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28/03/2011

PerTrac teams up with Alix Capital

PerTrac, a US provider of financial software for the asset management sector, has announced that it will now host the UCITS Alternatives index from Swiss Alix Capital and its 13 sub-indices of UCITS-compliant hedge funds on its platform, Hedge Week reports. The index currently includes 700 funds, with total assets of EUR108bn.
28/03/2011

Bad start to the year for emerging markets equities

Outflows form equities funds dedicated to emerging markets topped USD26bn in the first months of the year to 23 March, according to the most recent statistics from EPFR Global. It has been the worst start to a year since statistics began in 1995.In the week ending on 23 March along, equities funds underwent outflows of USD7.68bn, of which Usd2.65bn were from emerging markets alone. Bond funds, however, saw net inflows of USD1.86bn.Among the BRIC countries, investors avoided Brazil, India and China, but Russian equities funds saw subscriptions on such a scale that since the beginning of the year, net inflows now total over USD3bn.
28/03/2011

British fund of funds bets on Asia

FRM Capital Advisors (FCA), the investment unit of the London-based fund of hedge fund group Financial Risk Management, with assets under management of USD9bn, is planning to launch three to four hedge funds in 2011, Reuters reports. One of the funds may be based in Asia, the firm’s COO, Patric de Gentile-Williams, says. Last October, the firm had already invested USD50m in a hedge fund based in San Francisco, Sensato Capital Management. In October 2009, FCA invested in the Hong Kong hedge fund Isometric Capital.
28/03/2011

LGIM launches its first income equities fund

Legal & General Investment Management (LGIM) is planning to launch its first UK income equities fund, Investment Week reports. The fund, which will be launched during second quarter 2011, will be managed by Richard Black, currently an analyst in the group’s British equities team.
28/03/2011

Spanish “mini-Madoff” arrested

The Spanish police on Friday arrested Germán Cardona Soler and two other people in Valencia, suspected of orchestrating a Ponzi scheme which cost about 100,000 people in 110 countries about EUR215m. Finanzas Forex promised to deliver total returns of 10% to 21%, Cinco Días reports.The CNMV had warned the public since 7 April 2008 about the Finanzas Forex brand, pointing out that its operator, Evolution Market Group, had no license to provide investment services.
28/03/2011

Petercam turns one of its equities funds deeper green

Since the beginning of this year, Petercam has toughened the sustainable development approach of its European equities fund Petercam Equities Europe Sustainable, the former Petercam Equities Europe Ethical fund, in order to satisfy demand from numerous institutional investors and multi-managers.The Belgian-registered product (EUR79.5m) is distributed in Belgium, France, the Netherlands and Switzerland. The management team, led by Lieven Op de Beeck, applies the selection process already used for bonds in the Petercam L Bonds Government Sustainable fund (see Newsmanagers of 8 July 2009) to equities. In other words, the fund is no longer based solely on the grid provided by Ethibel (Vigeo), but instead its managers use a more critical approach, reprocessing data from the sustainable development universe, within a time-frame of one month to liquidate the positions which are to be excluded. To achieve this, the Belgian management firm uses a matrix developed by Stijn Decock, who uses a best-in-class selection from rankings provided by Vigeo, with a detailed report for each share. Petercam also receives alerts in case of serious or controversial incidents.
28/03/2011

Hedge funds interested in AIG subprime bonds

The Wall Street Journal and CNBC have published a list of names of candidates to acquire subprime bonds from AIG, totalling about USD30bn in assets held by the Fed in the ad-hoc vehicle Maiden II, Les Echos reports. Several major hedge funds would like to bid on the bonds backed by sub-prime real estate mortgages from AIG, which were acquired by the Federal Reserve (Fed) at the height of the crisis in order to protect the US insurer from bankruptcy. According to the financial news network CNBC, citing sources familiar with the matter, hedge funds interested in the bonds include the hedge fund of the billionaire John Paulson, DoubleLine Capital, Avenue Capital Group and Oaktree Capital Management.
28/03/2011

First closing for a Japan fund from Longreach

The private equity investor Longreach Group will announce this Monday that after nine months, it has completed the first round of fundraising at USD125m for its second Japan fund, which is aiming to eventually reach USD750m in assets, the Wall Street Journal reports. Interestingly, some of the investment commitments were made after the earthquake.
28/03/2011

Pimco recruits two managers specialised in bank loans

Pimco has announced the recruitment of Elizabeth MacLean and Jason Duko. The two former employees of Lord Abbet will join the asset management firm in early April and will be appointed as managers specialised in bank loans, and as executive vice president and senior vice president, respectively.
28/03/2011

BNY Mellon announces 2011 product range

During a recent visit to Paris by Alexander Gorra, director of the Brazilian platform BNY Mellon Arx (USD7.1bn as of the end of December), the former Paris office of BNY Mellon Asset Management has launched a promotion of an Irish-registered fund focused on Latin American infrastructure, the BNY Mellon Latin America Infrastructure fund (see Newsmanagers of 29 November 2010 and 11 January 2011), with assets of about USD22m, on the French market. The diversified product will be made available to institutionals as well as multi-managers and distributors.The Irish fund has a portfolio of about 35 positions, selected with a bottom-up approach, and, due to the nature of the sector, top-down analysis. In the selection of stocks, Alex Gerra will consider operators and providers of equipment equally, but clearly has a preference for Brazilian stocks, which account for 70% of the portfolio. Other countries present in the portfolio include Mexico, Chile and Peru.The other core areas of development for 2011 in France are continued sales efforts for the local currency emerging market debt fund BNY Mellon Emerging Markets Debt Local Currency Fund (from the affiliate Standish); the Global Real Return fund from Newton (see Newsmanagers of 24 March 2010), and absolute return strategies from the boutique Insight.
28/03/2011

Fidelity Capital Markets appoints a president

Fidelity Capital Markets, an affiliate of Fidelity Investments which offers trading and settlement services to retail and institutional investors, has appointed a new president, Brian B. Conroy. Conroy was previously head of global equity trading at Fidelity Management & Research Company.
28/03/2011

Appointment at Daiwa Capital Markets Hong Kong

Daiwa Capital Markets Hong Kong (Daiwa Securities Group) has announced the appointment of Joost Lobler as head of sales for Asia (ex Japan) for its Global Asset Services activities. Lobler previously worked at Butterfield Fulcrum as head of sales for Europe and Asia.
28/03/2011

HSBC and Citi launch RMB bond indices

HSBC Global Research on 24 March announced the launch of its first CNH bond index, the HSBC Offshore Renminbi (RMB) Bond index, aimed at institutional investors who hold bonds and savings certificates through CNH (the offshore yuan bond market in Hong Kong). Citi is also planning to launch its own index, the Dim Sum Bond index, which will replicate the performance of CNH bonds.
28/03/2011

Danske launhces a UCITS long/short fund

Danske Invest is planning to release a Luxembourg-registered, UCITS-compliant version of its long/short fund Danske Invest European Equities Absolute Fund, which is registered in Guernsey and which aims for 600-800 basis point outperformance of the Eonia, in Denmark, Citywire reports (see Newsmanagers of 22 March).The product, with 50-70 positions in European equities and equity derivatives, concentrated on 5 to 10 themes, will aim for gross market exposure of 150-200%. The strategy may easily be transferred to a UCITS III environment, as the fund uses no leverage, and already offers weekly liquidity.
28/03/2011

L’Asie séduit toujours davantage les hedge funds

Le mouvement de transfert se poursuit. Hong Kong et Singapour ont tout simplement presque doublé de taille au cours des douze derniers mois en termes d’hébergement des plus importants fonds alternatifs de la planète. Aux dépens de Londres et de New York. Le quotidien cite une étude de Hedge Fund Intelligence, publiée aujourd’hui, qui indique que les deux places asiatiques sont le siège de 18 fonds alternatifs dont l’actif dépasse un milliard de dollars (une référence dans le secteur), contre 10 il y a un an.New York reste toutefois au sommet mondial avec 128 fonds alors que Londres en totalise 63. Mais la dynamique est bien en Asie, et la tendance va s’accélérer.
25/03/2011

L'indice allemand Ifo quasi stable en mars

L’indice principal de l’Ifo du climat des affaires en Allemagne a atteint 111,1 en mars contre 111,2 en février , dépassant les attentes des analystes qui prévoyaient un léger repli, montrent les résultats de l’enquête mensuelle de l’institut Ifo.
25/03/2011

Le rendement des obligations portugaises à 10 ans au-dessus de 8%

Le rendement des obligations souveraines à 10 ans émises par le Portugal a atteint un niveau record de 8,01%, ce qui représente une hausse de 15 points de base par rapport à la veille. Celui du papier à deux et cinq ans sont également à des niveaux record depuis la création de la zone euro après que Standard & Poor’s a abaissé sa note sur le pays de «A-" à «BBB», et n’a pas exclu un nouveau déclassement la semaine prochaine, quelques heures après une décision d’ampleur similaire de sa concurrente Fitch.

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