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12/03/2012

Deputy CEO leaves OFI AM

OFI AM on Friday, 9 March announced the departure of Thierry Callault from OFI AM, where he had served as deputy CEO. “Thierry Callault is leaving his position in order to pursue personal projects, after spending nine years at the group,” a statement says. At the next general shareholders’ meeting, Gérard Bourret, the CEO, will nominate Maxime du Chayla and Jean-Marie Mercadal to the board of directors as deputy CEO. OFI Asset management had EUR48.7bn in assets under management as of 31 January 2012..
12/03/2012

Korean pension fund recruits an internationally-oriented CIO

The pension fund for South Korean public sector employees (GEPS) has recruited a new chief investment officer (CIO), Yoo Seung Rok, who has an international outlook, Asian Investor reports. His predecessor’s contract was not renewed. Assets in the pension fund total about USD7bn. Yoo previously worked at Hi Asset Management Company, an affiliate of Hyundai Heavy Industries, where he was chairman and CEO. GEPS has announced plans to increase its exposure to equities to 23.2%, up from 19% currently, and to reduce its bond allocation (currently 60%). Yoo has announced that he plans to take advantage of international investment opportunities, particularly in alternative management. An additional allocation of USD160m has been set aside for alternative investment, which represents 16% of the current portfolio.
12/03/2012

Publicly-traded independent asset managers are more profitable

Profit margins have not been the highlight of the asset management industry in the past few years. In the United States, out of 21 independent publicly-traded asset management firms and 12 asset management affiliates belonging to major groups, the median operating profit was about 27% in 2010 and 2011, according to the most recent statistics from Casey, Quirk & Associates. The profit margins for independent firms is higher than for affiliates. The median profit margin for the former was 35% in 2010, compared with 25% for affiliates. In 2011, the profit margin for independent firms was 15%, compared with 6% for affiliates.
12/03/2012

Legg Mason targets institutional clients in France

Legg Mason Global Asset Management is continuing its development in France. The multi-boutique asset management firm will target institutional investors in particular this year. “We have plans to recruit for an additional development position,” says Vincent Passa, director of distribution for France, Monaco and Benelux. “One person may join us in the next few months, with a mixed profile for retail and institutional clients.”Some products will be foregrounded to institutionals. “I am thinking more particularly of absolute return strategies managed by Permal and Western Asset. The global government bond fund from Brandywine also corresponds very well to the expectations of this type of client, with its exclusive positioning on investment grade. They could be interested in the US equity management fund from ClearBridge as well, with its controlled volatility,” says Passa.Alongside these developments in France, Legg Mason Global Asset Management is also taking strides forward in Switzerland. The Swiss market, which has hitherto been served from the Paris office, which also serves France, Monaco and Benelux, will now have its own office. The office will be located in Geneva, and will be led by Christian Zeller, the new director of distribution for Switzerland.Zeller joins Legg Mason Global AM from F&C Investments, where he had been head for Austria and Switzerland. He will aim to develop distribution activities on the Swiss market, particularly serving financial intermediaries, asset managers, fund of fund managers, banks, and high net worth distribution platforms.
12/03/2012

Very good start to the year for hedge funds

Results like this haven’t been seen for twelve years. Hedge funds have posted their best start to the year since 2000. The HFRI Fund Weighted Composite Index has posted gains of 2.14% for February, bringing performance in the first two months of the year to nearly 5%, Hedge Week reports. The largest contribution to the performance of the index came from the HFRI Equity Hedge Index, which gained nearly 7% in the two-month period. However, most strategies did well. The event-driven strategy gained 1.9% in February, and 4.6% since the beginning of the year, while relative value arbitrage gained 1.7% on one month, and 3.6% over two months. The HFRI Macro index shows gains of 1.2% in February, and 2.4% since the beginning of the year, despite losses for most hedge funds concentrated on commodities. There were significant gains for hedge funds investing in emerging markets, of 4.3% in February and 9.3% in the first two months of the year, with special mention for funds investing in Russia and Eastern Europe, which have gained 12.7% in two months.
12/03/2012

Emerging market equity and bond funds popular in early March

In the first week of March, appetite for risk has not decreased, and investors have preferred emerging market bond funds and emerging market equity funds, which have posted over USD1bn in net subscriptions, according to statistics from EPFR Global. As Europe awaited the results of the Greek debt swap, Europeaan funds continued to see limited redemptions. Equity funds overall finished the week ending on 7 March with outfllows of USD4.3bn, while bond funds, for their part, have posted net inflows of USD6.9bn. Money market funds have posted net subscriptions of USD5.9bn. Since the beginning of the year, US money market funds have posted outflows of USD53.8bn, while European money market funds show inflows of USD3.49bn. In North America, US equity funds have seen outflows of over USD5bn, while net subscriptions since the beginning of the year fell under USD1bn. Most redemptions were from small and large cap ETFs. Japanese equity funds saw redemptions of nearly USD450m, as investors were concerned by rising energy costs and a sluggish reconstruction programme. Since the beginning of the year, outflows have totalled USD1.6bn, while Japanese equity funds have posted returns of 12%. Since the beginning of the year, high yield bond funds, still highly popular, posted net inflows of over USD23bn.
12/03/2012

High yield bond ETFs may disappoint

As investors go for high yield bond funds, Financial Times Fund Management predicts that the returns on these products may be far lower than those of high yield bond indices, due to high transaction costs and market inefficiencies. This observation is particularly true for ETFs. Figures from Lipper reveal that in the past five years, the average high yield ETF was 46 basis points below its index on one month, or 552 points per year, which is far higher than the management fees of 40-50 basis points.
12/03/2012

“We have decided to diversify our expertise in real estate properties”

Despite EUR650m in net inflows for high-risk assets in 2011, EdRAM has opted for diversification. It has constructed an expertise in less volatile real estate assets. Philippe Couvrecelle, chairman of the board, discusses the motives for this enlargement of the capabilities of the firm, the next steps in building the team dedicated to this activity, and the launch of the first house OPCI funds. But if such a development were to take place to the detriment of the equities unit, it would be a step too far.
12/03/2012

Asian hedge funds doing well

It has been a very good start to the year for Asian hedge funds, after a calamitous year in 2011. According to statistics from Eurekahedge, Asia ex Japan hedge funds earned gains of 4.40% in February, after growth of 4.26% in January. In the first two months of this year, thw growth comes to 8.66%. The Mizuho-Eurekahedge Asia ex Japan index has also posted gains of 9.55% since the beginning of the year, suggesting that larger funds outperformed in the first two months of the year. Event-driven strategies have done particularly well, with estimated gains over two months of 19%. The HFRI Emerging Markets: Asia Ex-Japan Index, calculated by Hedge Fund Research, gained 5.21% last month, bringing performance in the first two months of the year to 10.54%.
12/03/2012

CamGestion modifies risk management for CamGestion Active 20

CamGestion, whose prudent flexible fund CamGestion Active 20 posted significant losses in 2011 (-7.94%) despite its prudent design (equities may not exceed 20% of the portfolio), has decided to make some modifications to the ex-ante and ex-post risk management mechanisms for the fund. The objective is to limit the possibility that exceptional movements such as those which occurred last year might impact the performance to such an extent, the firm says. As a result, CamGestion has opted firstly for deployment of a double management of the fund, with the addition of a bond manager and a live share manager to manage the fixed income portfion. Management has also decided to add further elements to the management policy and risk limits for the CamGestion Active 20. The management objective for the CamGestion Active 20 has not been modified. The ranges for exposure to various asset classes remain the same. Equities may vary from 0 to 20%, bonds from 0 to 100%, convertibles from 0 to 100%, sensitivity from -1 to +5, emerging markets from 0 to 10%, and currency risk is limited to 50%.
12/03/2012

Arbitrage fund reopens to clients

The arbitrage fund from the New York-based alternative management firm Water Island Capital will be reopened to all investors from 15 March, Mutual Fund Wire reports. The fund has been closed to new investors since 19 July 2010. Its assets under management currently total USD2.9bn, Morningstar reports.
12/03/2012

Mirabaud rationalises Spanish fund range

Funds People reports that Antonio Palma, partner and CEO at Mirabaud, has announced that the group is in a redeployment phase in Spain, following its acquisition of Venture Finanzas. The changes will result in a single range of Spanish funds, which will be on sale throughout the group, and modernised to comply with the UCITS IV directive. This will involve discontinuations of products, a reshuffle, and changes to the management philosophy for some funds. The range will be made up of Spanish equity funds and one local money market product. European equity funds from Venture will be merged with the equivalent Mirabaud products. Meanwhile, Mirabaud will gradually register its funds with the CNMV.
12/03/2012

BlackRock concludes acquisition of Claymore

BlackRock has closed the acquistion of Canadian-based Claymore Investments (USD7.4bn in assets as of the end of January) from Guggenheim Partners (see Newsmanagers of 13 January) for an undisclosed amount. Claymore will now operate under the iShares name.The Independent Review committee for Canadian ETFs from iShares (USD29bn) will be extended by funds from Claymore, while the Claymore Advisory Board will cease to exist.
12/03/2012

Danish pension fund FSP joins forces with local heavyweight AP Pension

Two of the largest pension funds in Denmark, AP Pension and FSP, have decided to join forces to form a new entity with assets under management totalling DKK77bn, or about EUR10.4bn. The new structure will be known as AP Pension. FSP, the pensoin fund for the financial sector, with DKK22bn in assets under management, has announced that it has decided to merge with AP Pension due to increased competition in the sector and regulations which require increased owners’ equity levels. FSP has been in the spotlight before due to its high cost levels. FSP charges a commission of DKK2,822 per year, compared with only DKK1,355 for AP Pension. The new fund will charge a total annual commission of between DKK1,350 and DKK1,500, with a reduction of up to 10% in the next few years. The merger is expected to be approved at the next combined general shareholders’ meeting of FSP, scheduled for 19 April.
12/03/2012

FSA puts Pritchard Stockbrokers on a special administrative regime

The British Financial Services Authority (FSA) announced on 9 March that it has placed the brokerage firm Pritchard Stockbrokers on a special administrative regime. The decision follows a freeze of Pritchard’s assets on 10 February this year, when the FSA observed unorthodox use of client assets, to cover the firm’s costs. ON 29 February, another brokerage firm, WH Ireland, announced that it had taken charge of the assets of most of Pritchard’s clients. The FSA says in a statement that it has named three trustees from the auditing firm Mazars who will review client positions and restore as much as possible to each client.
12/03/2012

F&C liquidates a fund from Thames River

The Irish-registered OEIC fund Thames River World Government Bond fund (GBP82.4m), which was launched on 12 November 2008, will be liquidated on 31 March by F&C, as the client for whom the fund was launched has decided to revise its allocation and no longer to invest in government bonds, Fund Web reports.
12/03/2012

Swedish investors continue to prefer equity funds

In February, Swedish fund overall posted net inflows of SEK5.4bn, with net subscriptions of SEK12.4bn for equity funds more than offsetting net redemptions of SEK7.4bn from money market funds, the Swedish investment fund association (Fondbolagens förening) reports. Diversified funds, for their part, posted net inflows of SEK1.2bn.For the first two months of the year, net subscriptions totalled SEK6.9bn, thanks to SEK25.7bn which went to equity funds, while money market funds lost SEK14.9bn and bond funds had net outflows of SEK3.6bn, and hedge funds for their part had redemptions of SEK2bn.As of 29 February, total assets in Swedish funds totalled SEK1.958trn, SEK62bn more than at the end of January. That marks the highest amount since a peak of SEK1.970trn in May 2011.Of this total, equity funds represent 55%, at SEK1.077trn, while Swedish equity products total SEK298.6bn, and international equities account for SEK247.52bn.
12/03/2012

Ignis AM recruits a manager from LV=

The British asset management firm Ignis Asset Management has recruited a manager from LV= Asset Management, Graham Ashby, Money Marketing reports. Ashby will manage the income equity fund, Ignis UK Equity income fund, whose assets under management total GBP90.6m. Ashby had been in charge of the UK equity fund at LV=.
12/03/2012

F&C recruits Steve Ilott as head of multi-strategy

The British asset management firm F&C has recruited Steve Ilott as head of multi-strategy investments in its new investment and institutional business (IIB) unit. Ilott previously worked at Alignment Investors, a division of BlueCrest Capital, where he was a partner. He was previously global head of fixed income at Aberdeen Asset Management, until 2007.
12/03/2012

Les fonds monétaires américains reviennent en zone euro

Selon une note diffusée par JPMorgan, les fonds monétaires américains ont accru de 30 milliards de dollars en février leur portefeuille de dette dans les banques de la zone euro, portant le total à 211 milliards de dollars. Cette progression s’était déjà établie à 27 milliards de dollars le mois précédent, signe d’un apaisement des tensions en zone euro.
12/03/2012

L’Islande devra faire un choix pour sa devise

«La situation ne peut pas rester inchangée», a déclaré le Premier ministre Johanna Sigurdardottir. L’Islande devra choisir entre rejoindre l’euro ou adopter unilatéralement la devise d’un autre pays. L’Islande a ouvert en 2010 des négociations en vue d’une éventuelle accession. Un vote pourrait intervenir en 2013 mais l’opinion publique se montre hostile.
12/03/2012

L'Inde assouplit sa politique monétaire

La Reserve Bank of India a abaissé vendredi contre toute attente de 75 points de base le ratio des réserves obligatoires des banques, à 4,75%. Cette décision accroît les anticipations de baisse des taux lors de la prochaine réunion de politique monétaire, le 15 mars. Jusqu'à présent, les économistes attendaient jeudi prochain un maintien des taux directeurs et une diminution de 50 pb seulement du ratio des réserves.
12/03/2012

Contraction du PIB portugais de 1,6% sur 2011

Le PIB du Portugal s’est contracté de 1,3% au quatrième trimestre par rapport au trimestre précédent, a annoncé l’Institut national de la statistique INE. Par rapport au quatrième trimestre 2010, le PIB s’est contracté de 2,8%, suivant les chiffres révisés de l’INE. Sur l’ensemble de 2011, l'économie portugaise s’est contractée de 1,6%, après une contraction de 1,4% en 2010, ce qui est conforme à la prévision du gouvernement.
12/03/2012

Abou Dhabi : deux promoteurs immobiliers songent à une fusion

Aldar Properties et Sorough Real Estate, deux promoteurs immobiliers d’Abou Dhabi, envisagent de donner naissance à un groupe fusionné pesant 15 milliards de dollars d’actifs. Les deux parties se donnent trois mois pour étudier la faisabilité du projet qui a reçu la bénédiction du gouvernement local, actionnaire des deux groupes.
12/03/2012

Nicolas Sarkozy plaide pour une refonte de la politique commerciale

Lors d’un meeting à Villepinte, le président-candidat a proposé hier que l’Europe se dote d’un «Buy European Act» sur le modèle du «Buy American Act». «La France exigera que désormais les PME européennes aient une part des marchés publics qui leur soit réservée», a-t-il déclaré. Nicolas Sarkozy dit également souhaiter que les responsables politiques reprennent à la Commission européenne la charge des décisions en matière de politique commerciale.
12/03/2012

Législatives anticipées au plus tôt le 29 avril en Grèce

Les élections législatives anticipées en Grèce auront lieu au plus tôt le 29 avril ou courant mai, selon le porte-parole du gouvernement, Pantelis Kapsis. Ce délai devrait permettre au gouvernement d’union de boucler l’accord sur la dette souveraine du pays et d'éviter que la Grèce ne soit en défaut de paiement. Moody’s a estimé que le pays fera face à des «défis majeurs» dans les prochaines années pour atteindre les objectifs budgétaires nécessaires pour satisfaire ses bailleurs de fonds.
12/03/2012

Varsovie s'oppose à la «feuille de route» sur le carbone

La Pologne, qui dépend à plus de 90% du charbon pour produire son électricité, s’est de nouveau opposée vendredi à Bruxelles à la «feuille de route» 2050 de l’Union européenne visant à réduire les émissions de CO2. «Il aurait été préférable que 27 pays s’engagent, mais 26 c’est tout de même encourageant», a déclaré le ministre danois du Climat et de l’Energie, Martin Lidegaard.
12/03/2012

La BoJ devrait maintenir le statu quo

Katsuyuki Ishida, le vice-ministre des affaires économiques japonais, a indiqué ce matin que la Banque du Japon ne devrait pas lancer de nouvelles mesures d’assouplissement monétaire lors de sa réunion qui débute demain. Un avis partagé par 12 des 14 économistes interrogés par Bloomberg.
12/03/2012

Changement de cap pour le yuan

La devise chinoise s’est affaiblie de 0,2% cette nuit à Shanghai, à 6,3253 contre dollar. Le yuan est en baisse de 0,4% depuis le début de l’année après une appréciation de 4,7% en 2011. La Banque Populaire de Chine (PBOC) a indiqué dans un communiqué qu’elle entendait utiliser de «nouvelles idées» pour sa politique de gestion de ses réserves de change. Le premier ministre Wen Jiabao avait indiqué le 5 mars son intention de maintenir un taux de change «globalement stableà un niveau approprié et équilibré» alors que le déficit extérieur chinois s’est creusé à 24 milliards d’euros en février.

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