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16/11/2010

BNY Mellon acquires Jefferies clearance activities

p { margin-bottom: 0.08in; } Pershing, an affiliate of BNY Mellon, has announced its acquisition of the custody and clearance activities of Jeffereies & Company. The sale price has not been disclosed. By the terms of the agreement, Jefferies will gradually transfer its broker-dealer clients to Pershing, which will offer them its full range of services.
16/11/2010

Renta 4 liquidates RMBS fund

p { margin-bottom: 0.08in; } The Spanish RMBS Fund from Renta 4 will be absorbed into the Spanish-registered fund of hedge funds Minerva from the same management firm, Funds People reports. The Spanish RMBS, launches slightly over one year ago, was never actively promoted, and its assets essentially consist of the seed capital. Renta 4 retains two other hedge funds, Accurate Global Assets and Mosaic Iberia.
16/11/2010

Deka Immobilien acqires a four-story hotel in Essen

p { margin-bottom: 0.08in; } For its institutional real estate fund WestInvest TargetSelect Hotels, Deka Immobilien has acquired the Atlantic Congress Hotel in Essen from Zech Group GmbH. The sale price has not been disclosed. The property is a four-story hotel with 248 rooms and measuring 18,000 square metres.
16/11/2010

Management commissions down by nearly 20% in two years

p { margin-bottom: 0.08in; } After a continual increase from 2001 to 2007, management commissions earned by portfolio management firms (SGP) last year fell for the second consecutive year, by 7%, from EUR10.34bn to EUR9.66bn, the AMF indicates in its report on third-party management in 2009, published on 15 November. Over two years, the decline represents nearly 20%. Nevertheless the proportion of management commissions for operating products has increased slightly, to 87%. Management commissions are composed 98% of mandated management commissions and mutual fund management commissions, while the remainder consists of commissions related to the management of foreign-registered funds. After a disintegration in the proportion of OPC commissions from operating products in the past three years, the AMF in 2009 observed a return to 2006 levels, with 79.4% of total operating proceeds. The proportion of mandate commissions from operating products is down slightly, to 6%, from 6.7% one year previously. Management firms with over EUR1bn in assets under management accounted for 87% of all commissions, down from 89% in 2008. They also accounted for 58% of managers (compared with 57%), and 22% (compared with 24%) of management firms. Commissions for all SGP activities, defined as the ratio of total management commissions over total assets under management, were 0.34% in 2009, compared with 0.41% in 2008, with strong disparities depending on the type of management undertaken. Generalists managing less than EUR500m charged 1.19%, compared with 1.55% in 2008, while private management firms charged a rate of only 0.13%, compared with 0.41% one year previously.
16/11/2010

Investors regain interest in equities funds in October

p { margin-bottom: 0.08in; } According to the most recent statistics from Europerformance-Six Telekurs, the category of equities funds shows an average variation of 3.4% to its assets, considerably more than the bond fund category (0.1%) and money market funds, which have seen their assets continue to decline (-1.1%). For equities products, internationally-invested funds have seen the strongest increase in their assets (4.7%), followed by funds composed of European equities (3.6%). At the other end of the spectrum, French equities funds posted the most moderate increase (2.6%). Once again, outflows from money market funds was strong (-4.94%), while dynamic type money market funds posted net inflows of 1.16%. For bond funds, Euro zone mutual funds posted outflows of 0.2%. However, high yield funds saw net inflows of 0.13%. A study of performance confirms that it has been a good month for equities funds, which show average gains of 2.86%, with an increase of 3.57% for French equities funds, just behind funds invested in the Euro zone, which posted the highest average gains (3.70%). International funds saw gains of 2.03%.
16/11/2010

Erste Sparinvest to launch its first UCITS-compliant hedge fund

p { margin-bottom: 0.08in; } Hedge Week reports that in early 2011, the Austrian management firm Erste Sparinvest will launch the ESPA Alternative Diversified Fund, its first UCITS-compliant hedge fund, an Austrian-registered product which will start up with seed capital of EUR50m. The management of the fund will be entrusted to the Alternative Investment Group at Erste Bank, led by Mark Cachia, a team which manages USD650m in multi-strategy funds of hedge funds.
16/11/2010

AXA IM launches a bond fund on the British market

p { margin-bottom: 0.08in; } Fundstrategy reports that Axa Investment Managers has launched a Sterling Credit Short Duration Bond fund, aimed at the British retail market, which aims to reduce its sensitivity to interest rates. The launch of the product closely follows the launch of the US Short Duration High Yield fund, aimed at institutional investors, which was in great demand from discretionary managers and funds of funds. The new fund, managed by Julie Lamirel, invests in investment grade corporate bonds which will mature less than five years after their acquisition date. The fund hopes thus to reduce the potential impact of potential increases to the interest rate by the Bank of England.
16/11/2010

Introduction of British RDR may be delayed

p { margin-bottom: 0.08in; } Fundstrategy reports that a survey by Fidelity FundsNetwork of major management firms finds that 32% of them estimate that the FSA will be required to delay the deployment of the new RDR regulations for retail investment markets, beyond the planned date of 31 December 2012. However, they all predict that it will be effectively put into force. 32% of management firms surveyed estimate that the RDR will undertake a reduction of the size of platforms, while 37% think the opposite, and 26% are predicting a continuation of the status quo.
16/11/2010

Small caps perform better in emerging markets

p { margin-bottom: 0.08in; } The index provider S&P Indices on 15 November published the results of a study which reveals that small caps in emerging markets perform better than large caps in the same markets. The S&P Emerging SmallCap Index has posted an annualised growth rate of 16.6% over the ten years to 30 September 2010, compared with a rate of 13.2% for the S&P Emerging LargeMidCap. S&P says that the small cap index beat the LargeMidCap index in eight out of ten years between 2001 and 2010. The performance difference was particularly marked in the past year, with performance as of 30 September of 17.2% for the SmallCap index, compared with 10.9% for the large cap index. Despite this evolution, many investors still are not exposed to small caps in their emerging markets portfolios. As of 30 September this year, the S&P Emerging SmallCap Index included 1,648 shares from 19 countries, of which 397 were from Taiwan, 359 from China, 241 from India and 130 from Brazil.
16/11/2010

Jean Lamothe appointed president of CB Richard Ellis Investors Europe

p { margin-bottom: 0.08in; } CB Richard Ellis Investors, a real estate fund management firm, on 15 November announced the appointment of Jean Lamothe as president of CB Richard Ellis Investors Europe. He will direct the UK and European platforms, and will also be responsible for strategic orientation, operational management, financial results and leadership of a single European platform.
16/11/2010

Strong European inflows for Franklin Templeton

In its most recent fiscal year, ending on 30 September 2010, Franklin Templeton Investments has posted net inflows in Europe of USD24bn via distributors and institutional investors, making it one of the largest destinations of inflows in the region.Franklin Templeton says in a statement that France has participated in this trend, as Templeton France SA in the period saw all-time high net inflows of EUR1.2bn for the sub-funds of the Luxembourg Sicav Franklin Templeton Investment Funds (FTIF), which has a total of USD72bn in assets under management in Europe. Assets under mangaement in France totalled USD3.2bn as of 30 September 2010.Inflows went both to fixed-income and equities products. For bonds, subscriptions largely went to the Templeton Global Bond Fund and Templeton Global Total Return Fund. In the equities category, inflows were largely concentrated on emerging markets equities, via the Templeton Asian Growth Fund.These results confirm the group’s resolutely international model, with half of net sales now consisting of international sales (outside the United States).
16/11/2010

GAM Holding has CHF118.7bn in assets

p { margin-bottom: 0.08in; } On 15 November, GAM Holding announced that its assets under management, excluding the CHF17bn in Julius Baer funds distributed by Swiss & Global Asset Management and “sub-advised” by GAM, totalled CHF118.7bn as of the end of September, which represents an increase of CHF2.1bn, or 2%, compared with 30 June. This increase is due to net subscriptions related to the diversification of the product range. For GAM, assets as of 30 September totalled CHF53.8bn, compared with CHF53.1bn three months earlier. Net subscriptions and market effects were partially offset by the depreciation of the US dollar against the Swiss franc. Net inflows concerned the fixed income range, including the funds which GAM sub-advises for Swiss & Global Asset Management, as well as single manager absolute return funds and Asian equities strategies. For Swiss & Global Asset Management, assets increased from CHF78.3bn as of the end of June to CHF81.9bn as of 30 September, also due to net subscriptions and market effects. The negative impact of the falling dollar was partially offset by the rise of the euro against the Swiss franc.
16/11/2010

Chinese HGI signs an outsourcing deal with State Street

p { margin-bottom: 0.08in; } The Chinese management firm Harvest Global Investment (HGI), in which Deutsche Asset Management (Asia) owns a 30% stake, has signed an outsourcing deal with State Street, Asian Investor reports. By the terms of the agreement, State Street will provide middle office services, which will allow HGI to reduce its costs. This is the first time that State Street has won a mandate of this type from a Chinese management firm.
16/11/2010

Julius Baer makes changes to Italian management

Julius Baer SIM has made a number of changes to its executive management in Italy. The board of directors nominated Gian Paolo Bardelli as new CEO of Julius Baer SIM S.p.A., and Giovanni Flury, member of the executive board of Julius Baer, as new vice-chairman of the board of directors of Julius Baer SIM. Since 2006, Gian Paolo Bardelli has been in charge of international Private Banking at Julius Baer in Singapore, where he was also a member of the executive board Asia. He has spent his entire career abroad; while at UBS he worked in Zurich, Geneva and London prior to managing the BDL Banco di Lugano subsidiary in Singapore. Stefano Canossa, the outgoing CEO, is returning to Zurich to assume an important position in development projects, according to a press release. These appointments will contribute to the expansion of Julius Baer in the strategically important Italian market. The Swiss bank aims to expand its client network by increasing its size and geographical spread.
16/11/2010

Man Group retains Dick Phillips and Andy Thatcher

p { margin-bottom: 0.08in; } Richard Phillips, co-head of British retail at GLG Partners, has been appointed head of British retail at the group resulting from the merger, following the recent completion of its acquisition of GLG Partners.Phillips’ alter ego at GLG, Andrew Thatcher, will be in charge of ex-GLG activities in Asia, and will report to Tim Rainsford, who since 2007 has been managing director of Man Investments for the Asia-Pacific region.
16/11/2010

Scottish Widows recruits a director of sales for real estate

p { margin-bottom: 0.08in; } After recruiting four managers for its real estate team in early September (see Newsmanagers of 9 September), Scottish Widows Investment Partnership (SWIP) has announced the recruitment of Peter Macpherson as director of sales for the team, to begin at the end of January. Macpherson is head of client services at ING Real Estate Investment Management. He will be in charge of institutional sales.
16/11/2010

Aviva Investors hires a corporate responsibility manager

p { margin-bottom: 0.08in; } Stephanie Maier, who was most recently at the helm of a team of 30 analysts and six research partners focused on corporate ESG (environmental, social and governance) performance in developed and emerging countries at Ethical Investment Research Services (EIRIS), has been recruited as corporate responsibility manager at Aviva Investors. She will report directly to Steve Waygood, head of sustainability, research and engagement, and will work in close collaboration with Nigel Clemson, director of human resources, who is in charge of social responsibility worldwide.
16/11/2010

Dubai injecte 2 milliards dans Dubai Holding

Le gouvernement de Dubai aurait pris la main sur le plan de restructuration de Dubai Holding, le groupe d’investissements financiers et immobiliers de la région, en injectant quelque 2 milliards de dollars dans le groupe qui possède 12 milliards de dettes, selon le quotidien qui cite des propos de Mohammed al-Shaibani.
16/11/2010

Janet Yellen défend le programme de la Fed

La nouvelle vice-présidente de la Réserve fédérale américaine a insisté, dans un entretien accordé au quotidien, sur le fait que la banque centrale n’avait aucunement pour intention d’affaiblir le dollar ou de raviver les tensions inflationnistes aux Etats-Unis. Le programme de «quantitative easing» est justifié, selon Janet Yellen, par le fait que les Etats-Unis connaissent à la fois une inflation très faible et un taux de chômage élevé, à 9,6%. La politique de la Fed est soumise à vives critiques internes, les républicains exerçant des pressions pour que Ben Bernanke abandonne son programme de rachat de 600 milliards de dollars d’obligations d’Etat.
16/11/2010

Invesco refinance des actifs hôteliers

Le pôle immobilier du gestionnaire de fonds a obtenu auprès d’Aaeral Bank un crédit de 109 millions d’euros destiné à refinancer quatre actifs logés au sein de son premier fonds hôtelier. Ce dernier est presque totalement investi, avec plus de 655 millions d’euros d’actifs sous gestion. Invesco Real Estate a par ailleurs annoncé son intention de lancer un deuxième fonds début 2011.
16/11/2010

Barclays lance une offre de produits structurés listés

Dès aujourd’hui, la banque britannique propose aux investisseurs privés français près de 200 certificats sans maturité qui peuvent, soit répliquer le cours de leur sous-jacent, soit démultiplier les performances d’un actif. La liste de sous-jacents est large et inclut le CAC40, les grandes sociétés françaises et étrangères, les devises ou encore les matières premières. Bmarkets espère porter son offre à 1.000 certificats en 2011.

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