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09/02/2011

Asia specialist sets up shop in Europe

p { margin-bottom: 0.08in; } Matthews International, an investment boutique based in San Francisco and specialised in Asia, which created a Luxembourg Sicav in 2010, has obtained approval to promote three of its funds on the Swiss and British markets, Citywire reports. The three vehicles are the Pacific Tiger (Asia ex Japan), the China fund, and the Asia Dividend fund. These products use the same investment strategies as in the United States, and will be managed by the same team, with a bottom-up process based on fundamental research. Assets under management at Matthews International total about USD19bn, making it the largest US investor specialised in Asian markets.
09/02/2011

Robeco Boston Partners already planning a soft closing fro US Premium Equities fund

p { margin-bottom: 0.08in; } Duilio R. Ramallo, manager of the Luxembourg fund Robeco US Premium Equities I USD shares (LU02269543469), told Newsmanagers on 8 February that the US equities product with USD4bn in assets last year attracted about USD1.2bn in net subscriptions, in addition to over USD400m in positive market effects related to a return of about 14% (the strategy, initiated in October 2005, weighs in at USD7bn, of which USD200m are for the US mutual fund, launched in July 2002).The portfolio includes about 110 positions, of which the largest is JP Morgan (3.5%), out of a universe of 4,000 shares. Although the benchmark index is the Russell 3000 value, about 75% of the shares in the portfolio are not part of this index. Stock-picking is bottom-up, of equities which present the double advantage of having low valuations, healthy balance sheets with rising profits, and a catalysing factor in the judgement of the manager. In addition, active bets may involve not only overweight positions but the shares which are in the index and that the fund deliberately doesn’t own.When asked about the capacity limitations of the Luxembourg fund, Ramallo estimates that Robeco will need to soft close the fund when it nears USD8bn. This may take the form of a closure to new investors and a discontinuation of active marketing.
09/02/2011

Berenberg and Universal launch a German value equities fund

p { margin-bottom: 0.08in; } The Hamburg branch of Berenberg Lux Invest and Germany-based Universal-Investment are joining forces to launch the German-registered fund Berenberg Deutschland Dividenden PLUS-Universal, which aims for regular returns through investment in equities from German companies which pay high dividends and earning premiums on options, while limiting risk with a covered call strategy, relying on volatility data which make it possible to actively manage maturities for each option. Stock-picking relies on a quantitative process which identifies businesses with solid balance sheets, higher than average profits, and attractive dividends.CharacteristicsName: Berenberg Deutschland Dividenden PLUS-UniversalISIN: DE000A1C7DF9Front-end fee: 5.50% maximumManagement commission: currently 1.55%Performance commission: 10% of outperformance on the Dax, with high watermark
09/02/2011

ETFlab launches four French government bond products

p { margin-bottom: 0.08in; } The XTF segment of the Xetra electronic platform from Deutsche Börse has gained four ETFs based on French government bonds. They replicate four of the five indices of the new Eurogov France range from Deutsche Börse for French government bonds in euros. The bond issues must have residual assets of at least EUR4bn and zero coupon issues are excluded from the universe. The number of issues incuded in the index is limited to 15.ETFlab, an affiliate of DekaBank, has released the ETFlab Deutsche Börse EUROGOV France, ISIN: DE000ETFL425, ETFlab Deutsche Börse EUROGOV France 1-3, ISIN: DE000ETFL391, ETFlab Deutsche Börse EUROGOV France 3-5, ISIN: DE000ETFL409 and ETFlab Deutsche Börse EUROGOV France 5-10, ISIN: DE000ETFL417, all of which charge fees of 0.15%. The new products bring the total number of ETFs listed in Frankfurt to 771.
09/02/2011

Pension fund assets up 12% in 2010

As of the end of 2010, assets in pension funds in the 13 largest retirement markets in the world (Australia, Brazil, Canada, France, Germany, Hong Kong, Ireland, Japan, the Netherlands, South Africa, Switzerland, the United Kingdom, and the United States) totalled USD26.496trn, an increase of 12% compared with the end of 2009. This is a record level, according to Towers Watson, the compiler of the data. However, this total represents only 76% of GDP, which is lower than the percentage in 2007 (78%). Growth is largely due to the good performance of financial markets.In 2010, retirement assets expressed in US dollars increased in all markets analysed by Towers Watson, except Ireland and France.The largest pension fund market remains the United States, at 58%, far ahead of Japan and the United Kingdom, at 13% and 9% respectively.But the country which showed the largest increase in assets in US dollars is South Africa, with 28%Pension fund allocations from the seven largest retirement markets (Australia, Canada, Japan, the Netherlands, Switzerland, the United Kingdom and the United States) remained relatively unchanged compared with 2009: 47% in equities, 33% in bonds, 1% in cash and 19% in other asset classes (real estate and other alternative investments). The United Kingdom, the United States and Australia had the highest exposure to equities compared with other markets.In France, Towers Watson estimates that pension fund assets total Usd133bn, or only 5% of GDP (the lowest percentage in any of the 13 countries). As of the end of 2000, this total was USD85bn.
09/02/2011

Hennessee hedge fund index up 0.65% in January

p { margin-bottom: 0.08in; } The consulting firm Hennessee Group LLC on 9 February announced that its hedge fund benchmark index gained 0.65% in the month of January, while the S&P 500 index gained 2.26%.
09/02/2011

GAM launches a tech stock fund

p { margin-bottom: 0.08in; } Fundstrategy reports that GAM is launching a long-only fund dedicated to IT sector equities, the GAM Star Technology fund, to benefit from new trends in the sector and the “profound defiance” which it inspires. The manager of the fund, Mark Hawtin, will invest in IT sector shares worldwide, particularly in the United States, which will represent more than 70% of the portfolio. Hawlin says that research into IT shares has considerably diminished since the bubble of 2000, as a result of which the sector is misunderstood and there are many price aberrations. Management fees are set at 1.50% per year, and performance commissions are 10% of gains exceeding the benchmark index (MSCI World IT).
09/02/2011

SEB AM adds to sales staff

p { margin-bottom: 0.08in; } From 1 February, Kai-Uwe Pohl has joined the sales team at SEB Asset Management Germany as head of institutional distribution. He was most recently head of distribution at WestLB Mellon Asset Management KAG in Düsseldorf, and previously head of the institutional fund management division at Allianz Global Investors in Frankfurt. The recruitment of Pohl is part of a growth drive at SEB AM in the institutional area.
09/02/2011

Shedlin hires a director from Charlemagne

p { margin-bottom: 0.08in; } Dennis Selinas, country manager and managing director for Germany at Charlemagne Capital, has been recruited by Shedlin Capital as head of property investments. He will be in charge of local investment teams and will share his time between the the Nuremberg, London and Bucharest offices.
09/02/2011

Arrests in US insider trading investigation

p { margin-bottom: 0.08in; } Federal prosecutors in Manhattan yesterday announced the arrest of two hedge fund managers, Agefi Switzerland reports. Samir Barai, head of Barai Capital Management, and Donald Longueuil, who in the past had worked for the titan SAC Capital Advisors. According to legal documents, Barai is accused of market fraud, conspiracy and obstructing law enforcement. Two other professionals – Noah freeman, former analyst at Sonar Capital and later portfolio manager at the Boston office of SAC Capital until January 2010, and Jason Pflaum, an analyst who worked with Barai – have chosen to plead guilty. Although the name SAC has come up frequently in investigations, the newspaper reports, the hedge fund is not directly implicated in the investigations.
09/02/2011

Consumer protection will be an area of focus for French G20 presidency

p { margin-bottom: 0.08in; } The French minister of the economy, Christine Lagarde, on 8 February announced at the convocation of the financial sector consulting committee (CSSF) that she would like to make consumer protection an area of focus for the French presidency of the G20. At the G20 Finance summit on 18 and 19 February, Lagarde will propose to her counterparts that the G20 Finance meeting in October 2011 should be a time to lay out common consumer protection principles for financial products. At the October meeting of G20 finance ministers, Lagarde will hold a high-level conference on consumer protection for financial products, in partnership with the OECD, to which she will invite G20 finance ministers. Lagarde stated in her address to the CSSF that the French G20 presidency represents “an opportunity not to be missed to protect consumers of financial products,” as, she said, “not to team up with consumers would be to forget that irresponsible sales practices for loans in the United States contributed to the sub-prime crisis.”
09/02/2011

CalPERS sues former Lehman executives

Calpers is suing former Lehman Brothers executives and investment banks that served as underwriters on the bond offerings of the bank, accusing them of misleading investors about the bank’s condition, according to the Financial Times. The US pension fund is seeking to recover losses it experienced on Lehman stocks and bonds that it had bought between June 2007 and September 2008.
09/02/2011

Huge increase in assets at Harvest Global

p { margin-bottom: 0.08in; } 18 months after taking on the greater China assets of its minority partner Harvest Fund Management, Deutsche Asset Mangemetn, Harvest Global Investments (HGI), an affiliate of the Hong Kong-based Harvest FM, has announced that its assets have increased to Usd3bn from USD1.6bn. HGI has also announced that its CEO, Michele Bang, who was the driving force behind its expansion, will be returning to Deutsche AM. Z-Ben Advisors reports that his replacement as CEO and vice chairman will be Choy Peng Wah, who was deputy CEO of Fullerton Asset Management.
09/02/2011

Optima Holding opens an office in Spain

p { margin-bottom: 0.08in; } The Belgian group Optima Holding has for the first time opened an international rep office, and appointed Antonio Suárez, who is also CEO of Leo & Partners, as CEO for Spain at Optima Planificación Fiscal Patrimonial, Funds People reports.
09/02/2011

Popular and BBVA announce rebate for transfers into their funds

p { margin-bottom: 0.08in; } In order to stem outflows of assets, BBVA and Banco Popular have announced that they will pay a bounty on fund share trades in favour of their products, Cinco Días reports. BBVA Asset Management will pay from 0.25% (short-term bonds) and 1% (guaranteed and equities funds) of the gross total transferred from other asset management firms. But clients will need to pledge to keep their money in the fund(s) until 27 March 2014.Banco Popular is offering between 0.35% for trades into its money market funds, and 1.25% for Spanish equities funds. The minimal period to remain invested in the funds is one year.
09/02/2011

LBPAM releases an SRI credit fund

p { margin-bottom: 0.08in; } LBPAM Responsable Obli Crédit, which has been available since 10 November 2010, is an SRI (socially responsible investment) fund of pure credit, aimed at legal entities. Its investment universe is composed of bonds and securitisations traded on the private sector, denominated in euros and rated investment grade (fixed rate, variable rate, revisable rate, or inflation-linked). The portfolio of the fund, managed by Samir Bederr in close collaboration with the SRI team at Banque Postale Asset Management, is composed of 40 to 45 positions. In terms of the choice of securities, the average ESG (environmental, social and governance) risk for the portfolio must be lower than or equal to the ESG risk for the benchmark index, Barclays Capital Euro Aggregate 500MM corporate. The aerospace and defence sectors are excluded from the investment universe, as are issuers with an ESG rating of 5, the lowest rating. Characteristics ISIN: FR0010957878 Date of creation: 10 November 2010 Total assets as of 31 December 2010: EUR29.5m Real management fees: 0.70% TTC per year, 0.50% TTC until 1 March, during the fund’s launch period Results: Capitalisation Currency: euroMinimal initial subscription: EUR3m
09/02/2011

LRI launches an absolute return fund for Swiss Rock

p { margin-bottom: 0.08in; } The Luxembourg firm LRI Invest has announced the launch of a new sub-fund of the Sicav Swiss Rock (Lux) for the Zurich-based wealth management firm Swiss Rock Asset Management, entitled Absolute Return Bond Fund Plus, which will be available in shares denominated in euros and Swiss francs, hedged for currency risks. The product will be managed by Roman von Ah, CEO of Swiss Rock AM and former CIO of Swissca.The diversified portfolio will be composed of government bonds, corporate bonds and securitisations, with a minimum of 50% investment grade papers, with a complement of high yield bonds and bonds from emerging markets. The objective is absolute returns higher than the euro money market rate.Active management of currency and rate risks will be complemented by active construction of the portfolio to manage exposure to securities, countries and sectors, while currency risks may be completely or partially hedged.The fund has recently received a sales license from BaFin for sale in Germany.CharacteristicsName: Swiss Rock (Lux) Sicav – Absolute Return Bond Fund PlusISIN codes: LU0558816855 (A shares in euros); LU0558817150 (C shares in Swiss francs hedged for currency risks)Front-end fee: maximum 3%Management commission: 0.93%Administrative commission: 0.11%Depository banking commission: 0.06%
09/02/2011
Fonds

Les fonds de pension voient leurs encours croître de 12 % en 2010

Fin 2010, les encours des fonds de pension des 13 principaux marchés de la retraite dans le monde* atteignaient 26.496 milliards de dollars, soit une augmentation de 12 % par rapport à la fin 2009. Il s’agit d’un niveau record, selon Towers Watson, qui publie ces chiffres. Néanmoins, ce montant ne représente que 76 % du PIB, ce qui reste inférieur à la proportion de 2007 (78 %). La croissance s’explique principalement par la bonne performance des marchés financiers. En 2010, les actifs de retraite exprimés en dollars ont augmenté dans tous les marchés analysés par Towers Watson, à l’exception de l’Irlande et de la France. Le principal marché des fonds de pension reste celui des Etats-Unis, avec 58 %, loin devant le Japon et le Royaume-Uni, avec 13 % et 9 % respectivement. Mais le pays ayant enregistré la plus forte croissance des actifs en dollars est l’Afrique du Sud, à 28 %. L’allocation des fonds de pension des sept principaux marchés de retraite (Australie, Canada, Japon, Pays-Bas, Suisse, Royaume-Uni et Etats-Unis) est restée relativement inchangée par rapport à 2009 : 47 % en actions, 33 % en obligations, 1 % en liquidités et 19 % pour les autres classes d’actifs (immobilier et autres placements alternatifs). Le Royaume-Uni, les Etats-Unis et l’Australie ont les plus fortes expositions aux actions par rapport aux autres marchés. En France, Towers Watson estime les actifs des fonds de retraite à 133 milliards de dollars, soit seulement 5 % du PIB (le plus faible pourcentage des 13 pays). Fin 2000, le montant était de 85 milliards. * Australie, Brésil, Canada, France, Allemagne, Hong Kong, Irlande, Japon, Pays-Bas, Afrique du Sud, Suisse, Royaume-Uni et Etats-Unis.
Fonds
09/02/2011
Fonds

Les Italiens sortent des fonds monétaires et obligataires

En janvier, les fonds commercialisés en Italie ont enregistré des rachats nets de 3,7 milliards d’euros, selon les dernières statistiques d’Assogestioni (association italienne des professionnels de la gestion). Les fonds obligataires et les fonds monétaires ont chacun vu sortir 2,2 milliards d’euros. Les hedge funds sont aussi dans le rouge, avec décollecte de 514 millions d’euros. Les fonds flexibles, les fonds diversifiés et les fonds actions ont en revanche enregistré des souscriptions nettes (respectivement 745 millions d’euros, 304 millions et 171 millions) mais cela n’a pas suffi à contrebalancer les demandes de remboursements. A la fin du mois, les encours ont diminué à 446 milliards d’euros contre 452 milliards fin décembre, dont 23 % dans des fonds actions, 4,8 % dans des fonds diversifiés, 40,9 % dans des fonds obligataires, 13,4 % dans des fonds monétaires, 15,1 % dans des fonds flexibles et 2,7 % dans des hedge funds.Les sociétés de gestion ayant le plus fortement collecté en janvier sont Gruppo Generali (169,6 millions d’euros) et JP Morgan Asset Management (66,6 millions). Du côté de celles qui ont enregistré les plus forts rachats nets figurent Pioneer Investments (732,9 millions) et Gruppo Intesa Sanpaolo (680,2 millions).
Fonds
09/02/2011

Le Popular et le BBVA subventionnent les arbitrages en faveur de leurs fonds

Afin de freiner l’hémorragie des encours, le BBVA et le Banco Popular ont décidé de récompenser par des primes les arbitrages qui seront opérés au profit de leurs fonds, rapporte Cinco Días. BBVA Asset Management verse ainsi entre 0,25 % (obligataire court terme) et 1 % (actions et garantis) du montant brut transférés en provenance d’autres sociétés de gestion. Mais il faut que les clients s’engagent à maintenir l’argent dans ces fonds jusqu’au 27 mars 2014.Le Banco Popular offre entre 0,35 % pour les arbitrages au bénéfice de ses fonds monétaires et 1,25 % pour ceux au profit de ses fonds d’actions espagnoles. La durée minimum de détention est de un an.
09/02/2011

Optima Holding s'installe en Espagne

Le groupe belge Optima Holding s’installe pour la première fois à l'étranger et a nommé Antonio Suárez comme directeur général pour l’Espagne d’Optima Planificación Fiscal Patrimonial qui est aussi directeur général de Leo & Partners, rapporte Funds People.
09/02/2011

Renta 4 obtient une licence bancaire

Le groupe d’investissements Renta 4, qui avait le statut de courtier (sociedad de valores), vient d’obtenir de la Banque d’Espagne l’autorisation d’acquérir une licence bancaire. Le conseil d’administration du 7 février a décidé l’acquisition de 100 % de Banco Alicantino de Comercio, une société actuellement en sommeil, au plus tard le 31 mars 2011, rapporte Funds People. Cette transaction devrait coûter 15 millions d’euros qui seront financés par une émission d’obligations.
09/02/2011

Bernard Stadler élu président du conseil d’administration de Banque Heritage

Selon L’Agefi suisse, le conseil d’administration de la Banque Heritage a élu Bernard Stadler président du conseil d’administration. En outre, Jorge Esteve a été nommé membre du conseil. Président du conseil d’administration de la Banque Cantonale du Valais (BCVs), Bernard Stadler a occupé plusieurs fonctions auprès d’UBS, Citibank et du groupe Clariden, respectivement Clariden Leu, de 1991 à 2007, dont celle de CEO pendant près de 10 ans. Jorge Esteve a travaillé auparavant auprès de HSBC Mexico.
09/02/2011
Fonds

LRI lance un fonds de performance absolue pour Swiss Rock

Le luxembourgeois LRI Invest a annoncé le lancement pour le compte du gestionnaire de fortune zurichois Swiss Rock Asset Management d’un nouveau compartiment de la sicav Swiss Rock (Lux), le Absolute Return Bond Fund Plus qui sera disponible avec des parts en euros et en francs suisses couvert du risque de change. Ce produit sera géré par Roman von Ah, directeur général de Swiss Rock AM, ancien CIO de Swissca.Le portefeuille diversifié sera composé d’obligations d’Etat, d’obligations d’entreprises et de titrisations, avec un minimum de 50 % de papiers catégorie investissement, avec en complément des obligations à haut rendement et des obligations de pays émergents. L’objectif est une performance absolue supérieur au taux monétaire en euros.La gestion active des risques de change et de taux sera complétée d’une construction active du portefeuille gérant l’exposition aux tigres, aux pays et aux secteurs, les risques de change pouvant être totalement ou partiellement couverts.Le fonds vient d’obtenir de la BaFin l’agrément de commercialisation pour l’Allemagne.CaractéristiquesDénomination : Swiss Rock (Lux) Sicav – Absolute Return Bond Fund PlusCodes Isin : LU0558816855 (parts A en euros)LU0558817150 (parts C en francs suisses couvertes du risque de change)Droit d’entrée : 3 % maximumCommission de gestion 0,93 %Commission d’administration : 0,11 %Commission de banque dépositaire : 0,06 %
Fonds
09/02/2011

SEB AM renforce son équipe commerciale

Depuis le 1er février, Kai-Uwe Pohl a rejoint l'équipe commercial de SEB Asset Management en Allemagne comme directeur de la distribution institutionnelle. Il était en dernier lieu directeur de la distribution chez WestLB Mellon Asset Management KAG à Düsseldorf après avoir été chef de division pour la gestion de fonds institutionnels chez Allianz Global Investors à Francfort.Le recrutement de Kai-Uwe Pohl s’inscrit dans le cadre d’une offensive de croissance de SEB AM dans le domaine institutionnel.
09/02/2011

LaSalle IM ouvre un bureau à Dubaï

Nick Brooks, regional director, qui est depuis huit ans client services manager pour le Proche-Orient à Londres, sera le responsable du nouveau bureau de représentation que LaSalle Investment Management vient d’ouvrir à Dubaï pour desservir les marchés de la région.
09/02/2011

Jean-Pierre Mustier confirmé chez UniCredit

Jean-Pierre Mustier, l’ancien patron de la banque d’investissement de Société Générale, a été choisi pour diriger la division corporate & investment banking d’UniCredit et ainsi remplacer Sergio Ermotti, rapporte Il Sole - 24 Ore, confirmant les hypothèses de ces dernières semaines. Le choix du Français a été formalisé mardi par le comité des nominations. Il deviendra officiel jeudi lors de la réunion du conseil d’administration extraordinaire convoqué ad hoc.
09/02/2011
Fonds

LBPAM commercialise un fonds ISR de crédit

Commercialisé depuis le 10 novembre 2010, LBPAM Responsable Obli Crédit est un fonds ISR (investissement socialement responsable) de crédit pur, qui s’adresse aux personnes morales. Son univers d’investissement est composé d’obligations et titres de créances négociables du secteur privé libellés en euro notés «investment grade» (taux fixes, taux variables, taux révisables ou indexés). Géré par Samir Bederr en étroite collaboration avec l'équipe ISR de la Banque Postale Asset Management, le portefeuille du fonds est composé de 40 à 45 titres. Concernant le choix des titres, Le risque ESG (Environnemental, Social et de Gouvernance) moyen du portefeuille doit être inférieur ou égal au risque ESG de l’indice de référence Barclays Capital Euro Aggregate 500MM Corporate. Les secteurs de l’aérospatiale et de la défense sont exclus de l’univers d’investissement, tout comme les émetteurs ayant une note ESG de 5, la plus mauvaise note.CaractéristiquesCode ISIN : FR0010957878Date de création : 10 novembre 2010Encours global au 31.12.2010 : 29,5 millions d’eurosFrais de gestion réels : 0,70 % TTC l’an, 0,50% TTC jusqu’au 1er mars, période de lancement du fondsAffectation des résultats : CapitalisationDevise : EuroSouscription initiale minimum : 3 millions d’euros
Fonds
09/02/2011
Fonds

Surplace de l'indice Lyxor Hedge Fund Index en janvier

L’indice «Lyxor Hedge Fund Index» termine le mois de janvier 2011 à l’équilibre. Sur le mois, les stratégies alternatives qui ont le mieux performé sont : la stratégie Lyxor Merger Arbitrage Index (1,37%), L/S Equity Long Bias Index (1,09%) et la stratégie Lyxor Convertible Bonds & Volatility Arbitrage Index (1,03 %).
Fonds

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