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21/01/2011

German government may revise real estate fund legislation

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that the German parliamentary CDU/CSU and FDP groups are planning to amend the proposed open-ended real estate fund legislation. They are planning to remove the required markdown on property valuations when properties are resold within 2 years (10%) or 3 years (5%), and to reduce the minimal period a property should be held from 2 years to 1 year, to allow retail investors to make withdrawals limited to EUR30,000 per year, and to lower the maximal leverage level for the funds from 50% to 30%.
21/01/2011

Absolute return: British management association may make changes to categories

p { margin-bottom: 0.08in; } The British investment management association (IMA) is considering changes to the absolute return fund category, which would add two subsectors for one-year and three-year funds, Money Marketing reports. This distinction would allow funds whose strategies are more long-term to retain their status as absolute return funds. Money Marketing reported last week that the FSA considers the absolute return label inappropriate in its current form (see Newsmanagers of 14 January 2011).
21/01/2011

British asset management association in another warning over new AIFM rules

p { margin-bottom: 0.08in; } The British investment management association (IMA) on 20 January announced that the introduction of new clauses in the AIFM directive could be damaging to investors.The professional association is reacting to a call for comments by the European Securities Markets Authority (ESMA) last month.The association claims that the directive is already a highly detailed document. “As a result, we call on ESMA now to introduce useless new terms in the level 2 and 3 measures, and to use directives rather than regulations at this level,” says Julie Patterson of the IMA.
21/01/2011

Olivier Carenini arrives at Russell Investments

p { margin-bottom: 0.08in; } The Paris office of Russell Investments on Thursday announced the appointment of Olivier Carenini as director of development, in charge of distribution and partnerships, effective from 5 January 2011. Carenini becomes responsible at the firm for development of partnerships and financial solution activities for savings and financial management professionals in France, Benelux, Switzerland and the Iberian peninsula. He will also collaborate with the EMEA (Europe, Middle East and Africa) team. Carenini previously worked at Rothschild & Cie Gestion, as director in charge of distribution teams.
21/01/2011

Aberdeen recruits Alban Arribas

p { margin-bottom: 0.08in; } As Newsmanagers reported on 18 January, the Paris office of Aberdeen has added to its real estate team, with the recruitment of Alban Arribas, who for the past ten years had been head of private investments at Acofi. Arribas becomes head of fund management France, and will be in charge of structuring for French real estate funds, including the development of OPCI fund management for French and international institutional clients.
21/01/2011

Rothschild & Cie Gestion announces a “vintage year in 2010”

“2010 was a vintage year for Rothschild & Cie Gestion,” said Arnaud Perrier, manager and director of sales and marketing for the French asset management firm, at a quarterly meeting of the strategy committee held on Thursday.“Our assets have increased 10% for the year, to EUR21.8bn as of the end of 2010,” he explains. This was achieved due to rising markets and a positive inflow, not counting money markets, of about EUR1bn,” the director of sales says.Perrier has also announced the arrival of a new addition in the institutional sales team. He is planning to recruit another person for Benelux, and says that “we will be present in Germany starting this year.”
21/01/2011

Partnership agreement between Six and Liquidnet for transactions in blocs

p { margin-bottom: 0.08in; } SIX Swiss Exchange and Liquidnet, the institutional market for equities trading, on 20 January announced that they have signed an agreement to provide members of the SIX Swiss Exchange and buy-side operators effective execution of bloc executions on Swiss and European equities. Liquidity held in the exclusive Liquidnet liquidity system will be available to members of SIX Swiss Exchange. Liquidnet members will thus benefit from added liquidity provided by members of SIX Swiss Exchange. SIX Swiss Exchange members will be able to continue to use their front-end trading systems to trade about 3,600 international equities which will initially come from the Swiss, British, French, German and Dutch markets. The launch of the offer is planned for second quarter 2011.
21/01/2011

BlackRock: the largest shareholder in Germany

p { margin-bottom: 0.08in; } In an article dedicated to the history of BlackRock, Handelsblatt says that the US management firm is the only investor to hold shares in all companies of the Dax index. It is the largest shareholder in German businesses overall, and via its active or passive funds, it controls from 5% to 9% of nine Dax companies: Adidas, Allianz, BASF, Bayer, Deutsche Bank, Heidelberg Cement, Infineon, Merck, and Munich Re. Such a situation has never before been observed in the history of the German stock market.
21/01/2011

State Street to manage a portfolio of US bonds for Lærernes Pension

p { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) on Thursday, 20 January announced that it has been selected by Lærernes Pension, the life insurance and pension fund for over 127,000 teachers in Denmark, to manage its portfolio of investment grade US corporate bonds. The size of the portfolio is USD271m. It will be invested according to a passive strategy, on the basis of environmental, social and governance (ESG) criteria, for the group’s EUR5.5bn fund. The SRI filter which SSgA will use was defined by Lærernes Pension.
21/01/2011

Financière de l'Echiquier posts net inflows of EUR700m in 2010

p { margin-bottom: 0.08in; } The French asset management firm Financière de l’Echiquier on Thursday, 20 January announced that it collected EUR700m in inflows in 2010. It now manages over EUR5bn, an increase of 44% for the year.One third of these inflows came form outside France, largely in Germany, Italy and Spain, countries which are growth areas for distribution of Arty funds, which include equities and bonds from European businesses, and Echiquier Global, which invests in global large cap equities.The asset management firm now manages EUR1.6bn for institutional investors, who represent nearly half of inflows.In terms of investment strategy, the management team estimates that 2011 will be as auspicious as 2010, but that the assets to bet on will be different. “For example, fiscal differences in European states will create opportunities in the sector of outsourcing of public services, and the fall of valuations in southern European countries will also make it possible to buy high-quality businesses at attractive prices,” a statement says.On the basis of these predictions and the stock-picking method practiced by the management firm, its chairman, Didier Le Menestrel, predicts assets of EUR15bn by 2015.
21/01/2011

Russell adds to alternative investment consulting team

p { margin-bottom: 0.08in; } Darren Spencer has been recruited as director, alternative investments for the Americas institutional consulting group. Spencer, who worked for a fund of hedge fund boutique, and was global head of alternative investments at Aon Investment Consulting, comes as an addition to the network of directors to advise alternative investments, which already includes head for Europe, the Middle East and Africa (EMEA), Australasia and Japan and North-East Asia. Spencer will be based in New York, and will be in charge of directing the development and deployment of alternative investment strategies for consulting clients of Russell in North America.
21/01/2011

Aviva Investors recruits a business development director for Sweden

Aviva Investors has announced the appointment of Tove Bångstad as business development director – Sweden. In this newly created role, she will be responsible for growing Aviva Investors business and client relationships in the Nordic market.Starting on 1st February 2011, she will report to Véronique Cherret, director - head of institutional channel - UK & Europe. Prior to joining Aviva Investors, Tove Bångstad was at SEB Wealth Management where she was most recently head of institutional clients for Sweden as well as head of mutual funds.
21/01/2011

Pre-tax profits double for wealth management unit of Morgan Stanley

p { margin-bottom: 0.08in; } The Global Wealth Management unit of Morgan Stanley has reported pre-tax profits for the year 2010 of USD1.2bn, compared with USD559m for 2009. Assets under management totalled USD1.7trn as of the end of the year, while net inflows for the year as a whole totalled USD22.9bn, of which Usd14.1bn were in fourth quarter. The asset management unit, for its part, has earned pre-tax profits of USD723m, though it lost USD653m the previous year. As of 31 December, assets under management or supervision totalled USD279bn, compared with USD266bn one year earlier, The increase is largely due to market effects, which were partly offset by a net outflow from Morgan Stanley money market funds.
21/01/2011

Net profits at Raymond James nearly double

p { margin-bottom: 0.08in; } In fourth quarter 2010, which was the first quarter of the new fiscal year for Raymond James Financial, net profits totalled EUR81.72bn, which represents an increase of 18% compared with the previous quarter, and an increase of 90% compared with October-December 2009. Assets as of the end of December (excluding money markets) totalled USD33.4bn, compared with USD30bn as of the end of September, and USD27.6bn one year previously, while assets under administration totalled USD262bn, compared with USD249bn three months earlier, and USD232bn at the end of December 2009.
21/01/2011

MAN Group's AUM total USD68.6bn

p { margin-bottom: 0.08in; } Assets under management at Man Group totalled USD68.6bn as of the end of its third quarter, on 31 December 2010, compared with USD65.9bn as of 30 September, of which USD40.5bn were at Man, and Usd25.4bn related to the acquisition of GLG.MAN says in a statement that hedge funds saw a net inflow of USD100bn in third quarter. Long-only funds saw an outflow of USD1.1bn in third quarter, due to a redemption of over USD1bn on a low-margin mandate, as the investor wanted to pull out of European equities.
21/01/2011

JO Hambro IM recruits two managers

p { margin-bottom: 0.08in; } Two managers from Spencer House Capital Management (SHCM), Charles Martyn-Hemphill and Will kenney, will join JO Hambro Investment Management (JOHIM) in February, Investment Week reports. The two managers, founding partners of SHCM, will also continue to manage the Spencer House Capital Management fund, as well as other dedicated mandates.
21/01/2011

Fresh blood at Baillie Gifford

p { margin-bottom: 0.08in; } The Scottish asset management firm Baillie Gifford Investment Management on 20 January announced the appointment of three new partners, effective from 1 May 2011, bringing the number of members at the college of partners working full-time for the business to 37.The new partners include Malcolm MacColl, senior portfolio manager and one of the three decision-makers for the global alpha equities team, Bill Pacula, who will become the first international partner, and who is in charge of business development for the United States and Canada, and David Salter, client director in the institutional clients department.As of 30 April 2012, the partners Edward Hocknell, Nigel Morecroft and Leslie Robb will be retiring. From 1 May 2012, Andrew Telfer will become joint senior partner, in charge of directing the business. He will succeed Alex Callander, who will be retiring after a 30-year career at the firm. Telfer is currently head of the institutional clients department.
21/01/2011

Assets under management at Aberdeen up 2.6% in 2010

p { margin-bottom: 0.08in; } As of 31 December 2010, assets under management at the Scottish group Aberden totalled GBP183.3bn, up 2.6% compared with 30 September 2010. Fourth quarter 2010 ended with net outflows of GBP0.8bn, which were more than adequately offset by positive market effects of GBP5.4bn. Equities funds posted a net inflow of GBP3.4bn for the quarter, largely thanks to emerging markets, but all other asset classes finished the quarter in the red: -GBP900m for alternative strategies, -GBP900m for real estate, -GBP400m for money market funds, and -GBP2bn for fixed income. Under the double impact of net inflows and market effects (over GBP5bn), assets under management at equities funds totalled GBP80.8bn as of 31 December 2010, compared with GBP72.1bn one quarter earlier.
21/01/2011

Le LSE est ouvert aux partenariats

Dans un entretien accordé au quotidien, le président du London Stock Exchange, Chris Gibson-Smith, assure qu’il reste ouvert à de «nouveaux partenariats» dans le futur. Une fusion resterait toutefois à ses yeux «difficile à mettre en œuvre, en raison de la diversité des régulations sur les différents marchés».
21/01/2011

PAI vendra SPIE cette année

La société d’investissement PAI Partners, qui compte lancer une levée de fonds critique, devrait initier la vente de sa dernière participation phare, SPIE, au second semestre de cette année, indique le journal qui ne cite pas ses sources. Le fonds, qui envisageait un scénario de cotation en Bourse, aurait finalement favorisé un processus de vente classique, «qui lui offre une visibilité sur la valorisation» poursuit le quotidien.
21/01/2011

Le marché du CO2 encore décrédibilisé

L’arrêt des transactions sur le marché spot traduit le décalage existant avec les marchés dérivés. Bruxelles envisage aussi de renforcer sa régulation.
21/01/2011

La majorité des gérants surperforme le marché

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de décembre 2010. Ces performances sont mises en perspective par le calcul de la volatilité et du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
21/01/2011

Le risque est peut-être un peu trop rémunéré

Le graphique ci-contre montre l’évolution de l’appétit pour le risque, mesuré par la corrélation de rang entre les rendements des facteurs de risque et la volatilité qui leur est associée. Si la corrélation est positive, l’aversion pour le risque a baissé ; si la corrélation est négative, elle a augmenté.

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