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07/02/2011

JPMAM releases an investment grade emerging markets bond fund

p { margin-bottom: 0.08in; } On 3 February, JPMorgan Asset Management (JPMAM) received a sales license in Germany for the new Emerging Markets Investment Grade Bond Fund, a sub-fund of its Luxembourg Sicav JP Morgan Funds, which was launched on 29 November 2010.As its name indicates, the portfolio is invested in emerging market bonds rated at least BBB-. About 70% of assets are invested in government bonds, and the remainder in corporate bonds, denominated in US dollars or euros.Michael Mewes, head of the fixed income team at JPMAM in Frankfurt, says that more than half of bond issues in these markets are rated investment grade, and that they often have attractive spreads, which makes it possible to earn higher reutrns than from bonds in industrialised countries, which are expected to remain low.The new fund is managed by Pierre-Yves Bareau, CIO for emerging market debt, with Alain Defise (who also came to the firm from Fortis Investments) as co-manager. In Paris on 3 February, Bareau mentioned corporate bonds as among his favourite investments, because emerging market corporates have returns 100 basis points higher than developed countries bonds “with a rating one nothc higher.”
07/02/2011

Northern Trust recruits two sales staff in the Netherlands

Northern Trust has announced that it will offer asset management solutions to institutional clients across Benelux (Belgium, The Netherlands and Luxembourg) from its Amsterdam office, following regulatory approval from the Dutch Autoriteit Financiële Markten and the UK Financial Services Authority. Regulatory approval for Northern Trust’s international asset management arm, Northern Trust Global Investments (NTGI) supports its strategy to enhance its business across Europe, Middle East and Africa and expands Northern Trust’s product offering for clients across the Benelux region where asset servicing capabilities have been offered from its Amsterdam branch office since March 2006.To support NTGI’s expansion, Gerard van Leusden and Arnaud Bizet have been hired as senior business development directors responsible for building new asset management relationships across the Benelux region with focus on pension funds and asset management groups. They will work alongside Liisa Salojarvi, who has advised NTGI’s Benelux clients from London for a number of years, and will be supported by NTGI’s UK team of relationship managers.Van Leusden and Bizet join from Blackrock, previously BGI, in Amsterdam where they were sales and relationship management directors.
07/02/2011

JP Morgan AM to launch low-fee funds

p { margin-bottom: 0.08in; } Money Marketing reports that the head of British retail distribution at JP Morgan AM, Jasper Berens, would like to launch low-cost actively-managed funds, to compete with passively managed funds. JP Morgan AM has already released a product of this type on the British market. If the product is well-received, JP Morgan AM may offer it in continental Europe and the United States as well.
07/02/2011

SAM recruits a manager from Asset4

p { margin-bottom: 0.08in; } Christopher Greenwald, director of data content at the extra-financial information specialist Asset4, has left the firm to join the Swiss management firm SAM, as head of Sustainablility Applications & Operations, Responsible Investor reports. Greenwald began in his new role on 1 February. Responsible Investor also reports that the head of research, Pierin Menzli, has left SAM.
07/02/2011

Eva Castillo joins board at Old Mutual

p { margin-bottom: 0.08in; } The former head of Merrill Lynch and its head of private banking in Spain (until 2009), Eva Castillo, who has since served on the board of directors at Telefónica, has been recruited as non-executive director fo Old Mutual, Expansión reports. She will sit on the risk, appointment and remuneration committees.
07/02/2011

State Street Global Advisors wins two investment mandates in the UK

p { margin-bottom: 0.08in; } State Street Global Advisors on 4 February announced that it has won five available investment mandates from National Employment Savings Trust Coporation (NEST) in the United Kingdom. Following a call for bids, SSgA was awarded the passive management tenders for inflation-linked and conventional gilts in the UK. Kanesh Kakhani, head of State Street Global Advisors in the United Kingdom, says: “We are very pleased to have won these five mandates from NEST in this call for proposals. We are particularly happy to see our fixed income product management capacities recognised in the call for proposals at NEST. This is a unique opportunity to participate in what is a major step in the retirement savings process in the United Kingdom. SSgA already works with many of the largest pension funds in the world, managing a range of investment strategies in order to ultimately help our clients to achieve their investment objectives.” NEST is a new retirement program in the United Kingdom, created to help employers to respect the new legal requirements which will come into force in the United Kingdom in 2012, which will require employees to be automatically subscribed to a retirement plan. The plan will include about 6 million employees in the United Kingdom who have no other retirement coverage. It will function as an employee savings retirement tax program, managed by NEST Corporation.
07/02/2011

SWIP adds to international strategy team

p { margin-bottom: 0.08in; } SWIP has announced that it has added to its international strategy team with the appointment of Emilion Cano as investment manager. Cano, who will report directly to Ken Adams, head of international strategy at SWIP, will be in charge of strategic and tactical asset allocation services for SWIP clients. Cano previously worked at Popular Banca Privada in Madrid.
07/02/2011

Head of multi-management at Schroders resigns

p { margin-bottom: 0.08in; } Citywire reports that Andrew Yeadon, head of multi-management at Schroders, has left the firm, following the merger of multi-management and multi-asset class teams. The new merged team manages about GBP14.4bn, in assets, and is now led by Jahanna Kyrklund.
07/02/2011

Société Générale Private Banking Hambros adds to wealth management personnel

p { margin-bottom: 0.08in; } Société Générale Private Banking Hambros (SGPB Hambros) announced on Friday, 4 February that it has signed an agreement to acquire the dedicated portfolio management activities dedicated to private banking at Baring Asset Management Limited, based in the United Kingdom and Guernsey. The agreement will be finalised in May 2011. Baring Asset Management Limited has a team of professionals including six private managers, who will come as additions to the wealth management teams at Société Générale Private Banking Hambros, which include about 500 employees, located in London, Guernsey, Jersey and Gibraltar, a statement says.
07/02/2011

Merrill Lynch releases six more Newcits sub-funds of its MLIS Sicav

p { margin-bottom: 0.08in; } On 24 January 2011, the German BaFin and the Austrian FMA issued sales licenses for Germany and Austria for six sub-funds of the Luxembourg-registered, UCITS-compliant Sicav Merrill Lynch Investment Solutions (MLIS). The newcits funds in question are the AQR Global Relative Value UCITS Fund (LU0562189042), Boyer Allan Asian Long-Short UCITS Fund (LU0511125394), Graham Capital Systematic Macro UCITS Fund (LU0556497740), Theorema European Equity Long-Short UCITS Fund (LU0517905021) and York Asian Event-Driven Fund (LU0532509808). The products, all available in institutional shares in euros, bring the number of sub-funds of MLIS to 10.
07/02/2011

Bouwfonds releases its first closed real estate fund in Germany

p { margin-bottom: 0.08in; } The closed residential real estate fund Wohnen in Deutschland 01 is the first product released in Germany by Bouwfonds Real Estate Investment Management (Bouwfonds REIM), an affiliate of Netherlands-based Rabobank. Bouwfonds REIM has been operating in Berlin since 2006, and manages a portfolio of nearly 10,000 housing units, which were initially acquired via Netherlands-registered funds, Fondsprofessionell reports.The new fund holds assets totalling 26,500 square metres in stable regions of Germany (Hamburg, Göttingen, Neuss and Reutlingen), valued at EUR39.7m. Minimal subscription is set at EUR15,000, and annual distribution is 5%, with maturity after 14 years.Bouwfonds has already been offering the Netherlands-registered product Bouwfonds European Residential Fonds (BER), which has assets of EUR230m, in Germany for three years.
07/02/2011

Assets under management at Cantonal Bank of Grisons up 6.5%

p { margin-bottom: 0.08in; } Agefi Switzerland reports that assets under management at the Cantonal Bank of Grisons increased last year by 6.5%, to CHF26.49bn. Net inflows totalled CHF1.78bn. Net profits increased 7.1%, to CHF154.1m.
07/02/2011

Increase in net assets at Julius Baer, despite strong Swiss franc

p { margin-bottom: 0.08in; } Due to costs related to the integration and restructuring after the purchase of ING Bank in January 2010, as well as depreicaiton on goodwill, net profits at the Julius Baer group by IFRS accounting standards in 2010 fell 9% to CHF353m. Excluding these elements, net profits increased 6% to CHF504m. Due to a reduction in gross margins, and partly due to the appreciation of the Swiss franc, the cost-income ratio deteriorated to 65.4% from 63.1%.As of the end of December, assets under management had increased to CFH170bn, up from CFH154bn one year earlier. This increase of CHF16bn is due to CHF14bn in assets from the acquisition of ING Bank, CHF9bn in net inflows, CHF8bn in positive market effects, and a currency loss of CHF14bn due to the devaluation of the euro and the US dollar against the Swiss franc.Net subscriptions represented 6% of AUM as of the beginning of the year, compared with 4% in 2009, largely due to strong inflows from growth markets, particularly Asia, Russia, Central and Eastern Europe, and Latin America, as well as to domestic activities of the German bank.As of the end of 2010, total client assets came to CHF267bn, while savings assets as of the end of December totalled CHF98bn, compared with CHF87bn one year earlier, largely due to CHF7bn in net inflows.
07/02/2011

Highbridge to launch a credit fund

Highbridge Capital, the hedge fund owned by JPMorgan, has hired Serge Adam to head its Principal Strategies unit and is preparing the release of a standalone credit fund, according to the Financial Times.The move comes a week after the firm fired its event trading team, headed by Jason Esralew.
07/02/2011

“Our international development plans include Europe”

Following the successful integration of La Française des Placements, the UFG-LFP group has signed a strategic partnership with Cholet-Dupont. Two core areas of development for UFG-LFP are international activities, particularly in Europe, and private management.
07/02/2011

Madoff receiver takes on owners of New York Mets

p { margin-bottom: 0.08in; } Irving Picard, the court-appointed receiver for the business activities of Bernard Madoff, is seeking the return of USD300m in fictive profits from the fraud distributed to Fred Wilpon and Saul Katz, two brothers-in-law who own the New York Mets baseball team, their partners, and several entities with ties to their real estate operation, Sterling Equities Associates, the Wall Street Journal reports.The liquidator may also require that USD700m in principal which they received from Madoff’s business since 2002 be reimbursed. The lawsuits were filed in December, but the two brothers-in-law and Picard were involved in secret negotiations.Unlike in other cases, the trustee does not affirm that Wilpon and Katz were complicit with Madoff. He accuses them of having been alerted on several occasions of serious irregularities, but of having done nothing.
07/02/2011

ISS calls on Apple to disclose its CEO succession plans

p { margin-bottom: 0.08in; } The general shareholders’ meeting voting agency ISS claims that Apple Inc should disclose its plans for succession to the position of CEO Steve Jobs, who in January announced his second leave of absence on health grounds in two years, the Wall Street Journal reports. According to ISS, this would not require Apple to reveal the name of the people up to succeed Jobs, but the group should at least accept a motion proposed by shareholders at the general shareholders’ meeting on 23 February to require the firm to indicate in writing what its policies in this area are. Apple has recommended that shareholders vote against the resolution.
07/02/2011

Managers require advance notice for redemptions

p { margin-bottom: 0.08in; } Since November 2009, Spanish funds have seen uninterrupted net redemptions. Several management firms are now requiring minimum advance notice periods of 10 days, in order not to have to sell assets at sacrificial prices, and so as not to penalise investors who remain in the funds, Cinco Días reports. Advance notice periods of this type have been announced to the CNMV in the past few weeks by Bansabadell Inversión and Ahorro Corporación Gestión, among others.
07/02/2011

Richmond Park perce dans les hedge funds

Avec Olympia, la société financière britannique acquiert un gérant prestigieux dans les fonds de fonds alternatifs, détenu à 45% par Sagard depuis 2006. Par la même occasion, il s’implante en France dans un contexte d’ouverture du marché européen de la gestion d’actifs.
07/02/2011

Le marché de l'emploi américain prend froid

Après les intempéries hivernales, l’économie d’outre-Atlantique n’a créé en janvier que 36.000 emplois, contre 146.000 attendus. L’enquête réalisée auprès des ménages, elle, fait ressortir un taux de chômage en baisse de 9,4% à 9% à la suite de la forte contraction de la force de travail.

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