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22/01/2013
Fonds

Deka opère une nouvelle acquisition à Paris

Pour 54 millions d’euros, Deka Immobilien a acheté à Nexity un projet d’immeuble commercial situé avenue de France à Paris. Cet actif (7.200 mètres carrés) dont l’achèvement est prévu pour septembre 2013, sera affecté au portefeuille d’un fonds immobilier institutionnel.
Fonds
22/01/2013
Fonds

Odey travaille à une version Ucits de sa stratégie alternative européenne

Odey Asset Management envisage de proposer une version coordonnée qui sera domiciliée à Dublin de sa stratégie alternative long/short européenne lancée il y a une dizaine d’années, rapporte Investment Week.Selon les données de Bloomberg, Odey European fund, dont les actifs sous gestion s'élèvent à environ 1,8 milliard de dollars, a enregistré une performance de 24% en 2012. Depuis son lancement, le fonds affiche un rendement brut annuel de 13,4%.Odey envisage de lancer d’autres fonds au format Ucits dans les prochaines semaines, dont un fonds long/short equity.
Fonds
22/01/2013

Un ancien d'Ignis rejoint Henderson

James Senior, ancien responsable du marketing chez Ignis, a rejoint Henderson Global Investors en qualité de conseil sur les problématiques de marketing, rapporte Fundweb.James Senior avait quitté Ignis en septembre 2012.
22/01/2013
Fonds

EFG va lancer un fonds diversifié au Royaume-Uni

Dans le cadre de son développement au Royaume-Uni, EFG Asset Management, filiale du suisse EFG International, envisage de lancer en avril un fonds multi-classes d’actifs (obligations d’Etats et d’entreprises, dette hybride, actions, hedge funds, immobilier, infrastructure et numéraire) ayant le statut d’OEIC qui sera géré par Hilary Wakefield, head of UK portfolio management, rapporte Investment Week. Ce fonds visera un rendement de 8 % et une volatilité de 4-7 % avec le Libor + 300 points de base comme taux butoir.
Fonds
22/01/2013

SEI renforce son équipe de distribution

SEI Investments a annoncé la nomination de Kevin Bull en qualité de director, responsable du développement des alliances stratégiques, et Simon Pinner, en tant que directeur des ventes, de l'équipe de distribution du pôle UK Asset Management.Kevin Bull a travaillé précédemment chez Hearthstone Investments, Simon Pinner chez Scottish Widows Investment Partnership (SWIP). Simon Pinner sera notamment responsable d’un panel de quelque 50 firmes de conseil britanniques et accompagnera également l’expansion de l'équipe en Europe.
22/01/2013
Fonds

db-X funds prépare un fonds énergie et métaux

Avec le DB Platinum Energy & Metals (code ISIN: LU0820952413), db-X funds (groupe Deutsche Bank) vient d’entamer la commercialisation d’un fonds énergie et métaux industriels dont l’indice de référence est le DB Platinum Energy & Metals, lequel reproduit les prix des matières premières sous-jacentes au moyen de contrats à terme. Cet indice se compose à 60 % de métaux industriels (aluminium, cuivre, zinc, nickel et plomb), les 40 % restants se répartissant sur le pétrole Brent, l’essence, le gazole et le gaz naturel. Les pondérations sont actualisées chaque mois.La période de souscription est ouverte jusqu’au 28 janvier. Selon le prospectus daté de septembre 2012, la commission de gestion serait de 1,20 % par an et le droit d’entrée de 5 % maximum.db-X funds précise qu’elle gère déjà onze fonds de matières premières pour un encours total de 1,4 milliard d’euros.
Fonds
22/01/2013

Pictet : Hervé Thiard prend la direction de la zone Benelux

Après l’ouverture récente à Bruxelles et Amsterdam par Pictet Asset Management (PAM) de bureaux de représentation dédiés à la vente de fonds, Hervé Thiard, directeur général en charge du marché institutionnel de Pictet en France, prend également la direction de la zone Benelux. Les encours de Paris se situaient à 3,1 milliards d’euros au 31 décembre 2012.Les nouveaux bureaux viennent compléter les services de marketing existants de PAM à Luxembourg, siège de la banque du groupe Pictet dans l’Union européenne. Dans ses nouvelles fonctions, Hervé Thiard s’appuiera sur Bruno Hellemans, qui a depuis 2007 la responsabilité opérationnelle du marché des fonds d’investissement dans les Etats du Benelux.PAM ne communique pas le montant de ses encours dans le Benelux qui, selon nos informations, seraient supérieurs à ceux de Paris.
22/01/2013

Mainfirst recrute un patron de l'obligataire

En avril, Oliver Reisinger rejoindra MainFirst comme head of fixed income, a annoncé à la Börsen-Zeitung Siegfried Jachinski, membre du directoire. L’intéressé était depuis 2011 head of sales & marketing chez HSH Nordbank.Mainfirst a l’intention de doubler en deux ans, à quarante personnes, l’effectif de son pôle obligataire.
22/01/2013

Barings Allemagne recrute chez Henderson

Directeur de la distribution pour l’Allemagne chez Henderson Global Investors, Lars Albert rejoindrait dans les mêmes fonctions Baring Asset Management, croit savoir Das Investment.
22/01/2013
Fonds

db x-trackers : 5 ETF sectoriels d'actions chinoises A à Francfort

Le 21 janvier, la cote du segment XTF de la plate-forme électronique Xetra a atteint les 1014 références avec l’admission à la négociation des cinq premiers ETF sectoriels en Europe sur les actions chinoises A, lancés par db x-trackers (Deutsche Bank), rapporte la Deutsche Börse. Ce sont tous des produits luxembourgeois chargés à 0,50 % qui répliquent cinq sous-indices du CSI 300 de Shanghai.db x-trackers a déjà lancé un ETF sur le CSI 300 dont l’encours est passé de 272 millions fin juin à 620 millions au 14 janvier.Les cinq nouveaux produits sont les suivants :db X-trackers CSI300 Banks Index ETF (LU0781021877)db X-trackers CSI300 Consumer Discretionary Index ETF (LU0781021950)db X-trackers CSI300 Energy Index ETF (LU0781022172)db X-trackers CSI300 Health Care Index ETF (LU0781022339)db X-trackers CSI300 Real Estate Index ETF (LU0781022099)
Fonds
22/01/2013

Top ETF "SPY" turns 20

The SPDR S&P 500 ETF, launched on 22 January 1993 by State Street, which goes by the NyseArca ticker SPY, on Tuesday, 22 January celebrated its 20th birthday. Celebration is justified, according to IndexUniverse, since the product was the first ETF listed in the United States, and it is now the larget ETF in the world, with assets of USD125bn.SPY accounts for about 9% of the USD1.403trn now invested in ETFs, It is among the least costly ETFs on the market, with total TER of 0.0945%, while the TER of its direct competitors, the Vanguard S&P 500 ETF and iShares Core S&P 500 ETF are 0.05% and 0.07%, respectively.
22/01/2013

Assets in individual pension funds rose in 2012

As of the end of December, assets under management by Spanish individual pension funds totalled EUR51.75bn, compared with EUR49.9bn one year previously. They underwent net outflows of EUR824.75m, but market effects were positive by more than EUR2.67bn, meaning that the increase in assets, at nearly EUR1.85bn, represented 3.71% for 2012 as a whole, according to statistics from VDOS Stochastics.As for investment funds, the top three asset management firms by assets are BBVA, with EUR9.14bn (+8.6% for the year), Santander, with EUR7.33bn (+5.1%), and Caixa, with nearly EUR7.13bn (-3.6%).However, BBVA shows net inflows of EUR309.3m, Santander has seen net outflows of EUR57m, and inflows at Caixa totalled EUR664.3m.VDOS reports that two products from BBVA lead, one for assets, the BBVA Proteccion 2015 (EUR1.71bn), and one for net subscriptions, the BBVA Tranquilidad 16V, with EUR110.2m. However, BBVA Proteccion 2014 is also the fund which has seen the heaviest net outflows (EUR192.9m).
22/01/2013

Crèdit Andorrà registers Luxembourg funds in Spain

En vue de les faire commercialiser en Espagne par sa filiale locale de banque privée, le Banco Alcalá, l’andorran Crèdit Andorrà a fait enregistrer par la CNMV les neuf compartiments de sa sicav luxembourgeoise Crediinvest, rapporte Funds People. Il s’agit des fonds Money Market Euro, Money Market Dollar, Fixed Income Euro, Fixed Income Dollar, Big Cap Value, Spanish Value, International Value, US American Value et Sustainability.
22/01/2013

LGT Capital Partners wins a large alternative mandate

According to various sources in the British media, the Swiss firm LGT Capital Partners has won a “multi-alternative” mandate on GBP280m in assets from the pension fund of Hertfordshire City Council. It is the largest mandate for alternative investment (nine asset classes) ever awarded by a British public pension fund.
22/01/2013

David Driver promoted at Standard Life Wealth

David Driver, who has been network director for three years, has been promoted to the position of managing director of Standard Life Wealth, and will be responsible for discretionary funds, Fundweb reports. In his new role, Driver will report to CEO Richard Charnock.
22/01/2013

Pictet: Hervé Thiard also becomes head for Benelux

Following the recent opening of representative offices of Pictet Aset Management (PAM) in Brussels and Amsterdam dedicated to fund sales, Hervé Thiard, CEO in charge of the institutional market for Pictet in France, is also becoming director for the Benelux region. Assets in Paris totalled EUR3.1bn as of 31 December 2012.New offices come as additions to the existing marketing services of PAM in Luxembourg, the banking headquarters of the Pictet group in the European Union. In his new role, Thiard will be supported by Bruno Hellemans, who since 2007 has been operational head of the investment fund market in the Benelux countries.PAM has not disclosed its asset levels in Benelux, which Newsmanagers understands, is higher than its levels in Paris.
22/01/2013

Everyone wants a single market for ETFs in Europe, according to UBS

“Everyone would like a single market to trade ETFs in Europe. But we are not the United States,” said Clemens Reuter, global head of UBS ETF, in an interview with Plus, the supplement of Il Sole – 24 Ore. UBS ETF has launched 61 ETFs on the Milan stock exchange. The firm has also created a support team dedicated to Italian clients.
22/01/2013

ESMA seeks better information on goodwill

The European Securities and Markets Authority (ESMA) has on January 21 published a review of 2011 IFRS financial statements related to impairment testing of goodwill - the value of intangible assets which has a quantifiable value - and other intangible assets. The review, which looked into the accounting practices of a sample of 235 European issuers from 23 countries, found EUR800bn (EUR790bn in 2010) worth of goodwill balances in the 2011 financial statements of issuers, with 5% (c. EUR40bn) of that amount recognised as impairment losses in 2011.The report shows that significant impairment losses of goodwill were limited to a handful of issuers, mostly in the financial services (EUR19.2bn) and telecommunication industry (EUR9.7bn). This therefore raises the question as to whether the level of impairment disclosed in 2011 financial reports appropriately reflects the difficult economic operating environment for companies. Although the major disclosures related to goodwill impairment testing were generally provided, in many cases these were of the boilerplate variety and not entity-specific. In order to improve the overall disclosure provided by issuers, ESMA recommends that issuers: • Better specify the key assumptions used in the impairment test;• Include sensitivity analyses with sufficient detail and transparency, especially in situations when indicators are present that impairment might have occurred;• Determine the growth rates used to extrapolate cash flows projections based on budgets and forecasts; and • Disclose specific discount rates for each material cash-generating unit rather than average discount.
22/01/2013

Petercam prepares an emerging markets sustainable bond fund

The Belgian asst management firm Petercam is expecting to receive a license from the CSSF for a new sub-fund of its Luxembourg Sicav, a fund of “sustainable” emerging market government bonds denominated in local currencies (at least one third in ‘hard’ currencies).Ophélie Mortier, SRI coordinator at Petercam, and Thierry Larose, portfolio manager, have explained to Newsmanagers that the universe for the new Emerging Markets Sustainable product includes 72 countries, yo which a normative filter is applied for democratic values, followed by a best-in-class allocation. By crossing data from the NGO Freedom House for liberty and the Economist democracy index, the asset management firm currently excludes 16 “not-free” and “authoritarian” countries from the initial universe, including China, the United Arab Emirates, and China.Initially, the two fund managers (Bernard Lalière is the co-manager) will retain a minimum of 40% securities issued by countries in the top quartile of the rankings produced by the filtering in the portfolio, which complicates the task of the managers, who may nonetheless also invest in securities from supranational entities to position themselves on difficult-to-access currencies (such as BIRD bonds for Colombia).The preliminary portfolio includes six countries in the top quartile, including Poland and Chile, ten issuers in the second and third quartiles (including Brazil and Turkey, and also Serbia, Ukraina, Ghana and Venezuela), and four from the bottom quartile (Indonesia, Zambia, Iraq, and Nigeria).
22/01/2013

db-X funds preparing an energies and metals fund

With the DB Platinum Energy & Metals (ISIN code: LU0820952413), db-X funds (Deutsche Bank group) has released an energy and industral metals fund whose benchmark index is the DB Platinum Energy & Metals, which reproduces the prices of underlying commodities via futures contracts. The index is 60% compose of industrial metals (aluminium, copper, zinc, nickel and lead), while the remaining 40% are distributed between Brent crude oil, petrol, diesel and natural gas. The weightings are updated on a monthly basis.The subscription period will remain open until 28 January. According to the prospectus dated September 2012, the management commission will be 1.20% per year, and the front-end fee is a maximum of 5%.db-X funds states that it already has eleven commodity funds under management, with total assets of EUR1.4bn.
22/01/2013

30% of UCITS-compliant hedge funds posted losses in 2012

According to an Absolute Report study relayed by the Börsen-Zeitung, assets in 933 UCITS-compliant hedge funds as of the end of 2012 totalled EUR148bn, compared with EUR124bn one year previously. 11 funds were created and 160 funds were liquidated or merged, and funds in the top quartile posted average returns of 12.4%, with gains of 14.7% for the best equity products. But 30% of funds posted losses, which average 5.3%.The best fund was the Antecedo CIS Strategic Invest, with returns of 76%, while the worse fund was Salus Alpha Managed Futures, with losses of 48%.
22/01/2013

Strong dispersion in the performance of hedge funds for 2012

Edhec on 18 January published its estimate of the performance of hedge funds and funds of hedge funds in December and 2012 as a whole. Last year, only funds specialised in short-selling showed losses, of 3.94%. For 2012 as a whole, that strategy has lost 19.3%, while CTA has lost 2.3%. The S&P 500 index posted gains of 16% last year.However, the other categories all show gains, both for December and for the year as a whole, with the best results for 2012 as a whole for distressed securities and emerging markets, with respective perforamnce of 13.2% and 9.9%, followed by event-driven (+9.6%) and relative value (+9.2%).Overall, maximal return discrepancy last year totalled 32.5 percentage points. Edhec also states that since January 2001, distressed securities and emerging markets have posted average annual gains of 10.4% and 10.1%, while only dedicated short bias showed losses (of an average of 0.8%).The only strategy which shows a Sharpe ratio of higher than 1 is distressed securities (1.03), while two categories have a negative ratio: dedicated short bias (-0.35) and funds of funds (-0.09).
22/01/2013

Hedge fund assets up by USD60bn in fourth quarter

Assets in hedge funds rose by USD60bn in fourth quarter to a record USD2.25trn, according to the most recent statistics from the HFR Global Hedge Fund Industry Report.Net inflows totalled USD3.4bn in fourth quarter, bringing inflows for the year as a whole to USD34.4bn.The HFRI Fund Weighted Composite Index gained 1.3% in fourth quarter, and 8.2% for the year as a whole.HFR also states that it has launched the HFRU indices, which track the performance of UCITS-compliant hedge funds. The HFRU Hedge Fund Composite Index gained 4.9% in 2012.
22/01/2013

Caceis expands its range of services for AIFM managers

Caceis on 21 January announced an extension to its range of services to help fund managers comply with and take full advantage of the AIFM (Alternative Investment Fund Managers) Directive, under which they will soon be regulated. Caceis is already helping some fund managers to evaluate the implications of the AIFM Directive by providing operational support for adapting their organisation and internal procedures, in particular concerning the delegation of functions, risk management and the new regulatory reporting format. These fund managers can also use the services of Luxcellence, a Luxembourg subsidiary of Caceis, to manage their risks, structuring and the domiciliation of their funds. Caceis has initiated discussions within its network with several local fund managers to help them consider the implications of the Directive, while keeping the characteristics of their market in mind. Conference debates have been organised for early this year in Germany, the UK, France and Asia to study the challenges posed by the Directive with AIFMs.
22/01/2013

Ignis veteran joins Henderson

James Senior, former head of marketing at Ignis, has joined Henderson Global Investors as consultant on marketing issues, Fundweb reports. Senior left Ignis in September 2012.
22/01/2013

SEI adds to its distribution team

SEI Investments has announced the appointment of Kevin Bull as director in charge of development of strategic alliances, and Simon Pinner as director of sales, and the distribution team of the UK Asset Management unit.Bull previously worked at Hearthstone Investments, while Pinner was previously at Scottish Widows Investment Partnership (SWIP).Pinner will be responsible for about 50 British consulting firms, and will also assist with the team’s expansion in Europe.
22/01/2013

Deka makes new acquisition in Paris

Deka Immobilien has acquired a commercial real estate property under construction located in the avenue de France in Pars from Nexity. The property (7,200 square metres), which is slated for completion in September 2013, will be added to the portfolio of an institutional real estate fund.
22/01/2013

db x-trackers: 4 sectoral A-class Chinese equity ETFs in Frankfurt

On 21 January, the listings on the XTF segment of the Xetra electronic platform reached 1,014, with the admission to trading of the first five sectoral ETFs in Europe of A-class Chinese equities, from db x-trackers (Deutsche Bank), Deutsche Börse reports. They are all Luxembourg-registered products, which charge 0.50%, and replicate sub-indices of the Shanghai CSI 300.db x-trackers has previously launched an ETF for the CSI 300, whose assets have increased from EUR272m at the end of June to EUR620m as of 14 January.The five new products are as follows:db X-trackers CSI300 Banks Index ETF (LU0781021877),db X-trackers CSI300 Consumer Discretionary Index ETF (LU0781021950),db X-trackers CSI300 Energy Index ETF (LU0781022172),db X-trackers CSI300 Health Care Index ETF (LU0781022339) anddb X-trackers CSI300 Real Estate Index ETF (LU0781022099)
22/01/2013

EFG to launch multi-asset fund in the UK

Investment Week reports that as a part of its development in the United Kingdom, EFG Asset Management, an affiliate of the Swiss firm EFG International, is planning to launch a multi-asset class fund in April (government and corporate bonds, hybrid debt, equities, hedge funds, real estate, infrastructure and cash), with OEIC status, which will be managed by Hilary Wakefield, head of UK portfolio management.The fund will aim for returns of 8%, and volatility of 4-7%, with the Libor + 300 basis points as its hurdle rate.
22/01/2013

Odey at work on a UCITS variant of its European L/S strategy

Odey Asset Management is planning to offer a UCITS-compliant version of its European long/short hedge fund strategy, launched ten years ago, which will be domiciled in Dublin, Investment Week reports.According to Bloomberg statistics, the Odey European fund, whose assets under management total about USD1.8bn, posted returns of 24% in 2012. Since its launch, the fund shows gross annual returns of 13.4%.Odey is planning to launch other UCITS-comlpiant funds in the next few weeks, including a long/short equity fund.

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