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30/08/2010
Fonds

Un nouvel ETF "universitaire" sur les matières premières

SummerHaven Investment Management lance l’US Commodity Index Fund (acronyme USCI) qui s’inspire des travaux de Geert Rouwenhorst, l’un des associés de Sumerhaven qui est professeur à la Yale Management School et dont la recherche a contribué à éveiller l’intérêt des petits investisseurs pour les matières premières, rapporte The Wall Street Journal.La stratégie consiste à confier à un ordinateur le soin de sélectionner 14 matières premières pour lesquelles les stocks sont faibles. L’exposition aux contrats de futures est équipondérée, à 7,14 %. D’après le prospectus, cette stratégie aurait généré une performance annuelle supérieure à 20 % sur les 10 années à fin juin, contre environ 7 % pour le GSCI.
Fonds
30/08/2010

L’américain John Hancock lance des produits à horizon

John Hancock Retirement Plan Services lance de nouveaux fonds à horizon afin d’accompagner les souscripteurs jusqu’à la retraite mais aussi de leur proposer d’autres stratégies d’investissement au moment de l’entrée dans le cycle de la retraite.John Hancock précise que la nouvelle offre répond aux desiderata formulés dans une enquête dédiée auprès de la clientèle et permet notamment une allocation actions moins importante et une réduction plus rapide de cette allocation jusqu'à l'échéance du contrat.
30/08/2010
Fonds

Allianz RMC ferme un fonds philippin

Selon Fund Strategy, Allianz RMC va fermer son fonds luxembourgeois dédié aux Philippines, Allianz RCM Philippines, lancé en juillet dernier.Ce fonds, ainsi deux autres fonds régionaux dédiés à la Malaisie et à Singapour, sera intégré dans le fonds Allianz RCM Emerging Asia.
Fonds
30/08/2010

Aegon recrute chez Aberdeen

Selon Money Marketing, Aegon Asset Management a nommé Andrew Bell en qualité de responsable du marketing et des produits pour l’Europe. Il est rattaché à Martin Harris, responsable de la distribution pour l’Europe.Andrew Bell travaillait précédemment chez Aberdeen Asset Management en qualité de directeur de clientèle pour les activités récemment acquises de gestion alternative.
30/08/2010

Assets up in Luxembourg-registered funds in July

The CSSF on Friday, 27 August announced that the collective overall net assets in collective investment organisms and specialised investment funds as of 31 July 2010 totalled EUR2.019223trn, an increase of 0.43% in one month (EUR2.010637trn as of 30 June 2010), and an increase of 18.36% in the past twelve months. The Luxembourg collective investment organism (OPC) industry has posted growth of EUR8.586bn in the month of July, due to net subscriptions of EUR8.907bn, an increase of 0.44%, despite a negative variation due to negative market effects (-EUR0.321bn), resulting in an overall decrease of 0.01%. The number of OPC vehicles and specialised investment funds taken into consideration is 3,582. The previous month, there were 3,550.
30/08/2010

Roger Weltz leaves Aberdeen Immobilien

Six months after the (not necessarily voluntary) departure of Bärbel Schomberg from her position as head of Aberdeen Immobilien (see Newsmanagers of 2 March), Roger Weltz becomes the next to leave the German real estate management firm, effective from 31 August. The announcement was made on Friday, 27 August by Aberdeen Immobilien, which states that the departure is by mutual consent. Weltz has been a member of the executive board since 1 May 2008. The other three members of the board will remain in place: Michael Determann (chairman), Fabian Klingler, and Harmut Leser.
30/08/2010

eBase adds to ETF product range

The financial management platform eBase (comdirect, Commerzbank group) has announced partnerships with three more ETF management firms: db x-trackers (Deutsche Bank), Lyxor Asset Management (Société Générale), and comstage (Commerzbank). In addition, eBase now offers its clients access to 170 ETFs through savings plans (from EUR50 per month), in addition to one-off subscriptions and pension plans. Until 31 December, eBase will charge no transaction and settlement fees, as part of a “no fee” offer. From 1 January 2011, the platform will charge a monthly EUR0.15 fee for each EUR50 contribution.
30/08/2010

Head of Royal London leaving

The head of the Royal London group, Mike Yardley, has announced that he is planning to resign, according to a statement from the group published on 27 August. Mike Yardley says that he will leave his position once the group has found a successor. “After more than 12 years at the helm of Royal London, I have decided that the time has come for me to announce that I will be leaving the company once my successor has been appointed,” Yardley said in a statement. Assets under management at the group totalled GBP39.1bn as of 30 June.
30/08/2010

Fidelity adopts new name and logo

From 13 September, Fidelity International will become known as Fidelity Investment Managers. Though its way of managing its products will not change, the new name refers directly to the firm’s core profession of asset managmeent. Meanwhile, the logo of a pyramid on a red background will be replaced by a blue globe on a red growth curve (see below). The deployment of the new branding will take some time (probably until the end of the year), but all documents published by Fidelity will carry the new logo from the stated date.
30/08/2010

LGT front-runner for BHF acquisition

Financial Times Deutschland reports that LGT, the financial entity of the Principality of Liechtenstein, is favoured to take over BHF Bank, which Deutsche Bank has put up for sale. LGT is still in competition with the US investment funds Apollo and Permira, as well as with the Abu Dhabi sovereign fund (ADIC). The remaining candidates have until mid-October to examine the books at BHF, and a buyer may be named one month later.
30/08/2010

Cards re-dealt at Hargreaves

Fund Strategy reports that Stephen Lansdown has resigned from his position as executive director of Hargreaves Lansdown. Stephen Lansdown, who founded the firm in 1981 with Peter Hargreaves, will continue to act as non-executive director, a position which he says better suits his role at the firm. The firm has also appointed two new directors. Chris Barling becomes an independent non-executive director, while deputy chief executive Ian Gorham becomes executive director. From 2 September, Gorham will take over as chief executive, following the decision of Peter Hargreaves also to resign.
30/08/2010

Strong inflows for Threadneedle

On Tuesday, 31 August, Threadneedle will publish its key results for second quarter. The Ameriprise affiliate has posted its strongest net subscriptions in five years, with GBP564.4m for retail, following GBP464m in inflows for January-March, Lipper reports.
30/08/2010

JP Morgan AM hires for City office

The Telegraph reports that JP Morgan Asset Management is about to appoint the former head of BlackRock for Europe, Mike O’Brien, as head of activities serving international institutional clients, a position which would see him based in London. O’Brien, who left BlackRock in June this year, seven months after BlackRock’s acquisition of BGI, where he had spent ten years, would work closely with the head of JP Morgan AM Europe, Jamie Broderick, also based in London.
30/08/2010

Castlestone launches a “Next 11” emerging markets fund

Castlestone Management is launching an emerging markets equities fund dedicated to the “Next 11” group of countries (South Korea, Mexico, Indonesia, Turkey, the Philippines, Egypt, Vietnam, Pakistan, Nigeria, Bangladesh, and Iran). Arrash Zafari, who will manage the fund, says the group of 11 countries as a whole are less dependent on natural resources than the BRIC countries. He says countries where political risks are very high and liquidity may be low (Iran) will carry a weighting of zero. About 65% of the portfolio will consist of the major countries of the group (Mexico, Indonesia, Turkey, and the Philippines). 25% will be dedicated to Egypt, vietnam, Pakistan, and Nigeria. Minimal investment in the fund, which will be open to intermediaries from fourth quarter, will be GBP10,000.
30/08/2010

Profits up at Ignis AM

For first half 2010, Ignis Asset Management has posted an increase in its pre-tax operating profits of 38%, to GBP22m. Assets under management in the period increased from GBP66.9bn to GBP68.6bn. Of this total, GBP62bn are managed on behalf of its major shareholder, the Phoenix group. Assets managed for third parties increased from GBP4.1bn to GBP4.7bn, largely due to net subscriptions of GBP0.8bn.
30/08/2010

New “academic” commodities ETF

Summerhaven Investment Management is offering the US Commodity Index Fund (acronym USCI), which is inspired by the work of Geert Rouwenhorst, one of the partners at Summerhaven, and a professor at Yale Management School, whose research helped to inspire retail investors’ interest in commodities, the Wall Street Journal reports. The strategy concept for the fund is that a computer selects 14 commodities for which inventories are at a low level. Exposure to futures contracts is weighted equally, with each commodity receiving 7.14%. The prospectus says this strategy would have generated annual return of over 20% in the past 10 years to the end of June, compared with about 7% for the GSCI.
30/08/2010

Assets under management in US money market funds up

According to the Money Fund Report, cited by La Tribune, assets under management in US money market funds have risen by USD11.1bn in one week, to USD2.809trn. The average performance of these funds, for the tenth consecutive week, was 0.04%.
30/08/2010

Investors withdraw more than USD7bn from equities products in the United States

La Tribune reports that, according to EPFR, investors have withdrawn USD7.1bn from equities products in one week, of which USD5.4bn came out of funds investing in US equities. Bond funds saw subscriptions of USD5.2bn. With USD330m, emerging markets equities funds saw their lowest inflow levels in the past 13 weeks, the newspaper says.
30/08/2010

Aegon recruits a head from Aberdeen

Money Marketing reports that Aegon Asset Management has appointed Andrew Bell as head of marketing and products for Europe. He will report to Martin Harris, head of distribution for Europe. Bell previously worked at Aberdeen Asset Management, as director of clients for recently-acquired alternative management activities.
30/08/2010

Korean teachers' pension fund calls in Man Investments

The Korean Teachers’ Credit Union (KTCU) has signed a landmark agreement which authorises Man Investments to advise it on investment policy. The Korean institution, which had USD14.5bn in assets under management as of 30 June, is seeking to scale up its allocation to alternative management, particularly its investments in hedge funds and funds of hedge funds. The partnership is not exclusive, as KTCU has already signed similar agreements with Fidelity and Goldman Sachs Asset Management.
30/08/2010

Henderson closes a private equity fund of funds

Henderson Global Investors has proposed a change of investment strategy for Henderson Private Equity Investment Trust plc, a fund of funds currently focused on the European mid-market buy-out sector. The proposed strategy involves the orderly realisation of the portfolio over a reasonable period, expected to be in the region of two years, to maximise value for shareholders. The Board of Directors and the Portfolio Manager believe that the time is now right to change the Company’s strategy. Its share price continues to trade at a significant discount to Net Asset Value (NAV) per share, a situation which, despite the efforts of the Board and the Portfolio Manager, appears unlikely to change in the short to medium term. The Company was formerly known as the August Equity Trust, a small private equity investment trust. In July 2007 August Equity Trust combined with a similar vehicle, Rutland Trust. The enlarged entity was renamed New Star Private Equity Investment Trust PLC, adopted a fund of funds approach and was placed under New Star’s portfolio management. Following Henderson’s takeover of New Star in April 2009, the portfolio management of the Company was transferred to Henderson’s existing private equity fund of funds business, with effect from 1 May 2009.
30/08/2010

Intesa not interested in Pioneer

At a presentation of results for Intesa Sanpaolo, CEO Corrado Passera has confirmed the group’s strategy of autonomy for Eurizon, its asset management affiliate, and denied reports that the group is interested in acquiring Pioneer, Il Sole – 24 Ore reports. “In the past few years, in asset management, we envisioned various possibilities. We have also studied potential acquisitions,” Passera said, adding that he then decided on the current course of action: “we have a mid-sized asset management firm in which we invest, and for which we see potential for growth.” Intesa Sanpaolo also confirmed that it has long-term ambitions for an IPO for Banca Fideuram in the next few quarters, though this is not a top priority. The decision will depend on market conditions.
27/08/2010

Deka renoue avec les souscriptions nettes

Pour le premier semestre 2010, DekaBank, le gestionnaire central des caisses d'épargne allemandes, affiche un bénéfice économique de 389,9 millions d’euros contre 142,2 millions pour la période correspondante de l’an dernier. Cette amélioration est attribuée à la performance des fonds Deka, à la diminution des provisions pour risques et à l’effet de la réduction des coûts.Au total, les divisions gestion d’actifs valeurs mobilières (AMK) et immobilier (AMI) ont enregistré des souscriptions nettes de 803 millions d’euros contre des remboursements nets de 134 millions en janvier-juin 2009. Les rentrées nettes de la gestion de fonds immobiliers (AMI) ont diminué à 1,1 milliard d’euros contre 1,4 milliard tandis que les fonds de valeurs mobilières (AMK) accusaient des sorties nettes de 316 millions contre 1,4 milliard, en grande partie à cause des remboursements importants des fonds monétaires.Néanmoins, la division AMK a généré un bénéfice économique de 220,5 millions d’euros contre 94,1 millions, tandis que l’AMI affiche 51,7 millions contre 0,6 million.

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