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12/09/2011

UBS Fund Services prepares to return to British market

According to Asset Servicing Times, UBS Fund Services, which has withdrawn from the UK market, has recruited Gavin Byrnes as its new head for the United Kingdom at its Dublin affiliate, which will be transformed into a transnational multi-product platform.Byrnes, who will be head of alternative asset administration and vehicles domiciled in Dublin from UBS Global Asset Management, will collaborate with the heads of development at the bank, and the client assistance teams in Dublin, Luxembourg, Hong Kong, Switzerland, and the United States.Byrne joins from SEB Fund Services, where he was in charge of sales development in Luxembourg.
12/09/2011

Talanx AM awards EUR300m mandates to C-Quadrat

C-Quadrat Kapitalanlage Ag, a wholly-owned subsidiary of C-Quadrat Investment AG, has announced that it has been awarded management mandates totalling EUR300m by Talanx Asset Management GmbH (which has controlled 25.1% of C-Quadrat Investment since late 2010). The transfer will be finalised during fourth quarter. Menahwile, C-Quadrat and Talanx AM have agreed to found a joint venture to recruit new institutional clients. Each partner will own a 50% stake in the venture. The firm will be based in Frankfurt, and will begin its activities on 1 January 2012. C-Quadrat Kapitalanlage manages about EUR2.8bn in assets.
12/09/2011

Axa IM launches a short duration high yield fund

Axa Investment Management is launching a new short duration fund, the Axa IM FIIS Europe Short Duration High Yield fund, which will be managed by the head of European high yield, Andrew Wilmont.Wilmont currently manages the Pan European High Yield Bond fund (GBP24.1m in assets) and the Global High Income fund (GBP56.8m).The fund will invest primarily in short term corporate high yield bonds denominated in euros or pounds Sterling, with an average duration of under two years. It will aim for returns of 5% to 6% on investments in high yield fixed rate securities.The UCITS-compliant fund is domiciled in Luxembourg. Minimal investment is EUR5,000.
12/09/2011

Hedge funds lost 2.3% in August

Hedge funds in the month of August posted a loss of 2.3% according to the most recent statistics from Hedge Fund Research. Since the beginning of the year, hedge funds have posted a negative performance of 1.2% In the month under review, equities and event-driven strategies have seen declines of 4.1% and 3.7%, respectively, for their fourth consecutive month of losses. However, macro and short-biased strategies have seen gains of 0.1% and 6,9%, respectively. Funds of funds have lost 2% in August, putting them down 1.9% since the beginning of the year.
12/09/2011

Surprise at Allianz decision concerning Pimco

Since Bill Gross, co-chief investment officer at Pimco and manager of its USD345bn flagship fund, recently made a very bad call with his decision to sell US Treasury bonds, the timing of a decision by Allianz to make its unit nearly completely autonomous has elicited surprise from the asset management industry, the Financial Times observes. The question is whether there is a reason for Allianz to hold onto a firm which is in practice independent, and whether it may not do better to sell off a firm which remains primarily a bond manager, before interest rates start rising.
12/09/2011

Primonial and Apicil form strategic partnership

The Primonial group and Apicil on 9 September announced that they are forming a strategic partnership alongside parallel acquisitions. Groupe Primonial will acquire W Finance, an investment business with a national network of 140 investment advisers, and Apicil Prévoyance will acquire Coparc, the life insurance company serving the W Finance network. Following the acquisition, Groupe Primonial will have a network of 250 client advisers, serving 50,000 client families with more than EUR3bn in assets under management or advised. The group created by the move will generated combined earnings of over EUR100m in the next fiscal year. It plans to bring in more than EUR800m for savings offerings in 2012. With the addition of Coparc, the Apicil group will take on more extensive proportions, with its life insurance activities, currently offered through its affiliate Apicil Assurances, with assets of EUR2.2bn, set to double in size. The firm plans to become a leader in life insurance, supplementary retirement and retirement planning via IFAs, with the sales support of Primonial in this segment, as the Primonial group already has relationships with over 700 IFAs nationwide. After life insurance and real estate, personal insurance will become the Primonial Group’s third major target area. The two joint operations, advised by the Lazard bank, have been the subject of exclusive talks with Allianz since late July. The talks resulted in the signature of a definitive agreement which is still pending approval by the antitrust authorities and the prudential control authority.
12/09/2011

Default rate for junk-rated businesses fell further in August

The default rate for speculative category businesses worldwide in the month of August was down to 1.8%, from 1.9% the previous month, according to monthly statistics from the ratings agency Moody’s. In the coming months, this percentage is expected to remain at a low level, to finish the year at 1.5%, and then to climb to 1.9% by August 2012. In the United States, the default rate fell to 2.1% in August, compared with 2.3% previously, while it remained unchanged month on month in August, at 1.1% The Standard & Poor’s agency, for its part, reports that the number of defaults by companies monitored by the agency worldwide totalled 28 this year up to the first days of September, compared with 61 in the corresponding period of 2010.
12/09/2011

Arca Sgr plans restructuring

Il Sole 24 Ore reports that Arca, one of the oldest bank-owned asset management firms in Italy, an affiliate of Banco Popolare and Ubi Banca, has approved a restructuring and reorganisation plan for the firm. The plan may involve the sale of the depository bank and some layoffs.
12/09/2011

Mirabaud recruits head of development from Skandia IM

Andrew Blair has resigned from his position as head of business development at Skandia Investment Management, to join Mirabaud Investment Management in London as joint sales & marketing director, FundWeb reports. Other recruitments are planned by the Swiss group to build its presence in the United Kingdom and continental Europe.
12/09/2011

Outflows from Swedish equity funds

August was characterized by stock market turbulence and the outflows from investment funds sold in Sweden were larger than the inflows, according to the Swedish fund association. The total net outflow amounted to SEK 8.1 billion. Equity funds had a net outflow of 34.8 billion and balanced funds had a net outflow of 2.2 billion. Fixed-income funds on the other hand recorded large net inflows, money market funds and bond funds had net inflows of 22.5 and 6.1 billion respectively.So far in 2011, SEK 4.2 billion have been invested in funds and money market funds accounts for the largest part of the net inflows.In total, assets in the industry fell to SEK1.797trn, from SEK1.919trn as of the end of July, of which SEK92bn remained in equity funds.
12/09/2011

UBS Gestión launches a hedge fund feeder for Arcano European Income

On 6 September, the CNMV registered a new Spanish-registered “free investment fund” (hedge fund), Arcano European Income Fund FIL, from UBS Gestión, which will invest in the two sub-funds of the Luxembourg-registered special investment funds (SIF) Arcano Fund – European Income Fund I and II, at levels of 50-75%, and 35-50%, respectively.Any potential remaining assets will be retained in cash management and invested in bonds with at most one year remaining duration. The fund has four share classes, with management commissions of 0.5% (A1 and D1 share classes) and 1% (A2 and D2 share classes). Performance commissions will be 10% of performance exceeding the Euribor 6-month by at least 100 basis points.
12/09/2011

BofA Merrill Lynch recruits for prime brokerage

Bank of America Merrill Lynch has announced the appointment of Michael Terry as global head of capital introduction, in charge of development for these activities for the group. Terry will be based in New York, and will report to John Yalmokas, head of sales of prime brokerage sales for the United States.
12/09/2011

“Asset management firms are not currently recruiting sales staff”

Julia Lemarchand is a market analyst at eFinancialCareers.fr, an employment and career management advising website specialised in banking, finance and insurance. At a time when asset management is facing highly uncertain markets, the financial job market specialist discusses the major trends in asset management with Newsmanagers. After a promising start to the year, the end of the year will likely bring a more hesitant environment on the job market.
12/09/2011

JP Morgan releases 21 ETFs from First Trust on Mexican stock exchange

JP Morgan on 8 September announced that it has been selected by First Trust to distribute 21 ETFs from Fist Trust Advisors, registered in the United States, on the Mexican Stock Exchange.The ETFs are the following:First Trust ISE-Revere Natural Gas Index Fund (FCG)First Trust ISE Chindia Index Fund (FNI)First Trust Dow Jones Select MicroCap IndexSM Fund (FDM)First Trust NYSE Arca Biotechnology Index Fund (FBT)First Trust Morningstar Dividend LeadersSM Index Fund (FDL)First Trust Dow Jones Internet IndexSM Fund (FDN)First Trust Large Cap Core AlphaDEX® Fund (FEX)First Trust Large Cap Value AlphaDEX® Fund (FTA)First Trust Large Cap Growth AlphaDEX® Fund (FTC)First Trust Technology AlphaDEX® Fund (FXL)First Trust Mid Cap Core AlphaDEX® Fund (FNX)First Trust Materials AlphaDEX® Fund (FXZ)First Trust Consumer Discretionary AlphaDEX® Fund (FXD)First Trust Financials AlphaDEX® Fund (FXO)First Trust Small Cap Core AlphaDEX® Fund (FYX)First Trust NASDAQ-100 Equal Weighted IndexSM Fund (QQEW)First Trust Consumer Staples AlphaDEX® Fund (FXG)First Trust Energy AlphaDEX® Fund (FXN)First Trust Health Care AlphaDEX® Fund (FXH)First Trust Utilities AlphaDEX® Fund (FXU)and First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)
12/09/2011

Divergence in performance of absolute return funds this summer

The German analysis firm Absolut Research has studied the performance of 674 absolute return funds (EUR113bn in assets) in July-August, Handelsblatt reports.The results range from gains of 17% to losses of 35% overall, 172 of these products generated positive returns on the crisis period, and losses were higher than 10% for only 50 funds. By comparison, the Dax lost 18.2%, and the MSCI World index lost 7.4%.The winner was the AC Spectrum Fund from Aquila Capital, while the worst results were for equity products, which lost an average of 5.9% in the two months under review.
12/09/2011

Lyxor Bear FTSE/MIB monopolises the Italian market

In the week from 22 to 26 August, which was one of the most disastrous weeks ever on the Milan stock exchange, the short ETF Lyxor ETF Bear FTSE/MIB, from Société Générale, accounted for 22.4% of trades on the ETF market, according to Il Sole 24 Ore, citing statistics from Borsa Spa. The fund represented 10,582 transactions, out of a total of 47,182 on the market. In the month of August overall, trades on the Bear ETF amounted to EUR1.3bn in value.
12/09/2011

Merrill Lynch launches Westchester Merger Arbitrage Fund

Merrill Lynch has launched a UCITS-compliant version of its Merger Fund, which is managed by its affiliate Westchester Capital Management, via its Luxembourg Sicav Merrill Lynch Sicav.The Westchester Merger Arbitrage UCITS Fund, aimed at institutionals, invests in companies involved in takeover deals, mergers and publicly-announced restructuring operations.The portfolio includes 40 to 65 positions, and the manager is focusing on securities with a high level of liquidity.CharacteristicsName: Westchester Merger Arbitrage UCITS FundISIN code: LU0620299601Management commission: 1.90%Performance commission: 20%, with high watermarkMinimal subscription: EUR1m
12/09/2011

Aberdeen makes another recruitment from Carmignac Luxembourg

The British asset management firm Aberdeen Asset Management has recruited Christophe Palumbo as business development manager in Luxembourg, where he will be in charge of development for financial institutions (insurers, banks and independent asset management firms) for Benelux. He was most recently sales executive Belgium at Carmignac Gestion in Luxembourg.In April 2010, Aberdeen recruited Menno de Vreeze, head of Netherlands at Carmignac Luxembourg, as senior business development manager for Benelux.In the meantime between the two hires, according to the press releases, assets under management at Aberdeen for clients in Benelux have increased from EUR8bn to EUR12bn.
12/09/2011
Fonds

Global Logistic Properties va coter ses actifs japonais

Selon L’Agefi, Global Logistic Properties (GLP), la filiale du fonds souverain de Singapour (GIC), prépare la cotation de ses actifs japonais, une opération qui lui permettrait de lever au moins 100 milliards de yens (950 millions d’euros). GLP a mandaté Citigroup, Goldman Sachs et Nomura comme souscripteurs principaux.
Fonds
12/09/2011
Fonds

Forte dispersion des fonds de performance absolue cet été

La société d’analyse allemande Absolut Research a étudié le comportement de 674 fonds de performance absolue (113 milliards d’euros d’encours) sur juillet-août, rapporte le Handelsblatt.Les résultats s'échelonnent entre un gain de 17 % et une perte de 35 %. Au total, 172 de ces produits ont généré un résultat positif durant cette période de crise et la perte n’excède les 10 % que pour 50 fonds. A titre de comparaison, le Dax a perdu 18,2 % et le MSCI monde, 7,4 %.Le champion a été le AC Spectrum Fund d’Aquila Capital tandis que les plus mauvais résultats ont été réalisés par les produits actions, qui ont perdu en moyenne 5,9 % durant les deux mois sous revue.
Fonds
12/09/2011

La Deutsche Bank cible la clientèle "moyennement" aisée

Dans un entretien à Wirtschaftwoche, Pierre de Weck, qui dirige la division gestion de fortune du groupe, indique que la Deutsche Bank a gagné ces derniers temps d’importantes parts du marché allemand des très grandes fortunes.A présent, la Deutsche Bank a l’intention de concentrer ses efforts sur les investisseurs dont la fortune se situe entre 1 million et 10 millions d’euros.Pour cela, la banque va recruter des conseillers et elle envisage d’ouvrir de nouvelles agences dédiées. Cela vaut également pour la filiale Sal. Oppenheim.
12/09/2011

Talanx AM confie des mandats de gestion à C-Quadrat

C-Quadrat Kapitalanlage AG, filiale à 100 % de C-Quadrat Investment AG, indique avoir obtenu de Talanx Asset Management GmbH (qui détient 25,1 % de C-Quadrat Investment depuis fin 2010) des mandats de gestion d’un total de 300 millions d’euros. Le transfert sera finalisé durant le quatrième trimestre.D’autre part, C-Quadrat et Talanx AM sont convenus de créer une filiale commune pour recruter de nouveaux clients institutionnels. Chacun des deux partenaires détiendra 50 % des parts. La société aura son siège à Francfort et devrait démarrer ses activités au 1er janvier 2012.C-Quadrat Kapitalanlage gère environ 2,8 milliards d’euros.
12/09/2011
Fonds

JP Morgan distribue 21 ETF de First Trust sur la Bourse mexicaine

Le groupe JP Morgan a annoncé le 8 septembre qu’il avait été sélectionné par First Trust pour distribuer 21des ETF de First Trust Advisors enregistrés aux Etats-Unis sur la Bourse mexicaine.Les ETF sont les suivants : First Trust ISE-Revere Natural Gas Index Fund (FCG)First Trust ISE Chindia Index Fund (FNI)First Trust Dow Jones Select MicroCap IndexSM Fund (FDM)First Trust NYSE Arca Biotechnology Index Fund (FBT)First Trust Morningstar Dividend LeadersSM Index Fund (FDL)First Trust Dow Jones Internet IndexSM Fund (FDN)First Trust Large Cap Core AlphaDEX® Fund (FEX)First Trust Large Cap Value AlphaDEX® Fund (FTA)First Trust Large Cap Growth AlphaDEX® Fund (FTC)First Trust Technology AlphaDEX® Fund (FXL)First Trust Mid Cap Core AlphaDEX® Fund (FNX)First Trust Materials AlphaDEX® Fund (FXZ)First Trust Consumer Discretionary AlphaDEX® Fund (FXD)First Trust Financials AlphaDEX® Fund (FXO)First Trust Small Cap Core AlphaDEX® Fund (FYX)First Trust NASDAQ-100 Equal Weighted IndexSM Fund (QQEW)First Trust Consumer Staples AlphaDEX® Fund (FXG)First Trust Energy AlphaDEX® Fund (FXN)First Trust Health Care AlphaDEX® Fund (FXH)First Trust Utilities AlphaDEX® Fund (FXU)First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)
Fonds
12/09/2011
Fonds

Hémorragie sur les fonds actions suédois

En août, en pleine tourmente boursière, les fonds actions commercialisés en Suède ont subi des rachats nets de 34,8 milliards de couronnes suédoises, selon l’association suédoise des fonds d’investissement Fondbolagens Förening. Cela porte la décollecte nette depuis le début de l’année sur cette catégorie de fonds à un total de 51,2 milliards de couronnes.A contrario, les fonds monétaires ont enregistré des souscriptions nettes de 22,5 milliards de couronnes et les fonds obligataires 6,1 milliards de couronnes. Au total, les fonds commercialisés en Suède accusent des rachats nets de 8,1 milliards de couronnes sur août. Dans ce contexte, les encours du secteur ont baissé à 1.797 milliards de couronnes, contre 1.919 milliards fin juillet, dont encore 972 milliards de couronnes en actions.
Fonds
12/09/2011

Le patron d'Inversis ne redoute pas l'impact d'éventuelles défections de ses actionnaires

Fernando Herrero, administrateur délégué d’Inversis Banco, a indiqué selon Expansión qu’il ne craint pas les conséquences d’une éventuelle sortie du tour de table de CAM (15,1 %), de Bankia (38,5 %) ou de Cajamar (moins de 5 %), «puisqu’il y a beaucoup de candidats pour prendre une participation dans l'établissement».Inversis Banco a enregistré un bénéfice record de 6,9 millions d’euros en 2010, soit le double de 2008. La banque/plate-forme de fonds compte 55.000 clients avec un volume d’investissement de 45 milliards d’euros, dont 4,2 milliards provenant de particuliers et le reste d’investisseurs institutionnels au travers d’Inversis Bank Institutional que dirige Salvador Martín.Les particuliers ont déjà apporté 200 millions d’euros de rentrées cette année, montant qui s’ajoute aux 350 millions enregistrés pour l’ensemble de 2010.
12/09/2011
Fonds

UBS Gestión lance un hedge fund nourricier du Arcano European Income

La CNMV a enregistré le 6 septembre un nouveau hedge fund («fonds d’investissement libre») de droit espagnol, Arcano European Income Fund FIL, lancé par UBS Gestión et qui investira dans les deux compartiments du fonds d’investissement specialisé luxembourgeois (FIS ou SIF en anglais) Arcano Fund -European Income Fund I et II à raison de respectivement 50-75 %) et 25-50 %.Le reliquat éventuel sera affecté à la gestion des liquidités en investissant dans des titres obligataires de moins d’un an. Le fonds comporte quatre classes de parts assorties de commissions de gestion de 0,5 % (classes A et D1) et de 1 % (classes A2 et D2). La commission de performance sera de 10 % sur la performance excédant d’au moins 100 points de base l’euribor 6 mois.
Fonds
12/09/2011
Fonds

Trois catégories de fonds obligataires ont bien collecté en juillet

En juillet, les fonds «fixed income» commercialisés en Europe se sont bien comportés malgré un environnement hostile, avec des encours en hausse de 29,2 milliards d’euros, dont 5,5 milliards de souscriptions nettes, souligne Lipper FMI dans son dernier Fund Flash. Cela a principalement concerné les fonds obligataires marchés émergents, monde et à haut rendement. Les fonds matières premières ont quant à eux collecté 790 millions d’euros. Mais cela n’a pas été suffisant pour compenser les rachats sur les autres classes d’actifs. Hors monétaires, les fonds ayant accusé les plus fortes sorties sont, sans surprise, ceux investis dans les actions, avec des rachats de 6,5 milliards d’euros. Ce chiffre exclut les ETF actions qui ont enregistré des souscriptions de 5,3 milliards. Les fonds monétaires ont accusé des rachats nets de 22,5 milliards d’euros, si bien qu’au total, les fonds en Europe ont accusé des sorties nettes de 21,1 milliards d’euros en juillet.Lipper souligne que les fonds à rendement absolu ont accusé leurs premiers retraits de l’année (-580 millions en juillet) même si le solde depuis le début de l’année reste positif à 10,2 milliards d’euros. Cela représente néanmoins la moitié de ce qui avait été enregistré sur la période correspondante de l’an dernier. Enfin, compte tenu du succès des fonds obligataires et des ETF, ce sont les sociétés de gestion spécialistes de ces domaines qui ont le vent en poupe. BlackRock a enregistré les plus fortes souscriptions nettes en juillet (2,9 milliards d’euros), devant Franklin Templeton (2,8 milliards) et Allianz/Pimco (1,8 milliard).
Fonds

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