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09/05/2012

Le groupe OTCex prend 35 % du capital de Hixance AM

Hixance Asset Management a annoncé que l’accord conclu avec le groupe OTCex a été approuvé par l’Autorité des Marchés Financiers. OTCex entre au capital de Hixance AM à hauteur de 35%. Par ailleurs, Hixance AM annonce une modification de ses organes de direction. Frédéric Peyre et Olivier Tugaut, fondateurs historiques de la société sont respectivement président et directeur général et vont continuer à assurer le développement commercial de la société de gestion de portefeuille en France et en Europe.Pour sa part, Jean-Noël Vieille entré en janvier 2012 chez Hixance AM, est nommé directeur de la gestion - après avoir été à la tête de la gestion chez Aurel Leven puis chez KBL Richelieu. En pratique, il reprend la gestion des FCP Hixance Patrimoine et Hixance Dividendes. «Il apporte notamment à la structure sa compétence dans le domaine de la gestion flexible internationale. Il est accompagné de Yann Olivier, gérant bien connu chez Hixance AM, puisqu’il assure historiquement la gestion de Hixance Focus Brazil et le pilotage de la Gestion Privée depuis la création de l’entreprise», précise un communiqué.OTCex, présent auprès d’une clientèle institutionnelle internationale dans le domaine du brokerage, va permettre à Hixance Asset Management de développer des relations plus étroites avec ces investisseurs institutionnels. Pour sa part, Hixance AM compte réaffirmer sa stratégie de développement auprès des conseillers de gestion en patrimoine, des clients privés et institutionnels en développant une offre de gestion collective autour des fonds Hixance Patrimoine, Hixance Dividendes et Hixance Focus Brazil, ainsi qu’une offre diversifiée en gestion sous mandat.
09/05/2012

Oswald Grübel rejoint Mead Park Management

Sept mois après avoir démissionné de son poste de CEO d’UBS (lire Newsmanagers du 26 septembre 2011), Oswald Grübel rejoint comme conseiller la nouvelle structure new yorkaise Mead Park Management, créée par quatre anciens banquiers d’investissement de Credit Suisse, Jack DiMaio, David Moffitt, Chris Ricciardi et Edward Dale, rapporte finews, relayant Asset Backed Alert.Mead Park Management compte investir 2 milliards de dollars dans des sociétés financières en difficulté, voire les acquérir.
09/05/2012

Nomination et adhésions à l'AFG

Thierry Callaut a été remplacé par Isabelle Habasque pour OFI Asset Management au sein du conseil d’administration de l’AFG à compter du 19 avril 2012. Par ailleurs, les sociétés Altimeo AM, Flornoy & Associés Gestion, Montmartre AM et Swell AM sont désormais adhérents de l’association tandis que les sociétés AM Fine Services & Software, Ernst & Young , Société d’Avocats - Lefevre Pelletier & Associés et PCI-Procédures & Contrôle Interne sont devenus membres correspondants de l’AFG.
09/05/2012
Fonds

Arrow lance un ETF répliquant un nouvel indice Dow Jones

Arrow Investment Advisors a fait admettre à la négocation le 8 mai sur la plate-forme NYSE Arca son premier ETF ArrowShares, le Arrow Dow Jones Global Yield ETF (acronyme : GYLD), qui réplique le nouveau Dow Jones Global Composite Yield Index. Cet indice est destiné à réduire le risque de concentration en suivant cinq paniers correspondant chacun à un sous-indice de 30 valeurs censées fournir une exposition équipondérée à des sources de revenus traditionnelles ou alternatives sur plusieurs classes d’actifs. Ce produit est chargé à 0,75 %.Les cinq sous-indices sont : Dow Jones Global Equity Yield Index, Dow Jones Global Real Estate Yield Index, Dow Jones Global Alternative Yield Index ainsi que Credit Suisse Yield Enhanced Global CorporateIndex et Credit Suisse Yield Enhanced Sovereign Index.
Fonds
09/05/2012
Fonds

Louis Gallois va rejoindre le conseil d'administration du FSI

A peine un an après son arrivée au sein du conseil d’administration du Fonds stratégique d’investissement (FSI), Denis Ranque va abandonner son poste d’administrateur indépendant pour mener à bien un projet personnel, rapporte Les Echos. Selon le quotidien, Louis Gallois, directeur général exécutif d’EADS, devrait lui succéder.
Fonds
09/05/2012
Fonds

Van Eck prépare deux ETF sur les actions saoudiennes

Le 3 mai, Van Eck a notifié à la SEC (form N-1 A) son projet de lancer le Market Vectors Saudia Arabia ETF et le Market Vectors Saudi Arabia Small-Cap ETF, des fonds spécialistes des actions saoudiennes et répliquant des indices calculés par Structured Solutions AG. Aucun acronyme et aucun TFE ne sont indiqués.
Fonds
09/05/2012

Progression des actifs sous gestion de Dexia AM

Au 31 mars 2012, les actifs sous gestion de Dexia Asset Management s'élèvent à 79,3 milliards d’euros contre 78 milliards d’euros fin 2011. Les actifs sous gestion ont bénéficié d’un effet marché positif s'élevant à 3,1 milliards d’euros au 1er trimestre 2012, ainsi que d’un flux net de cash positif provenant de mandats institutionnels de parties tierces, de banque de détail et privée (en excluant la sortie programmée de 2,6 milliards d’euros d’une filiale vendue en 2010). L’activité de Services aux Investisseurs affiche une croissance des actifs sous administration de 4% par rapport au 4e trimestre 2011 à 2 148 milliards d’euros. Cette progression, légèrement freinée par un effet devise défavorable, est liée à de la croissance organique, à l’acquisition de nouveaux clients, ainsi qu’à l'évolution des principaux marchés financiers où opère RBC Dexia Investor Services. Le nombre de fonds sous administration a pour sa part progressé de près de 2% sur la même période.
09/05/2012

Un ex-trader de la Caisse d'Epargne devant la justice

Selon le site de la Tribune, l’ancien trader, Boris Picano-Nacci, devrait comparaître d’ici la fin de l’année devant la 11e chambre du tribunal correctionnel de Paris pour «abus de confiance». La Caisse d’Epargne lui reproche la perte de 751 millions d’euros subie en octobre 2008 alors qu’il était, avec deux autres collègues, censé liquider progressivement son portefeuille d’ici la fin de l’année, le directoire de la banque ayant décidé de cesser ses activités d’investissement pour compte propre au 31 décembre. Cette perte avait contraint le président de la Caisse d’Epargne Charles Milhaud et le directeur général Nicolas Mérindol à démissionner, sous la pression du gouvernement et du président de la République.
09/05/2012

Hedge funds lost 1% in April

The hedge fund sector lost 1% in the month of April, due to ongoing concerns about the euro zone debt crisis and the likelihood of a slowdown in global growth, according to estimates by the Bloomberg agency. In the first four months of the year, hedge funds gained 3.4%, compared with growth of 11% for equities with dividends reinvested. Multi-strategy hedge funds lost 0.9% in April, which limited gains in the first four months of the year to 0.9%. Long/short equity strategies lost 0.6% in April, but have gained 3.1% since the beginning of the year. Macro funds lost 1.2% in April, but have still gained 1.7% in the first four months of the year.
09/05/2012

Source releases an Exchange Traded Certificate on Brent

Source is launching the Source Brent Crude Exhanced T-ETC (acronym: BOIL), which the issuer says allows investors to adopt “optimised exposure to Brent crude oil,” via the S&P GSCITM Brent Crude Enhanced Total Return index.The Source Brent Crude Enhanced T-ETC is secured with money market instruments including US Treasury bonds. It is listed on the SIX Swiss Exchange, in US dollars. It is authorised for sale in Switzerland, Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy (only for institutional investors), Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom.CharacteristicsName: Source Brent Crude Enhanced T-ETCISIN code: XS0766094972Domicile: IrelandBase and trading currency: USD/USDManagement commission: 0.49%
09/05/2012

Investors require SEB Am to liquidate ImmoInvest

The open-ended real estate fund SEB ImmoInvest (DE0009802306), whose redemptions had been frozen for nearly two years, will be liquidated by 30 April 2017, in accordance with BaFin requirements, the German asset management firm SEB Asset Management announced on Monday. Redemption demands which had accumulated since 25 April exceeded available liquidity, and the corresponding orders were therefore not processed (see Newsmanagers of 2 May). Shareholders have thus voted with their feet in favour of a closure of the product, as the management firm had clearly given them a choice between a liquidation and a transition to protection under the new investor protection regime.SEB AM has announced that it will make half-yearly redemption payments, with the first, corresponding to 20% of assets (EUR6.35bn as of the most recent report) to be made in June 2012. Total subsequent payments will depend on liquid proceeds from sales of assets.The asset management firm states that the portfolio includes 132 properties in 18 countries and 64 cities. The performance of the fund since its launch in May 1989 was 219.7%, or 5.2% per year.
09/05/2012

ETP subscriptions in Europe are somewhat dispersed

European ETP finished the month of March with assets of EUR247bn, compared with EUR248bn in February, and have posted net inflows in each of the first three months of the year, for a total of EUR5.38bn. This put total assets up 9.4% in first quarter, Lyxor Asset Management (Société Générale group) stated in its publication “European ETP Asset Flow Trends.”While 2011 brought a strong concentration of subscriptions on a small number of exposures, largely to German and US equities and precious metals (particularly gold), the first inflows in 2012 were largely to different asset classes. Although regional equities dominated with nearly EUR1.7bn, these flows went largely to emerging markets overall, with more limited inflows to developed markets. Lyxor also reports that there have been net outflows from funds focused on European countries, pan-European equities, and from European sectoral ETFs.In the area of bonds, flows have gone largely to higher yields (corporate bond and high yield indices). Another major trend is that investors have been preferring commodity products (particularly energy and gold).Lyxor also states that as of the end of March, physical replication ETFs represented 47.74% of total assets in European ETPs, compared with 47.5% as of the end of December.
09/05/2012

Jupiter launches a European copy of its Strategic Fund

On 8 May, Jupiter announced the launch of the Jupiter Dynamic Bond fund, a sub-fund of its Luxembourg Sicav Jupiter Global Fund, which is available in retail and institutional share classes denominated in euros, US dollars, pounds sterling and Swiss francs. As announced (see Newsmanagers of 28 February), the fund is a copy of the British Jupiter Strategic Fund (GBP921m), which is also managed by Ariel Bezalel since June 2008, and which in the three years to 30 April 2012 has earned returns of 65.5%, compared with 41.3% for the sectoral IMA average of Sterling Strategic Bond funds. The British fund has also outperformed the iBoxx Stg Non-Gilts All Maturities Index by 28.4 points. The portfolio will generally include 60 to 80 holdings, foregrounding flexible strategies covering the full range of bonds, regions and ratings categories. The base currency is the euro. For shares in euros, holdings in other currencies will be hedged for currency risks at 80%. The fund will offer quarterly distributions, with the first scheduled for 20 September 2012. The fund has a sales license in the United Kingdom, Hong Kong, Singapore, Jersey, Sweden, Austria, Finland, France, Germany, Portugal, Guernsey, and the Netherlands. A license has been applied for in Belgium and Switzerland. Characteristics Name: Jupoter Dynamic Bond Benchmark index: Barclays Capital Euro – Aggregate Corporate Index Front-end fee: 5% Management commission: L share class: 1.25% I share class: 0.50% Minimal initial subscription: L share class: EUR/USD/GBP/CHF1,000 I share class: EUR/USD/GBP/CHF10m
09/05/2012

Threadneedle releases a UCITS-compliant hedge fund

The British asset management firm Threadneedle has released its new UCITS-compliant hedge fund Threadneedle (Lux) Global Opportunities Bond Fund, launched on 24 August 2011.The portfolio of the bond product, managed by James Cielinski, is divided into two parts: a “liquidity & carry portfolio,” which will account for 10% to 70% of assets, which will invest in high-rated bonds and credit derivatives with a short duration to maturity, while the active portion will use several strategies with long and short positions on the entire bond universe.The objective is to outperform the 1-month savings rate in US dollars by 450 basis points per year. CharacteristicsName: Threadneedle (Lux) Global Opportunities Bond FundISIN code: LU0640495429Management commission: 0.65%Performance commission: 15% with high watermark
09/05/2012

Chinese government opens brokerage sector to foreign firms

Effective immediately, the Chinese regulator has increased the limit from 33% to 49% for the stake which foreign firms are allowed to hold in joint ventures in the brokerage industry. These joint ventures will soon be authorised to sell futures on commodities and financial products in China.Z-Ben Advisors reports that Morgan Stanley and JPMorgan are expected to be among the first firms to take advantage of this liberalisation, by increasing their stakes in joint ventures in China.
09/05/2012

Foreign investors increase stake in DAX index

Companies listed on the DAX index are now mostly owned by foreign investors, Les Echos reports. The proportion of shares held by non-resident investors in 30 blue chip Frankfurt stocks totals 55%, according to the consultant Ernst & Young. The percentage has increased by 14 points in seven years. The study finds that a majority of shares in a total of 17 groups are held by foreigners. Adidas, Munich Re, Allianz et Bayer are at the top of the rankings, with more than two thirds in foreign hands. However, the proportion of non-resident shareholders has declined at BASF, Deutsche Börse, Fresenius Medical Care and MAN.
09/05/2012

Assets under management at Dexia AM up

As of 31 March 2012, assets under management at Dexia Asset Management totalled EUR79.3bn, compared with EUR78bn at the end of 2011. Assets under management enjoyed positive market effects totalling EUR3.1bn in first quarter 2012, and positive cash inflows from institutional mandates and third parties, retail and private banking (excluding a planned outlfows of EUR2.6bn from an affiliate sold in 2010). Investor Services activities show an increase in assets under administration of 4% compared with fourth quarter 2011, to EUR2.148trn. This increase, which was sligthly slowed by unfavourable currency effects, is related to organic growth, the acquisition of new clients, and the evolution of major financial markets in which RBC Dexia Investor Services operates. The number of funds under administration, for its part, increased by nearly 3% in the same period.
09/05/2012

New members at French association of asset managers

Thierry Callaut has been replaced by Isabelle Habasque of OFI Asset Management on the board of directors of the French association of asset managers AFG from 19 April 2012. The companies Altimeo AM, Flornoy & Associés Gestion, Montmartre AM and Swell AM have also joined the association, while the companies AM Fine Services & Software, Ernst & Young, Société d’Avocats - Lefevre Pelletier & Associés and PCI-Procédures & Contrôle Interne have become correspondent members of the AFG.
09/05/2012

AFG releases a standardised request fro proposal questionnaire

The French financial management association (AFG) has released a standardised questionnaire designed as a reference tool for requests for proposals, the association has recently announced. The questionnaire was developed by an AFG working group in the commercialisation commission. French as well as foreign investors, especially institutionals, are incrasingly frequently asking asset management firms to present their activities in a questionnaire that treats the firm itself and/or the fund or its management expertise, the AFG explains. This is generally an advance investment audit procedure or an update to information for relationship management. The practice is particularly formal in the case of requests for proposals. Most of the information necessary for an investor to appraise an asset management firm is included, and possible additional questions are limited and much more targeted.
09/05/2012

Oswald Grübel joins Mead Park Management

Seven months after resigning from his position as CEO of UBS (see Newsmanagers of 26 September 2011), Oswald Grübel is joining the new New Yokr-based firm Mead Park Management, founded by four former investment bankers from Credit Suisse, Jack DiMaio, David Moffitt, Chriss Ricciardi, and Edward Dale, finews reports, relaying reports in Asset Backed Alert.Mead Park Management plans to invest up to USD2bn in troubled financial sector businesses, or to acquire them.
09/05/2012

iShares expects to benefit from RDR

iShares (BlackRock) is planning to gain added market share in the British fund market following the retail distribution review (RDR), which will forbid payments of fees to independent financial advisers from 2013, says Joe Linhares, head of the EMEA region, in an interview with Financial Times Fund Management. He estimates that this type of reform will eventually be adopted in other countries in Europe.
09/05/2012

Commodities: high and increasingly unstable prices

The 26th edition fo the CyclOpe report on commodities, which appears this Wednesday, highlights problems of instability, Les Echos, a partner of the publication, reports. The year 2011 was marked by considerable efforts to regulate these markets, with the G20 making an effort in April, making the volatility of commodities a core subject for debate. But all attempts to organise and regulate these markets have failed. In this environment, commodity prices are expected to remain high this year, although, barring geopolitical events in the case of energies and climate hazards in the case of agriculture, prices are not expected to exceed those of last year.
09/05/2012

Steep drop in earnings on structured products

Earnings on structured products on the Scoach derivatives markets fell sharply in April compared with the previous month, to a total of CHF2.12bn, compared with CHF3.21bn in March. All categories of products showed a net decline, according to statistics published on 7 May by the Swiss structured products association (SVSP).
09/05/2012

Aviva head forced to resign

Andrew Moss, CEO of the British insurer Aviva, yesterday became the third UK victim of shareholder discontent at management pay scales not in line with the performance of their groups, Les Echos reports. His departure came as nearly 6 out of 10 shareholders in the second-largest British insurer rejected management pay scales proposed last Thursday at the firm’s general shareholders’ meeting. Moss joins Sly Bailey and David Brennan, of Trinity Mirror and the pharmaceutical giant AstraZeneca, on the sidelines; all of them were seen to the exit by shareholders.
09/05/2012

Gavin Launder promoted at LGIM

The British asset management firm LGIM has promoted Gavin Launder, who had previously been a European equity manager, to the position of head of European equities for the group. In his new role, Launder is replacing Ian King, who left LGIM last month to take a new step in his career.
09/05/2012

Stoxx launches a range of minimum variance indices with Axioma

On 8 May, Stoxx Limited launched a range of 14 Stoxx+ minimum variance indices, each available in a constrained and an unconstrained version, developed on the basis of larger Stoxx regional or country indices, applying the Markowitz theory to construct a hypothetical portfolio with optimised risk. The model used to calculate the re-weighting of portfolios is provided by Axioma. The constrained versions are rebalanced once per quarter, while the unconstrained versions are rebalanced once per month.
09/05/2012

Swedbank Robur launches its first ETFs in Sweden

The Swedish asset management firm Swedbank Robur, an affiliate of the eponymous bank, on 7 May launched its first ETFs on the Stockholm stock exchange Nasdaq OMX. The funds are all related to the OMX Stockholm 30 GI index, which includes the 30 listings on the Swedish sotck exchange with the highest trading volumes. The first of these, Swedbank Robur ETF OMXS30, simply replicates the index. The second, Swedbank Robur ETF OMXS30 Bull 2, has a daily exposure of 200%. Lastly, Swdbank Robur ETF OMXS30 Bear -1 has a daily negative exposure of 100%. The Swedish ETF market is dominated by Handelsbanken and its affiliate XACT Fonder, which has been the only product on the market for a long time, the Swedish online news source Privata Affärer reports. Last year, SEB also entered the Swedigh market with its SpotR products. ETFs from Swedbank and XACT Fonder are physical replication products, while the products from SEB use synthetic replication.
09/05/2012

Inflows to German institutional funds continue

As of the end of March, institutional funds posted net subscriptions of EUR4.1bn in Germany, while open-ended funds saw further net redemptions of EUR0.1bn. Mandates, for their part, saw net outflows of EUR2.2bn, the German BVI association of asset management firms reports.Among open-ended funds, products specialised in bonds denominated in Euros saw net outflows of EUR1.4bn, while funds focused on emerging markets and corporate bonds had respective net outflows of EUR0.8bn and EUR0.6bn.The BVI emphasizes that, since the beginning of 2007, Euro fixed income funds have seen net outflows of EUR43bn, while corporate bond, emerging market bond and US bond funds have seen net inflows of EUR8bn, EUR5bn and EUR16bn, respectively.Meanwhile, open-ended retail funds have seen net subscriptions in March of EUR0.4bn, while equity funds have seen net redemptions of EUR1.6bn. Lastly, diversified funds have attracted EUR0.3bn, while money market funds have seen outflows of EUR0.5bn.
09/05/2012

Credit Suisse recruits a team from BNP Paribas

A team of nine people in charge of relations with Chinese private clients has left BNP Paribas to join Credit Suisse, finews reports. The move is a sign of a desire on the part of the Swiss group to develop its private banking activities in South-East Asia. BNP Paribas says that the departures are the result of natural personnel fluctuations, and the search for talent in private banking.
09/05/2012

Allfunds prepares to expand in Latin America

The Spanish firm Allfunds Bank (a 50/50 joint venture of Santander and Banca Intesa Sanpaolo) has announced the recruitment of Lorenzo Parages as director of advising activities, and Carlos Stozitzky as director of sales for Latin America. They will be based in Santiago, Chile, Funds People reports.The two will aim to develop the activities of Allfunds Bank, first in countries with open architecture, such as Chile, Colombia and Peru, and then to prepare distribution in Brazil and Mexico.Parages comes from the British market, where he was a specialist in institutional sales at BlueCrest, while Stozitsky has spent 17 years in Colombia, where he served as CIO of Fiduciaria Corficolombiana and head of distribution for BBVA.

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