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21/03/2011

HSBC Global AM manages one third of its assets in emerging markets

p { margin-bottom: 0.08in; } HSBC Global Asset Management (HSBC GAM), led by John Flint since early 2010, has a strong presence in emerging markets, the traditionally strong territory of the HSBC bank, with USD145bn in assets, out of a total of USD439bn, an increase of 20% in one year. In an interview with La Tribune, Flint says the major advantage for his asset management firm is that 60% of its assets in emerging markets come from investments made by local players. “Inevitably, emerging markets will turn down sooner or later. When that happens, domestic products will be much more resistant than money coming from abroad. For us, that is a way to strongly reduce risks,” he says.
21/03/2011

Korea IM in search of a Chinese partner

p { margin-bottom: 0.08in; } Asian Investor reports that Korea Investment Management is continuing its internationalisation efforts in Asia. Following the recent opening of its Shanghai office, the firm is now actively seeking a local partner for a joint venture. Assets under management at Korea IM total about USD17bn.
21/03/2011

Marc Festa promoted at Alken

p { margin-bottom: 0.08in; } Alken Asset Management on 18 March announced the appointment of Marc Festa as fund manager. In his new role, he will continue his sector approach (aeronautics, defence, automotive), and will assist the founder and head of the firm, Nicolas Walewski. Walewski says in a statement, however, that the promotion does not mean that he will have to reduce his day-to-day involvement in the management of funds and the activities of the asset management firm. Alken says that Guillaume Dalibot, who is also in charge of distribution and housing, will take over research in the luxuries sector, and that Olivia de Cazenove will handle pharmaceuticals and the mining and metals sectors, utilities and leisure. The media sector will be watched by Vincent Rech, who already covers IT and telecommunications.
21/03/2011

Banque Privée Edmond de Rothschild: Daniel Trèves retires from board

p { margin-bottom: 0.08in; } Daniel Trèves, CEO of La Compagnie Benjamin de Rothschild, will not stand for reelection to the board of directors at Banque Privée Edmond de Rothschild (BPER). Trèves is planning to obey rules requiring that banking functions be separated from others under banking legislation, BPER announced following a meeting of its board of directors on 17 March. Trèves had served on the board for 18 years.
21/03/2011

Madoff: trustee takes aim at Mets assets

p { margin-bottom: 0.08in; } Negotiations towards an out-of-court settlement have collapsed, and Irving Picard, the legally-appointed trustee for the business interests of Bernard Madoff, on Friday released further details of accusations against Fred Wilpon and Saul Katz, the largest shareholders in the New York Mets baseball team. The Wall Street Journal reports that Picard claims the men must have known for years that Madoff’s activities were fraudulent. In addition, he accuses them of subsequently carrying out a plan to put their assets out of reach of confiscation once the fraud was discovered.
21/03/2011

CS Euroreal makes its fifth sale above book value

p { margin-bottom: 0.08in; } The German open-ended real estate fund CS Euroreal (DE0009805002, EUR6.06bn in assets as of the end of February) has resold the property located at Pergolesi 25 in Milan (7,045 square metres), for a price higher than its most recent expert valuation (30 September 2010), at EUR21.87m. Karl-Heinz Heuß, CEO of Credit Suisse Asset Management Immobilien KAG and co-manager of the fund, says that this is the fifth sale above venal value since the freeze on redemptions nine months ago (see Newsmanagers of 21 May 2010). Between the acquisition of the property in December 1999 and its sale in March 2011, the property has risen in value by about 34.5%. CSAM is negotiating sales of other properties, with the aim of bringing in enough liquidity to be able to sustainably reopen the fund to redemptions as soon as possible. After this most recent transaction, the portfolio still includes 109 properties, most of them recent, in eleven European countries. Office and commercial properties represent 58% and 32% of the portfolio, respectively.
21/03/2011

db x-trackers launches two ETF funds aimed at charities

p { margin-bottom: 0.08in; } On 18 March, two new Irish-registered ETFs from db x-trackers (Deutsche Bank group) were admitted to trading on the XTF segment of the Xetra electronic trading platform (Deutsche Börse), bringing the total number of products listed on the platform to 803. Both of them are multi-asset class ETF funds (equities, bonds, commodities and alternative investments) which invest in ETFs from db x-trackers. They aim to satisfy the investment needs of small and mid-sized charities, says Michael Fuß, head of institutional distribution at DB Advisors, another Deutsche Bank affiliate. The basic ETF selection is undertaken by specialists from the investment solutions & analytics division of DB Advisors.The first of the two products, db x-trackers Stiftungs-ETF Stabilität (IE00B4WRDS59), is a prudent product, with 75% to 100% exposure to bonds, but which may also invest up to 20% in equities ETFs and up to 15% in commodities or currencies ETFs. It is aimed at charities which prefer capital protection and regular revenues.The second fund, db x-trackers Stiftungs-ETF Wachstum (IE00B3Y8D011), is aimed at charities seeking attractive returns with limited risk. It will invest 60% to 95% of its assets in bond ETFs, and up to 30% in equities ETFs. Allocation to commodities ETFs and alternative strategies may not exceed 10% in each case.Each of both products will have a total expense ratio of 0.75%, and distribute dividends half-yearly.
21/03/2011

UIRE plays Japanese alibi

p { margin-bottom: 0.08in; } Union Investment Real Estate (UIRE) has frozen subscriptions and redemptions for its open-ended real estate fund UniImmo: Global, on the grounds that 14% of the properties in the portfolio of the fund are in Japan, and cannot now be valued. The move surprised and irritated the industry, the Frankfurter Allgemeine Zeitung reports, pointing out that the closure should be viewed in context: the net asset value of the fund was lowered in February by 4.5%, which triggered net outflows, bringing assets in the fund down to EUR2bn from EUR2.3bn at the end of January.Some managers estimate that UIRE must have been anticipating a closure due to these high levels of redemptions, in order to avoid a further deterioration in the fund’s liquidity levels.
21/03/2011

Galleon trial: former McKinsey head sues SEC

p { margin-bottom: 0.08in; } Two weeks after the opening of the Galleon trial, the former director of McKinsey and former director of Goldman Sachs, Rajat Gupta, who is accused of feeding insider information to the founder of Galleon, on 18 March filed a lawsuit against the Securities & Exchange Commission (SEC), Les Echos reports. Gupta denies the charges filed against him by the SEC on 1 March, and accuses the regulator of seeking to deprive him of his right to defence by filing the case as a civil suit.
21/03/2011

Fortress launches an Asia macro fund

p { margin-bottom: 0.08in; } The alternative management heavyweight Fortress Investment Group last week launched an Asian macro strategy, the Fortress Asia Macro Fund, Hedgeweek reports. The Fortress macro strategy last year gained 10.7%. According to a recent study by Deutsche Bank, international macro funds will be among the most popular products in 2011, with a marked interest in Asia and its currencies.
21/03/2011

WisdomTree launches an Asia ETF

p { margin-bottom: 0.08in; } On 17 March, the New York-based management firm WisdomTree launched an actively-managed local currencies Asian bond fund, the Wisdom Tree Asia Local Debt Fund (ALD). The product, which charges fees of 0.55%, is managed by David Kwan and Mears O’Connor, managing directors at Mellon Capital, sub-advisor for the fund. The new ETF already has assets of USD145m. It invests in Asian debt, but not in Japanese bonds. WisdomTree Investments currently manages about USD10.1bn in ETFs.
21/03/2011

Christian Bito and Vladimir Danesi soon to launch four global funds

p { margin-bottom: 0.08in; } On 1 April, CBT Gestion (EUR34m in total assets), the company launched by Christian Bito and Vladimir Danesi, will extend its product range, founded on 5 November with the launch of the French-registered FCP fund CBT Action Eurovol 20 (see Newsmanagers of 8 November 2010), with the addition of CBT vol 5, CBT vol 7.5, CBT vol 15 and CBT vol 25 funds. The corresponding licenses frm the AMF were issued on 18 March.The funds of funds will be among the first licensed in Paris for which volatility control is built into their management objectives, at respective levels of 5%, 7.5%, 15% and 25% of the AMF prospectus.For the new products, the investment universe is extended to all global markets, and limited range from 0% to 100%, maximum 60% for the most moderate management, of the CBT vol 5 fund), while the Eurovol 20 focused on Europe and had exposure to euro equities limited to 60%.
21/03/2011

Benjamin de Frouville joins M&G Investments France

p { margin-bottom: 0.08in; } M&G, the asset management affiliate of the Prudential group, on 18 March announced the arrival of Benjamin de Frouville as co-head of distribution in its Paris team. He joins the team dedicated to intermediated distribution (platforms, IFAs, etc), composed of Gilles Dreyfus and Agathe Proust. Before joining M&G Investments, Benjamin de Frouville, 31, worked in partner relationships at Keren Finance, from February 2008. M&G Investments, with assets under management in France of EUR1.5bn, would like to accelerate its development in the IFA market this year.
21/03/2011

Euro zone mutual funds: assets down by EUR10bn in January

p { margin-bottom: 0.08in; } In January 2011, shares in non-money market mutual funds in the euro zone totalled EUR5.734trn, EUR10bn lower than their levels in December 2010, according to statistics released on 18 March by the European Central Bank (ECB). The decline is due to a fall in the value of shares, which was partly offset by net issues. Net subscriptions to non-money market mutual fund shares in the euro zone totalled EUR17bn as of January 2011, while money market mutual funds saw redemptions of EUR9bn. In terms of ventilation by investment strategy, the annual pace of growth in shares issued by bond funds totalled 7.7% in January 2011. Net subscriptions to shares issued by funds were close to zero in January 2011. For equities funds, the annual growth rate came to 2.9%, and net subscriptions totalled EUR9bn. For mixed funds, the figures are 5.5% and EUR6bn, respectively.
21/03/2011

ETF activities on Euronext dip in February

p { margin-bottom: 0.08in; } The number of ETFs listed on the European platforms of NYSE Euronext have increased to 623 from 621 in January, for a total of 546 products, compared with 544. Since the beginning of the year, the operator has registered 55 new ETFs, listed 61 times.The average daily number of transactions totalled 9,287, compared with 10,188 in January, but up 8.6% compared with February 2010. Meanwhile, average daily trading volume totalled EUR430.8m, compared with EUR473.4m in January and EUR413m in the corresponding month of last year.Total assets for all ETFs listed on European markets of NYSE Euronext as of the end of February totalled EUR144.4bn, compared with EUR140.8bn one month earlier, and EUR110.8bn as of the end of February 2010.The average spread in February totalled 28.15 basis points, compared with 28.5 basis points in January.
21/03/2011

John van Verre promoted to head of international custody at HSBC

p { margin-bottom: 0.08in; } John van Verre, head of HSS in Singapore from June 2010, and then managing director of HSS Ireland, has been appointed head of global custody at HSBC Securities Services (HSS). Before joining HSBC, he was chief commercial officer and member of the managing board at ABN Amro Mellon Global Securities Services.Van Verre will now be based in London, and will report to Drew Douglas, co-head of HSS.
21/03/2011

BC Partners buys Phones4U

p { margin-bottom: 0.08in; } Investment funds from BC Partners have bought the Phones 4U company from the private equity firm Providence Equity Partners, for an undisclosed amount. Phones 4U is one of the largest independent mobile telephone retailers in the United Kingdom. In 2010, the business posted more than 20% growth to its sales, to GBP900m.
21/03/2011

Odey AM wins a mandate

p { margin-bottom: 0.08in; } The British investment firm Caerus Portfolio Management has granted Odey Asset Management a mandate to manage its first active strategy, Fundweb reports. Caerus will launch a European and British equities fund, with minimal investment of GBP3,000 and annual commission of 1.75%, in the next few weeks.
21/03/2011

IPO majeure d’un fonds immobilier à Hong Kong

Cheung Kong Holdings entend bien récolter 1,5 milliard de dollars à l’occasion de l’introduction en Bourse d’un fonds immobilier (REIT, real estate investment trust) libellé en yuans. Une opération prévue à Hong Kong, avance le South China Morning Post, qui cite le directeur général adjoint du groupe, Kam Hing-Lam.

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