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31/01/2011
Fonds

Baisse de 3,3% des encours d’OPCVM de droit français en 2010

Selon Les Echos, EuroPerformance Six Telekurs observe dans son bilan 2010 de la gestion collective que, contrairement à 2009, la performance des marchés en 2010 n’est pas venue compenser les retraits les plus importants depuis le début de la crise, 57,3 milliards d’euros. D’où une année de baisse des encours pour les OPCVM de droit français qui ont fondu de 3,3%, soit de 28,7 milliards d’euros, à 837,4 milliards d’euros. Ils se trouvent désormais bien loin de leur sommet d’avant crise: 1.030 milliards d’euros en juin 2007. Les OPCVM actions ont progressé de 11% à 208,8 milliards d’euros mais les OPCVM de trésorerie régulière ont chuté de près de 15% à 325,9 milliards d’euros.
Fonds
31/01/2011

Groupama AM affiche une ambition internationale avec sa sicav luxembourgeoise

Le 14 décembre 2010, Groupama Asset Management a reçu l’agrément de la CSSF (Commission de Surveillance du Secteur Financier du Luxembourg) pour la création de G Fund, sicav de droit luxembourgeois à compartiments, a annoncé la société de gestion, lundi 31 janvier. L’objectif de la sicav annoncée au début de l’année dernière (voir Newsmanagers du 10/03/2010) est d’accentuer le développement à l’international de la société de gestion. Selon Arnaud Ganet, directeur commercial international de Groupama Asset Management, l’accélération du développement hors des frontières de l’Hexagone de l’entreprise passe par la mise en place de ce véhicule d’investissement devenu un standard de la distribution de fonds à l’international. «A titre d’exemple, a-t-il relevé, la gestion du passif développée par les agents de transfert luxembourgeois depuis de nombreuses années facilite la commercialisation à l’international. G Fund offre ainsi une approche complémentaire de la stratégie d’expansion internationale mise en place jusqu’alors."Dans le détail, G Fund est une sicav autogérée. Elle gère aujourd’hui 200 millions d’euros et compte 3 compartiments : Euro Corporate Bond, Alpha Fixed Income, et European Convertible Bond. Un quatrième compartiment, Alpha Europe Stock, va être lancé dans les semaines à venir. A noter que les fonctions de banque dépositaire, d’administration centrale et d’agent de transfert sont assurées par CACEIS Bank Luxembourg. En revanche, la gestion financière, le contrôle des risques, la mesure de performance et le reporting de la sicav sont assurés par Groupama AM.
31/01/2011

Gerard Aquilina quitte Barclays Wealth

Gerard Aquilina démissionne de son poste de vice chairman chez Barclays Wealth, selon Wealthbriefing. Un départ volontaire, selon un porte-parole de Barclays cité par Wealthbriefing, motivé par le projet de Gerard Aquilina de travailler dans le secteur des marchés émergents.Gerard Aquilina avait rejoint Barclays Wealth en septembre 2006. Il était précédemment chez HSBC Private Bank à New York, où il avait été chief executive pour le continent américain.
31/01/2011

Groupama has big plans for Luxembourg Sicav

p { margin-bottom: 0.08in; } The Luxembourg Sicav G-Fund from Groupama, announced in first quarter 2010 (see Newsmanagers of 10/03/2010), started up with EUR200m in seed money from its parent company, La Tribune reports. The insurer has opted for a self-managed Sicav, a less costly format which does not require the creation of a local asset management firm. The Sicav is co-managed in Luxembourg by Véronique Gillet of the management firm Adeis, who was selected through a RFP.In terms of product offerings, three sub-funds are already on sale, out fo the 15 sub-funds which the fund may eventually include: one fund of Euro zone credit (EUR80m), one of European convertibles (EUR80m) and one of absolute return fixed income (EUR40m).
31/01/2011

Luxembourg reports total number of funds as of end 2010

p { margin-bottom: 0.08in; } According to statistics from the CSSF, the Luxembourg regulatory authority, net assets in OPC collective funds represents EUR2.19899trn as of 31 December 2010, largely in Sicav vehicles (EUR1.540trn) and FCP funds (EUR652.16bn).The number of products at the end last year totalled 3,667, of which 1,701 were Sicavs, and 1,944 were FCPs.
31/01/2011

“Our European strategy will not work to the detriment of the French market”

After a brief period at Sal. Oppenheim, the former head of Franklin Templeton Investments has taken charge of development at Métropole Gestion. This will clearly mean focusing on Europe, with Germany and Italy promising markets, but the firm is not planning to neglect France, where it is courting independent financial advisers and private banks, but is not forgetting institutional investors, its historic client base.
31/01/2011

SEC charges Francisco Illaramendi with fraud

p { margin-bottom: 0.08in; } According to a case filed by the Securities and Exchange Commission on 28 January in a Connecticut federal court, Francisco Illaramendi, who controls a majority stake in the unregistered investment advisory firm Michael Kenwood Group (Stamford, Connecticut), illegally transferred at least USD53m belonging to investors to bank accounts in his own name, and then invested the money in private equity, the Wall Street Journal reports. The largest investor victim is reported to have been the pension fund of a foreign company.
31/01/2011

Efama writes to the SEC

p { margin-bottom: 0.08in; } The Securities and Exchange Commission (SEC) has received 100 letters in its public consultation over Title IV of the Dodd-Frank law, La Tribune reports. The final text of the bill is expected to be passed in spring, and to come into force on 21 July 2011.The consultation dealt with conditions for registration with the SEC for investment advisers, and the details of exemptions for come of these operators. Efama sent a letter as part of the consultation, representing the European asset management industry.Among the issues dealt with in the letter are European funds which receive retail investments. Under the terms of the bill, a management firm may lose eligibility for exemption if an investor located in the United States subscribes to one of these funds, even if the investor did not actively do so, which is widely possible and is often not controlled for by management firms, the newspaper reports.
31/01/2011

Profits up at AGF Management

p { margin-bottom: 0.08in; } For the fiscal year ending on 30 November, the asset management firm AGF Management has posted an increase in net profits of 19.5%, to CAD116.8m, due to an increase in earnings from management activities and reduced operating provisions for its division AGF Trust. Assets as of 30 November were down 3.6% to CAD43bn, of which CAD22.3bn (-2.1%) were in mutual funds.
31/01/2011

BNY Mellon offers two of its funds in the UK

p { margin-bottom: 0.08in; } BNY Mellon Asset Management has announced that on 8 February, it will release two Dublin-domiciled funds on the British market, including an emerging markets local currency bond fund (GBP2.4bn) and a Brazilian equities fund (GBP245m).
31/01/2011

Invesco moves to relaunch its Indian equities fund

p { margin-bottom: 0.08in; } MoneyMarketing reports that Invesco has decided to redistribute responsibilities on the team responsible for its Indian equities fund (GBP133m). The fund lost 18.86% in the past three years, compared with a loss of 11% for the MSCI India 10/40 equities index. Prashant Poddar, who joined Invesco in January 2010 as an analyst, has been appointed as co-manager of the fund, with Shekhar Sambhishivan. Poddar replaces co-manager Maggie Lee. The Asian equities fund will be co-managed by Lee, and the Asian infrastructure fund will also be co-managed by Paul Chan.
31/01/2011

Invesco moves to relaunch its Indian equities fund

p { margin-bottom: 0.08in; } MoneyMarketing reports that Invesco has decided to redistribute responsibilities on the team responsible for its Indian equities fund (GBP133m). The fund lost 18.86% in the past three years, compared with a loss of 11% for the MSCI India 10/40 equities index. Prashant Poddar, who joined Invesco in January 2010 as an analyst, has been appointed as co-manager of the fund, with Shekhar Sambhishivan. Poddar replaces co-manager Maggie Lee. The Asian equities fund will be co-managed by Lee, and the Asian infrastructure fund will also be co-managed by Paul Chan.
31/01/2011

State Street to provide ESG reporting service for F&C

p { margin-bottom: 0.08in; } State Street Corporation on 28 January announced that it has formed a partnership with F&C Investments to provide a reporting service covering environmental, social and governance (ESG) criteria so as to allow invetors to reach their engagement objectives in this area. The ESG solution from F&C provides investors complete reporting worldwide, allowing them to meet reporting conditions required under the United Nations Principles for Responsible Investment (PRI) Investors who are eligible to use the service include managers and administrators of pension funds, institutional clients such as charities and sovereign funds, and financial institutions seeking to deploy best practices in the area of responsible invetment in order to increase the long-term value of their investments. With this new service, State Street clients will now be able to obtain complete ESG engagement reports on mystatestreet.com.
31/01/2011

Assets in French-registered mutual funds down 3.3% in 2010

p { margin-bottom: 0.08in; } Les Echos reports that EuroPerformance from Six Telekurs has observed in its 2010 report on collective management that, unlike in 2009, the performance of the markets in 2010 did not compensate for the largest client redemptions since the onset of the crisis, which totalled EUR57.3bn. As a result, the year brought a decline in the bottom line for French-registered OPCVM funds, which lost 3.3% of their volume, or EUR28.7bn, for a total of EUR837.4bn. This is far below their pre-crisis peak, at EUR1.03trn as of June 2007. Equities mutual funds gained 11%, to EUR208.8bn, but money market OPCVM funds have lost nearly 15% to EUR325.9bn.
31/01/2011

TMW Weltfonds net asset value revised upward

p { margin-bottom: 0.08in; } TMW Pramerica Property Investment has announced that as of 26 January, the net asset value per share for its open-ended real estate fund TMW Immobilien Weltfonds has been increased by 21 cents. This is the result of a sale above book value of a property in Canada (see Newsmanagers of 27 January 2011), resulting in an increase of slightly over 45 cents, and a depreciation in value for the Colonos Plaza in Argentina, which has cost the fund 25 cents per share.
31/01/2011

Nearly 100 new ETFs based on S&P indices

p { margin-bottom: 0.08in; } The index provider Standard & Poor’s on 28 January announced that 95 new ETFs based on its market indices were launched last year, an increase of 46% compared with the previous year. S&P comments that of the record total of new funds released last year, 57 ETFs were offered outside the United States.
31/01/2011

Funds hold 2,167 tonnes of gold

p { margin-bottom: 0.08in; } In 2010, investors bought 361 tonnes of gold via ETFs which are monitored by the World Gold Council (WGC), bringing total stock to 2,167 tonnes as of the end of the year, a new record. The value of this stock represented USD98bn. The WGC observes that this is the second-highest increase ever, after the 617 tonnes in net subscriptions in 2009.The two largest funds are the SPDR Gold Shares (State Street), listed in New York, which attracted 147.1 tonnes of gold investment last year, and now has a total of 1,280.7 tonnes, and the ETF Securities Physical Gold Shares, with 165.1 tonnes, and 56.6 tonnes in new subscriptions. The ZKB Gold ETF (Cantonal Bank of Zurich) and the iShares Gold Trust (BlackRock) posted respective net subscriptions of 42.5 and 37.8 tonnes.
31/01/2011

Man Group launches an ETF

Man Group will on Monday launch a new exchange-traded fund designed to outperform stock markets by trading on broker’s tips using computer algorithms.The Man GLG Europe Plus Source ETF will be the company’s first ETF and the third hedge fund-linked ETF launch ever.
31/01/2011

Pioneer could stay in Italy

UniCredit is discussing a tie up of its Pioneer Global Asset Management unit with Intesa Sanpaolo’s Eurizon Capital SGR, said two people with knowledge of the talks, according to Bloomberg. The talks have the backing of government officials who would prefer to keep the asset management firm in Italian hands,
31/01/2011

BNY Mellon Asset Servicing recruits Jürgen Scharfenorth

p { margin-bottom: 0.08in; } On 1 February, Jürgen Scharfenorth will take up his new position as head of relationship management for Germany at BNY Mellon Asset Servicing, where he will report to Michelle Grundmann, managing director.Scharenforth was previously managing director, sales & global relationship management for Germany and Austria at Société Générale Securities Services Deutschland, CEO of Société Générale Securities Services, Deutsche KAG, and CEO of Société Générale Securities services Euro-VL Deutschland.
31/01/2011

MackayWilliams and Metrinomics found Fund Buyer Focus

p { margin-bottom: 0.08in; } London-based MackayWilliams LLP and Berlin’s Metrinomics GmbH, which previously published Fund Market Focus, have created a fund market analysis joint venture, Fund Buyer Focus Ltd. The goal of the collaboration is to combine research into European external fund buyers which has been undertaken since 2001 by Metrinomics with the analysis and perspective capacities of MackayWilliams.The project will allow Metrinomics to concentrate its primary activites on research, particularly in telecommunications. MackayWilliams, for its part, will develop the coverage and depth of its monthly publication Fund Radar, independently of Fund Buyer Focus.Fund Buyer Focus will continue the Fund Market Focus surveys of samples of over 900 respondents from a universe of over 4,000 professional fund actors in Europe. Combining these results with analysis of various markets, the new firm will be able to provide interesting advice about the dynamics of fund markets in terms of both supply and demand, nationally as well as internationally. Clients will then have access to a unique source of indicators to measure the success of distribution and sales strategies.The team at Fund Buyer Focus includes five specialists. It will be led jointly by Hans Schmolke, CEO of Metrinomics, and Rodney Williams, CEO of MackayWilliams, who will personally be involved in the development of products, sales and marketing.MackayWilliams was founded in 2010 by Diana McKay and Rodney Williams, who founded Feri Fund Markets Information (Feri FMI) with Feri Trust, a firm which was sold to Thomson Reuters in 2007.
31/01/2011

Werner Hedrich promoted to country head for Germany and Austria at Morningstar

p { margin-bottom: 0.08in; } Werner Hedrich, who for the past six years has been head of fund research for the German-speaking countries (Germany, Austria and Switzerland), has been promoted to CEO for Germany and Austria at Morningstar. He will report to Bevin Desmond, international business president, who directs the group’s international operations from Chicago.
31/01/2011

JPMAM, Amundi and BNP Paribas top foreign firms in Spain in 2010

p { margin-bottom: 0.08in; } According to statistics from the Spanish Inverco association of asset management firms, foreign providers were the big winners on the Spanish market in 2010. Their assets increased by more than half last year, Expansión reports, from EUR30bn to EUR48bn. At the same time, assets at Spanish firms were down 15% to EUR138bn. The three largest foreign asset management firms in Spain by asset volume as of the end of December were JPMorgan AM, with nearly EUR5.74bn, Amundi, with over EUR3.85bn, and BNP Paribas, with EUR3.06bn.
31/01/2011

M&G assets double in Spain

p { margin-bottom: 0.08in; } In 2010, assets at M&G Spain doubled to EUR1.25bn, and the British management firm laid out a plan to accelerate growth in Spain and Latin America, which is served from the Madrid office, Expansión reports. This commercial success has led M&G to recruit Cristina García de Sola (ex BlackRock Spain) as head of development. In addition, the firm will be moving to larger offices. The four M&G funds which are selling best in Spain are the M&G American Fund, Global Basics, Global Dividend and Recovery funds.
31/01/2011

Janus returns to profitability in 2010

Janus Capital Group has reported a full year net income of USD159.9 million for 2010, compared with a net loss of USD757.1 million for 2009.For the fourth quarter, net income totalled USD65.9 million, compared with net income of USD32.5 million in the third quarter 2010 and net income of USD37.0 million in the fourth quarter 2009.At December 31, 2010, the US fund manager’s total assets under management were USD169.5 billion compared with USD160.8 billion at September 30, 2010 and USD159.7 billion at December 31, 2009.The increase in yearover-year assets was the result of USD20.8 billion of net market appreciation and long-term net outflows of USD10.8 billion.
31/01/2011

JP Morgan Chase appoints a CIO

p { margin-bottom: 0.08in; } JP Morgan Chase on 27 January announced the appointment of Irene Tse as chief investment officer for North America, replacing Althes Duersten, who has retired. Tse previously worked at Duquesne Capital Management, as managing director and portfolio manager. She will report to Ina Drew, CIO, and will join the executive board at JP Morgan.
31/01/2011

Man recruits a head of US consultant relations

Man Group has hired Miriam Tai as head of US consultant relations. She joins from BlackRock where she was the director of global consultant relations and responsible for developing and managing the firm’s relationships with strategic investment consultants. At Man, Miriam Tai is responsible for advising on the full range of Man’s products and services to the US investment consultant community. She is based in the alternative asset manager’s New York office and reports to Raffaele Costa, managing director and head of sales for North America and Europe.“Her appointment underscores Man’s strategic commitment to the US institutional market as a top priority for the firm”, a press release says.
31/01/2011

Isabelle Bourcier officially joins Ossiam

p { margin-bottom: 0.08in; } Ossiam today, January 31st, officially reports the arrival of Isabelle Bourcier, former global head of ETF activities at Lyxor. She will become head of development at the 51% owned affiliate of Natixis AM, which will soon be launching its own range of ETFs.
31/01/2011

Aviva Investors is to hire a team in Sweden

p { margin-bottom: 0.08in; } Tove Bångstad, who has been appointed as director of commercial development in Sweden for Aviva Investors, will initially recruit five people in Stockholm, Dagens Industri (di.se) reports.
31/01/2011

Catella acquires a Swedish management firm

Catella has agreed to acquire 55% of the share capital and voting rights in Enskild Kapitalförvaltning AB. It has also made an offer to acquire the remaining shares for the same price. Total acquisitions price for 55% of the shares is therefore expected to amount SEK 28 million. Enskild Kapitalförvaltning is one of the larger independent asset managers in the Swedish market, with assets under management of approximately SEK 4 billion under management. The acquisition of Enskild Kapitalförvaltning will be a complement to the existing private banking business in Luxembourg and should be viewed as a step to establish a full scale private banking operation in Sweden and the Nordic region.

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