Les hedge funds semblent à nouveau susciter l’intérêt des investisseurs institutionnels, estime Fitch Ratings, qui souligne que le secteur a renoué avec des souscriptions nettes au second semestre 2009. Les institutionnels pensent aujourd’hui que les hedge funds sont les mieux à même d’exploiter l’environnement de marché actuel. Dans ce contexte, ils s’intéressent aux fonds de hedge funds et aussi aux mandats. En revanche, la demande de la part des banques privées, qui constituent historiquement le gros de la clientèle européenne des hedge funds, reste freinée par l’aversion au risque et les incertitudes réglementaires, notamment celles concernant la directive AIFM. Ce qui pousse d’ailleurs les gestionnaires d’actifs à lancer des fonds Ucits III. Si les performances des fonds s’améliorent et les souscriptions continuent, Fitch s’attend à une hausse des commissions de performance.

Le fonds de pension danois LD (Lonmodtagernes Dyrtidsfond) vient d’annoncer le lancement d’un appel d’offres pour une douzaine de mandats représentant un montant total de 5 à 6 milliards d’euros. Parmi ces mandats proposés pour une durée de quatre ans figure notamment deux mandats obligataires high grade (1,15 milliard d’euros chacun), quatre mandats actions (internationales pour deux fois 575 millions d’euros et danoises pour deux fois 385 millions d’euros), ainsi qu’un mandat de 70 millions d’euros dédié aux actions liées au climat et à l’environnement.

Deux gérants de Société Générale Private Banking vont lancer le 1er mai à Genève une société de gestion, baptisée M&R, rapporte Le Temps. Celle-ci se placera dans l’orbite de la banque française, ont expliqué ses promoteurs lundi. Baptisée M & R, la structure «accueillera la clientèle de la banque désireuse d’obtenir des produits et des prestations différents de ceux qui répondent au cadre réglementaire de l’Union européenne et aux offres calibrées de la banque», indique le journal. Ses promoteurs, Ygal Rabinovici et Charles Mardini prennent 75 % du capital de la société. La banque, qui a créé la structure et la soutient, en garde le solde, précise le quotidien.La banque sera le dépositaire principal des avoirs gérés par la société. Celle-ci entend néanmoins fonctionner selon le principe de l’architecture ouverte. M&R vise la barre de 1,5 à 2 milliards de francs sous gestion d’ici à trois ans. La société emploie cinq personnes.

The Australian Competition and Consumer Commission (ACCC) announced on 19 April that it is blocking a takeover bid for Axa Asia Pacific (AXA APH) by the National Australia Bank (NAB), but that it is approving a bid from AMP. Axa had announced on 30 March that it had concluded an agreement to acquire the 53% in the firm formerly held by the French group. In early November, AMP had reached an agreement with Axa on terms identical to those announced with NAB at the end of March, but at a lower price. The offer was initially refused by the board of directors, which led Axa and AMP to raise their bid. The antitrust authority estimates that a merger of NAB and AXA would have a negative impact on competition. A statement from the Commission says that it would result in “a substantial reduction in competition on the retail investment platform market for investors with complex investment needs.” The Commission claims that NAB is an important actor on the market, while AXA is planning to launch an innovative platform in the near future which would provide aggressive competition. The merger of the two firms would eliminate this “competitive tension” on the market, which would slow innovation. NAB says in a statement that it will examine the objections of the competition commission in detail, while AMP welcomes the ACCC’s decision. AXA, for its part, says that it will take a cue from the Australian antitrust authority’s decision, and adds in its statement that it has also taken note of the announcement by NAB that it will review the ACCC’s decision. According to the terms of the agreement, NAB has six weeks to respond to the ACCC’s concerns. AXA has also taken note of AMP’s announcement on the same day expressing its continued interest in a potential deal with AXA APH.

The city of Shanghai is preparing to facilitate access for Renminbi private equity funds to some non-Chinese investors, Agefi reports. Among the restrictions imposed on foreign investors, the newspaper points out that foreign institutionals hoping to achieve QFLP investor status will need to show a minimum of USD500m in capital of USD5bn in mandated assets under management.

According to AMP Capital Investors, the largest actor in the Australian pension fund industry, the world’s stock markets may be at risk of losing up to 10% of their value, L’Echo reports. “The Goldman Sachs investigation opens the door to concerns on the part of investors who are worried about stricter regulations for the entire banking sector,” Nader Naeimi, a manager at AMP Capital, told Blomberg. “Since the markets have a high level of investment at this time, the Goldman Sachs scandal may be enough to trigger a strong reaction worldwide.”

According to Financial News Online, Philippe Lespinard, the head of absolute return strategies at Brevan Howard Asset Management, has left. A further three out of a team of five fund managers left in February.

The Californian pension fund CalPERS announced on 19 April in a statement that it is opposing the re-election of two Citigroup directors this Tuesday at a general shareholders’ meeting at the banking group. CalPERS says that A. Liveris and J. Rodin were members of the auditing and risk committees at Citigroup before the onset of the financial crisis. In addition, says CalPERS, Mr. Liveris has an “excessive” number of responsibilities. CalPERS, which has announced its intention to campaign for better governance, is also opposed to a resolution on managemetn pay scales, which it says is not explicit enough.

The Committee of European Securities Regulators (CESR) on 19 April published two documents dealing with the issue of “advantages,” or inducements, the fist of which is a report on good and poor practices in this area. The Committee also offered a feed back statement dealing with the same issue. In its report, the CESR lays out several examples of practices which teh regulator encourages (good practices) and those which it discourages (poor practices). The CESR says that its goal is to foster “better understanding” of the main lines of good practice in the area of inducements, and to promote better practices under rules established as a part of the MiFID. The CESR has also published its comments on points raised at the publication of its consultation document on the definition of the concept of advising, with several questions and answers in connection with this subject.

For the proposed alternative management directive, the key date continues to be 27 April, when the competent European commission, the economic and monetary affairs commission (ECON), will vote in Brussels to approve several compromise positions hammered out by the various political factions, Agefi reports. As for the other remaining proposals, France remains staunchly opposed to the idea of delegating power to a European authority to control access to its markets by outside funds. The council of finance ministers, which is acting as a co-legislator on the bill, may vote on the proposals on 18 May or 8 June. In addition to funds originating from countries outside the EU, other controversial points in the legislation include the responsibilities of depositories, debt limits, particularly for private equity funds, and the field of applicability of the legislation, the newspaper adds.

Mandarine Gestion has been granted a license by the French regulator, the Autorité des marchés financiers (AMF), for Mandarine Capital Solidaire, a solidaristic FCPR fund which Newsmanagers introduced in an article yesterday, 19 April. The fund, which has EUR1m in assets at launch, will be managed by Patrick Savadoux.

Mutual Fund Wire reports that Putnam Investments on Monday 19 April launched the Putnam Global Sector Fund, an actively-managed fund of funds which invests in eight defined sectors: consumer goods, natural resources, technologies, finance, utilities, health, telecommunications, and industry. The fund is thus exposed to all of the sectors of the MSCI World index except energy. The fund, managed by Andrew Matteis, head of large caps research at Putnam, will be offered in six different share classes, with total expense ratios (TER) ranging from 188 to 218 basis points.

Fitch Ratings notes that hedge funds appear to be benefiting from renewed interest from institutional investors, who believe they provide better opportunities than those offered by straight equity or credit market investments. Hedge fund inflows turned positive in the second half of 2009 and investor interest has increased, according to asset managers polled by Fitch and data vendors. Alongside traditional funds of hedge funds, where inflows turned positive late last year, and which have improved their liquidity profiles, there is increased demand for segregated mandates. In contrast to the increased demand from institutional investors, demand from private banking, historically the biggest client of European hedge funds, is still being dampened by risk aversion and regulatory uncertainties, notably the Alternative Investment Fund Managers directive. Asset managers are responding to this by launching funds compliant with the UCITS directive.

The California Public Employees’ Retirement System (CalPERS) and the alternative management firm Apollo Global Management on 19 April announced that they have signed a new agreement on strategic relations which aligns the interests of the two establishments. According to the statement, the initiative may represent “a new model of referenced for pension funds and their investment advisors.” The agreement sets out substantial reductions in commissions, of USD125m in the next five years, on funds which Apollo manages or may manage in the future, an offer made available exclusively to CalPERS. The agreement also makes a long-standing relationship (of 15 years) between CalPERS and Apollo, which manages most of the pension fund’s alternative management portfolio, a permanent fixture.

Most French entrepreneurial asset management firms (57%) are anticipating an increase in their personnel in the near future, according to a new study by Noveo Conseil in partnership with the economic research agency of the French financial management association (Association française de la gestion financière, or AFG), entitled “L'état des lieux du marché des sociétés de gestion entrepreneuriales et les perspectives du métier.” Recruitments will focus primarily on sales profiles, as development is at the centre of growth strategies for independent management firms, while “technical” profiles, such as product specialists, specialized managers, actuaries and statisticians will also be in demand. This emphasis on commercial development is due to the fact that entrepreneurial management firms prefer internal growth. They are primarily planning to focus on private clients and family offices (41%), institutionals (32%), and businesses (16%). Foreign clients, however, hold little appeal for them, as only one third (28%) of firms are planning to release their products abroad. In addition, 4% hope to open offices abroad. The cover term ‘entrepreneurial management firm’ masks a wide diversity, as some of these actors manage a few million Euros, while others manage EUR30bn or more.

Edmond de Rothschild Asset Management has announced that its French equities teams, previously led by Pierre Nebout, and European equities teams, led by Philippe Lecoq, will now be officially combined into a single unit. The new team of 7 manager/analysts will be co-led by the two heads, whose teams have already been working in close collaboration for several years. As of 9 April 2010, Edmond de Rothschild Asset Management managed EUR13.1bn, of which EUR9.9bn was in equities, and EUR7.5bn of that in European equities.

The pension fund for the Shell group (GBP10.5bn) has become the latest signatory of the United Nations Principles for Responsible Investment (UN PRI). Among other recent signatories are the French firms Alto Invest and EthiFinance. There are now 728 signators, of which 386 are management firms.

The former head of Lehman Brothers, Richard S. Fuld, is planning to say at his hearing before a Congress subcommittee that Federal regulatory bodies, the SEC and the Fed, were aware of everything that was happening at the bank in real time in the time leading up to its collapse, the Wall Street Journal reports.

Investment Week reports that HSBC Global Asset Management is planning to add two ETF funds to its passive management product range. The HSBC UK Gilt Index fund will replace the FTSE-A British Government Gilt All Stocks. It will be launched during the month of June, with a TER of 0.25%, and a minimal investment of GBP1,000, or GBP50 per month. HSBC is also considering a global bond ETF, but the product is not yet ready for release.

The UK independent asset management firm Neptune Investment Management has seen an increase in its assets under management to over GBP5.6bn as of the end of March 2010, from a total of GBP5bn at the end of 2009. The Neptune Global Equity Fund, managed by Neptune founder Robin Geffen, which is now available to French investors, now has over GBP1bn in assets.

Hedge-fund manager Gerard Griffin is winding down his fund, Tisbury Capital Management, and joining GLG Partners LP, the London-based hedge-fund firm, says the Wall Street Journal. He will join GLG along with his partner and another employee in the coming weeks. They will run GLG’s European event-driven strategy.

In its latest Responsible Investment Report 2009, F&C gives detailed information on its engagement activities in Environmental, Social and Governance (ESG) issues during 2009. During the year, the asset manager voted on almost 58,000 resolutions at 5,225 companies in 66 countries. This was almost double the number of votes cast in 2008, the result of a sharp rise in the number of clients that it now represents under its Responsible Engagement Overlay (reo®) service. This includes other institutional investors where F&C is not the portfolio manager. Alongside scrutiny of board oversight and pay, areas of particular focus included the expansion of oil and gas companies into areas of the world presenting ever greater political and environmental challenges; the role of companies in promoting public health; factory labour standards; and sustainability in the real estate sector. Over 2009, F&C voted in support of management recommendations 78% of the time, down from 81% in 2008. One of the reasons for this was a rise in F&C’s opposition to the remuneration proposals put forward by management, from 15% in 2008 to 25% in 2009. Proposals on capital structures were another area of controversy, as companies under pressure to rebuild battered balance sheets often overstretched basic good governance rules. Geographically, 2009 also saw a notable hardening of positions across several regions. For instance, in the UK, after years of productive company-shareholder dialogue, last year witnessed more confrontation. Pay plans in some of the UK’s largest companies were an area of great concern, with F&C voting against management 19% of time, compared to only 10% in 2008. The picture also worsened in Australia, where F&C’s opposition to remuneration plans rose from 21% to 27%, due to poor disclosure on pay deals.

According to the Belgian press, of the five contenders who had until 9 April to submit firm bids to take over KBL (see Newsmanagers of 30 March 2010), under an extended deadline, there now remain only three: the Brazilian bank Safra, the Italian company Exor and the Indian Hinduja. In terms of the acquisition price and development of the firm, the last two companies are in the lead, while the Brazilian bank was penalised by the nature of its offer, which is only for a part of KBL and not for all of the company. The short list contradicts reports in La Tribune at the end of March that the Brazilian bank Safra and the Indian financial group Hinduja were the leading contenders. KBC declined to comment when asked by Newsmanagers to confirm these new reports.

AllianceBernstein has announced the launch of a Luxembourg-based Sicav which will focus on the Euro high yield corporate bonds market, says Citywire. The product is called Alliance Bernstein Euro High Yield fund.

Banca Popolare di Milano S.c.a.r.l. (BPM) et BNP Paribas Securities Services ont annoncé lundi 19 avril 2010 la signature d’un accord portant sur la vente de l’activité de banque dépositaire de BPM à BNP Paribas Securities Services. Cette opération, qui ne faisait plus de mystère (lire Newsmanagers du 8 avril 2010), porte sur l’ensemble des services de banque dépositaire réalisés par BPM pour des fonds «long-only and alternative» et des fonds alternatifs de sociétés de gestion d’actifs appartenant au groupe BPM, ainsi que pour des clients externes, précise la banque dans un communiqué. Cette activité représente environ 20,3 milliards d’euros d’actifs, avec près de 19,1 milliards d’euros pour les seuls fonds «long-only» - le reste correspondant à des fonds immobiliers et à des fonds alternatifs. Le montant de la transaction s’élève à 55 millions d’euros qui permettra au groupe BPM de générer une plus-value de cession brute d’un même montant et un effet positif estimé à environ 7 points de base sur le ratio Core Tier 1 consolidé et le ratio capital total. Deux conditions sont néanmoins exigées pour que l’opération soit menée à bien. «Tout d’abord, Anima SGR S.p.A. - Ndlr : au sein du groupe BPM - doit remplir les règles de la Banque d’Italie concernant les modifications requises à apporter aux règlements des fonds gérés par la société qui découlent de la cession. Deuxièmement, des accords préliminaires déjà signés avec certains salariés de l’entité concernée doivent être présentés devant les syndicats», note la banque. La clôture de l’opération est prévue avant la fin du premier semestre 2010. Comme Jean-Marc Pasquet, responsable France de BP2S, l’a précisé il y a quelques jours, elle doit permettre à BNP Paribas Securities de voir sa part de marché passer de 7 % à 16 % dans les services aux fonds et asset managers en Italie.

Selon la presse belge, des cinq candidats qui avaient jusqu’au 9 avril pour proposer leurs offres fermes pour la reprise de KBL (lire Newsmanagers du 30/03/10) – délai qui a été prolongé - il ne resterait plus en lice que la banque brésilienne Safra, les sociétés italienne Exor et indienne Hinduja. En termes de montant et de développement de la société, les deux derniers établissements tiennent la corde, tandis que la banque brésilienne serait pénalisée par la nature de son offre, qui ne concerne qu’une partie de KBL et non pas la totalité. Cette dernière «short list» vient contredire les déclarations de la Tribune, fin mars, selon lesquelles, la banque brésilienne Safra et le groupe financier indien Hinduja avaient pris de l’avance dans l’opération. Interrogé par Newsmanagers sur la véracité de ces nouvelles informations, KBC s’est abstenue de tout commentaire.

AllianceBernstein a annoncé le lancement d’une Sicav luxembourgeoise qui se concentrera sur le marché des obligations d’entreprises à haut rendement dans la zone euro, rapporte Citywire. Le produit s’appelle Alliance Bernstein Euro High Yield fund.

Selon Financial News Online, Philippe Lespinard a quitté Brevan Howard Asset Management, dont il était responsable des stratégies rendement absolu. Cela fait suite au départ de trois gérants sur une équipe de cinq qui géraient un fonds obligataire rendement absolu conforme à la directive européenne, rappelle le site Internet.

La société de gestion britannique indépendante Neptune Investment Management a vu ses encours sous gestion dépasser les 5,6 milliards de livres fin mars 2010, alors qu’ils s'établissaient à 5 milliards fin 2009. Le Neptune Global Equity Fund, géré par le fondateur de Neptune Robin Geffen, et désormais accessible aux investisseurs français, a dépassé la barre du milliard de livres d’encours.

Selon Investment Week, HSBC Global Asset Management envisage d’ajouter deux ETF à son offre de gestion passive. Le HSBC UK Gilt Index fund devrait répliquer l’indice FTSE-A British Government Gilt All Stocks. Il devrait être lancé dans le courant du mois de juin. Son TER (Total Expense Ratio) sera de 0,25 % et l’investissement minimal a été fixé à 1.000 livres ou 50 livres par mois.HSBC réfléchit en outre à un ETF obligataire global mais le produit n’est pas encore prêt.