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22/08/2011

PwC recruits a head from Ernst & Young

The former head of asset management for the Far East at Ernst & Young, Carlyon Knight-Evans, will be joining the rival auditing firm PriceWaterhouseCoopers, Asian Investor reports. With more than 20 years of experience at Ernst & Young, Knight-Evans, who will remain in Hong Kong, will begin in his new position in December. He left Ernst & Young on 31 May. Knight-Evans’ successor at Ernst & Young is Roy Stockwell, who was previously head of asset management for Europe, the Middle East and Africa.
22/08/2011

Hedge funds increase short positions

Hedge funds are increasingly preparing for falls on the stock market, the Financial Times reports. According to the Data Explorers Long Short Ratio for US equities, investors have been increasing their short positions since May, when the comparative level of short positions was at its lowest level since 2005. The ratio now stands at 11.71, which means that long positions are 12 times larger than short positions. In May, the ratio was 13.19.
22/08/2011

Equity funds favour high dividend stocks

In the third week of August, weak economic outlooks dominated investors’ strategies. Most categories of funds saw redemptions. According to EPFR Global, the week to 17 August ended with outflows from high yield bond funds and commodity funds of over USD2bn. However, investors are increasingly hungry for high dividend equities. Since the beginning of the year, equity funds which focus on high-dividend shares had inflows of nearly USD13bn, while equity funds overall saw outflows of over USD45bn. Bond funds finished the week under review with net outflows of USD4.1bn, while equity funds, for their part, saw outflows of USD5.81bn, which is, however, less than one quarter of the total observed the previous week. Money market funds, which had recently attracted record inflows, posted net outflows of only USD1.93bn. Outflows from equities funds slowed, to USD2.77bn, half of which went to Asia ex Japan equity funds, as investors were doubtful that a high level of exports from the region would be maintained. In Europe, in a market environment devastated by the recent turbulence, German equity funds nonetheless remained in positive territory with inflows of over USD1bn.
22/08/2011

GAMCO US Equity Fund released in UCITS-compliant version

Hedgeweek on Sunday reported that GAM has launched a UCITS-compliant version of its GAM GAMCO US Equity Fund, which has USD55m in assets, and was launched on 20 October 1987, the day after 1987’s Black Monday.The new product, which is currently aimed at British retail investors, is managed by Mario Gabelli, and will directly feed the US fund.Minimal subscription is set at USD10,000, Investment Week reports.
22/08/2011

Abu Dhabi sovereign fund creates two new departments

The Abu Dhabi sovereign fund, the Abu Dhabi Investment Authority, has promoted Sheikh Mohammed bin Khalifa Al Nahyan, one of the sons of the president of the United Arab Emirates, as head of a new department dedicated to index funds, the Financial Times reports. The ADIA, whose assets are estimated at USD342bn, allocates 60% of its portfolio to index funds managed by third parties. A second department has been created to oversee non-index funds managed by third parties. The two units replace four former departments, based on a division of the world by geographical regions.
22/08/2011

Morgan Stanley launches a health fund with Perella Weinberg

A new sub-fund of the Irish UCITS III-compliant platform from Morgan Stanley, FundLogic Alternatives PLC, has been created. The MS Perella Weinberg Partners Tōkum Long/Short Healthcare UCITS Fund will be managed by Perella Weinberg Partners (USD8.2bn in assets as of 1 August). As its name indicates, it is a long/short UCITS-compliant fund focused on the health sector (including biotech, pharmaceuticals, and medical equipment and services). The manager of the portfolio is Emile Westergaard. The fund will offer weekly liquidity; custody and administration will be provided by Northern Trust.
22/08/2011

Performance of lower-risk funds rebounds in July

Money market funds and bond funds were the only categories of funds on sale in France whose performance increased in July, according to data from Lipper, an affiliate of Thomson Reuters, the Reuters news agency reports. The trend, which was driven by increased aversion to risk on the part of investors, has been accentuated since the beginning of August, in the wake of drops on the equities markets in the United States, fears that the euro zone debt crisis will spread, concerns about a potential global economic slowdown, and a variety of rumours. Money market funds had gained 0.06% year on year as of the end of July, and bond managers saw their annual returns reach 1.09%, despite a fall in returns from European high yield corporate bond funds. Equities funds had gained 6.2% year on year as of the end of July, compared with an annual gain of 10.3% as of the end of June, and all funds registered for sale in France had gained 3.6% (+5.7% as of the end of June). At the same time, the annual performance of the SBF 120 was down, to 3.2% as of the end of last month, compared with +17.5% as of the end of June.
22/08/2011

QS Investors plans to launch an inflation protection fund

The management firm QS Investors, which until last year was owned by the institutional management unit of Deutsche Bank, and which was subsequently bought out by its employees, is planning to launch an inflation protection fund with USD1bn in assets by the end of the year, the Wall Street Journal reports. The firm, based in New York, with assets under management of USD13.4bn, says that the fund, the Liquid Alpha Fund, will be a UCITS-compliant vehicle, with daily liquidity.
22/08/2011

French regulator publishes 2010 report on ratings agencies

The French financial market regulator, the Autorité des marchés financiers (AMF) on 19 August published its seventh annual report on ratings agencies, which covers international regulatory developments, registration procedures for agencies, and credit ratings. In terms of registration of agencies, the report notes that on 7 September 2010, the deadline for submission of registration applications for existing agencies, 45 entities had submitted an application in Europe. So far, five agencies have been registered: four by the German regulator, and one by the Bulgarian regulator. The AMF is currently participating in sessions of the college of regulators on the subject of the three major ratings agencies, Standard & Poor’s, Moody’s, and Fitch Rating, as part of a registration procedure for the French affiliates of these agencies. The AMF also issued a certification to the Japanese agency Japan Credit Rating Agency (JCRA) on 6 Ajnuary 2011. The French authority was the only competent authority to do so under the certification procedure, as the only member of the college of regulators at JCRA. The AMF says that with the passage and entry into force of the revised Agencies regulations, the European securities markets authority (ESMA) will take on ratings agencies as a primary area of supervision. Its powers will be considerably extended, and gradually, the AMF, along with the other national authorities, will be relieved of its direct responsibility, once the current registratoins are completed, as these powers will be transferred to the AMF. The transfer of responsibility has already come into effect from 1 July for agencies which are already registered or certified, and for all new applications for registration from that date onward.
22/08/2011

Strong demand for gold ETFs

In second quarter 2011, demand for gold generated by ETF funds totalled 51.7 tonnes, compared with an average of 41.4 tonnes in the past twelve quarters (excluding two record quarters in January-March 2009 and April-June 2010), the global gold council states in its report Gold Demand Trends. Global demand for gold in the period under review totalled 919.8 tonnes. The total recorded in April-June this year was considerably lower than in the corresponding period of 2010 (291.6 tonnes), affected by the debt crisis in Europe. This year, demand has been concentrated in Europe, once again due to concerns about the stability of the euro zone and the risk of contagion of potential default in Greece, and in India, where ETFs are rapidly gaining popularity.
22/08/2011

Hedge funds betting that markets will fall further

The International Strategy & Investment Group index, which measures the positions held by 35 hedge funds with assets under management of about USD84bn, on 16 August fell to 45.8, compared with a 2011 high of 54.2 in February, the Frankfurter Allgemeine Zeitung reports. This means, concretely, that short positions have reached their highest level in two years, and that hedge funds worldwide are expecting the stock markets to continue to fall.
22/08/2011

Cairn Capital predicts that France and Germany will both lose their AAA ratings

Graham Neilson, chief strategist at the London-based alternative management firm Cairn Capital, estimates that the high cost of bailing out Greece, Portugal and Ireland may cost France and Germany their AAA ratings, Expansión reports. If the European bailout fund has to be abandoned, debt in these countries will total 120-125% of GDP, which does not qualify them for AAA ratings.
22/08/2011

Elliott CA increases stake in Demag Cranes

At the conclusion of its takeover bid in late July, the US firm Terex announced that it controlled 81.8% of capital in the German firm Demag Cranes.Demag Cranes on 19 August announced to Deutsche Börse that on 15 August it received notification from Paul E. Singer that the alternative management firm Elliott Capital Advisors, with its affiliates, had passed the 10% threshold, and controlled 10.08% of voting rights.It is likely that Elliott is expecting to make money if Terex succeeds in exercising a squeeze-out clause.
22/08/2011

Aquila Capital releases Spectrum Fund

The German asset management firm Aquila Capital (EUR2.8bn) has received a sales license from the German regulator, BaFin, and the Austrian regulator, the FMA, for its Luxembourg-registered product AC Spectrum Fund (LU0614925856), a fund that complies with the European UCITS III directive, and offers daily liquidity.The product combines a trend-based strategy with carry and correlation indicators. The fund is based on a concept developed primarily by professor Harry M. Kat. It is managed by Jan Auspurg and the quantitative team at Aquila Capital.The Spectrum fund aims for 15% volatility, and a low or negative correlation with traditional markets. Management commission is 1.75%.
22/08/2011

UBS Gestión launches an international fund of funds

On 11 August, UBS Gestión notified the CNMV of the launch of the international fund of funds Global Diversification Fund, with a recommended investment duration of at least three years. In normal conditions, exposure to other UBS funds will range from 5% to 10%; it is limited to 30%. The management team has complete latitude to invest in equity or bond funds, but the portfolio may not exceed 35% emerging markets equities. The composite benchmark index is composed 65% of the EFFA 1-3 years, 15% of the Repo Dia ,10% S&P 500 EUR, 8% Eurostoxx 50, and 2% MSCI Free Ex Japan. Characteristics Name: Global Diversification Fund, FI ISIN code: ES0142459009 Direct management commission: 1% Indirect management commission: 2.5%
22/08/2011

Direxion appoints a head of alternative investments

The US management firm Direxion has announced the recruitment of Edward Egilinsky as managing director in charge of alternative investments. Egilinsky will be responsible for defining product launch strategy for the firm, and internal and external product training. Egilinsky was previously managing director in charge of product distribution at Price Asset Management.
22/08/2011

Nicolas Claquin leaves HSBC for Unigestion

According to information received by Newsmanagers, Nicolas Claquin has left HSBC Private Wealth Managers, the asset management firm for HSBC Private Bank France, where he was a senior manager in the multi-management team, to join the Swiss management firm Unigestion. There, he will join Pierre Bonard, head of investments at the family office in Geneva, with whom he has already worked in the past, and who was vice-CEO of HSBC Louvre Gestion (which became HSBC Private Wealth Managers), in charge of multi-management. The departure comes as the multi-management arm of HSBC Private Bank prepares to be merged with the asset management arm of the HSBC group, HSBC Global Asset Management.
22/08/2011

CBT asset volumes remain above EUR100m

Christian Bito, chairman of CBT Gestion, has told Newsmanagers that since 14 July, all of its portfolios have been reducing their allocations, so as to arrive their lowest permitted legal levels as of 5 August (the date on which the United States credit rating was downgraded by S&P). However, despite market effects, and thanks to ongoing net subscriptions, total assets have fallen only to EUR102m, as of 19 August, from EUR115m as of the beginning of July.
22/08/2011

Ameriprise Financial sells Securities America

The financial securities group Ameriprise Financial has announced that it has signed a final agreement ot sell its broker-dealer Securities America Financial Corporation and its affiliates to Ladenburg Thalman Financial Services. The sale price totals USD150m; the transaction will be concluded by the end of this year.
22/08/2011

State Street hopes to develop fund administration activities in Asia

State Street has recruited John Sin as head of sales and development of activities for the group in Northern Asia (excluding China), Asian Investor reports. Sin will be based in Hong Kong, and will be responsible for Hong Kong, South Korea and Taiwan. Sin previously worked at BNY Mellon in Hong Kong, but began his career at State Street. State Street is also planning to scale up its workforce in find administration activities in Asia in pursuit of its objective to doubling earnings outside the United States by the end of 2014.
22/08/2011

UBS appoints a head of philanthropy for Asia-Pacific

The Swiss UBS group has appointed David Hayward Evans as head of philanthropy and responsible investment for the Asia-Pacific region, Wealthbriefing reports. Hayward-Evans will be based in Singapore, and will work in close collaboration with Christina Tung and Jenny Santi, heads of philanthropic activities in Hong Kong and Singapore, respectively. Hayward-Evans previously worked at the United Nations, for the Global Fund to Fight AIDS.
22/08/2011

Invista retains Schroders to manage a portfolio

Fundweb reports that Invista Foundation Property Trust has transferred management of its portfolio Invista Real Estate Investment Management (IREIM) to Schroder Property Investment Management, effective from October. Invista also announces that on 29 July it received an offer to buy the portfolio from Picton Property Income, formerly known as ING UK Real Estate Income Trust Limited.
22/08/2011

Jupiter increases assets

In first half 2011, Jupiter had net inflows of GBP700m, a slowdown compared with the GBP800m recorded in the corresponding period of last year, and of GBP1.5bn in second half 2010. Those subscriptions, however, allowed the British asset management firm to increase its assets under management to GBP24.8bn as of 30 June 2011, a 3% increase compared with 31 December 2010. One year earlier, assets totalled GBP19.8bn. Jupiter’s EBITDA increased 18% compared with the first six months of 2010, to GBP71m, while earnings increased from GBP111.7m to GBP128.3m. Pre-tax profits totalled GBP37.3m, compared with GBP15.6m one year earlier. In this context, Jupiter has announced an interim dividend of 2.5 pence per share. The asset management firm has also announced that it has registered its Sicav in Belgium, in addition to the Netherlands and Portugal, as part of a development drive in continental Europe.
22/08/2011
Fonds

Morgan Stanley lance un fonds santé avec Perella Weinberg

La plate-forme OPCVM III irlandaise de Morgan Stanley, FundLogic Alternatives PLC accueille un nouveau compartiment, le MS Perella Weinberg Partners Tōkum Long/Short Healthcare UCITS Fund, qui sera géré par Perella Weinberg Partners (8,2 milliards de dollars d’encours au 1er août). Il s’agit comme son nom l’indique d’un fonds coordonné long/short focalisé sur le secteur de la santé, (y compris les biotechnologies, les pharmaceutiques ainsi que les sociétés d'équipements et de services médicaux). Le gérant du portefeuille est Emile Westergaard.Le fonds aura une liquidité hebdomadaire ; la conservation et l’administration seront assurées par Northern Trust.
Fonds
22/08/2011

BNY Mellon AM se voit confier un mandat par MTAA Superannuation Fund

Ankura Capital, filiale de BNY Mellon Asset Management spécialisée dans les actions australiennes, a annoncé le 19 août avoir été sélectionnée pour gérer un mandat de 440 millions de dollars australiens pour le compte du fonds de pension MTAA Superannuation Fund.
22/08/2011

Elliott CA se renforce chez Demag Cranes

Lors du bouclage de l’OPA fin juillet, l’américain Terex avait indiqué détenir 81,8 % du capital de l’allemand Demag Cranes.Ce dernier a cependant annoncé le 19 août à la Deutsche Börse avoir reçu le 15 août notification par Paul E. Singer de ce que, avec ses filiales, le gestionnaire alternatif Elliott Capital Advisors a franchi le seuil des 10 % du capital pour détenir 10,08 % des droits de vote.Il est probable qu’Elliott compte réaliser une plus-value si Terex parvient à faire jouer la clause d'éviction (squeeze-out).
22/08/2011
Fonds

Aquila Capital commercialiste son Spectrum Fund

L’allemand Aquila Capital (2,8 milliards d’euros) vient d’obtenir de la BaFin allemande et de la FMA autrichienne l’agrément de commercialisation pour son produit de droit luxembourgeois AC Spectrum Fund (LU0614925856), un fonds conforme à la directive européenne OPCVM III offrant une liquidité journalière. Ce produit combine une formule de suivi de tendance avec des indicateurs de portage (carry) et de corrélation. Le fonds s’appuie sur le concept développé principalement par le professeur Harry M. Kat. Il est géré par Jan Auspurg et l'équipe quantitative d’Aquila Capital.Le Spectrum vise une volatilité de 15 % et une corrélation faible à négative avec les marchés traditionnels. La commission de gestion se situe à 1,75 %.
Fonds
22/08/2011

JO Hambro débarque en Espagne

Funds People indique que le britannique JO Hambro Capital Management (JOHCM) vient de faire enregistrer par la CNMV sa sicav irlandaise J O Hambro Capital Management Umbrella Fund PLC, qui compte huit compartiments, dont deux de performance absolue. Le gestionnaire londonien a été récemment acheté par l’australien BT Investment Management (lire notre article du 20 juillet).
22/08/2011
Fonds

UBS Gestión lance un fonds de fonds international

Le 11 août, UBS Gestión a notifié à la CNMV le lancement du fonds de fonds international Global Diversifcation Fund avec une durée de placement conseillée d’au moins trois ans. En période normale, l’exposition à d’autres fonds UBS se situera entre 5 et 10 % ; elle est plafonnée à 30 %. L'équipe de gestion a toute latitude pour investir en fonds d’actions ou obligataires, mais le portefeuille ne pourra pas dépasser les 35 % d’actifs émergents.L’indice composite de référence est constitué à 65 % par l’EFFA 1-3 ans, 15 % par le Repo Dia, 10 % par le S&P 500 EUR, 8 % par l’Eurostoxx 50 et 2 % par le MSCI Free Ex Japan.CaractéristiquesDénomination : Global Diversification Fund, FICode Isin : ES0142459009Commission de gestion directe : 1 % Commission de gestion indirecte : 2,5 %
Fonds

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