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17/06/2011
Fonds

iShares lance en France des ETF couverts contre le risque de change

iShares, la plateforme d’ETF de BlackRock, vient de faire enregistrer en France des ETF actions couverts contre le risque de change. Il s’agit du iShares MSCI Japan Monthly EUR Hedged, du iShares MSCI World Monthly EUR Hedged et du iShares S&P500 Monthly EUR Hedged. Ces trois fonds à réplication physique ont été lancés en octobre 2010 sur le London Stock Exchange pour répondre à la demande des investisseurs pour les actions couvertes du risque de change. Depuis, ils ont collecté 534 millions de dollars. «Ces nouveaux produits permettent aux investisseurs d’investir à l’échelle mondiale et de couvrir leur exposition aux devises en une seule opération, sans avoir à surveiller ou maintenir une couverture de change», explique un communiqué. «Les indices intègrent une couverture de change mensuelle, avec des expositions aux devises couvertes par un contrat de future à 1 mois. La couverture n’est donc pas ajustée au cours du mois aux fluctuations des prix des titres, aux mouvements d’indices ou de sociétés et réduit donc, plutôt que d’éliminer, l’exposition au risque de change». L’équipe de gestion des devises de State Street Global Markets a été choisie pour gérer la couverture du risque de change.
Fonds
17/06/2011

Mandarine Gestion recrute un responsable du développement distribution

Mandarine Gestion vient de recruter Louis Desforges, qui rejoint l’équipe dirigée par Marie-Claire Marques en tant que responsable du développement distribution. Agé de 31 ans, il était précédemment chez Axa IM où il était dernièrement en charge des partenariats au sein du pôle CGPI (2006-2011).Louis Desforges succède à Sophie Caillaut, qui reste au sein de Mandarine Gestion mais rejoint Valérie Weber au sein du pôle clientèle institutionnelle. Sophie Caillaut avait participé à la création de la société en 2008, après avoir été responsable du développement retail chez CCR (2005-2008).
17/06/2011
Fonds

France Active milite pour des fonds solidaires dans l'assurance vie

Alors que les premiers États généraux de l'économie sociale et solidaire (ESS) débutent aujourd’hui au Palais Brongniart, Jean Michel Lécuyer, responsable du financement des entreprises solidaires de France Active, a fait part dans la Tribune de son souhait de voir l’ESS bénéficier de davantage de circuits de financement. Pour le responsable, il convient donc de donner davantage de visibilité aux placements et aux investissements solidaires comme l’a permis l’obligation légale de présenter au moins un fonds solidaire dans les dispositifs d'épargne salariale depuis janvier 2010. «L’objectif est désormais de développer de nouveaux produits d'épargne solidaires et de favoriser son essor dans des placements répandus comme l’assurance vie», a précisé Jean Michel Lécuyer.
Fonds
17/06/2011
Fonds

L’intérêt pour les hedge funds détenus par des femmes pourrait croître

Selon une étude de Barclays Capital, citée par HedgeWeek, l’appétit pour les hedge funds détenus par des femmes ou des minorités semble croître. Et les actifs potentiellement en jeu pourraient être très importants, et même atteindre les 378 milliards de dollars. Aujourd’hui, le nombre de hedge funds détenus par des femmes ou des minorités reste faible, représentant seulement 3,3 % des hedge funds.
Fonds
17/06/2011

New head of private banking at Hyposwiss

Hyposwiss private bank, which is owned by the cantonal bank of St. Gall, on 16 June announced that it has appointed Kurt Frischknecht as director of its private banking Switzerland/Germany/Austria division, effective from 1 July 2011. Frischknecht succeeds Andreas Moser, who since November 2010 has been director of the private banking division. The position as director will also require that Frischkencht be appointed as a member of the extended board of directors; he is currently senior relationship manager in the private banking Switzerland/Germany/Austria division.
17/06/2011

Reyl AM recruits Cédric Daras

With the recruitment of Cédric Daras, who since 2008 had been co-manager of corporate bond and convertibles funds at Métropole Gestion in Paris (where he began in 2003), Geneva-based Reyl Asset Management (RAM) has made an addition to its bond team. Daras, a senior fund manager, will now co-manage the Reyl Quality Bond and Reyl Diversified Income funds. He is a specialist in bottom-up stock picking, and will work alongside Stéphane Decrauzat, head of the fixed income team at RAM, an expert in global macro style. Stéphane Decrauzat says that the recruitment of Daras “is a sign of the desire of Reyl Asset Management to add to its fixed income operations, extend its expertise, and allocate the necessary resources for its expansion.”
17/06/2011

Julius Baer recrute un nouveau responsable du Moyen-Orient

Julius Baer, which has offices in Dubai, Abu Dhabi, Cairo and Istanbul, has announced that it has appointed Edmond Carton as new head Middle East and Eastern Mediterranean effective June 15. He will be based in Geneva and report directly to Rémy Bersier, CEO Eastern Mediterranean, Middle East, Africa and European Francophone markets. Edmond Carton joins Julius Baer from Credit Suisse where he has been head of the UHNWI segment for Middle East, India and Turkey. At Julius Baer, he succeeds Olivier Meystre, who has been head Middle East and Eastern Mediterranean since September 2008. Olivier Meystre will remain with Julius Baer as senior advisor to Rémy Bersier.
17/06/2011

Major German management firms on the defensive

In the first four months of the year, Deka (savings banks) has seen net redemptions of EUR3.5bn from open-ended securities funds. At Allianz Global Investors (AGI) and Union Investment (co-operative banks), net outflows have totalled EUR1.7bn and EUR556m. Only DWS (Deutsche Bank) has managed to attract net subscriptions, of EUR390m, the Frankfurter Allgemeine Zeitung reports. The four main asset management firms in the country together account for 70% of the market, but the foreign competition is trying to catch up with them, attracted by the weakness of the German model, which is based excessively on captive networks. However, not all foreign management firms are making inroads. Despite their good product line, Pictet has only EUR31.6m in assets, according to BVI statistics. Entering the German market isn’t easy, since you need about EUR800,000 per year for costs in order to open a small distribution office in Germany, meaning that the minimal assets to cover those costs are about EUR100m. It may be far more, since German investors prefer bond funds, which earn less in commissions, and are less enthusiastic for newcits, emerging markets corporate debt, or Asian small caps, which are more lucrative for asset management firms.
17/06/2011

BNY Mellon creates a compensation structure for institutional clients

With the creation of BNY Mellon Clearing International Limited (BNYMCIL), the first MiFID-compliant entity to be created in Ireland, the US group BNY Mellon is making a compensation structure for transactions on futures contracts and other derivatives available to its institutional clients in Europe, the Middle East, and Africa. The new Dublin-based affiliate is subject to supervision by the Central Bank of Ireland. It will create 50 jobs in Ireland in the next two years, as BNY Mellon, which already has 1,800 employees in the country and is the largest provider of fund administration, is planning to become a compensating member on the major stock markets via this entity. The CEO Of BNYMCIL will be Tim Murphy, who will report to Sanjay Kannambadi, CEO and global head of BNY Mellon Clearing LLC (BNYMC), based in New York.
17/06/2011

Petercam preparing to internalise nearly all of its equities SRI process

“In two months, we will have modified our workflow,” Lieven Op de Beeck, junior portfolio manager, explained on 16 Junein Paris at a presentation of the Petercam Equities Europe Sustainable fund (BE0940002729). The Belgian management firm is planning to bring all the stages of the investment process after scoring, the analysis which the firm will continue to purchase from Vigeo, in-house, including weighting, determination of the investment universe (best-in-class, the 40% best-rated in each sector), the investment process, and the construction of the portfolio. Currently, in addition to scoring, Vigeo also provides weighting and determination of the universe (with the use of exclusionary criteria).SRI strategy currently represents about EUR150m at Petercam, for the Petercam Equities Europe Sustainable fund, which is designed as a core portfolio product, and the Luxembourg government bond fund Petercam L Bonds Government Sustainable (EUR92.6m as of the end of May). In addition to that, the firm has EUR20m in the form of mandates.
17/06/2011

Man-GLG recruits a communications specialist in London, for Spain

Paola Arce, who was a salesperson for DWS Investments (Deutsche Bank), after serving as a product specialist, is joining Man-GLG in London to support the Spanish team in Madrid, led by Kyril of Sachsen-Coburg. She will assist in communications with Spanish investors, marketing, and acquisition of new clients.
17/06/2011

Interest in hedge funds operated by women may rise

According to a study by Barclays Capital, cited by HedgeWeek, appetite for hedge funds operated by women or minorities appears to be increasing. And the assets potentially in play could be very significant, and might be as much as USD378bn. Currently, the number of hedge funds run by women or minorities remains low, representing only 3.3% of hedge funds.
17/06/2011

iShares launches ETFS hedged for currency risks in France

iShares, the ETF platform from BlackRock, has registered equities ETFs hedged for currency risks in France. The products are the iShares MSCI Japan Monthly EUR Hedged, iShares MSCI World Monthly EUR Hedged and iShares S&P500 Monthly EUR Hedged. The three physical replication funds were launched on the London Stock Exchange in 2010, to meet demand from investors for equities hedged for currency risks. Since then, the product have attracted USD534m in assets. The currency management team at State Street Global Markets was selected to manage hedging for currency risks.
17/06/2011

Aviva to launch a US equities fund in early July

Aviva is to launch the Aviva Equity Fund on 1 July, fundweb reports. The fund, with USD85m in assets, will invest in 60 to 80 businesses of all cap sizes, with a bottom-up, absolute return approach. Henry Sanders, manager of the fund, will initially go overweight in consumer goods and underweight in financials.
17/06/2011

Skandia IG launches an Asian equities fund in France

Skandia Investment Group (SIG) has licensed the Skandia Asian Equity Fund, its new product investing in Asia ex Japan equities, for sale in France. The sub-fund of the Sicav Skandia Global Funds plc, founded in March, is managed by MIR, a management firm with assets of USD1.4bn, which has managed the equities allocation of the Skandia Global Dynamic Equity Fund by François Zagame for nearly two years.
17/06/2011

Invesco PowerShares launches a new ETF range

Invesco PowerShares on 16 June launched a new range of ETFs designed by Research Affiliates, which PowerShares says represents the first range of ETFs weighted according to fundamental data. The PowerShares Fundamental Pure Portfolio ETF includes growth, core and value, large cap, mid cap and small cap ETFs.
17/06/2011

Vanguard launches a multi-managed emerging markets fund

Subscriptions to the new Vanguard Emerging Markets Select Stock Fund are open until 27 June. The equities fund charges fees of 0.9%, and requires an initial subscription of USD3,000; it will be advised by M&G Investment Management, Oaktree Capital Management, Pzena Investment Management, and Wellington Management Company. Assets will be distributed in 25% allotments to these managers respectively. Vanguard will charge a 2% penalty to be paid into the fund to investors presenting their shares for redemption after less than 60 days in the fund.
17/06/2011

Aequam Capital launches a multi-currency UCITS III fund

The quantitative management firm Aequam Capital on Thursday, 16 June 2011 announced the launch of an UCITS III systematic multi-currency fund. The Aequam Currencies Fund is aimed at professional investor clients, such as private banks, multi-managers, institutional investors, treasurers, and family offices.The mutual fund is offered in two currencies (US dollars and euros) and is decorrelated from fixed income and equities markets, with a volatility objective near that of the equities markets.Aequam Currencies Fund, which invests in a universe composed of currencies of the G10 and 9 emerging markets currencies, is based on four drivers of performance: trend monitoring, to detect trends in the evolution of currency parities, carry trade, a differential between interest rates in two currencies, the evolution of the tracking error dynamic between two currencies, and lastly, the appetite for risk of investors, which determines the use of the first three strategies, or inversely, a return to the long-term average value of partities established by contrarian strategies, a statement says.Management is based on diversification of underlyings (at least 15 parities), low correlation between strategies, and a risk-based management of the fund (management constrained by a predefined risk budget, VaR, weekly, 95%).Characteristics:ISIN codes:FR0010969220 (P Euro shares)/FR0010969246 (I1 Euro shares)/FR0010969279 (I2 shares)Size of shares: EUR1,000 (P shares)/EUR250,000 or equivalent in US dollars (I shares)
17/06/2011

SwissLife Banque Privée confirms recruitment of a private banker

SwissLife Banque Privée, which has recently acquired a 25% stake in Prigest SA (see Newsmanagers of 07/06/2011), earlier this week announced that Ylan Cattan has joined its teams as a private banker. Cattan joined the team on 17 March, and will assist the bank’s clients in optimising their private and professional portfolios, a statement says. He will report to Daniel Resta, in charge of private clients. Cattan, 32, had previously served as a private banker at Barclays Patrimoine, from 2004.
17/06/2011

Pershing Square preparing an IPO

In a letter to investors dated 25 May, activist investor William Ackman has announced that he is planning to acquire permanent capital through a launch of the management firm Pershing Square Capital Management on the stock exchange by the end of the year, the Wall Street Journal reports, adding that the IPO will be held in London, as a Depression-era law in the United States forbids hedge funds from raising capital from retail clients, and allows them to sollicit only high net worth private clients as shareholders.In his letter, Ackman says that his activist approach can function best if it has capital which it can be confident will not be withdrawn. Currently, the fund’s only permanent resources are investments from the oldest employees a the fund, and from other affiliates, which represent about 8% of the fund’s available capital.
17/06/2011

Mandarine recruits a head of distribution development

The French boutique Mandarine Gestion has recruited Louis Desforges, who joins a team led by Marie-Claire Marques as head of distribution development. Desforges, 31, was previously at Axa IM, where he was most recently head of partnerships in the IFA unit (2006-2011). Desforges succeeds Sophie Caillaut, who remains at Mandarine, and will join Valérie Weber in the institutional clients unit. Caillaut participated in the creation of Mandarine Gestion in 2008, after serving as head of retail development at CCR (2005-2008).
17/06/2011

Ameriprise approves share buyback

Ameriprise Financial, the parent company of the management firms Threadneedle Investments and Columbia Management Investment, has approved a share buyback program for USD2bn. The plan will be valid until 28 June 2013. In first quarter 2011, the US firm already bought back USD969m of its own shares, out of a total of USD1.5bn initially planned.
17/06/2011

Union Investment RE reopens UniImmo: Global

From 16 June, calculation of net asset value and subscriptions and redemptions of shares will once again be possible for the open-ended real estate fund UniImmo: Global (DE0009805556), which Union Investment Real Estate (UIRE) had frozen from 17 March due to the high percentage of Japanese assets in the portfolio, following the tsunami and nuclear disaster at Fukushima (see Newsmanagers of 18 March).The new evaluation of the seven Tokyo properties in the fund has resulted in a downward adjustment to its book value of EUR26.5m. However, as a property in Singapore was valued upwards at the same time by EUR20.2m, the net asset value of the fund comes to EUR51.50 per share. In the twelve months to 16 June, the fund has seen losses of 2.59%, compared with 2.16% as of 16 March, when subscriptions and redemptions were frozen.UIRE also states that the UniImmo: Global fund will on 28 June pay out an unchanged dividend of EUR1.40 per share for the 2010-2011 fiscal year.
17/06/2011

UBS Global AM adds two high-dividend funds to its range

The series of UBS high dividend equities funds in Germany has grown by two with the release of two Luxembourg equity products, the UBS Asien High Dividend Fonds (ISIN LU0525544449) and the UBS Schwellenmarkt High Dividend Fonds (ISIN LU0625543631). As their names indicate, the funds are oriented to Asia and emerging markets, respectively. The former (40-60 positions) is managed by Shou-Pin Choo, while the latter (maximum of 75 positions) is managed by Uri Antonioli. They will aim for gross dividend yields of 4% to 4.9%.
17/06/2011

Inflows to BlackRock index-based products double in the UK

Money Marketing reports that BlackRock has seen its inflows to index-based products double in the past twelve months, to GBP1.35bn. In the past six months alone, during which BlackRock launched three new funds, inflows totalled GBP800m.
17/06/2011

Korean sovereign funds invests in active index-based strategies

Asian Investor reports that the sovereign fund Korea Investment Corporation (KIC) has invested about USD900m in index-based products derived from the FTSE and based on active management strategies. KIC, whose assets under management total about USD45bn, is planning to invest 1% to 2% of its assets in strategies of this type.
17/06/2011

Threadneedle recruits a head from AllianceBernstein

Threadneedle has recruited Jiun Wong, based in Hong Kong, who has resigned from his position as senior director of institutional sales for Asia ex Japan at AllianceBernstein.Asian Investor reports that Threadneedle will subsequently provide further details of the position that Wong will hold at his new employer. The website adds that sources close to the case say Wong may report directly to the chairman of Threadneedle Asia, Raymond Yu, or he may report to the vice-chairman for the region.Wong, a native of Hong Kong, spent seven years at AllianceBernstein, and was involved in enlarging assets under management from institutional investors.
17/06/2011

Two new directors at Flossbach von Storch

The Cologne-based wealth management firm Flossbach von Storch (FvS, EUR4.5bn in assets) on 16 June announced that it has recruited Michael Otto as director of the wealth management and new client recruitment team. He was most recently a board member for private banking operations at Berenberg Bank.FvS on 1 June also recruited Susanne Scarpitani as director of distribution for intermediaries, broker pools, and unit-linked insurance solutions. She previously worked at Ethna Capital in advising and client service.
17/06/2011
Gestion d'actifs

Préfon s'engage dans une démarche ISR

Dans un article paru dans la revue Direction Retraite, de l’AFPEN, Philippe Soubirous, Président de la Préfon revient sur la démarche ISR du régime, matérialisée par la définition d’une Charte. Une telle Charte d’engagement devra s’adapter à notre modèle social: affirmer la responsabilité morale de l’association et respecter les contraintes financières des assureurs. Le projet de Charte s’articulera autour des thèmes suivants: une identité forte ancrée sur des fondations anciennes et sociales, l’affirmation de nos valeurs et de nos actions pour une démarche durable et enfin les éléments concrets de mise en ??uvre. Ce document soumis à l’assemblée générale de l’association Préfon sera incontestablement le point de départ d’une démarche pérenne. Elle permettra également de jeter les bases d’une novation des relations avec ceux qui ont la responsabilité d’assurer le régime Préfon Retraite. Le travail de consultation préalable a été animé par Cedrus Partners.
Gestion d'actifs
17/06/2011

Un défaut de la Grèce est «presque certain» pour Alan Greenspan

L’ancien président de la Réserve fédérale américaine a indiqué dans un entretien télévisé qu’un défaut de la Grèce était «presque certain». «Le problème c’est qu’il est très peu probable que le système politique fonctionne» explique-t-il.

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