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15/02/2010
Fonds

Royal London AM lance un fonds anti-inflation

La société de gestion britannique Royal London Asset Management (RLAM) vient de lancer un fonds permettant de se couvrir contre le risque inflationniste, le Royal London Global Index Linked Fund, qui sera géré par George Henderson.Le portefeuille sera investi principalement dans des obligations internationales indexées sur l’inflation (entre 30 et 60 lignes) mais pourra comporter jusqu'à 30% d’obligations souveraines classiques et dette corporate. Caractéristiques du fonds Structure : OEICTaille du fonds au lancement : 10 millions de livresFrais d’entrée : classe A : 4% ; classe B : 0%Commission de gestion forfaitaire : classe A : 0,70% ; classe B : 0,30%.Investissement minimum : classe A : 1.000 livres ; classe B : 1 million de livresValorisation : quotidienne
Fonds
15/02/2010

Démission chez Royal London AM

Le patron des ventes de Royal London Asset Management (RLAM), Stan Bland, a présenté sa démission afin de poursuivre d’autres intérêts, selon Investment Week. Stan Bland, qui pilotait également les RLAM Bonds Funds, avait rejoint la société de gestion il y a neuf ans.
15/02/2010
Fonds

Le REIT d'ING achèterait Rugby Estates

Selon The Sunday Times, le ING UK Real Estate Income Trust proposerait 65 pence en actions ou 62 pence en numéraire par action du REIT Rugby Estates. Cela représente une prime substantielle par rapport au cours de clôture de 49 ½ pence de vendredi. Rugby Estates se trouve ainsi valorisé à 29 millions de livres.
Fonds
15/02/2010
Fonds

Deux fonds britanniques et un français sur le podium "Newcits" en 2009

Tandis que Citywire se prépare à lancer une nouvelle base de données et un site Web dédié aux produits, le site britannique s’est intéressé aux «OPCVM III-compliant " aussi dénommés «Newcits». Dans ce cadre, Citywire s’est focalisé sur les stratégies les plus performantes de l’an dernier. Sur plus de 200 fonds «Newcits» représentant un actif de plus de 35 milliards de dollars, Citywire a créé un univers de ces fonds pour réaliser un examen plus approfondi. Parmi les 54 fonds les plus performants de l’univers Newcits qui utilisent des stratégies long short equity sur les marchés développés, 31 d’entre eux affichent un track record d’un an et 20 de trois ans. Après les avoir étudiés dans leur monnaie locale afin de mieux refléter le marché, il ressort que le fonds le plus performant en 2009 - CF Octopus Partner (Absolute Return) de la société de gestion britannique Octopus - a enregistré un gain de 42,14% devant Moneta Long / Short de Moneta (+39,15 %) piloté par Patrice Courty avec l’aide de Stéphane Cuau et Antoine Peyronnet. Enfin, en troisième place, Henderson HF Pan European Alpha, dirigé par Paul Casson, a progressé de 34,78%.
Fonds
15/02/2010

Heritage veut consolider les acquis

Dans un entretien à L’Agefi suisse, le président exécutif de Heritage, Carlos Esteve, indique qu’il souhaite faire une pause dans son expansion (notamment une filiale à Singapour et un bureau à Zurich), tout en continuant de consolider les bases existantes de son réseau en 2010, avec le recrutement de 30 professionnels. Les fonds sous gestion ont progressé l’an dernier de 62% à 2,6 milliards de francs suisses, grâce notamment aux nouvelles implantations en Suisse et à Singapour.
15/02/2010
Fonds

iShares, Lyxor et db x-trackers occupent les trois quarts du marché des ETF

A fin janvier, les actifs gérés dans des ETF en Europe avaient diminué de 5,6 milliards de dollars ou de 4 % en un mois pour revenir à 217,9 milliards de dollars, selon BlackRock. On comptait à cette date 896 produits cotés 2.468 fois sur 18 Bourses, 67 nouveaux ETF ayant été lancés durant le premier mois de 2010.Parmi les 34 promoteurs d’ETF, trois se détachent toujours, avec une part de marché totale de 74,4 %. Il s’agit d’iShares (BlackRock), avec 172 produits et 82,5 milliards de dollars d’encours, ce qui équivaut à une part de marché de 37,9 %. Lyxor Asset Management (Société Générale) arrive en deuxième position avec 20,1 % de part de marché représentant 127 ETF et 43,8 milliards de dollars. De son côté, db x-trackers (Deutsche Bank) affiche 35,8 milliards de dollars d’encours pour 118 ETF et une part de marché de 16,4 %.
Fonds
15/02/2010
Fonds

Partenariat Deutsche Bank-Rakuten sur les ETF

Selon Asian Investor, la Deutsche Bank a conclu un accord de coopération avec Rakuten Securities pour que ce dernier distribue au Japon six ETF db x-trackers cotés à Hong-Kong. Il s’agit des ETF sur le Vietnam, la Chine, l’Inde, la Corée, Taiwan et les Etats-Unis. Au Japon, les ETF négociés aux Etats-Unis sont soumis à un prélèvement à la source sur les dividendes, ce qui n’est pas le cas pour ceux traités à Hong-Kong.
Fonds
15/02/2010

BME preparing underlying indices for new ETF products

Bolsas y Mercados Españoles (BME) has announced the forthcoming launch in early April of a series of five indices which may serve as the underlying indices for financial products such as certificates or ETF funds. The five indices use the Ibex 35 as their basis, with variations. These include the Ibex 35 con Dividendos Netos index, on the one hand, and on the other hand, short and/or double or triple leveraged indices such as the Ibex 35 Doble Inverso, Ibex 35 Triple Inverso, Ibex 35 Doble Apalancado and Ibex 35 Triple Apalancado. BME states that it has begun a candidate selection process for licenses to launch ETFs based on the new indices.
15/02/2010

Strong inflows to mutual funds in January

Mutual funds in the United States posted net inflows in January of USD44.5bn, according to statistics from Morningstar. US equities funds, after four consecutive months of outflows, saw net inflows totalling USD2.7bn. Global equities funds, meanwhile, saw inflows of USD8.1bn, a level not seen since December 2007. Bond funds continued to dominate the market, with inflows of USD28bn for fixed income funds, which now represent 30% of the mutual fund market, compared with 19% at the end of 2007. For ETFs, net outflows totalled USD16.7bn in January. While assets in the sector are down 4.8% compared with December, at USD746.9bn, they are up more than 49% compared with January 2009. Morningstar also points out that an ETF based on the S&P 500 (SPY) was responsible for the high volumes of outflows, with redemptions of over USD15bn. ETFs focused on global equities attracted USD888.2m in January, with the Vanguard Emerging Markets VW0 alone earning net inflows of USD894m. Vanguard now has a market share of about 12.4%, compared with 8.5% one year ago.
15/02/2010

Assenagon launches a protected capital fund

The Luxembourg-based management firm Assenagon Asset Mangement has announced that it has received a license from BaFin to offer a fund for sale in Germany which complies with the UCITS III directive, managed following a quantitative model by Rodian Ruffini, head of quantitative structuring, which offers a watermark at 80% of its peak level. The portfolio of the fund, which is open to retail and institutional investors, will be invested in sectoral indices of the DJ Stoxx 600 total return index. The objective is to achieve outperformance through active management and the detection of signs of a change in market trends. The strategy will also move assets from sectoral equities ETF funds to bond ETFs in the event of a significant increase in volatility on equities markets. The manager may also move up to 100% of assets to money markets if the 80% of peak level is appraching. Assenagon reports that ten-year backtesting reveals that the strategy would have earned returns higher than the DJ Stoxx 600 TR index, with volatility corresponding to half that of the benchmark, and that the protection level would never have been reached. Characteristics Name: Assenagon Trend Sektor 80 ISIN: LU0475770987 (P class for retail investors) LU0475769898 (I class for institutional investors) Issue price: EUR50 (P class) EUR1,000 (I class) Front-end fee: 3% (P shares) Management commission: 1.3% (P class) 0.5% (I class) Subscription tax: 0.05% (P class) 0.01% (I class)
15/02/2010

DEGI extends closure of DEGI International for three months

Aberdeen Immobilien KAG (formerly known as DEGI) announced on Friday that due to market conditions which remain difficult, a freeze on redemptions of shares in its open-ended fund DEGI International will be extended, initially for a further nine months, until 16 November 2010. During this period, the management team will continue its efforts to free up more liquidity. The fund, with about EUR1.97bn in assets (as of the end of December) was closed to redemptions at the end of October 2008, until the end of January 2009. On 17 November (see Newsmanagers of 18 November 2009), redemptions were again suspended for this fund and for the DEGI Europa fund.
15/02/2010

Bank Sarasin sells its Lugano affiliate

Bank Sarasin & Co. Ltd has agreed to sell its subsidiary, Sarasin Colombo Gestioni Patrimoniali SA, domiciled in Lugano, back to the Colombo family. In 2007 Bank Sarasin completed the acquisition of Colombo Gestioni Patrimoniali SA to strengthen its market position in the Italian market. The market situation and regulatory developments over the recent months in Italy have prompted the executive management of Bank Sarasin to pursue new business opportunities in Italy. During this process, the Colombo family has approached Bank Sarasin and made an offer to buy back Sarasin Colombo Gestioni Patrimoniali SA. Both parties wish to continue their cooperation in the years to come. They have agreed not to disclose the purchase price.
15/02/2010

Azimut aims for EUR30bn in assets under management

“In the next five years, we would like to double our assets under management (currently EUR16bn), in order to approach our objective of EUR30bn by 2015,” says Pietro Giulani, president of the Italian asset management firm Azimut, Il Sole - 24 Ore reports. To achieve this, the firm has not ruled out alliances and acquisitions. Azimut was founded in 1989, and held its IPO in July 2004; it is now 25.4% owned by its managers and employees. Foreign investors account for 10% of assets under management.
15/02/2010

Resignation at Royal London AM

The head of sales at Royal London Asset Management (RLAM), Stan Bland, has submitted his resignation, in order to pursue other interests, Investment Week reports. Bland, who was also manager of hte RLAM Bonds Funds, joined the management firm nine years ago.
15/02/2010

Royal London AM launches an anti-inflation fund

The British management firm Royal London Asset Management (RLAM) has launched a fund which protects investors against the risk of inflation, the Royal London Global Index Linked Fund, which will be managed by George Henderson. The portfolio will be invested primarily in inflation-linked global bond indices (with 30 to 60 positions), but may also contain up to 30% traditional government and corporate bonds. Caracteristics of the fund Structure: OEICSize of fund at launch: GBP10mFront-end fee: A class: 4%; B class: 0%Management commission: A class: 0.70%; B class: 0.30%.Minimal investment: A class: GBP1,000; B class: GBP1mValuation: daily
15/02/2010

ING REIT buys Rugby Estates

The Sunday Times reports that the ING UK Real Estate Income Trust is offering 65 pence in equity or 62 pence in cash per share for the REIT Rugby Estates. This represents a substantial premium over the closing price for the REIT of 49 ½ pence per share on Friday, and values Rugby Estates at GBP29m.
15/02/2010

Hybrid asset issues expected to continue in 2010

In its most recent quarterly study of the European credit markets, Fitch reports that according to European investors, banks are expected to continue to issue hybrid debt this year, despite volatility which has affected these instruments since the onset of the financial crisis. Nearly two thirds of investors surveyed agree with this assessment, but 55% of respondents estimate that the volume of issues will be modest, whiel only 9% expect significant amounts. “It may well be asked whether regulators will permit an increase in these issues at a time when new regulations are under preparation,” says Gerry Ratcliffe, Group Credit Officer for European banks at Fitch. On the other hand, new products may also play a role, such as “cocos” contingent convertibles), but it is still too soon to evaluate investors’ appetite for instruments of this type. Hybrid debt issues totalled EUR60.2bn in 2009, a slight decrease compared with the previous year (EUR61.8bn).
15/02/2010

HSBC wins a contract in Singapore

Asian Investor reports that Schroders Singapore has selected HSBC Securities Services as its sole provider of custody and fund administration services. The mandate was previously shared between HSBC and OCBC Trustee. Schroders will continue to rely on UBC Dexia for transfer agency services.
15/02/2010

Assets under management down 3.2% at AllianceBernstein

Assets under management at AllianceBernstein totalled USD480bn as of 31 January 2010, a 3.2% decline from the end of December 2009, according to preliminary estimates. The decline of about USD16bn is largely due to the negative perforamnce of equities investments and slight outflows.
15/02/2010

New appointment at EFG AM France

EFG Asset Management France announced on Friday, 12 February, that Eve Nogues has joined the firm in the position of head of external distribution and prescriber relations. Since 2006, Nogues has served as head of sales to IFAs at VP Finance (Bance di Leonardo group). According to a statement from the asset management firm, the recruitment will among other things allow the firm to provide wider distribution of its wealth management OPCVM funds.
15/02/2010

Russell concludes rebalancing of a pension fund

Russell Investments yesterday announced that it has completed the rebalancing of a pension fund, the MainePERS (Maine Public Employees Retirement System), with USD3.7bn in assets. The objective of the operation is to overhaul beta exposure to most assets of the program. In second half 2009, Russell Investments provided transitions for public pension funds in North America totalling over USD86bn in assets.
15/02/2010

Two appointments to board of directors at OFI AM

OFI Asset Management announced on Friday, 12 February, that it has appointed Nicolas Gomart and Christophe Lepitre to the board of directors at the asset management firm. Gomart, 45, will serve as deputy CEO in charge of alternative management and alternative multi-management activities, and of coordination and organization of development projects for the group. Lepitre, 46, has been appointed as deputy CEO of OFI Asset Management, a member of the executive board, in charge of supervision of risk controls, operations, and IT systems for the group.They both come from ADI, a company bought by OFI.
15/02/2010

Investors fleeing from junk bond markets

Investors are selling out of “junk” bonds at the fastest rate since September 2005, in the latest indication that concerns over sovereign debt are spreading to other credit markets, says the Financial Times. In the week that ended on Wednesday, nearly USD1bn was withdrawn from US funds that hold high-yield corporate bonds, according to Lipper FMI. It is the largest outflow in almost four and a half years.
15/02/2010

Berenberg recruits a head from Fiduka

The Berenberg private bank has announced the recruitment of Markus Bunse as head of distribution for open-ended funds to banks, funds of funds, wealth managers and brokerage networks, effective 1 February. Bunse was most recently head of distribution and marketing and a member of the board at Fiduka Depotverwaltung.
15/02/2010

ETF assets down 5%

As of the end of January, total assets in ETFs worldwide were down 5% in one month, to a total of USD984bn (EUR725bn), according to statistics from BlackRock. At the end of the period, BlackRock counted a total of 2,053 ETFs listed 3,928 times on 14 stock markets, from 113 issuers. The number of ETF funds on the market increased 5.4%, with the launch of 106 products, while the number of ETFs on sale in Europe (896) exceeds the number of products available in the United States (791). BlackRock reports that 820 new funds are now in preparation. The three largest ETF providers remain the same as in previous months. iShares (BlackRock) remains well ahead, with 434 products and assets of USD470bn, corresponding to a market share of 47.8%. State Street Global Advisors (SSgA) has 107 ETFs, with assets under management of USD139.1bn, representing 14.1% of the market, and Vanguard is in third place, with 47 funds, USD92.2bn, and 9.4% market share.
15/02/2010

Lyxor Hedge Fund index down in January

The Lyxor Hedge Fund Index lost 0.42% in January. For the month, the best-performing alternative strategies are: /S Credit Arbitrage Index (+2.10%); /S Equity Short Bias Index (+1.55%), and /S Equity Market Neutral Index (+1.51%). At the other end of the spectrum, the worst returns were for the following strategies: CTAs Long Term Index (-3.12%); CTAs Short Term Index (-1.93%); Global Macro Index (-1.27%), and L/S Equity Long Bias Index (0.65%). “Lyxor hedge indices” are investible hedge fund indices. Their returns are calculated on the basis of performance and assets in funds.
15/02/2010

Small management firms moving to Geneva

Agefi Switzerland reports that several hedge funds have recently arrived in Geneva, either completely relocating their activities there, or opening branch offices in the city. A Greek hedge fund has set up shop in Geneva in the past few weeks and is actively seeking office space. Managers for the USD3bn fund have decided to leave London, nd did not want to move back to Greece, due to the circumstances there at present. Other structures of a similar size are in similar straits. The situation is slightly different for the two British giants whose arrival in Geneva has been expected for several months: Blue Crest and Blue Howard are both reported to have leased office space in Geneva. In both cases, the move will not involve a complete relocation of London activities, but merely an opening of Swiss branch offices.
15/02/2010

Putnam cuts losses

In fourth quarter 2009, Putnam Investments, now a part of the Canadian insurance group Great-West Lifeco, has cut its net losses to CAD35m, compared with CAD1.1bn in the last three months of 2008. As of 31 December 2009, assets under management at Putnam totalled CAD114.9bn, compared with CAD113.5bn as of the end of September, and CAD105.6bn at the end of 2008.
15/02/2010

Clean tech index launched

DB Climate Change Advisors, the unit specialised in climate change within the asset management arm of Deutsche Bank, and the Nasdaq OMX on 11 February announced the launch of an index dedicated to clean technologies, the DB Nasdaq OMX Clean Tech Index. The index offers a real-time representation of the clean tech sector, with exposure to clean technologies, energy efficiency, transportation, waste management, and water. The index includes 119 firms selected from a universe of about 4,000 businesses, each with a market capitalisation of at least USD250m.
15/02/2010

Deutsche Bank and Rakuten sign ETF partnership

Asian Investor reports that Deutsche Bank has signed a cooperation agreement with Rakuten Securities, by which the latter will provide distribution of six ETF tracker funds listed in Hong Kong. The ETFs cover Vietnam, China, India, Korea, Taiwan and the United States. In Japan, ETFs traded in the United States are subject to a withholding tax on dividends, which is not the case for funds traded in Hong Kong.

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