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22/09/2010

US firm Virtus cooperates with a London firm

p { margin-bottom: 0.08in; } The US multi-management firm Virtus Investment Partners has announced the launch of an international equities fund, the Virtus International Equity Fund. The new vehicle is advised by the London management firm Pyford International (Bank of Montreal), and proposes to invest in 15 to 20 developed and emerging markets. Stock-picking then follows a fundamental analysis process. As of 30 June 2010, assets under management at Cirtus totalled slightly over USD25bn.
22/09/2010

Russell recruits a head of publicly-traded derivatives

p { margin-bottom: 0.08in; } Russell Investments on 20 September announced the recruitment of Kurt Zyla as CEO for publicly-traded derivatives. Zyla will be based in New York, and will be in charge of coordinating efforts to expand into new markets as well as expanding development and release of new products. Zyla previously worked for BNY Mellon as head of investment strategy for indices and ETFs at Mellon Capital Management.
22/09/2010

PIM Gestion France adds to sales team

p { margin-bottom: 0.08in; } The sales team at PIM Gestion France has recently made two additions. Florent Delorme joined the management firm as director of sales from 1 July this year. He previously served as director of institutional clients at Natixis Asset Management. Philippe Lorent joined PIM Gestion France on 9 August as head of commercial relations. Lorent, previously in charge of clients at the Paris office of Franklin Templeton, handled relations with multi-managers, private banks, and family offices. The arrivals follow the departures of their predecessors, including Thomas Couvret, who joined Uram, a management firm founded in 2007 by two managers specialised in natural resources, in Geneva.
22/09/2010

Brevan Howard launches an emerging market currencies UCITS fund

Citywire reports that Brevan Howard has launched a UCITS-format fund dedicated to emerging market currencies. The fund, launched with about USD110m in seed capital, will be internally managed, with Filippo Cipriani as lead manager. The announcement is significant insofar as the largest European hedge fund has often been criticised for previously recruiting an external team (which reports to Philippe Lespinard) to manage the Absolute Return Bond Plus fund, which was not popular with investors.
22/09/2010

Cazenove to launch an income fund

p { margin-bottom: 0.08in; } On 21 September, Cazenove Capital announced that it has submitted an application to the FSA to authorise it to launch the Cazenove Diversity Income Fund, a multi-asset class, multi-managed fund managed by Marcus Brookes and Robin McDonald, who already manage the Cazenove Multi-Manager Diversity Fund. The product will be launched in fourth quarter, and aims for performance equivalent to the evolution of the consumer price index in the mid-term, with average income of 4% per year. It will invest 40% in equities and 40% in bonds and cash, while 20% will be allocated to alternative investments. Minimal initial subscription is set at GBP1,000. Front-end fee will be 5%, and management commission 1%.
22/09/2010

Success of emerging market bonds continues

Assets in emerging market bond funds swelled by 42% in 2009, rising from EUR44.5bn to EUR63.2bn, yet such growth pales beside activity over the first seven months of this year, with a further rise in assets of 53%, reaching EUR96.4bn by the end of July, according to Lipper. This is mainly driven by the performance of the underlying asset class. The scale of the performance impact can be seen with record-breaking sales of EUR25.2bn from European investors accounting for a quarter of asset growth in 2010. Stellar returns help to explain investor appetite for these funds, which prompts the resulting question — are flows about to dry up, asks Lipper? Over the past three months flows have accelerated, so there is no clear sign of investors reaching the bottom of the well just yet. The top emerging market bond group by assets is Pictet, with EUR7,699.9m, ahead of Shroders, Ashmore, Franklin Templeton and GAM Holding.
22/09/2010

Pioneer sale may be in question

p { margin-bottom: 0.08in; } For the stock markets, the departure of Alessandro Profumo from the management at UniCredit will probably eventually result in a refocus on Italy for the bank, Il Sole – 24 Ore reports. The newspaper also expresses doubts that the sale of Pioneer is a certainty, as it would cost the group a major source of commissions and would bring in EUR1.2bn that the bank doesn’t really need, as its capital ratios are already above the Basel III requirements.
22/09/2010

A&G recruits three seniors

p { margin-bottom: 0.08in; } Asesores y Gestores Financieros, an affiliate of EFG International, has recruited three seniors, Funds People reports. They are Pablo Nuñez (ex Merrill Lynch Private Banking), Javier Irondo, director of a branch of Popular Banca Privada, and Rubén Ayuso (AllfundsBank).
22/09/2010

Family offices in bankruptcy

p { margin-bottom: 0.08in; } The crisis has ravaged the portfolios of some Spanish high net worth families, and the real estate collapse has brought down some family offices, at least four of which have been obliged to seek the assistance of lenders to maintain liquidity, Cinco Días reports. The EAFI association of financial advisers, says that the situation of technical bankruptcy for some high net worth families is related to excessive leverage and to investments made without risk controls.
22/09/2010

Competition intensifies in bond ETFs

p { margin-bottom: 0.08in; } Since the financial crisis has driven investors from the equity markets, assets in bond ETFs have exploded: they now total over USD130bn, compared with USD20.5bn at the end of 2006, according to statistics from Morningstar, reported by the Wall Street Journal. In this segment, iShares continues to dominate, with a market share of 70%, but the competition is intensifying, with the arrival of products from State Street and Vanguard, among others, often with lower fees. Among the new actors, there are also PowerShares (Invesco) and Pimco, the latter of which has an actively-managed bond ETF which has already attracted USD349m. In total, more than 30 bond ETFs are available, but iShares (BlackRock) is the provider which offers the most complete range by far, a spokesperson for the firm points out.
22/09/2010

Eaton Vance launches an absolute return fund

p { margin-bottom: 0.08in; } On the evening of 20 September, Eaton Vance Management, an affiliate of Eaton Vance Corp., announced the launch of the mutual fund Eaton Vance Global Macro Absolute Return Advantage Fund, managed by the bond group at the management firm, which is responsible for USD11bn (as of 31 August). The fund, which aims for absolute returns, will in normal periods invest in bonds, currencies and sovereign fixed income issuers, as well as in corporate bonds, equities, municipal bonds and investments related to commodities. At least 40% of its assets will be invested abroad. Michael Cirami, co-manager of the portfolio, says that it is a country picker fund, which seeks to identify divergences between the fundamentals of a country and the valuation of assets on its markets. Compared with the Global Macro Absolute Return Fund, the Advantage has two major differences: on the one hand, lower exposure to frontier markets, and on the other, higher performance objectives, coupled with acceptance of a higher performance volatility.
22/09/2010

DWS Investments launches DWS Top Dividende fund in France

p { margin-bottom: 0.08in; } DWS Investments on 21 September announced the launch of the DWS Top Dividende fund (ISIN code: DE0009848119) in France. The DWS Top Dividende fund proposes a global equities strategy, accompanied by an opportunity for regular returns. The fund invests in equities likely to offer higher dividends than the market average. The portfolio aims for returns from dividends of 4.5%. The DWS Top Dividende fund was launched by DWS Investments in 2003 in Germany, and has posted excellent returns, regularly outperforming its benchmark (MSCI World High Dividend Yield Index) over 1, 3 and 5 years.
22/09/2010

Inflows for Italian management industry in second quarter

p { margin-bottom: 0.08in; } The asset management industry in Italy has posted net inflows of EUR3.5bn in second quarter 2010, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Inflows to collective management totalled EUR12m. In the first six months of the year, the industry raised more than EUR26.6bn. Assets under management in the industry now total EUR993.4bn.
22/09/2010

German government to pass investor protection law

p { margin-bottom: 0.08in; } A council of ministers of the Federal government will pass a law this 22 September to strengthen investor protection and improve the functioning of capital markets, the Frankfurter Allgemeine Zeitung reports. The proposed legislation imposes a two-year minimal investment duration for investments in open-ended real estate funds, except withdrawals of up to EUR5,000 per month per subscriber. The new rules would impose 5% and 10% withdrawal penalties in the third and fourth years. In addition, it relaxes rules for sales of properties in the portfolio.
22/09/2010

JPMAM launches an emerging market corporate bond fund

p { margin-bottom: 0.08in; } The team from Fortis Investments which recently joined J.P. Morgan Asset Management (Pierre-Yves Bareau, Alain Defise, Didier Lambert and Michal Wozniak; see Newsmanagers of 19 April 2010) has already made its mark. Assets under management total roughly USD1.5bn, including a special fund for the Spanish market (USD100m), a mandate for a US client (60% equities, 40% corporate bonds) worth USD268m, and corporate bond allocations from emerging markets teams for other funds. The most recent fund from the team is the sub-fund of the Luxembourg Sicav JP Morgan Funds (JP Morgan Funds -Emerging Market Corporate Bond Fund, which has no AMF license so far), with seed capital of EUR15m, launched on 22 July in Luxembourg (and already licensed in Germany), for which the portfolio managers are Bareau and Defise. The fund invests solely in US dollar-denominated debt, though there are also Euro-hedged shares available. The benchmark index is the JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified.
21/09/2010

HSBC cède 80,1% de HSBC Private Equity (Asia)

HSBC Holdings a annoncé le 17 septembre la cession d’une participation de 80,1% au capital de HSBC Private Equity (Asia) à l'équipe dirigeante.L'équipe dirigeante, dont les intérêts sont regroupés au sein de Foci Holdings, vont prendre la participation majoritaire pour un montant de 18,8 millions de dollars, HSBC ne détenant plus que 19,9% du capital.Les actifs sous gestion de HSBC Private Equity Asia s'élèvent à 3,5 milliards de dollars. La transaction devrait être bouclée d’ici au quatrième trimestre 2010.
21/09/2010

Jo Orgill (AIMA) rejoint Samsung Securities

Selon Asian Investor, le general manager de l’antenne à Hong Kong de l’Association internationale de la gestion alternative (AIMA), Jo Orgill, quitte l’organisation professionnelle pour rejoindre Samsung Securities et développer les activités titres de la société.
21/09/2010

Clariden Leu dépose une demande de licence à Hong Kong

Selon Asian Investor, Clariden Leu envisage de déposer une demande de licence bancaire à Hong Kong, qui lui permettrait de participer au marché du renminbi.D’autres gestionnaires de fortune comme Julius Baer ont déjà engagé des démarches dans ce sens. Deux autres banques suisses, Pictet et BSI, n’excluent pas de s’engager dans cette voie. Clariden Leu pourrait également installer un bureau de représentation en Chine continentale.
21/09/2010

Nicky Richards rejoint MLC

Après avoir quitté en mars son poste de group CIO chez Fidelity International à Londres (lire notre dépêche du 12 mars), Nicky Richards retourne à présent en Australie où elle sera officiellement à compter du 1er janvier 2011 le CIO de MLC, la division gestion de fortune de National Australia Bank (NAB). MLC gère environ 65 milliards de dollars australiens avec trente professionnels de l’investissement.Nicky Richards reprendra les fonctions exercées par Susan gosling, qui les assurait en plus de celles de head of capital markets research, précise MLC le 20 septembre.En juillet, MLC avait recruté Michael Karagianis de chez UBS comme investment strategist et Stefano Cavaglia comme alternatives portfolio manager (ex UBS et PanAgora Asset Management).
21/09/2010

Alessandro Profumo sur le point de quitter UniCredit

UniCredit (maison mère de Pioneer ndlr.) a convoqué ce jour une réunion extraordinaire du conseil d’administration au cours duquel le directeur général Alessandro Profumo devrait démissionner, indique le Financial Times. Ses relations avec le conseil d’administration, dirigé par le président Dieter Rampl, se seraient détériorées un peu plus ces derniers jours. Dieter Rampl prendrait la relève jusqu’à ce qu’un remplaçant soit trouvé, probablement avant Noël.
21/09/2010

Le pôle immobilier de J.P. Morgan se renforce à Francfort

J.P. Morgan Asset Management - Global Real Assets a annoncé le 17 septembre qu’en plus de sa nouvelle équipe à Paris (lire notre article du 17 septembre), une autre équipe de professionnels confirmés viendra renforcer son antenne francfortoise. Elle sera dirigée par Michael Ramm, co-head of acquisitions du groupe immobilier de JPMAM.Ce groupe immobilier est présent en Allemagne depuis 2005 et gère dans ce pays un portefeuille d’environ 300.000 mètres carrés.
21/09/2010
Fonds

DAB lance des plans d'épargne en ETF et ETC Deutsche Bank sans frais

A compter du 20 septembre, la banque directe munichoise DAB bank propose une sélection de plans d'épargne (minimum 50 euros mensuels) en ETF de db x-trackers et en ETC de db ETC sans aucun frais de transaction, ces frais étant pris en charge par la Deutsche Bank, qui les rembourse au titulaire. Cet accord de coopération a une validité initiale de cinq ans renouvelable et elle concerne aussi bien les plans d'épargne déjà signés que ceux qui le seront ultérieurement.Le démarrage de cette collaboration porte à 59 le nombre d’ETF de db x-trackers commercialisés au travers de DAB bank. Le programme de la banque directe inclut aussi pour la première fois sept db ETC.
Fonds
21/09/2010

Tressis prend la majorité dans Valórica

Tressis a indiqué le 20 septembre avoir augmenté sa participation dans le gestionnaire de hedge funds de droit espagnol Valórica, devenant ainsi majoritaire dans cette entité. Le montant de la transaction n’a pas été dévoilé.Dorénavant, la marque Valórica sera affectée aux hedge funds espagnols ainsi qu'à la gestion des sicav et des produits sur mesure pour les particuliers haut de gamme de Tressis, rapporte Funds People.
21/09/2010
Fonds

Nomura fait enregistrer une sicav en Espagne

En date du 17 septembre, la CNMV a enregistré la sicav de droit irlandais Nomura Investment Solutions Plc dont cinq compartiments seront distribués en Espagne par Allfunds Bank. Ces compartiments sont : Nomura Interest Rate Investment Strategy Fund, Nomura Interest Rate Investment Strategy Irisx4 Fund, Nomura ARCS Fund, Nomura Macro CPS Fund et Nomura Macro Commodity Strategy Fund.
Fonds
21/09/2010
Fonds

Riva y García liquide son fonds de hedge funds

La CNMV a annoncé le 20 septembre avoir enregistré le 17 septembre l’avis de liquidation du fonds de hedge funds Selección Alternativa de Riva y García Gestión, qui ne comptait plus qu’une centaine de souscripteurs pour un encours de 6,35 millions d’euros à fin août.
Fonds
21/09/2010
Fonds

Cullen se lance à l'assaut de l'Europe avec deux fonds value

Les mutual funds américains Cullen North American High Dividend Value Equity Fund et Cullen Global High Dividend Value Equity Fund seront disponibles à partir du premier octobre au Royaume-Uni et en Europe occidentale au format OPCVM III, domiciliés à Dublin. Il s’agit de fonds mettant en œuvre une stratégie value qui seront disponibles en euros, sterling, et dollars aussi bien pour les investisseurs institutionnels que pour les particuliers haut de gamme et le» retail».Cullen Capital Management affiche un encours de l’ordre de 10,5 milliards de dollars.
Fonds
21/09/2010
Fonds

Barclays Wealth lance des fonds profilés à base d'ETF

Avec sa nouvelle gamme Global Markets, Barclays Wealth lance une gamme de cinq portefeuilles OEIC profilés et gérés activement (pour la pondération) qui sont investis principalement en ETF -surtout des iShares (BlackRock)- et qui sont surtout destinés à une clientèle de CGPI alors que la maison se focalisait plutôt sur les clients de banque privée. Ces produits multi-classes d’actifs auront une exposition supérieure à la normale en obligations d’Etat.Ils comportent un droit d’entrée de 4 %, une commission de gestion de 1 % dont 0,5 % de rétrocommission (trail commission). La souscription minimale est fixée à 3.000 livres sterling.
Fonds
21/09/2010

Démission du responsable des actions internationales chez Swip

Selon fundstrategy, Colin Beveridge, investment director des actions internationales chez Swip (Scottish Widows Investment Partnenrship), a décidé de quitter le groupe à compter de la fin septembre.Cette démission fait suite au départ de son ancien patron, Ian Vose, qui a quitté Swip en avril dernier pour rejoindre Investec Asset Management.

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