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24/05/2011

Les boutiques grignotent des parts de marché

Les sociétés de gestion ayant moins de 10 fonds ont capturé 26 % des souscriptions nettes dans des fonds européens transfrontières au premier trimestre, contre 9 % en 2010 et 3 % en 2009, selon Lipper FMI, cité par le Financial Times Fund Management. La part des grands acteurs, avec plus de 60 fonds, est tombée à 64 %, le plus faible niveau depuis 2002. En France, les petites maisons que sont Moneta AM, Metropole Gestion, Schelcher Prince Gestion et Rouvier ont attiré une collecte importante, illustre le FT FM.
24/05/2011
Fonds

Castlestone va proposer un fonds dédié aux marchés frontières

Selon Investment Week, le groupe britannique Castlestone Management envisage de lancer un fonds dédié aux marchés frontières.Le fonds serait investi dans les pays regroupés sous l’acronyme Civets, à savoir la Colombie, l’Indonésie, le Vietnam, l’Egypte, la Turquie et l’Afrique du Sud. Il pourrait être lancé dans le courant de l’automne. Castlestone veut par ailleurs proposer une version au format Ucits de son fonds Next 11, qui investit également dans des pays du «Civets», à savoir, l’Indonésie, le Vietnam, l’Egypte et la Turquie. La version coordonnée du fonds Next 11, actuellement domicilié aux Iles Vierges, sera mise en œuvre un peu plus tard dans l’année.
Fonds
24/05/2011
Fonds

Pimco lance un fonds de dette bancaire

Pimco lance un fonds dédié à la dette bancaire en partenariat avec le family office Fleming Family & Partners avec l’objectif de tirer parti de la nouvelle réglementation Bâle III, rapporte Investment Week.Le Pimco Capital Securities fund, domicilié à Dublin, sera géré par Philippe Bodereau, executive vice president et responsable du crédit européen. Le fonds investira dans de la dette high yield émise par les banques, y compris les cocos (contingent convertibles), ainsi que dans de la dette Tier One.
Fonds
24/05/2011

AllianceBernstein fait appel à State Street pour la production et la gestion du DICI

State Street Corporation a annoncé le 23 mai avoir conclu un accord avec le groupe AllianceBernstein (AllianceBernstein) pour fournir à AllianceBernstein (Luxembourg) s.à.r.l. la production intégrale et la gestion des services liés à la publication du Document d’Informations Clés pour l’Investisseur (DICI) ou Key Investor Information Document (KIID). Ce contrat porte sur sa gamme complète de fonds conformes à la norme UCITS IV domiciliés à Luxembourg.
24/05/2011
Fonds

GLG lance un fonds actions durable

GLG Partners lance un fonds d’actions liées au développement durable, le GLG Global Sustainability equity fund, rapporte Investment Week.Le fonds coordonné investira dans des sociétés ou des secteurs bien positionnés pour tirer parti du thème du développement durable (entre autres santé, services liés à l'éducation, gestion de l’eau). Le gérant utilisera des critères environnementaux, sociaux et de gouvernance (ESG) dans son processus d’investissement afin de mettre en place un portefeuille concentré de titres de croissance tirés par une philosophie d’investissement responsable.
Fonds
24/05/2011
Fonds

Architas lance trois fonds multi-classes d'actifs

La société de multigestion du groupe Axa, Architas, vient de lancer trois fonds de fonds multi-classes d’actifs investissant dans des stratégies passives, rapporte Investment Week.Les trois fonds, Dynamic, Growth et Reserve Multi Asset Passive, auront un ratio du total des frais sur encours de 1,3%. Les pondérations des fonds entre obligations, actions et immobilier seront déterminées par la firme de modélisation financière eValue FE.
Fonds
24/05/2011
Fonds

Zone euro : progression de 55 milliards des parts d'OPCVM non monétaires au premier trimestre

Les souscriptions nettes de parts d’OPCVM non monétaires de la zone euro sont ressorties à 55 milliards d’euros au premier trimestre2011, tandis que les souscriptions nettes de parts d’OPCVM monétaires se sont établies à -10 milliards, selon les statistiques communiquées par la Banque centrale européenne.Ces souscriptions nettes ont contribué à une progression par rapport au trimestre précédent de 4 milliards d’euros de l’encours de parts émises par les OPCVM non monétaires de la zone euro, les émissions nettes ayant été partiellement compensées par des baisses de la valeur des parts.L’encours de parts émises par les OPCVM non monétaires de la zone euro est ressorti en hausse à 5751 milliards d’euros en mars2011, contre 5747 milliards en décembre 2010. Sur la même période, l’encours des parts émises par les OPCVM monétaires de la zone euro a diminué, revenant de 1107milliards d’euros à 1077 milliards.En ce qui concerne la ventilation par stratégies de placement, le rythme de progression annuel des parts émises par les fonds «obligations» est ressorti à 6,2% en mars 2011, tandis que les souscriptions nettes se sont élevées à 19 milliards d’euros au premier trimestre 2011. S’agissant des fonds «actions», le taux de croissance annuel est ressorti à 2,3% et les souscriptions nettes se sont inscrites à 7 milliards d’euros. Pour les fonds mixtes, le taux de croissance a atteint 6,3% et les souscriptions nettes se sont établies à 15 milliards d’euros.
Fonds
24/05/2011

Mubadala sur le point d'acquérir Aernova

Le fonds souverain Mubadala d’Abou Dhabi devrait boucler dans les prochaines semaines l’acquisition pour 500 millions d’euros de 71 % de la société basque Aernova, le principal constructeur aéronautique espagnol, rapporte Expansión. Il reprendrait les participations détenues par CCM (23 %), Espirito Santo (26 %), isolux (11 %) et la banque d’investissement EBN (11 %).Les 29 % resteront aux mains des dirigeants de l’entreprise, notamment le président Ignacio López Gandásegui.
24/05/2011
Fonds

Pimco fait enregistrer trois fonds en Espagne

Le gestionnaire américain Pimco (groupe Allianz Global Investors) fait enregistrer plusieurs de ses fonds par la CNMV pour être commercialisés en Espagne. Il s’agit du fonds Pimco GIS Emerging Multi-Asset, qui fait partie de la sicav à compartiments irlandais Global Investor Series (41 compartiments, 46 milliards de livres d’encours), du PIMCO GIS EqS Emerging Markets, un fonds actions émergentes piloté de Londres (lire notre article du 28 avril) et, enfin, du Pimco GIS Euro Income Fund, dont l’objectif est une performance annuelle de 5 % avec une distribution mensuelle.
Fonds
24/05/2011

BlackRock renforce son équipe commerciale en Espagne

Ricardo Comín rejoindra dans les prochaines semaines le bureau madrilène de BlackRock après avoir passé un an et demi comme senior sales manager pour l’Espagne chez Pioneer Investments, rapporte Funds People. BlackRock Espagne est dirigé depuis fin 2008 par Armando Senra, le responsable des ETF iShares étant Iván Pascual.Selon les dernières statistiques de l’association espagnole Inverco des sociétés de gestion, BlackRock affiche en Espagne des encours de 3,3 milliards d’euros, ce qui le place en troisième position des gestionnaires étrangers, après JP Morgan AM et Amundi.
24/05/2011

Permal recrute un responsable des institutionnels britanniques

Paul Jeffries, l’ancien responsable de la sélection de fonds actions de Railpen Investments, la société qui gère le fonds de pension des cheminots britanniques, va rejoindre Permal, filiale de Legg Mason, fin juin, selon Financial News. Il sera responsable de l’activité institutionnelle au Royaume-Uni.
24/05/2011

Permal recruits a head for UK institutionals

Paul Jeffries, former head of equity funds selection at Railpen Investments, the firm which manages the pension fund for British railway employees, will be joining Permal, an affiliate of Legg Mason, at the end of June, Financial News reports. He will be responsible for institutional activities in the United Kingdom.
24/05/2011

Julius Baer's QFII quota set at USD100m

The State Administration of Foreign Exchange in China (SAFE) has awarded Julius Baer a USD100m quota under its Qualified Foreign Institutional Investor (QFII) license, which it received in December 2010. The Swiss firm remains the only private bank with QFII status.Julius Baer will use the quota to launch a China fund aimed at its clients worldwide. The product will invest in A shares (listed in continental China), and H shares (listed in Hong Kong). Management of the fund will be provided by Julius Ber, with the assistance of one or more specialist advisors.The Swiss asset management firm has also announced plans to open a representative office in Shanghai, and to create a Singapore Trust company by the end of this year.
24/05/2011

Pimco launches a banking sector debt fund

Pimco has launched a fund dedicated to banking sector debt, in partnership with the family office Fleming & Family Partners, with the objective of taking advantage of the new Basedl III regulations, Investment Week reports. The Pimco Capital Securities fund, domiciled in Dublin, will be managed by Philippe Bodereau, executive vice president and head of European credit. The fund will invest in high yield debt issued by banks, including cocos (contingent convertibles), as well as Tier One debt.
24/05/2011

Castlestone to offer a fund dedicated to frontier markets

Investment Week reports that the British management firm Castlestone Management is planning to launch a fund dedicated to frontier markets. The fund will invest in countries of the CIVETS group: Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa; it may be launched this autumn. Castlestone is also planning to offer a UCITS-compliant version of its Next 11 fund, which also invests in some CIVETS countries – Indonesia, Vietnam, Egypt, and Turkey. The UCITS-compliant version of the Next 11 fund, currently domiciled in the Virgin Islands, will be launched later this year.
24/05/2011

Architas launches three multi-asset class funds

The multi-management firm of the Axa group, Architas, has launched three multi-asset class funds of funds, which will invest in passive strategies, Investment Week reports. The three funds, Dynamic, Growth, and Reserve Multi-Asset Passive, will have a total TER ratio of 1.3%. The weighting of the funds between bonds, equities and real estate will be determined by the financial modelling firm eValue FE.
24/05/2011

GLG launches a sustainable equities fund

GLG Partners is launching a fund of equities related to sustainable development, entitled GLG Global Sustainability equity fund, Investment Week reports. The UCITS-compliant fund will invest in companies or sectors which are well-positioned to benefit from the theme of sustainable development (in the health, education services, and water management sectors, among others). The manager will use environmental, social and governance (ESG) criteria in its investment process, to create a concentrated portfolio of growth equities, guided by a responsible investment philosophy.
24/05/2011

Russell launches a new range of style ETFs

On 19 May, Russell Investment launched six products in its new range of “investment discipline” ETFs on the NYSE Arca platform. With these new generation ETF products, Russell hopes to offer solutions that allow investors to construct portfolios and manage risks, on the basis of its expertise in manager selection and index construction. According to the management firm, the “investment discipline” ETF line represents the first range of ETFs to offer targeted, transparent and coherent exposure to US large caps, via six of the investment policies most commonly used by asset management professionals.The new team to manage the new products is mostly based in San Francisco, but may also rely on the support of the group’s global network of experts.The first six products in the range are the Russell Aggressive Growth ETF (NYSE: AGRG), Russell Consistent Growth ETF (NYSE: CONG), Russell Growth at a Reasonable Price ETF (NYSE: GRPC), Russell Equity Income ETF (NYSE: EQIN), Russell Low P/E ETF (NYSE: LWPE) and Russell Contrarian ETF (NYSE: CNTR). Each product replicates the corresponding Russell Investment Discipline index; the indices are composed of companies of the Russell 1000 index.
24/05/2011

HSBC lists a new ETF in Paris

NYSE Euronext on 23 May announced the admission to trading on its Paris platform of a new ETF from HSBC, based on China. It is the HSBC MSCI China ETF, whose benchmark index is the MSCI China. The Irish-registered fund (IE00B44T3H88) charges fees of 0.60%, and brings the number of funds listed on the European markets of NYSE Euronext to 558, of which 109 are new listings since the beginning of this year, of 83 new ETFs.
24/05/2011

Palmer Square launches its first mutual fund

The fund of hedge fund management firm Palmer Square Capital Management has announced the launch of the Palmer Square Absolute Return Fund, its first open-ended mutual fund. The objective for the fund, launched in partnership with Montage Investments, is capital appreciation, with the emphasis on absolute returns and low correlation with equities and bond markets. The fund will rely on seven institutional managers, who will use a wide range of strategies, including event-driven, long/short, global macro, long/short international, and domestic equity, as well as convertibles arbitrage. Montage Investments currently manages about USD9bn on behalf of institutional and high net worth investors.
24/05/2011

BlackRock adds direct private equity investments to its alternative investment range

BlackRock on 23 May announced that it has added direct private equity investment to its range of alternative investments. The activity will be led by three reputable professionals in private equity: Nathan Thorne, George Bitar, and Mandy Puri, who launched the activity at Merrill Lunch in the 1990s.The three have joined BlackRock as managing directors, and will build a team to direct BlackRock’s international platform dedicated to private equity, which will include 20 professionals by next year.They will report directly to Matthew Botein, managing director and head of BlackRock Alternative Investors (BAI). As of 31 March 2011, assets under management at BAI totalled Usd115.3bn, including hedge funds, funds of hedge funds, real estate, private equity funds of funds, opportunity-driven investment vehicles, commodities, and currencies.
24/05/2011

WGF obtains a license to launch a real estate management firm

On 23 May, WGF Finanzgruppe announced that it has received permission from BaFin to operate WGF Immobilien Investment GmbH, an institutional real estate fund management firm. It will offer custom products for insturers, pension funds and religious organisations, among others.Investments will be decided on by a committee composed of clients and management at the firm.WGF Immobilien Investment GmbH is led by Hans-Dieter Martin (chairman of the board of directors), who was one of the heads of LB ImmoInvest GmbH, also an institutional real estate management firm, and by Walter J. Helbach, who was one of the directors of ECE Projektmanagement GmbH, after serving in senior positions at Deka Immobilien Investment GmbH.
24/05/2011

Universal to launch real estate funds

Bernd Vorbeck, CEO, has announced in an interview with the Börsen-Zeitung that Universal Investment is planning to add to its product range with the launch of institutional real estate funds from this autumn. Universal has recruited Alexander Tannenbaum from Aberdeen to manage the portfolios. The firm is aiming for a market share of 15% in the mid-term. The market currently measures EUR30bn.
24/05/2011

Banque Syz & Co hit with Madoff lawsuit

The legally-appointed trustee for the affairs of Bernard Madoff, Irving Picard, has filed lawsuits against the Swiss Banking establishment Banque Syz & Co, which he claims knew about Madoff’s fraudulent activities, Agefi reports. Picard, who has filed over 1,000 lawsuits, expects to recuperate USD73.3m with the suits.
24/05/2011

Nuveen Invesments fined USD3m

The US Financial Industry Regulatory Authority (FINRA) on 23 May announced that it has fined the management firm Nuveen Investments USD3m for failure to appropriately inform intermediaries of the liquidity risks association with auction-rate preferred stock (ARPS) in its closed funds. Nuveen Investments did not distribute the securities directly, but was supposed to inform brokers about their characteristics in sales brochures, which presented them as products with no liquidity risks. The market went on to collapse in February 2008.
24/05/2011

BlackRock adds to sales team in Spain

Ricardo Comin will be joining the Madrid offices of BlackRock in the next few weeks, after a year and a half as senior sales manager for Spain at Pioneer Investments, Funds People reports. BlackRock Spain has been led by Armando Senra since late 2008, while the head of iShares ETFs is Iván Pascual.According to the most recent statistics from Inverco, the Spanish association of management firms, BlackRock has assets of EUR3.3bn in Spain, putting it in third place among foreign management firms, after JP Morgan AM and Amundi.
24/05/2011

Assets at Eaton Vance set a new record as of end of April

For the second quarter of its current fiscal year (ending on 30 April), net income attributable to Eaton Vance Corp shareholders totalled USD62.48bn, compared with USD37.53bn for the quarter ending on 31 January, and USD36bn in the corresponding period of last year. For the first half of the fiscal year, profits totalled USD100.01m, compared with USD82.24m in the six months to the end of April 2010.As of 30 April, assets under management totalled a record USD203bn, 6% higher than at the end of January (USD191.7bn), and 15% higher than one year previously (USD176.2bn).Net subscriptions to long-term funds and mandates between the end of February and the end of April totalled USD2.9bn, compared with USD1.8bn the previous quarter, and USD5.3bn in the second quarter of the fiscal year, to 31 October 2010.
24/05/2011

Jörg Westebbe joins board of directors at HSBC GAM Austria

Following the departure of Franz Bartmann, who has joined BCA Austria, Jörg Westebbe has been appointed as a member of the board of directors and head of asset management at HSBC Global Asset Management Austria. He will work in concert with Walter Gleissinger, head of coordination of banking activities for HSBC in Austria, to direct the firm.Westebbe joined the asset management activities at HSBC Germany more than ten years ago, and worked primarily to set up distribution of open-ended funds in Germany and Austria. He will also remain as head of wholesale distribution for HSBC GAM in Germany.
24/05/2011

Christophe Tardy becomes director of strategy at Morningstar France

Morningstar announced on Monday, 23 May, that it has appointed Christophe Tardy as director of strategy at Morningstar France. Tardy had previously been director of strategy at Morningstar. The newly-created position is part of the firm’s strategy on the French market, which has developed new product ranges including “Equity & Credit Research,” “Morningstar Indexes,” LIM Commodities,” “Variable Annuities,” and others, a statement says. Tardy joined Morningstar in 2006, and for 2 years was director of the group’s affiliate in South Africa.

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