies sector, where it is already relatively strong.
20/06/2011

Creation of new hedge funds at a three-year high

According to estimates from Hedge Fund Research (HFR), new hedge fund launches in first quarter 2011 and in the four quarters to the end of March were at their highest levels since 2007. The “Market Microstructure hedge fund industry report” finds that 298 funds were created in January-March, which represents a launch rate of 3.3%, while total assets for the first time totalled over USD2trn.However, liquidations were also higher in the past 12 months, with 181 funds closing in January-March, representing an attrition rate of nearly 2%. In the 12 months to the end of March, 684 funds have been liquidated, while net creations of new funds in the same period totalled 295, also the highest since 2007.In terms of performance, the dispersion has continued to narrow in first quarter, with a difference of 55.3 percentage points between the top decile (+41.3%) and the bottom decile (-14%) over the past twelve months. This difference is the smallest observed since 2005, and is half of what it was in 2009 (116 percentage points). In the twelve months to the end of March, the HFRI Fund Weighted Composite Index rose 9.4%.An analysis of fee structures shows a divergence between management and incentive commissions. On average, management commissions have remained unchanged, at 1.58% (see Newsmanagers of 4 March), but rose to 1.67% for funds launched in the past four quarters. Meanwhile, incentive commissions fell in first quarter to 18.85%, compared with 18.95% in October-December. They have fallen by nearly 50 basis points since first quarter 2008, and data supplied by funds launched in the past twelve months reveal that the trend has continued, with a rate down to an average of 17.2%.
20/06/2011

“We will be able to make major developments happen at Wegelin AM in the coming years”

Wegelin & Co, active since 1741, is the oldest bank in Switzerland, and one of the ten oldest banking establishments in the world. That doesn't prevent it from undertaking sweeping projects. Dr. Adrian Künzi, one of the firm's eight partners, discusses the firm's development strategy in the areas of asset management and European private banking with Newsmanagers.
20/06/2011

Efama gets two new vice-presidents; Claude Kremer becomes president

The European fund and asset management association (EFAMA) on 17 June announced the appointment of Claude Kremer as president of the professional association for a two-year term, at its general assembly, held in Lucerne. Kremer succeeds Jean-Baptiste de Franssu, who for four years was president of the Luxembourg investment fund association (ALFI).EFAMA has also for the first time appointed two vice-presidents, Christian Dargnat, CEO of BNP Paribas Investment Partners, and Massimo Tosato, vice-president of Schroders.In an address following his election, Kremer announced that he has identified five priorities which would form the core strategy of the association during his term: promotion of long-term savings, information and education for investors, support for regulatory measures favourable to the sector, promotion of the UCITS brand in Europe and beyond, and lastly, strengthening the legitimacy of the professional association.
20/06/2011

New member joins Quilvest management team

Quilvest Banque Privée announed on Friday, 17 June that it has recruited Jean-Raoul Duval to the management team at Quilvest, as a credit analyst. Raoul-Duval, 29, previously served as analyst-manager at Quilvest & Associés.
20/06/2011

OFI already has larger inflows than in all of 2010

At a presentation of market and asset allocation outlooks by Jean-Marie Mercadal, deputy CEO in charge of asset management and multi-management, OFI announced that its assets now total EUR49.9bn, compared with EUR48bn in mid-December (see Newsmanagers of 17 December). Before the end of first half, net subscriptions already totalled EUR1.2bn since January, compared with about EUR1bn for all of last year.Of this total, money market products attracted EUR900m, while convertibles attracted about EUR150m. The remainder went to high yield, and about EUR100m for absolute return funds, of which EUR56m went to the OFI Risk Arb Absolu, a mergers and acquisitions arbitrage product with assets of EUR117m.
20/06/2011

Pictet AM recruits a senior manager for Asia

Pictet Asset Management has recruited Anthony Cheung as senior investment manager; he joins the Asia team dedicated to total return, and will co-manage Asian long/short equities funds, Hedgeweek reports. Cheung previously worked at Gartmore Investment Management, in the team dedicated to emerging markets, particularly China.
20/06/2011

Banca Fideuram looking to buy an IFA network

According to reports in Il Sole – 24 Ore, Banca Fideuram is studying an acquisition of Banca Network, a network of about 500 financial advisers, representing assets under management of EUR3bn. For the firm of the Intesa Sanpaolo group, a leader in the financial advisers market with a market share of over 30% and about EUR72bn in assets, the deal would aim to fatten up the business ahead of its IPO.
20/06/2011

Beatriz Camacho promoted at Aviva Gestión

Beatriz Camacho, who has for three years been a member of the matching portfolios and special products team at Aviva Gestión (14 managers, EUR14bn in assets) has been promoted to become the head of the team. She will report to José Caturla, CIO of Aviva for Spain. Matching portfolios are products with guaranteed rates of return higher than those published by the general insurance directorate. Other special products are guaranteed pension funds and structured insurance products.
20/06/2011

Moody's place la note italienne sous surveillance

L’agence de notation a annoncé vendredi examiner la note souveraine italienne Aa2, pour éventuellement l’abaisser ensuite, jugeant l'économie transalpine mal préparée à un relèvement de taux d’intérêt par la Banque centrale européenne. Fragile, l'économie italienne aurait du mal à affronter une hausse du loyer de l’argent dans un contexte marqué par la difficulté de plus en plus forte de se financer pour les Etats européens fortement endettés. Le communiqué publié par Moody’s évoque les fragilités structurelles de l’Italie, comme sa faible productivité ou « les rigidités de sa législation sur le travail et les marchés » qui ont plombé la croissance au cours des dix dernières années. « L’Italie n’a pour l’instant repris qu’une fraction des sept points de pourcentage de PIB perdus durant la crise mondiale, en dépit de la faiblesse des taux d’intérêt qui devraient être augmentés à moyen terme ».
20/06/2011

Nouvelle recrue pour Tobam

Selon une source proche, Sylvain Viret, l’ancien directeur commercial de PhiTrust Active Investors, vient d’être nommé commercial auprès des institutionnels français chez Tobam. Ce gestionnaire quantitatif, basé à Paris et sorti fin 2008 du giron Lehman Brothers, espère percer dans l’Hexagone : sur 1,9 milliard d’euros d’encours à fin mai, Tobam gère seulement 5 % pour le compte de clients français (L’Agefi Hebdo du 2 juin). Sylvain Viret, 48 ans, avait rejoint PhiTrust (spécialiste de l’ISR) en septembre 2010.
20/06/2011

Vitor Gaspar, nouveau ministre des Finances portugais

Pedro Passos Coelho, Premier ministre désigné du Portugal, a présenté vendredi au président du pays la composition de son gouvernement, au sein duquel le poste de ministre des Finances sera occupé par l'économiste Vitor Gaspar. Ce dernier occupait jusqu’à présent le poste de conseiller spécial de la Banque du Portugal.
20/06/2011

Le FMI met en garde les Etats-Unis sur la croissance et la dette

L’institution de Washington a abaissé vendredi ses prévisions de croissance pour les Etats-Unis à 2,5% cette année et 2,7% en 2012, contre 2,8% et 2,9% dans sa précédente estimation. Le FMI est légèrement plus optimiste concernant les perspectives de croissance de la zone euro cette année, mais craint toutefois une forte volatilité financière dans les prochains mois.
20/06/2011

Mois de mai morose pour les hedge funds

Dans un contexte de marché difficile, très de peu de stratégies déployées par les fonds d’arbitrage ont pu enregistrer des gains le mois dernier, d’après le baromètre de l’Edhec-Risk Institute. L’activité d’arbitrage « fixed income » est parvenue à signer une année complète de bénéfices (+0,33%) mais la stratégie « equity market neutral » a plongé dans le rouge (-0,29%) après une série de huit mois de gains.
20/06/2011

Les Espagnols dans la rue contre le pacte de stabilité

Des dizaines de milliers d’Espagnols ont pris part à des rassemblements à travers le pays, hier, pour protester contre le « Pacte de stabilité et de croissance » de la zone euro qui a permis aux dirigeants de lancer des réformes assouplissant les conditions de licenciement et d’embauche. Les manifestants ont également visé la gestion de la crise économique par la classe politique.

Sujets d'actualité

Tous les sujets