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15/01/2013

Three former Skanska managers launch a hedge fund

Jonas Granholm, who left the Swedish pension fund Skanska on 11 January, and Gustav Lundeborg, who will be leaving his job on 18 January, are teaming up with the former CFO of the pension fund, Hans Biörck, to launch a hedge fund, the website IPE reports. Granholm will be CEO of the new firm, while Biörck will be its chairman. The hedge fund may be launched in October.
15/01/2013

Santander AM opens branch office in Frankfurt

Santander Asset Management has received a license from BaFin, and in the next few weeks will open a branch office in Frankfurt, to be led by Stefan Jochum (most recently a member of the executive board at Staedel Hanseatic), with 11 employees.The Spanish group on 14 January announced that it already has EUR600m in assets under management for German institutional investors. Santander Asset Management Germany will start up with EUR100m in six open-ended funds (three equity products, three profiled funds) which have been on sale since 2012.Santander already has a network in Germany of 170 branches, and has over 1 million clients in the country.
15/01/2013

German real estate funds invested EUR4.3bn in 2012

Last year, German open-ended real estate funds which are not in liquidation invested EUR4.3bn, in 37 deals, including EUR1.1bn in Germany, EUR725m in Eastern Europe (almost entirely in Poland), EUR740m in the United Kingdom, EUR625m in France, and EUR400m in the United States.According to the Berlin-based rating agency Scope, the largest investments were made by the UniImmo: Deutschland fund from Union Investment (EUR1.3bn), the Deka-ImmobilienEuropa fund (EUR750m), the WestInvest InterSelect fund (also from Deka) and the UniImmo: Europa (EUR500m each).In terms of net subscriptions, Union Investment Real Estate has posted inflows of EUR1.9bn in January-October, putting it ahead of Deka (about EUR1bn) and RREEF (Deutsche Bank) with EUR618m). However, Commerz Real Investment has undergone net redemptions, with outflows of EUR566m from the hausInvest fund.
15/01/2013

Portigon chief economist joins Meriten

Holger Fahrinkrug, who had been chief economist at Portigon, formerly WestLB, will in February join Meriten Investment Management, formerly WestLB-Mellon Asset management (EUR23.6bn in assets), a joint venture in which BNY Mellon recently bought up the remaining stake held by Portigon.At his new firm, Fahrinkrug will again serve as chief economist, and will report to Werner Taiber, CEO. He succeeds Holger Sandte, who has left the firm.
15/01/2013

UIRE recruits an international head

The Hamburg-based asset management firm Union Investment Real Estate (UIRE) has recruited Martin Brühl, who resigned in August from his position as director of Cushman & Wakefield for Germany, as head of his international department, the Immobilien Zeitung reports. He will begin in the newly-created position on 1 May 2013, and will be responsble for the United Kingdom, the Americas and Asia.The appointment comes as part of a reorganisation of investment management at UIRE, which includes three other departments (Europe, shopping centres and hotels). The investment management unit is led by Frank Billand, one of the MDs.
15/01/2013

New CEO for Generali Investments Germany

Shortly after Heinz-Peter Clodius retired as MD of Generali Investments Deutschland KAG on 31 December, the German asset management firm Generali Investments Germany has appointed Ulrich Kauffmann as MD, alongside chairman Heinz Gawlak, Fonds Professionell reports.The new recruit had previously served as CEO of UBS Global Asset Management in Frankfurt. He will take over two roles from Clodius, in administration and operational management.Gawlak will take over Clodius’ other two roles, as director of both marketing and sales.
15/01/2013

Kutxa the only firm in the top 10 to post net subscriptions in 2012

Among the top ten Spanish asset management firms by assets, only the Basque Kutxabank posted net inflows last year, with a total of EUR53.66m. The strongest net subscriptions last year were for Aviva Gestión (EUR392.96m), March (EUR269.46m) and Caja Laboral Gestión (EUR206.32m), according to statistics from VDOS Stochastics.However, the top three firms in terms of assets under management posted net redemptions in 2012. Santander Asset Management saw net outflows of EUR3.8376bn, BBVA Asset Management had net redemptions of EUR1.586m, and the champion for net subscriptions in previous years, Invercaixa, has seen outflows of EUR1.2784trn. Ahorro Corporación Gestión, for its part, has posted net redemptions of EUR1.4256bn.In the top 10 by assets in Spanish-registered funds, only two companies managed to increase their AUM. They were Allianz Gestión (+EUR56.6m) and Kutxa Gestión (+EUR30m). But Santander Asset Management has seen a decline in its assets year on year of EUR3.0634bn, to EUR21.1745bn, while assets at BBVA AM were down by EUR727.12m, to EUR19.1392bn. Assets at InverCaixa, for their part, were down by EUR425.6m to EUR17.1741bn.Overall, assets in Spanish-registered funds were down 4.49% in the twelve months to the end of December, at EUR126.83912bn, while net redemptions totalled EUR11.86847bn for the year 2012 as a whole.
15/01/2013

Inversis hires for its fund selection team

The Spanish Inversis Banco has added to its team of fund-pickers, following the departure of Carlos Fernández, former head of fund research, Citywire global reports. Juan Hernando will replace him. He has been working at Inversis for 4 years, previously as a manager and fund analyst. The Spanish firm has also recruited Carlos Moreno Espinoza from Allianz Popular, as a fund analyst.
15/01/2013

CalPERS earns returns of 13.3% for the year to the end of December

The Californian pension fund CalPERS has earned returns of 13.3% for the twelve months to 31 December 2012, according to a statement released on 14 January. For the first six months of the 2012-2013 fiscal year, to the end of December 2012, CalPERS has posted returns of 7.1%, the statement says. The pension fund has recently announced that its performance in the 2011-2012 fiscal year to the end of June was only 0.1%. Results for the twelve months to the end of December were driven by international equities, which gained 17.2%, and real estate, which posted returns of 12.8%. All other asset classes show gains, including private equity (12.2%) and bonds (7.6%). CalPERS has also announced that it has unanimously re-elected Rob Feckner as chairman of its board of directors, and George Diehr as its vice-chairman.
15/01/2013

Charles Vaquier leaves UMR

At the end of March, IPE reports, Charles Vaquier will be leaving his position as CEO of UMR (EUR10.2bn) to become a part-time managing partner at an actuarial consulting firm in Paris. According to Vaquier, the board of directors is seeking an external successor, and may be prepared to recruit an interim CEO until his “final” successor arrives.
15/01/2013

JP Morgan launches a multi-asset class post-market platform

JP Morgan has launched an electronic multi-asset class platform which is able to unite post-market reporting and reporting on settlement and clearance operations on a single platform, Asian Investor reports. The new platform, JP Morgan Markets, allows banks and asset management firms to manage data on OTC transactions in a standard format, which may be sent directly to depositaries.
15/01/2013

Citi to provide additional services to Franklin Templeton

In Hong Kong, Citi on 8 January announced that Franklin Templeton Investments (Asia) Limited has selected it to provide trustee, custody and transfer agency services to the Templeton China Opportunities Fund, the first unit trust of Chinese A-class QFII equities from Franklin Templeton.The contract extends the service mandates which links Citi to the MPF funds from Franklin Temlpeton, says David Russell, regional head, Asia Pacific, securities & fund services at Citi.
15/01/2013

Strong inflows to Swedish funds in 2012

Funds on sale in Sweden in 2012 recorded net inflows of SEK74.5bn (EUR8.6bn), according to statistics from the Swedish investment fund association Fondbolagens förening. That is far higher than the SEK16bn (about EUR1.8bn) posted in 2011. Inflows were driven by balanced funds (SEK34.6bn) and equity funds (SEK30.8bn), while bond funds also did well (SEK20.8bn). However, money market funds saw outflows of SEK5.3bn, while hedge funds had net redemptions of SEK6.2bn. At the end of 2012, assets in Swedish funds totalled SEK2.049trn, or about EUR237bn, of which about 53% were in equity funds. That represents an increase of SEK230bn year on year.
15/01/2013

Global X launches a “junior MLP” ETF

On 27 November, Global X applied to the SEC for a license for the Global X Junior MLP ETF, whose acronym on NYSE Arca will be MLPJ, and whose management commission and thus TER will be 0.75%. The product, which focuses on master limited partnerships (MLP) with USD200m-USD2.5bn, will replicate the Solactive Junior MLP Index from the Frankfurt-based Structured Solutions AG.According to Index Universe, the fund will be admitted to trading on 15 January.
15/01/2013

Fidelity to post daily NAVs for MMFs

Following the example set by Goldman Sachs Asset Management, BlackRock and JPMorgan Asset Management, Fidelity Investments on Sunday announced that it will publish net asset values on a daily basis with a one-day delay, from 16 January, for shares in money market funds which it manages (USD430bn in assets). This will have no impact on the principle of the constant net asset value of USD1 which will continue to apply to all transactions by investors on fund shares, says Nancy Prior, president of money markets.
15/01/2013

UCITS funds post inflows of EUR36bn in November

UCITS registered net inflows of EUR 36 billion in November compared to EUR 41 billion recorded in October, according to the latest European Fund and Asset Management Association’s investment sales and asset data. Long-term UCITS (excluding money market funds) net sales rose in November to EUR 36 billion, from EUR 34 billion in October. Net sales of equity funds amounted to EUR 13 billion, up from EUR 3 billion the previous month, while net inflows into bond funds amounted to EUR 19 billion, compared to EUR 25 billion in October. Balanced funds registered a reduction in net sales month on month of EUR 3 billion versus EUR 5 billion.“Net inflows into bond funds remained the largest contributor to total net sales of UCITS in November. The substantial volume of net sales of equity funds was largely due to the transfer of some insurance company assets into UCITS,” said Bernard Delbecque, director of Economics and Research at EFAMA.Net sales of money market funds broke even in November after recording net inflows of EUR 6 billion in October.Net sales of non-UCITS totalled EUR 8 billion, down from EUR 13 billion in October. Special funds (funds reserved to institutional investors) reduced sharply in November to EUR 3 billion, compared to EUR 10 billion in the previous month.Finally, total net assets of UCITS increased 1.1% in November to EUR 6,316 billion, whilst non-UCITS net assets increased 0.9% to stand at EUR 2,502 billion.
15/01/2013

Gottex liquidates its absolute return fund

On 11 January, Gottex Fund Management sent a letter to shareholders in the Gottex Absolute Return fund, stating that a lack of sufficient assets has required it to close the absolute return fund, Funds Europe reports. Assets under management had fallen to EUR4.11m as of 2 January, from EUR12.6m as of the end of June. The last net asset value from the single sub-fund of the Gottex Luxembourg-registered Sicav will be calculated on 15 February.
15/01/2013

Pioneer hires a new head for Western Europe and Latin America

Pioneer Investments has appointed Jon Bailie as head of Western Europe and Latin America. He will join the firm in April and will report to Sandro Pierri, chief executive officer. He will also be a member of Pioneer Investments’ Management Committee and will be based in London.Jon Bailie takes the role from Sandro Pierri, who continued to hold this position ad interim following his appointment as chief executive in July 2012.Jon Bailie joins from AXA Investment Managers, where he was global head of distribution and member of AXA IM ‘s executive committee. Previously he spent 16 years at Russell Investments, where he held several senior roles.
15/01/2013

Robeco rebrands SAM as RobecoSAM

Robeco Group has annouced the rebranding of its subsidiary SAM, the investment specialist focused exclusively on sustainability investing in RobecoSAM. As well as the rebranding, Robeco’s engagement and voting services will become part of RobecoSAM’s range of investment solutions and services. This step will enable Robeco to align its group wide efforts in the field of sustainability investment more closely.
15/01/2013

Aberdeen AM recruits from Schroders

Aberdeen Asset Management has recruited Dimme Lucassen, a manager specialised in real estate, who for ten years had worked in the real estate unit at Schroders, where he had been manager of a real estate fund of funds, Citywire reports. In his new role, Lucassen will concentrate on a euro zone fund of funds, previously managed by Karin Koks, who has recently been appointed as head of international markets at Aberdeen AM.
15/01/2013

Consultinvest AM releases three funds of funds

Consultinvest Asset Management, the asset management firm created as a joint venture between the Consultinvest and Cassa di Risparmio di Ravenna groups, has launched three flexible funds of funds, Bluerating reports. They are Consultinvest and Multimanager Low Volatility, Consultinvest Multimanager Medium Volatility, and Consultinvest Multimanager Opportunities.
15/01/2013

UBS GAM launches 61 ETFs in Milan

UBS Global Asset Management has announced the launch of 61 ETFs on the Milan stock exchange, replicating 41 equity, bond and alternative indices, Bluerating reports. This is the largest single simultaneous listing of ETFs in the history of the Italian stock exchange.
15/01/2013

Ashcourt Rowan recruits a former Generali manager

David Palmer from Generali has joined Ashcourt Rowan as director of the asset management arm of the wealth management firm, Investment Week reports. He will report to CEO Jonathan Polin (formerly of Ignis AM). Palmer had previously worked at Generali, where he founded the portfolio management division of the firm.
15/01/2013

Marlborough plans to add to its product range in Asia

Sally Mcdonald has joined the British asset management firm Marlborough Fund Managers, in the newly-created position of head of Asian equities, Investment Week reports. Mcdonald, who will begin in her new role on 1 February, previously worked at City of London Investment Management. With this recruitment, Marlborough hopes to increase its range of Asian equities in the region. Currently, the firm has only one product available, the Far East Growth Fund, whose assets under management total GBP24m.
15/01/2013

Henderson recruits for multi-asset team

Paul O’Connor will join Henderson at the end of this month as director of the multi-asset team at the firm, Investment Week reports. O’Connor previously worked at Mercer as a partner and head of asset allocation for the Investment Management unit at Mercer for Europe, the Middle East and Africa (EMEA). In his new role, he will be responsible for the management of a “Diversified Growth” institutional strategy.
15/01/2013

Strong growth for Bantleon in 2012

As of 31 December, assets at the German bond management firm Bantleon were up 50.3% year on year, to EUR7.94bn; not counting market appreciation, the increase was still 45.8%.Net subscriptions doubled to EUR2.42bn in 2012, compared with EUR1.2bn the previous year, of which EUR410m were from retail clients. Net inflows totalled EUR846m in 2010, and EUR1.2bn in 2009.Of the total AUM, assets in open-ended funds totalled EUR3.88bn at the end of last year, while assets in institutional funds totalled EUR4.06bn; net subscriptions totalled EUR1.48bn for open-ended funds, and EUR940m for “Spezialfonds.”Jörg Bantleon, chairman of the board of directors, has stated that the wealth management strategy of Bantleon Opportunities singlehandedly brought in inflows of EUR2.18bn last year, of which EUR1.16bn were for the two open-ended funds Bantleon Opportunities S and L (whose assets as of the end of December totalled USD1.9bn), while EUR940m went to institutional funds using the same approach.
15/01/2013

Temasek hires from Morgan Stanley

The Singapore sovereign fund Temasek has recruited Jonathan Popper, managing director, in charge of merger/acquisition activities at Morgan Stanley for South-East Asia, Finance Asia reports. Popper will join Temasek in the next few months. Morgan Stanley has confirmed the departure of Popper, without stating his destination. Assets under management at Temased at the end of March 2012 totalled SGD198bn, or about USD160bn.
15/01/2013

Net ralentissement de la croissance allemande en 2012

En 2012, l’activité allemande a nettement ralenti, la croissance annuelle du PIB était de seulement 0,9%, après 3,1% en 2011. Le PIB s’est donc contracté de 0,3% au quatrième trimestre, chiffres corrigés des variations saisonnières. Ces premières estimations officielles publiées mardi, montrent que la crise de la dette de la zone euro a rattrapé le pays. L’activité devrait se stabiliser en début d’année pour redémarrer progressivement à partir du printemps, estime toutefois les analystes de BNP Paribas. «L'économie allemande n’est peut-être plus le paradis qu’elle a été dernièrement mais elle reste néanmoins un îlot de croissance dans l’océan de récession qui a submergé la zone euro», rapporte de son côté, Carsten Brzeski, économiste chez ING, cité par Reuters. L’année qui vient de commencer pourrait se solder par une croissance modeste. Un responsable du ministère de l’Economie a dit à Reuters que Berlin tablait sur une croissance de 0,4% cette année puis sur un PIB en hausse de 1,6% en 2014.
Le drapeau allemand en face de la Bundesbank. Photo: Ralph Orlowski/Bloomberg
15/01/2013

La Cades émettra 30 milliards de dette en 2013

La Caisse d’amortissement de la dette sociale (Cades) émettra 30 milliards d’euros de dette en 2013, soit 10 milliards d’euros de moins qu’en 2012, a annoncé mardi son président Patrice Ract Madoux. Il a précisé que sur les 30 milliards d’euros que la Caisse prévoit d'émettre, 20 milliards d’euros porteront sur des obligations de moyen et long terme. En 2012, la Cades a émis 30,2 milliards d’euros de dette à moyen et long terme sur un total de 40 milliards.
15/01/2013

Chute des rendements pour l’adjudication espagnole

Le Trésor espagnol a placé mardi pour 5,75 milliards d’euros de bons à 12 et à 18 mois, un montant supérieur à ses prévisions. Pour le papier à 12 mois, Madrid a émis 3,25 milliards d’euros, le ratio de couverture ressortant à 2,2 contre 2,5 lors d’une précédente adjudication et le rendement passant de 2,556% à 1,472%. Le Trésor espagnol a également émis pour 2,51 milliards d’euros de bons à 18 mois, avec un ratio de couverture de 2,7, inchangé par rapport à la précédente adjudication et un rendement de 1,687% contre 2,778%.

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