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27/10/2010

Net increase in profits for Invesco in third quarter

p { margin-bottom: 0.08in; } In adjusted figures, net profits at Invesco for July-September totalled USD185m, compared with USD125m in second quarter, and USD117.7m for the corresponding period of last year. Meanwhile, by GAAP accounting standards, net profits to be distributed to ordinary shareholders increased by 37.3% in the first nine months of the year, to USD290.5m, from USD211.6m. Assets as of the end of September totalled USD604.5bn (see Newsmanagers of 13 October), compared with USD557.7bn as of the end of June, and USD446.9bn twelve months previously.
27/10/2010

Threadneedle launches a European equities hedge fund

p { margin-bottom: 0.08in; } On 26 October, Threadneedle announced the launch of a long/short equities hedge fund domiciled in Ireland (IE00B3ZWD247), entitled Threadneedle Apex European Fund. The fund, which is not UCITS-compliant, will be managed by Paul Doyle, who will use the same strategy as for the Threadneedle European Crescendo Fund, which he has lead-managed since 2008, and which shows average annual performance of 6.10% over the past ten years. Doyle will be assisted by William Davies, head of European equities. Bottom-up stock-picking will be complemented by a top-down overlay to determine sectoral exposure without compromising risk management. Threadneedle states that due to strong demand from investors in the Threadneedle European Crescendo Fund seeking to change over to the Threadneedle Apex European Fund, the fund domiciled in the Cayman Islands will be closed in October.
27/10/2010

Nicolas Faller joins UBP

Richard Wohanka, former CEO of Fortis Investment Management, who one year ago took over as head of the asset management division of Union Bancaire Privée (UBP) in Geneva (see Newsmanagers of 13 October 2009), is continuing to attract talent from his former workplace. Following Yves Stein, who moved to the firm recently (see Newsmanagers of 19 October), Nicolas Faller has become the most recent to join UBP on 1 November as head of sales for Europe, an addition to the services to private and institutional clients in the region. Faller, who will also be a member of the asset management board at UBP, was global head of sales and a member of the executive board at BNP Paribas Investment Partners, after serving as global head of distribution partners at Fortis Investments.As a part of the internationalisation of its activities and development in Europe, UBP is creating a new team focused on Benelux, which will be led by Frédéric Peemans, who joined UBP after serving as head of sales for Robeco in Belgium and Luxembourg. He was previously a bond manager at Fortis Investments.The Geneva-based establishment is also adding to its staff in Japan with the appointment of Kazuhito Yoshihara as CEO of the Tokyo office. He also served at Fortis Investments before joining BNP Paribas Investment Partners Japan.
27/10/2010

New CEO at ABN Amro Private Banking Schweiz

p { margin-bottom: 0.08in; } ABN AMRO announced on 26 October that it has appointed Erik Jens, 51, as Country Executive and CEO of ABN AMRO Private Banking Schweiz. Jens previously served as director of private and business client activitiesa t ABN AMRO Bank, Fortis and MeesPierson.
27/10/2010

JPMorgan to buy a Brazilian hedge fund

JPMorgan Chase is to buy, through its unit Highbridge, Gávea, a USD6bn hedge fund run by Arminio Fraga, Brazil’s former central bank chief, according to the Financial Times citing people close to the situation. The acquisition, which comes after nine months of talks, could be announced as early as Wednesday.
27/10/2010

Standard Life Investments recruits a chairman from BlackRock

Standard Life Investments has appointed Seiichi Fukuyama to the role of chairman, Standard Life Investments – Asia. In this new role Seiichi will provide strategic advice and market intelligence as the asset management company builds its business in Asia.Seiichi Fukuyama, who joins the company from BlackRock, Asia Pacific, will play a key role working with Standard Life Investments’ Asian team and will have a particular role in developing the recently announced strategic alliance with Chuo Mitsui Asset Trust and Banking (Chuo Mitsui) of Japan, says a press release.
27/10/2010

F&C plans to develop in Asia

p { margin-bottom: 0.08in; } The British management firm F&C is planning to apply to the Chinese market authority (CSRC) for status as a qualified foreign institutional investor (QFII). According to Asian Investor, the move is part of a larger development strategy in Asia, where the management firm may also recruit investment professionals who would be based in Hong Kong. F&C now manages about USD3bn in Asian equities, out of assets under management of about USD150bn.
27/10/2010

FRM Capital Advisors teams up with Sensato Capital Management

p { margin-bottom: 0.08in; } Hedge Week reports that FRM Capital Advisors (FCA), a unit of Financial Risk Management which assists hedge funds in their development, has teamed up with Sensato Capital Management. FCA may invest up to USD50m in Sensato, a firm founded in May 2009 by former co-heads of active equities strategies at Barclays Global Investors. Sensato uses a quantitative and fundamental approach to invest in equities markets in the Asia-Pacific region.
27/10/2010

Profits up at comdirect

p { margin-bottom: 0.08in; } In the first nine months of the year, net profits at comdirect bank (Commerzbank group) fell 6.7% to EUR46.18m, compared with EUR49.51m in the corresponding period of last year. The chairman of the managing board, Michael Mandel, estimates that it will still be possible to achieve EUR80m in pre-tax profits for the year 2010 as a whole (EUR62.97m in January-September), compared with EUR76m in 2009. Assets administered or managed for clients increased 8% in one year to EUR38.4bn as of the end of September, of which EUR24.5bn (+10%) were in B2C activities (comdirect), and EUR13.9bn (+4%) for B2B (ebase).
27/10/2010

234 funds overstepped their classifications in 2009

p { margin-bottom: 0.08in; } According to the Investment Management Association (IMA), 234 of the 2,409 funds which the association regularly monitors last year infringed rules concerning the product classifications they were supposed to belong to, Fund Strategy reports. The association generally issues three monthly warnings before removing a fund from a given sector.
27/10/2010

Standard Life planning bond version of GARS fund

p { margin-bottom: 0.08in; } Fund Strategy reports that Standard Life is planning to launch a bond version of its global absolute return strategy (GARS). As of the end of August, assets under management in the GARS fund totalled over GBP5bn. In first half 2010, net inflows to the fund totalled GBP1.7bn.
27/10/2010

Spectrum range from Skandia available on Transact

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) has announced that its Spectrum range, composed of six funds managed on the basis of volatility objectives, is now available on the Transact platform. The range, managed by Skandia Investment Group, has already attracted more than GBP720m in assets since its launch in 2008, the management firm says.
27/10/2010

Positive market effects and net inflows to Luxembourg funds

p { margin-bottom: 0.08in; } According to the financial sector surveillance commission (CSSF), overall net assets in collective investment organisms and specialised investment funds as of 30 September 2010 totalled EUR2.083740trn, compared with EUR2.068990trn as of 31 August 2010. The increase is 0.71% in one month and 17.47% for the past twelve months. In detail, in the month of September, positive variation comes to EUR14.750bn, of which EUR5.161bn is due to positive market effects (+0.25%), and EUR9.589bn (+0.46%) due to net inflows.
27/10/2010

Jyske Invest launches a fund in pounds sterling

p { margin-bottom: 0.08in; } The Danish management firm Jyske Invest has announced the launch of the Jyske Invest Balanced Strategy (GBP) fund, denominated in pounds sterling, for 10 November. The fund will aim to generate performance at least equal to that of a benchmark index (60% bonds, 40% equities), composed as follows: 50% JP Morgan Hedged ECU Unit GBI Global 40% MSCI AC World Daily, indklucind net dividends5% JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified2.5% Merrill Lynch Global High Yield Index, BB-B constrained1.25% Merrill Lynch Global Broad Market Corporate Index, BBB rated1.25% Merrill Lynch Euro High Yield Index, BB-B rated constrained Index.Subscriptions are open until 5 November, inclusive. The product (DK0060238194), a sub-fund of Investeringsforeningen Jyske Invest International, is aimed at investors with a horizon of at least three years. The initial price of shares will be GBP100.
27/10/2010

Skandia Investment Group awards a mandate to Aviva Investors

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) announced on 26 October that it has awarded a GBP8m mandate to Aviva Investors for development of the Skandia UK Strategic Best Ideas Fund, the only long/short UCITS III-compliant multi-management fund in the All Companies sector of the IMA. Since its launch in September 2007, the fund has ouutperformed the FTSE All Share index by more than 10%. The fund is currently managed by seven British long/short equities managers: Paul Casson (Henderson), Richard Plackett (BlackRock), Tim Steer (Artemis), Phil Hardy (Polar Capital), Mark Lyttleton (BlackRock), Colin McLean (SVM), and Ben Wallace (Gartmore). Julius Lipner of Aviva Investors will now join this group.
27/10/2010

Laurent Crosnier replaces Bruno Crastes at Amundi London

p { margin-bottom: 0.08in; } Citywire reported on Tuesday, 26 October that Laurent Crosnier has been appointed as CEO of Amundi London, replacing Bruno Crastes, who left the firm in April to found his own company, H2o AM. Crosnier, who previously served as CIO, will oversee the London team, which has recently taken on new recruitments. Amundi London is specialised in fixed income and absolute return strategies, Citywire reports.
27/10/2010

S&P launches CDS indices of sovereign issuers

p { margin-bottom: 0.08in; } Standard & Poor’s has announced the launch of a range of CDS indices of government debt issuers, the S&P International Developed Nation Sovereign CDS Index and S&P Eurozone Developed Nation Sovereign CDS Index. The first of these aims for approximately the same composition and weightings as the S&P/Citigroup International Treasury Bond (ex U.S.) Index, while the second replicates the S&P Eurozone Government Bond Index. Composition and weighting by country is set at the launch of each series. At each rollover date, a new series with the weighting and composition of the corresponding bond indices is created. The two indices will have a maturity of 5 ¼ years.
27/10/2010

Morgan Stanley REI to liquidate P2 Value

p { margin-bottom: 0.08in; } The Munich-based management firm Morgan Stanley Real Estate Investment GmbH announced on 26 October that it plans to liquidate the open-ended real estate fund P2 Value, for which redemptions were frozen at the end of October 2008 following net outflows of EUR600m, with a volume at that time of EUR1.7bn. Currently, with EUR211m in liquidity and 34 properties remaining in the portfolio, the fund has EUR852.58m in assets, after risk provisions and credit redemptions are deducted. Liquidation will be undertaken over a three-year period, as for the DEGI Europa (see Newsmanagers of 25 October), until the end of September 2013. Investors will theoretically receive the proceeds of sales every six months, to the extent that liquidity is available. The net asset value of the fund will be published on each trading day. After 30 September 2013, any assets which may be remaining in the fund’s portfolio will be transferred to the depository bank (UniCredit Bank AG), which will then be in charge of liquidating them. Morgan Stanley REI has decided not to charge transaction fees on sales of the properties. The closure of the P2 Value fund will also have a negative impact on 13 real estate funds of funds or diversified funds. For example, positions on the fund represent 16.6% of the Euro Netto Fonds UI, 13.2% of the IFM-Real Estate Plus 1, and 13% of the FFPB Substanz.
27/10/2010

UCITS IV directive will be a major source of savings

p { margin-bottom: 0.08in; } In a study of the impact of the UCITS IV directive on the asset management sector in Europe (“UCITS IV: Implications for the Asset Management Industry in Europe”), the research and advising agency Celent estimates that the two main themes related to the directive will be growth and consolidation. In the environment of the new directive, the UCITS fund market will continue to grow, both in Europe and internationally. This will be all the more so as hedge funds are showing a growing interest in these vehicles. In operational terms, the directive will also bring strong pressure to standardise flows, processes and systems for all participants. In the longer term, the major contribution of the directive will be an occasion for management firms to make total annual savings of EUR2bn to EUR3bn through appropriate use of terms in the legislation dealing with master-feeder structures, Celent says savings on administration and transactions directly attributable to master-feeder structures may range from 10% to 15%. The study finds that the degree to which the UCITS project is successful will depend on several challenges it faces, including taxation, management of commissions, pay scales, and others. But the sector is confident. As evidence of this, the study finds, the European asset management federation (EFAMA) is backing a pan-European retirement products, which would be in UCITS format.
27/10/2010

Stable quarterly results for Deutsche Bank asset management

p { margin-bottom: 0.08in; } The asset management unit of Deutsche Bank in third quarter earned pre-tax profits of EUR78m. This result takes into account a net charge of EUR52m related to the acquisition of Sal. Oppenheim/BHF. Excluding this one-time charge, pre-tax profits would have been the same as in third quarter of last year (EUR134m). Invested assets were down EUR25bn in third quarter to EUR846bn. The group has reported pre-tax profits of EUR1.3bn for the quarter, but after a one-time charge of EUR2.3bn related to Postbank is taken into account, the quarter brings a net loss of EUR1bn.
27/10/2010

Open-ended real estate funds are a disappearing breed

p { margin-bottom: 0.08in; } On 26 October, the Munich-based management firm Morgan Stanley Real Estate Investment announced that it is liquidating the open-ended real estate fund P2 Value, following the closures of the KanAm US-grundinvest and DEGI Europa (Aberdeen). With the spectacular end of these three funds, the likelihood that other funds which have suspended their redemptions will reopen has been considerably reduced, Die Welt observes. Currently, with the three products in liquidation, redemptions are frozen for more than EUR25bn in assets (in 11 funds), out of total assets of EUR88bn in the sector. Though KanAm, Aberdeen and Morgan Stanley REI considerably increased the liquidity of their funds through sales of assets, it was not enough to keep up with redemption demands. Professionals give Commerzbank a good part of the blame for the current situation, since as exclusive distributor, it refused to support the reopening of the DEGI Europa fund, and lowered the rating of the real estate fund Premium Management Immobilien-Anlagen from Allianz Global Investors, while offering a discounted transfer from the fund to its own hausinvest product.
27/10/2010

ETF assets up in third quarter

p { margin-bottom: 0.08in; } According to a study by Deutsche Bank, assets under management in exchange-traded products (ETP) domiciled in Europe increased in January-September by 20% to eur204.4BN. ETPs include both exchange-traded funds (ETF) and exchange-traded commodities (ETC). EUR25bn of increase in net assets is due to net subscriptions, of which EUR7.2bn were in third quarter. Deutsche Bank estimates put global assets at EUR1.248trn in ETPs as of the end of September, 14% higher than at the end of December. The number of ETCs comes to 2,525 worldwide, of which 1,283 are in Europe, and 960 in the United States. The study also finds that in the first three quarters of the year, the highest subscriptions (EUR4.5bn) were for equities products, compared with EUR1.28bn for bond products and EUR1.4bn for commodities products. Among equities ETFs, the largest net inflows were for emerging markets funds, with EUR1.4bn in first quarter, EUR1.7bn in second quarter and EUR2.2bn in third quarter. Among bond ETFs, the largest inflows went to corporate bond products, with EUR1.1bn, while products replicating emerging market government bonds saw net outflows of EUR200m. In the area of commodities, gold ETPs attracted a net EUR987m in third quarter, out of a total of EUR1.4bn. Since the beginning of the year, these products have attracted EUR4.4bn.
27/10/2010

La Banque d'Angleterre peut temporiser

La publication d’une croissance de 0,8 % du PIB britannique au troisième trimestre, deux fois supérieure aux attentes, rend désormais peu probable l’hypothèse d’une deuxième phase d’assouplissement quantitatif dès novembre. Celle-ci reste cependant d’actualité pour début 2011.

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