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22/03/2011

Bruno Bernard leaves Pastel & Associés

p { margin-bottom: 0.08in; } Bruno Bernard, who was director of commercial development at Pastel & Associés, has left the management firm. His clients will be taken over by Patrick Delaroque. Meanwhile, Valérie Salomon has joined the business to handle institutionals.
22/03/2011

Source offers a range of 18 diversified sectoral trackers

p { margin-bottom: 0.08in; } Source is offering a range of publicly-traded index-based products including 18 optimised sectoral trackers, La Tribune reports. The funds are entitled Stoxx 600 Optimised Sectors, and are managed with a methodology which was developed for Source by the index promoter Stoxx. The objective is to offset a lack of liquidity in some shares, and to avoid allowing some of them to have too large a weight in the index. For reasons of safety, Greek and Irish bonds, as well as 50 other assets which are more difficult to trade, have been removed from the investment universe.
22/03/2011

SRI: top asset management firms all lost ground in 2010

According to statistics from ThomsonReuters in the 2011 edition of the European Fund Review, the top 10 European groups in the area of SRI management had assets as of the end of 2010 of EUR45.59bn, compared with EUR49.41 twelve months earlier, while total assets were up to EUR92.66bn from EUR88.78bn as of the end of 2009, despite net outflows of EUR2.02bn.The top two firms in the rankings are the French Natixis, with EUR9.78bn, compared with EUR11.97bn, and Amundi, with EUR9.23bn, compared with EUR9.05bn. KBC is in third place, with EUR4.29bn, compared with EUR4.55bn, and BNP Paribas, with EUR4.06bn, compared with EUR4.83bn.In terms of net subscriptions, the Norwegian firm Storebrand comfortably takes the top spot with EUR1.14bn, followed by the Swedish SEB (EUR265.2m) and the British Aviva (EUR232.9m). The only two French management firms among the leaders are Crédit Agricole (7th, with EUR154.4m) and AG2R, with EUR133.9m.
22/03/2011

Pan-European real estate funds show returns of 5%

p { margin-bottom: 0.08in; } Agefi reports that IPD has created a new index which tracks the performance of pan-European private real estate funds. The overall yield for 2010 totals 5%, compared with -17.2% in 2009. The sample on which the index is calculated includes 18 funds, with assets of EUR11bn, the newspaper says.
22/03/2011

Odey planning to launch a UCITS III format global macro strategy

p { margin-bottom: 0.08in; } The management firm Odey Asset Management is planning to launch a hedge fund for the macro strategist Tim Bond, Investment Week reports. Bond manages a pilot portfolio which will probably be structured as a UCITS III format global macro hedge fund. Bond hopes to be able to offer the strategy to investors in third quarter, for a launch that could take place in early 2012.
22/03/2011

Credit Suisse Gestión releases a flexible duration bond fund

p { margin-bottom: 0.08in; } Credit Suisse Gestión, a Spanish affiliate of the Swiss group, has announced the release of the CS Duracion Flexible fund, which will invest at least 75% of its assets in debt rated from AAA to A-, and at least 10% in bonds with a rating of BBB- or lower, with the added possibility of exposure to equities hybrids or derivatives for up to 20%.The product is the result of the conversion of the Diner 2000 fund, which was licensed by the CNMV on 11 March. It has a total average duration of -3 years and +6 years, where the negative average duration is obtained via derivative instruments.The fund is managed by Gregorio Oyaga and Alba Gutiérrez, and carries a management commission of 0.65%
22/03/2011

HSBC releases five more ETF funds in Spain

p { margin-bottom: 0.08in; } HSBC has registered five ETFs listed in London with the CNMV. The funds charge fees of 0.60%, except the Canadian fund, with management commissions of 0.35%, Funds People reports. The products are the HSBC EM Latin America, S&P BRIC 40, MSCI China, MSCI South Africa and MSCI Canada.
22/03/2011

Standard Life Investment recruits a head of funds of funds

Standard Life Investments has appointed Bambos Hambi as head of fund of funds management. His previous roles have included head of multi-manager funds at both Gartmore Investment Management and Rothschild Asset Management. Reporting to Rod Paris, head of investments, Bambos Hambi will have overall responsibility for the portfolio management of the 15 funds in Standard Life Investments’ new MyFolio Funds offering. These are currently managed on an interim basis by Jacqueline Kerr, head of UK wholesale. Bambos Hambi will join Standard Life Investments on 28th March. Based in London, he will work alongside Alan Scrimger, who heads up the multi-manager research function.
22/03/2011

Former head of Liontrust to launch a new firm

p { margin-bottom: 0.08in; } Nigel Legge, former head of Liontrust, is planning to return to the asset management sector with the launch of a management firm, Vinculum Fund Management, Investment Week reports.Vinculum will rely on a new investment process which will limit human error in stock-picking. Vinculum will offer a long-only OEIC fund based on the process, with additional strategies offering regional variations.
22/03/2011

Trader claims hedge funds should accept higher taxes in London

Hedge funds should accept higher taxes in London and stop threatening to move elsewhere, according to Michael Farmer, a Conservative party donor who runs the near-USD1bn Red Kite metals hedge funds. “If one is a citizen and your country’s having a tough time, you pay your taxes and that’s it – although rather reluctantly if they are not spending it wisely,” he told the Financial Times.
22/03/2011

UK government to make acquisitions of British firms more difficult

p { margin-bottom: 0.08in; } The Takeover Panel in the UK is planning to make the publication of commissions received by bankers and business lawyers compulsory, Les Echos reports. The proposal was published on 21 March in a 172-page document. The proposals are open to consultation until May, after which time the law will be changed, most likely during summer. “Shareholders should receive all the information about the sums spent by businesses in acquisition bids, and consulting commissions represent a significant portion of those amounts,” the Takeover Panel says. Commissions paid by the predator and the target businesses to bankers, lawyers, consultants and communication advisers are included.
22/03/2011

Santander AM extends product range in Portugal

p { margin-bottom: 0.08in; } Santander now offers 39 UCITS-compliant funds for sale in Portugal, with a sales license issued to Santander AM Sociedade Gestora de Fundos de Investimento Mobiliário to offer five funds, three of which are profiled funds of the Santander Gestão Private range (Liquidez, Obrigações, Prudente, Equilibrado and Acçoes), one of which is already on sale, and four more products of the Santander Gestão Premium line (Liquidez, Conservadoàr, Moderado and Valor Acçoes), Funds People reports.Minimal subscription for the former products is EUR75,000. For the latter, the minimum is EUR10,000.
22/03/2011

Enhanced Short Maturity ETF from Pimco tops USD1bn

p { margin-bottom: 0.08in; } Mutual Fund Wire relays reports in Daily Markets that the Enhanced Short Maturity Fund, launched in November 2009 by Pimco (Allianz Global Investors group) has become the first actively-managed ETF to top USD1bn in assets, with USD1.18bn.
22/03/2011

Matteo Pardi joins board at HSBC Global AM/EMEA

p { margin-bottom: 0.08in; } Following the recent appointment of Andy Clark as director of wholesale distribution (see Newsmanagers of 9 March), HSBC Global Asset Management has added to its distribution team for Europe, the Middle East and Africa (EMEA) with the promotion of Matteo Pardi as head of wholesale for continental Europe. Pardi joined HSBC 10 years ago, and was most recently head of fund distribution for southern Europe.The CEO of the British asset management firm for the EMEA region (1,100 employees, USD250bn in assets as of the end of December) since 1 October 2010 is Rudolf Apenbrink, who is also CEO of HSBC GAM for Germany, based in Düsseldorf. His objective will now be to develop the activity in emerging markets, where HSBC GAM has about USD145bn under management, with 200 specialists in 20 locations.
22/03/2011

Norwegian sovereign fund invests in Spain

p { margin-bottom: 0.08in; } The Government Pension Fund – Global (GPFG, formerly known as the Petroleum Fund), managed by Norges Bank Investment Management (NBIM), an affiliate of the Bank of Norway, in 2010 invested about NOK258m (EUR33m) in bonds issued by the Spanish banking restructuring fund (FROB), Expansión reports. The fund holds more than 1.5% of capital in Telefónica, Santander and BBVA, and controls more than 3% of Ferrovial and Gamesa.The fund also has NOK37.8bn, or EUR4.8bn in bonds issued by La Caixa, Maja Madrid and other Spanish savings banks in its portfolios. The GPFG last year also doubled its exposure to participation shares in the Caja de Ahorros del Mediterráneo (CAM), to NOK1.5m.The fund’s portfolio of Spanish government bonds as of the end of 2010 includes NOK25.66bn, compared with NOK9.66bn one year previously.
22/03/2011

MarketRiders launches an energy ETF portfolio

p { margin-bottom: 0.08in; } MarketRiders has launched an energy hedge fund comprised 100% of ETFs, aimed at investors seeking to protect themselves against rising energy prices, Hedgeweek reports. The MarketRiders Energy Hedge Portfolio, which includes over 300 shares affected by oil and gas prices, offers wider diversification in the energy sector, at about 5%, compared with an average of 1.5% for mutual funds investing in energy.
22/03/2011

Rendement de 5 % pour les fonds immobiliers paneuropéens

IPD vient de créer un nouvel indice traçant la performance des fonds immobiliers non cotés paneuropéens. Le rendement global pour 2010 ressort à 5 % contre -17,2 % en 2009. L’échantillon sur lequel est calculé l’indice comprend 18 fonds représentant un patrimoine de 11 milliards d’euros.
22/03/2011

Apollo réduit ses ambitions d’IPO

Le fonds de private equity, qui a reporté sa cotation prévue la semaine dernière, se propose de vendre 26,3 millions d’actions (dont 8,3 millions provenant des actionnaires actuels) dans une fourchette de prix de 17 à 19 dollars. Des ambitions revues à la baisse, volatilité des marchés oblige, par rapport aux rumeurs de fourchette initiale de 18 à 20 dollars. Apollo compte lever 500 millions de dollars, et espère mettre à prix ses titres le 29 ou le 30 mars.
22/03/2011

Défection chez Fidelity Investments

Le gestionnaire d’actifs américain a fait part de la démission au cours des dernières semaines de son responsable administratif Anthony Ryan. Ancien haut responsable au sein du Département du Trésor américain, le dirigeant a selon un porte-parole de Fidelity quitté le groupe, qu’il avait rejoint en 2009, afin de poursuivre d’autres projets.
22/03/2011

Charles Schwab met la main sur optionsXpress

La société américaine de courtage à destination des particuliers a annoncé le rachat de son concurrent optionsXpress pour un milliard de dollars, afin de bénéficier de l’intérêt des investisseurs pour les transactions sur les options. Finalisée d’ici fin septembre, l’opération, qui se fera par échange de titres, valorise la cible à 17,91 dollars par action représentant une prime de 17%.
22/03/2011

La zone euro voit grand pour le MSF

Les Dix-Sept ont décidé hier de doter le futur Mécanisme de stabilité financière d’un capital de 700 milliards d’euros afin de lui garantir une notation AAA
22/03/2011

Une voix discordante parmi les hedge funds londoniens

Michael Farmer, donateur du parti Conservateur outre-Manche et dirigeant du fonds d’un milliard de dollars Red Kite spécialisé sur les métaux, a confié au quotidien sa lassitude face aux grimaces de ses confrères gestionnaires d’actifs face au projet d’imposition de Londres. Aux yeux du gérant, le secteur devrait accepter des taxes plus élevées, jusqu’à un taux de 50% des bénéfices, et cesser de menacer de déménager sous des cieux plus cléments fiscalement. Michael Farmer, trader reconnu sur le cuivre notamment, estime important de rester fidèle en tant que citoyen d’un pays traversant une passe difficile. Il soutien t les efforts de la coalition au pouvoir pour maîtriser le déficit public.
22/03/2011

Les traders de cacao cèdent au chantage de Laurent Gbagbo

Les opérateurs sur le marché du cacao envisagent de payer des taxes sur les exportations au président de la Côte d’Ivoire, Laurent Gbagbo, sous la menace de se voir confisquer par le régime des stocks de cacao d’une valeur d’environ 1,3 milliard de dollars, indique le journal qui cite plusieurs sociétés qui accepteraient de céder au chantage dont Noble Group. Son président explique au quotidien avoir pris un conseil légal pour guider son choix.

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