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18/03/2011
Fonds

Le Credit Alpha Fund de Henderson arrive en Espagne

La CNMV, après la BaFin allemande et la Finma suisse (lire nos dépêches des 11 janvier et 25 février), a donné son agrément de commercialisation au fonds coordonné de droit britannique Henderson Credit Alpha qui vise une performance de 500 points de base supérieure au libor 3 mois avec une VaR de 3-6 %.
Fonds
18/03/2011

Eduardo Suárez devient administrateur délégué de Banif

La principale banque privée du groupe Santander, Banif, aura bientôt un nouvel administrateur délégué, qui remplacera José Manuel Maceda, en poste depuis décembre 2007 : Eduardo Suárez, qui compte environ 20 ans d’ancienneté dans le groupe et qui a notamment mené l’intégration des sociétés de gestion du BCH et du Santander (dont est issue Santander AM), était depuis deux ans chargé des relations du groupe Santander avec les grands investisseurs.
18/03/2011

Alberto Cejudo quitte Rothschild pour Merrill Lynch

Gérant senior et responsable du conseil aux grandes fortunes espagnoles chez Banque Privée Edmond de Rothschild après avoir été conseiller senior pour les grandes fortunes espagnoles et portugaises chez Sarasin Alen, Alberto Cejudo Podio a rejoint Merrill Lynch Wealth Management comme conseiller financier pour la gestion et les investissements au profit des grandes fortunes. Basé à Madrid, il est subordonné à Rafael Ximénez de Embún, responsable de Merrill Lynch Wealth Management Iberia (Espagne et Portugal).
18/03/2011

SEB lance ses premiers ETF

La banque suédoise SEB se lance dans les ETF, rapporte le site Privata Affärer. Jusqu’à présent, le marché suédois des ETF est dominé par Handelsbanken avec sa société XACT Fonder. Les premiers ETF de SEB sont au nombre de trois – SpotR, SpotR Bull et SpotR Bear - et sont liés à l’indice OMXS30, l’indice phare de la Bourse suédoise. Le premier est un ETF qui suit l’indice simplement, le deuxième a un levier de deux et le troisième a un levier inversé de deux.
18/03/2011
Fonds

Francfort a franchi la barre des 800 ETF

Amundi a fait admettre à la négociation sur le segment XTF de la plate-forme électronique Xetra de la Deutsche Börse trois ETF supplémentaires de droit français : Amundi ETF AAA Govt Bond EuroMTS (FR0010930636), chargé à 0,14 %, Amundi ETF MSCI Europe Energy (FR0010930644) chargé à 0,25 % et Amundi ETF MSCI Emerging Markets (FR0010959676), chargé à 0,45 %.A présent, la cote du XTF comporte donc 801 lignes.
Fonds
18/03/2011
Fonds

UIRE gèle un fonds à forte teneur en actifs immobiliers nippons

Le gestionnaire allemand Union Investment Real Estate (UIRE) a annoncé le gel à compter du 17 mars et jusqu'à nouvel ordre des souscriptions et rachats pour son fonds immobilier offert au public UniImmo: Global (DE0009805556) qui affichait 2,34 milliards d’euros d’encours fin octobre. La valeur liquidative du fonds avait déjà été abaissée de 4,45 % récemment (lire notre article du 3 mars) à cause de la dépréciation de trois immeubles tokyoites.A présent, la suspension s’explique par le fait que les sept immeubles de Tokyo figurant dans le portefeuille représentent 14 % de l’actif total du fonds. Les autres fonds immobiliers d’UIRE investis également à Tokyo le sont dans des proportions nettement moindres, de sorte qu’aucun gel n’a été décidé pour l’instant.
Fonds
18/03/2011
Fonds

Deka Immobilien investit 103 millions dans le siège de Sanofi Aventis à Varsovie

Deux sociétés du groupe autrichien des banques populaires, dont la filiale locale Premiumred a développé l’immeuble de bureaux North Gate de Varsovie, ont vendu cet actif de 30.000 mètres carrés à l’allemand deka Immobilien pour environ 103 millions d’euros. Cet immeuble est le siège de Sanofi Aventis en Pologne, et il est loué aussi à 24 autres sociétés. L’immeuble est affecté au portefeuille du fonds immobilier offert au public WestInvest InterSelect.
Fonds
18/03/2011

Jean-Noël Vieille a quitté KBL Gestion

Jean-Noël Vieille, directeur des gestions de KBL Gestion a quitté la société vendredi 11 mars. L’intéressé qui gérait un fonds flexible est remplacé par Pascal Bernarchon, un des cadres de la banque KBL. Selon nos informations, Jean-Noël Vieille avait des divergences de vue importantes avec la direction de la société, qui lui aurait reproché de vouloir développer sa propre entreprise au détriment de la gestion de KBL Gestion. Toujours selon nos informations, Jean-Noël Vieille a rejoint la société Ycap Asset Management.
18/03/2011

Robert Murdoch accusé de népotisme par des fonds

Selon le Financial Times, Amalgamated Bank of New York, qui agit en tant que trustee de plusieurs fonds, et le Central Laborers Pension Fund ont porté plainte devant un tribunal du du Delaware contre News Corp. Ils accusent Rupert Murdoch de faire preuve de «népotisme» et d’avoir acheté Shine Group, le producteur de films, à sa fille Elisabeth dans le but unique de la faire profiter personnellement de la richesse du groupe et d’asseoir l’influence de la famille au conseil de News Corp. La fille de Robert Murdoch s’est vu proposer des sièges en plus des 675 millions de dollars payés pour son entreprise.
18/03/2011

Un nouveau CEO pour Rainier IM

Suite à la démission de Len Brennan, qui a été pendant cinq ans president et CEO, Rainier Investment Management (18,8 milliards de dollars d’encours fin décembre) a annoncé la promotion de James M. Ridgeway, director of sales & client services dans l'équipe de Taft-Hartley client services de la société aux fonctions d’acting president et CEO. Parallèlement, Kurt A. Polk, head of institutional sales & client service team, est promu global head of distribution.
18/03/2011
Fonds

Les hedge funds ont continué de collecter en janvier

Selon une étude conjointe de TrimTabs Investment Research et de BarclayHedge les hedge funds ont enregistré en janvier des souscriptions nettes de l’ordre de 2,9 milliards de dollars, ce qui correspond à 0,2 % de leurs encours et au sixième mois consécutif de collecte nette.Sol Waksman, fondateur et président de BarclayHedge, a souligné que ce résultat est très encourageant pour le secteur, dans la mesure où janvier est traditionnellement marqué par de forts remboursements. En revanche, février s’avère habituellement un mois de très forte collecte, de sorte que les auteurs de l'étude s’attendent pour ce mois à des souscriptions nettes de l’ordre de 10 milliards de dollars.Si les fonds de hedge funds ont subi des sorties nettes de 3,6 milliards de dollars (0,7 % de leurs actifs) en janvier (3ème mois consécutif de remboursements nets), les fonds de matières premières (CTA) ont drainé 2,8 milliards de dollars (1 % de leur encours) et les fonds macro ont attiré 1,2 milliard (1,2 % de leurs actifs).Au total, les six stratégies actions, ont toutes accusé des remboursements nets et les fonds marchés émergents ont subi leurs premières sorties nettes depuis juillet, mais les fonds obligataires ont reçu des souscriptions nettes de 3,5 milliards de dollars (soit 2 % de leur encours), ce qui constitue la plus forte rentrée depuis février 2008.
Fonds
18/03/2011

Frankfurt tops 800 ETFs

p { margin-bottom: 0.08in; } Amundi has listed three more French-registered ETFs for trading on the XTF segment of the Xetra electronic platform from Deutsche Börse, Amundi ETF AAA Govt Bond EuroMTS (FR0010930636), which charges fees of 0.14%, Amundi ETF MSCI Europe Energy (FR0010930644), which charges 0.25%, and Amundi ETF MSCI Emerging Markets (FR0010959676), which charges 0.45%.Thus, the XTF segment now lists 801 ETFs.
18/03/2011

UIRE freezes a fund with high exposure to Japanese real estate

p { margin-bottom: 0.08in; } The German management firm Union Investment Real Estate (UIRE) has announced that until further notice, subscriptions are frozen from 17 March for the open-ended real estate fund UniImmo: Global (DE0009805556), which had EUR2.34bn in assets as of the end of October. The net asset value of the fund had already been lowered by 4.45% recently (see Newsmanagers of 3 March), due to the depreciation of three properties in Tokyo.Now, the suspension is explained as a result of the fact that seven Tokyo properties in the portfolio represent 14% of total assets for the fund. The other real estate funds from UIRE are also invested in Tokyo, but to a lesser extent, and consequently none of them have been frozen for the moment.
18/03/2011

Rupert Murdoch accused of nepotism by funds

p { margin-bottom: 0.08in; } The Financial Times reports that Amalgamated Bank of New York, which acts as a trustee for several funds, and the Central Laborers Pension Fund, have filed a suit in a Delaware court against News Corp. They accuse Rupert Murdoch of “nepotism” in his acquisition of Shine Group, a filmmaking firm, from his daughter Elizabeth, with the sole objective of allowing her to profit from the wealth of the group and to strengthen the family’s influence on the board of News Corp. Murdoch’s daughter has been offered a seat on the board in addition to USD675m paid for her business.
18/03/2011

100 IPOs to be added to Russell Global Index

p { margin-bottom: 0.08in; } Russell Investments has announced plans to add 100 new shares from recent IPOs in first quarter 2011 to its global Russell Global Index as of 31 March. Of the shares, 18 will also be added to the Russell 3000 index of US equities. Of the remaining 82, 30 will be added to the Russell Greater China Index (China, Hong Kong and Taiwan), while 12 will be added to the Russell Europe Index. The Brazilian and Indian indices will gain 6 stocks each.
18/03/2011

ECB: hedge funds to back Draghi

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that at a conference in London, representatives of RAB Capital, Sturgeon Capital and Signet Group have announced their support for Mario Draghi, governor of the Bank of Italy, as successor to Jean-Claude Trichet as chairman of the ECB. Draghi did a convincing job as president of the Financial Stability Forum.
18/03/2011

Schroders renforce ses équipes LDI et strategic solutions

Le 17 mars, Schroders a annoncé le recrutement de Mike Hodgson comme head of structured solutions et de Kathleen Broekhof comme LDI Solutions managers pour son équipe d’investissement sous contrainte de passif (liability-driven investment ou LDI). Le premier était responsable de l’activité funds derivatives trading & structuring chez The Royal Bank of Scotland NV (anciennement ABN Amro Bank) tandis que la seconde était director dans l'équipe institutionnelle de HSBC Global Asset Management, avec la responsabilité de développer et d’entretenir les relations avec les plans d'épargne retraite d’entreprises.L'équipe «strategic solutions» britannique sera renforcée avec l’arrivée en avril de Diane Ramsay, qui arrive du financial strategy group de chez Mercer, où elle était consultant senior. D’autre part, Alistair Jones rejoint une équipe de 6 spécialistes des solutions stratégiques chargée de fournir du conseil stratégique et sous contrainte de passif à la clientèle. Il était auparavant chez Aon Hewitt comme investment consultant.
18/03/2011

Very good annual results for Legal & General AM

p { margin-bottom: 0.08in; } Legal & General Investment Management (LGIM) last year earned net profits of Gbp206m, up 20% compared with the previous year.Gross inflows totalled GBP33.1bn, compared with GBP31.5bn the previous year. As of 31 December 2010, assets under management have totalled GBP354bn, compared with GBP315bn as of the end of 2009.LDI funds under management rose 36% to GBP41bn. Index-based funds have posted net inflows of GBP2.9bn, which contributed to a 10% increase in assets under management, to GBP229bn.
18/03/2011

F&C opposed management more often in shareholder votes in 2010

p { margin-bottom: 0.08in; } In 2010, F&C exercised its voting rights on 72,000 resolutions at more than 5,7000 businesses in 63 countries, an increase of 20% over 2009, which is due to an increase in participations held by clients. The asset management firm, which has recently published its annual report on responsible investment, voted in favour of 72% of the proposals of corporate management, compared with 78% reflecting a stricter attitude to the composition and effectiveness of boards of directors.Votes opposing management increased to 18%, from 10% in 2009. F&C opposed pay scales at the majority of US, British, and continental European banks, which took the percentage of proposals in the area of pay supported below the 70% mark. Among the subjects which also attracted the attention of F&C in 2010 were health and safety in dangerous industries such as mining.In 2011, environmental and social challenges which the management firm will address are related to China, climate change, the lessons to be drawn from recent disasters, and supplies of natural resources.
18/03/2011

Schroders recruits four for management teams

Schroders has appointed four new senior positions within its LDI and UK Strategic Solutions teams. This follows significant growth in both the traditional LDI and UK Strategic Solutions teams. Mike Hodgson becomes Head of Structuring. He joins from The Royal Bank of Scotland NV (previously ABN AMRO Bank N.V) where he had been responsible for Fund Derivatives Trading and Structuring.Kathleen Broekhof becomes LDI Solutions Manager, LDI. She was previously a Director in the institutional team at HSBC Global Asset Management where she was responsible for developing and maintaining relationships with UK corporate pension schemes. Dianne Ramsay will be joining the UK Strategic Solutions Team next month, from the Financial Strategy Group (FSG) at Mercer where she was a senior consultant.Alistair Jones, joins a team of 6 strategic solutions specialists, responsible for the provision of strategic and liability led input to clients. Prior to joining Schroders, Jones worked at Aon Hewitt for over 5 years as an Investment Consultant.
18/03/2011

Assets and profits up at LGIM

p { margin-bottom: 0.08in; } Legal & General Investment Management has seen an increase in its profits to GBP206m in 2010, compared with GBP172m in 2009. The increase comes at a time when assets under management have risen from GBP315bn to GBP354bn, an increase of 12%.
18/03/2011

Schroders launches a second low-cost fund

p { margin-bottom: 0.08in; } Schroders on 17 March announced the launch of a second actively-managed low cost fund. The Schroder QEP Global Core fund, with a TER limited to 40 basis points, aims for 1% outperformance of the MSCI World index or equivalent indices. The fund is the second in this category to be launched in March.
18/03/2011

Fidelity adds to FAST range

p { margin-bottom: 0.08in; } Fidelity International has launched a long/short fund of UK equities for Aruna Karunathilake, as an addition to its Fidelity Active Strategy (FAST) range, Investment Week reports. The fund, FAST UK, will be similar to the UK Aggressive fund in terms of stock-picking, but may invest in short positions with up to 30% of its portfolio.
18/03/2011

DJ Credit Suisse hedge fund index up 1.38% in February

p { margin-bottom: 0.08in; } The DJ Credit Dow Jones Credit Suisse hedge fund index finally posted gains of 1.38% in February, with eight out of ten strategies showing positive results.Convertible arb earned the best returns, with gains of 2.90%.
18/03/2011

Inflows to hedge funds continued in January

p { margin-bottom: 0.08in; } According to a joint study by TrimTabs Investment Research and BarclayHedge, hedge finds in January posted net subscriptions of about USD2.9bn, corresponding to 0.2% of their assets, for a sixth consecutive month of net inflows.Sol Waksman, founder and president of BarclayHedge, says this result is highly encouraging for the sector, insofar as January is traditionally marked by heavy redemptions. However, February is usually a month of very large inflows, meaning that the authors of the study predict net subscriptions for the month of about USD10bn.Although funds of hedge funds have seen net outflows of USD3.6bn (0.7% of their assets) in January (3rd consecutive month of net redemptions), commodities funds (CTAs) attracted USD2.8bn (1% of their assets), and macro funds attracted USD1.2bn (1.2% of their assets).Overall, the six equities strategies all saw net redemptions, and emerging markets equities saw their first net outflows since July, while bond funds received net subscriptions of USD3.5bn (2% of assets), their strongest inflows since February 2008.
18/03/2011

Number of public pension funds investing in hedge funs up by half

p { margin-bottom: 0.08in; } The number of open-ended pension funds worldwide investing in hedge funds has risen from 196 in 2007 to 295 currently, and average allocation in this asset class in the same time has risen from 3.6% to 3.6%, according to the most recent study by the consultant Preqin. In other terms, this exposure is now one percentage point higher than allocation by these investors to private equity funds.In general, the authors of the study continue, pension funds expect returns of 6.1% from hedge funds, which is lower than the expectations of other hedge fund clients, who look for 7%.Funds of hedge funds are in particular demand by pension funds, as 80% of these in who invested for the first time in hedge funds in 2010 did so through multi-management allocations, and 70% of pension funds investing in hedge funds have shares in funds of hedge funds in their portfolios.Preqin also points out that the 10 largest public pension funds investing in hedge funds allocated a total of USD836bn to this asset class.The report may be found at http://www.preqin.com/docs/newsletters/HF/Preqin_Hedge_Fund_Spotlight_M….
18/03/2011

Credit Alpha Fund from Henderson arrives in Spain

p { margin-bottom: 0.08in; } Following the German BaFin and the Swiss Finma (see Newsmanagers of 11 January and 25 February), the Spanish CNMV has granted permission for sales of the British UCITS-compliant fund Henderson Credit Alpha, which aims for returns 500 basis points higher than the Libor 3-month, with VaR of 3-6%.
18/03/2011

Mirabaud Finance and Aviva Investors France register funds in Spain

p { margin-bottom: 0.08in; } On 11 March, the CNMV granted a sales license for Spain to two French-registered funds, Mirabaud Euro Actions (C, D and I shares) and Aviva Investors Obligations Variables (E shares). The products will be offered by Mirabaud Finanzas and the Spanish branch of Aviva Investors Global Services, respectively.

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