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06/12/2011

Skandia brings back Dirk Enderlein for its Best Ideas fund

Skandia Investment Group’s (SIG) portfolio manager Lee Freeman-Shor is bringing back Wellington Management fund manager Dirk Enderlein into his Skandia European Best Ideas Fund (EBI) after a two year break.Dirk Enderlein left EBI following his move from RCM to Wellington some two years ago. Since then he’s been establishing in his activities with the US fund management giant.Now after two years, Dirk Enderlein has agreed to run a EUR34m mandate from Lee Freeman-Shor who regards Dirk Enderlein as Europe’s premier growth manager.Given that Lee Freeman-Shor currently has ten managers he has therefore decided to remove incumbent manager James Buckley.
06/12/2011

BarCap launches an onshore version of Radar fund

Barclays Capital is planning to launch an onshore version of its Radar fund in February 2012, Investment Week reports. The absolute return fund replicates the investment strategy of the UCITS-compliant fund, domiciled in Ireland and launched in February 2009.The co-managers of the offshore portfolio, Jason Smith and Ian Mizrahi, will also manage the new fund, which will concentrate on indices of international equity markets, government bonds, commodities and currencies.
06/12/2011

HSBC fined a record GBP10.5m

On Monday, the British Financial Services Authority (FSA) announced that it has fined HSBC a record GBP10.5m, The regulator claims that one of the bank’s affiliates, NHFA Limited, “inappropriately” sold complex securitisation products to 2,485 elderly and “vulnerable” clients between 2005 and 2010. These clients were investing largely to finance their health-care expenses. The FSA notes that in some cases, the life expectancy of these clients was less than five years, the recommended investment period for products of this type.In addition to the fine, HSBC must pay damages and interest totalling GBP29.4m, which NHFA will pay out to victims.
06/12/2011

Assogestioni wants to create a category for Italian bond funds

The Italian asset management association Assogestioni is proposing to create a category for “Italian bond funds.” The category would be reserved for products which invest at least 70% of their assets in Italian debt issuers, including the Italian treasury and Italian businesses. With this move, “we are proposing to facilitate household investment in government bonds,” explains Domenico Siniscalco, chairman of Assogestioni. The initiative follows calls from an entrepreneur and a footballers’ association to buy Italian government bonds. “Italians are not the BOT people of past years anymore [BOT are Italian treasury bonds -ed]. From 1997 to the present, the percentage they hold of Italian public debt has more than halved, from 32% to 13%,” Siniscalco adds.
06/12/2011

Collective management in China growing and attracting new clients

According to the independent consultant Z-Ben, based in Shanghai, the collective management market in China accounts for CNY2.1trn (EUR245bn), and may more than triple to CNY6.9trn by 2016, Agefi reports. 26 foreign actors are now present in the country via joint ventures, up to a legal limit of 49%. The interest of actors is not letting up, the newspaper reports, as evidenced by the record 200 funds launched in 7 operating licenses issued this year, bringing the total number of managers to 69.
06/12/2011

Italy introduces fund stamp duty

As part of measures by the new Italian government, a new stamp duty on securities will be introduced, Il Sole – 24 Ore reports. It will apply to all financial instruments, including funds (except pension funds). The duty will be proportional to the value of financial instruments. The proposed legislation, which is being debated by Parliament, proposes a rate of 0.1% per year in 2012 and 0.15% from 2013.
06/12/2011

Russell Investments sets up in Frankfurt

On 1 November, Russell Investments opened a branch office in Frankfurt, on Bockenheimer Landstraße. The two people in the office, Sebastian Hofmann-Wether, director, and Philip Hofmann, have now moved into the Opernturm skyscraper and in early January will welcome a new sales representative. There are no plans for the new office to employ portfolio managers: it will be dedicated exclusively to distribution of all of the products of the Russell range (indices, funds, execution, consulting, etc).The new location is intended to bring Russell Investments closer to its German-speaking clients, particularly in Germany and Austria.
06/12/2011

Schroders recruits for institutional unit in Germany

Carlos Böhles has been recruited as head of institutional business for Germany and Austria at Schroders. Böhles will report to Achim Küssner, CEO of Schroder Investment Management GmbH, and will oversee a team of four people who will soon be strengthened with the addition of a senior sales officer.Before joining Schroders, Böhles spend seven years as director of European equity at Merrill Lynch International Bank Limited in Frankfurt.Böhles replaces Robert Schlichting, who was recruited in 2007, and who according to reports in the local press, appears to have been dismissed with effect from 31 December; he has already left the business.
06/12/2011

Guaranteed funds account for more than one quarter of Spanish market

In two years, guaranteed funds in Spain have taken on more than EUR10bn, and have doubled their market share to 26.6% from 13.4%, Expansión reports. They have dethroned short-duration bond funds as the largest category of funds by asset volume, with EUR34.4bn in assets under management.This total may increase further, as some products are generating returns of over 4% per year due to the debt crisis. But that is a double-edged sword, since these funds hold EUR25bn in Greek, Spanish and Italian public debt.The strongest inflows for guaranteed products have been for InverCaixa, with net subscriptions of EUR3.5bn since the beginning of this year, following EUR2bn in 2010, while in second, third and fourth place are Santander (EUR1.15bn), Bankia (EUR750m) and Banca Civica (EUR400m).
06/12/2011

ETF Securities is up for sale at GBP1bn

Graham Tuckwell, founder, largest shareholder and president of ETF Securities, has put his company up for sale for about EUR1bn, Investment Week reports, echoing reports in the Financial Times. The founder of the firm has retained Goldman Sachs to sell the firm. Asset management firms and capital management groups are reportedly on the list of potential buyers. Their bids are to be submitted before Christmas. In early December, assets under management at ETF Securities totalled USD28.2bn, of which USD17.7bn, or 63% of total assets, are invested in physical precious metals.
06/12/2011

Deborah Fuhr seeking new challenges

The flormer global head of ETF research at BlackRock, Deborah Fuhr, did not ultimately join Bank of America Merrill Lynch in London as head of Global Delta One strategy, as previously announced (Newsmanagers of 12 August 2011).According to the Reuters news agency, Fuhr never began work at the US group, and has not given any reasons for her decision. According to sources familiar with the matter, differences in point of view between Fuhr and BofA Merrill Lynch about the perimeter of its activities are said to be the cause of the disaffection. For several weeks, Fuhr has been presenting herself in public as an independent ETF expert.Fuhr has not yet decided what direction she will give to her career, and has told Reuters that she will be taking some time to think before accepting a new position.
06/12/2011

Ossiam: new issuer in the ETF segment of the Swiss stock exchange

The SIX Swiss Exchange on 5 December announced that it has added a new issuer in the ETF segment: Ossiam. The affiliate of Natixis Global Asset Management is listing five Exchange-Traded Funds (ETF) on the Swiss stock exchange, SIX says in a statement. The ETFs are based on European and U.S. indices. The segment now includes 753 ETF funds.
06/12/2011

Paulson lost more money in November

John Paulson lost more money in November, the Financial Times reports. Advantage Plus, th flagship fund from Paulson, is down 2.6% in the month, and has lost 46% since the beginning of the year, according to investors. The Advantage fund, which uses the same strategy, but without leverage, has lost about one third of its value this year.
06/12/2011

MAM Funds recruits a CFO

The British asset management firm MA Funds has recruited the former CEO of Witan Trust, Robert Edwards Clarke, as chief financial officer for the group and chief operating officer, effective immediately.Tony Moore, the current CFO, will be resigning from his responsibilities in parallel with the recruitment, but will remain to ensure a smooth transfer of his responsibilities until 2012. John Graham, who is leaving his position as chief operating officer, but who will remain to ensure a smooth transition, will do the same.Assets under management at MAM Funds totalled GBP1.68bn as of the end of June 2011.
06/12/2011

Annual profits at Aberdeen despite fall in assets

Pre-tax profits for the asset management firm Aberdeen Asset Management have increased 44% in the year to 30 September, to a total of GBP301.9m, compared with GBP210m, Earnings are up 23%, to EUR784m, largely due to growth in high-margin activities.Assets under management, however, have fallen to GBP169.9bn as of the end of September, compared with GBP178.7bn one year earlier. AUM increased during a good part of the year, but events in the past few months have led to a reduction in assets of about 5%. For the year as a whole, Aberdeen has reported a net outflows of EUR1.7bn.Equity funds have attracted GBP9bn, but alternative strategies, bond and money market funds have finished the period with outflows of GBP3.2bn, GBP4.8bn, and GBP2.1bn, respectively.
06/12/2011

ETF Securities is up for sale

Graham Tuckwell, founder, largest shareholder and president of ETF Securities, has retained Goldman Sachs to sell the company, according to reports in the Financial Times. The structure had USD28.2bn in assets under management as of the beginning of December, of which 63% were in products backed by physical precious metals. The value of the firm is estimated at about GBP1bn, according to the FT.
06/12/2011

Italy introduces fund stamp duty

As part of measures by the new Italian government, a new stamp duty on securities will be introduced, Il Sole – 24 Ore reports. It will apply to all financial instruments, including funds (except pension funds). The duty will be proportional to the value of financial instruments. The proposed legislation, which is being debated by Parliament, proposes a rate of 0.1% per year in 2012 and 0.15% from 2013.
06/12/2011

Scottish Widows launches the lowest-cost tracker fund on the market

Scottish Widows Investment Partnership (SWIP), the asset management affiliate of Lloyds Banking Group, is launching the SWIP Foundation Growth fund, a tracker fund which replicates the FTSE All-Share index, with a management commission of 0.07%, and a total expense ratio of 0.11%, making it the most inexpensive retail fund ever offered on the British market, the Financial Times repoorts.The most inexpensive fund previously available on the British market had been the MoneyBuilder from Fidelity, with a TER of 0.27%, while the Scottish Widow All-Share charges 0.36%.Vanguard is offering British investors an All-Share fund with a TER of 0.15%, but until recently, that fund had been available only with a minimal investment of GBP100,000. The Vanguard and SWIP tracker funds are now available on the Vantage fund platform from Hargreaves Lansdown, with an initial subscription of at least GBP1,000, and GBP50 per month. Eleven other low-cost funds from Vanguard are now available on Vantage, with total TER rates ranging from 0.25% to 0.30%.
06/12/2011

State Street to provide Sicav services to Fundsmith

State Street Corporation has been selected by Fundsmith LLP to provide fund administration and custody services and shareholder services to its new UCITS IV-compliant Luxembourg-registered feeder fund.State Street has provided the Fundsmith Equity Fund EIOC with securities custody, fund accounting, and depository services, as well as processing of portfolio transactions, since the launch of the fund in the United Kingdom in November 2010.
06/12/2011
Gestion d'actifs

La CDC va lancer un appel d'offres sur la gestion de deux FCP pour le compte du RAVGDT

Avis de pré information: Gestion d’actifs de la Caisse des dépôts pour le compte du régime d’allocations viagères des gérants de débits de tabac (Ravgdt). Mise en place et la gestion de deux FCP. Le montant global des encours est de l’ordre de 350 millions d’EUR. Il s’agit d’un marché à bons de commande multi-attributaires. Pour lire l’avis complet: cliquez ici
Gestion d'actifs
06/12/2011
Gestion d'actifs

Swiss Life Assurance et Patrimoine continue à privilégier les obligations à taux fixe au cours des trois premiers trimestres 2011

Dans les documents remis par l’assureur au 30 septembre dernier, il est indiqué que la politique d’investissement sur des obligations à taux fixe a été maintenue sur les trois premiers trimestres 2011. Nos achats sont répartis essentiellement sur les emprunts d’Etat européens ou supranationaux (36% des achats) et les émissions d’entreprises industrielles (64% des achats). Au 30 septembre 2011, le portefeuille obligataire, qui représentait 83% des investissements, était constitué à 30,1% d’obligations du gouvernement et à 19,7% d’obligations financières. A la fin juin 2011, une provision de 5 millions d’euros a été passée sur des dettes souveraines gracques sur une exposition de 12 millions d’euros. Depuis, aucun autre incident de crédit n’est intervenu, mentionne l’assureur.
Gestion d'actifs
06/12/2011

ETF Securities est mis en vente pour un milliard de livres

Graham Tuckwell, fondateur, actionnaire majoritaire et président d’ETF Securities, met en vent sa société pour un montant d’environ 1 milliard de livres, rapporte Investment Week, faisant écho à des informations du Financial Times.Le fondateur de la société a confié un mandat de vente à Goldman Sachs. Des sociétés de gestion et des groupes de capital investissement seraient sur la liste des acheteurs potentiels. Les propositions d’acquisition devraient être transmises avant Noël. Début décembre, les actifs sous gestion d’ETF Securities s'élevaient à 28,2 milliards de dollars, dont 17,7 milliards de dollars, soit 63% du total des encours, investis dans des métaux précieux physiques.
06/12/2011

Deborah Fuhr cherche l'évolution à donner à sa carrière

L’ex-responsable mondiale de la recherche sur les ETF chez BlackRock, Deborah Fuhr, n’a finalement pas rejoint Bank of America Merrill Lynch à Londres en qualité de responsable de la stratégie Global Delta One, comme annoncé précédemment (NewsManagers du 12 août 2011).Selon l’agence Reuters, Deborah Fuhr n’a jamais démarré ses activités au sein du groupe américain et n’a pas non plus donné d’explications sur les raisons de sa décision. Selon des sources proches, des divergences de vues entre Deborah Fuhr et BofA Merrill Lynch sur le périmètre de son activité seraient à l’origine de son désistement. Depuis quelques semaines, elle se présente en public comme experte indépendante sur les ETF. Deborah Fuhr n’a pas encore décidé quelle orientation elle allait donner à sa carrière et a précisé à Reuters qu’elle prenait le temps de la réflexion avant d’opter pour un nouvel engagement.
06/12/2011
Fonds

Paulson perd encore de l’argent en novembre

John Paulson a encore perdu de l’argent en novembre, rapporte le Financial Times. Advantage Plus, son fonds phare, a cédé 3,6 % sur le mois et abandonne 46 % depuis le début de l’année, selon les investisseurs. Son fonds Advantage, qui suit la même stratégie, mais sans levier, a perdu environ un tiers de sa valeur cette année.
Fonds
06/12/2011
Fonds

State Street retenu par Fundsmith LLP

State Street Corporation vient d'être sélectionné par Fundsmith LLP pour fournir des services d’administration de fonds et de conservation de titres ainsi que des services aux actionnaires pour sa nouvelle sicav Ucits IV (fonds nourricier) à Luxembourg. State Street fournit au fonds Fundsmith Equity Fund EIOC des services de conservation de titres, de comptabilité de fonds, de dépositaire ainsi que des solutions pour l’exécution des transactions de portefeuille depuis son lancement au Royaume-Uni en novembre 2010.
Fonds
06/12/2011

Ossiam, nouvel émetteur dans le segment ETF de la Bourse suisse

SIX Swiss Exchange a annoncé le 5 décembre l’intégration d’un nouvel émetteur dans le segment ETF, Ossiam. Cette filiale de Natixis Global Asset Management met en cotation sur la Bourse suisse cinq Exchange Traded Funds (ETF), précise SIX dans un communiqué. Ces ETF sont basés sur des indices européens et américains. Désormais, le segment ETF comprend 753 ETF.
06/12/2011
Fonds

Deka prépare une version "Allemagne" du fonds Euroland Balance

Le 19 décembre, Deka lancera le fonds Deka-Deutschland Balance qui investira en actions et obligations d’Etat allemandes, avec une repondération hebdomadaire assistée par ordinateur afin d’optimiser l’allocation aux deux types d’actifs.Ce nouveau produit est la version focalisée sur l’Allemagne du Deka-Euroland Balance lancé en juillet 2003 et qui affiche jusqu'à fin novembre 2011 une performance annuelle moyenne de plus de 4 %. Pour le Deutschland Balance, Deka vise une performance supérieure à celle du marché obligataire allemand.Selon le gérant du fonds, Thorsten Rühl, les actions allemandes sont actuellement très abordables et les obligations fédérales sont considérées comme une valeur refuge.D’emblée, le nouveau fonds est positionné de manière «conservatrice» : en position «neutre», le portefeuille se compose de 15 % d’actions et de 85 % d’obligations. Selon la physionomie du marché, la poche actions peut varier entre 0 et 30 %, la poche obligations évoluant entre 50 et 100 %. En cas de situation extrême, le fonds peut être investi jusqu'à 50 % en dépôts à terme.CaractéristiquesDénomination: Deka-Deutschland BalanceCodes Isin : Version ClassicFonds (CF) : DE000DK2CFB1 / Version TradingFonds (TF) : DE000DK2CFC9Droit d’entrée : 3 % (parts CF)Commission de gestion : 0,85 % (CF) / 1,20 % (TF)Commission administrative : 0,16 % (CF et TF)
Fonds
06/12/2011

Schroders renforce son pôle institutionnel en Allemagne

Carlos Böhles a été recruté en tant que head of institutional business pour l’Allemagne et l’Autriche par Schroders. Subordonné à Achim Küssner, directeur général de Schroder Investment Management GmbH, il sera à la tête d’une équipe de quatre personnes qui doit être prochainement musclée par l’embauche d’un «senior sales».Avant d’entrer chez Schroders en 2008, Carlos Böhles avait été pendant sept ans director of European equity chez Merrill Lynch International Bank Limited à Francfort.Carlos Böhles remplace Robert Schlichting, recruté en 2007 et qui, selon la presse locale, semble avoir été licencié avec effet au 31 décembre. Il a déjà quitté l’entreprise.
06/12/2011

Russell Investments s'installe à Francfort

Au 1er novembre, Russell Investments a ouvert une succursale à Francfort, Bockenheimer Landstraße. A présent, les deux personnes de ce bureau, Sebastian Hofmann-Werther (director) et Phillip Hofmann, ont emménagé dans l’Opernturm et devraient accueillir début janvier un nouveau «sales». Il n’est pas prévu que la nouvelle antenne emploie également des gérants de portefeuille : elle est dédiée exclusivement à la distribution de tous les produits de la gamme Russell (indices, fonds, exécution, conseil, etc).Cette nouvelle implantation est destinée à rapprocher Russell Investments de ses clients germanophones, notamment allemands et autrichiens.
06/12/2011
Fonds

BoA ML commercialise trois fonds coordonnés de plus

Sur la plate-forme de fonds coordonnés de Bank of America Merrill Lynch, les particuliers et les institutionnels allemands ont désormais accès à trois fonds long/short gérés respectivement par Perella Weinberg Partners, TT Financials et Westchester, rapporte Das Investment. La souscription minimale est fixée à 1.000 dollars.Il s’agit du Perella Weinberg Partners Sustainable Resources Long-Short Ucits Fund, géré par Rod Parsley et Douglas Millet, du TT Financials Long-Short Ucits Fund, géré par Mark Eady, et du Westchester Merger Arbitrage Ucits Fund, géré par Roy D. Behren et Michael T. Shannon.
Fonds

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