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21/01/2011

State Street va gérer un portefeuille d'obligations US pour Lærernes Pension

State Street Global Advisors (SSgA) a annoncé jeudi 20 avoir été sélectionné par Lærernes Pension, le fonds de retraite et d’assurance-vie de plus de 127.000 enseignants au Danemark, pour la gestion d’un portefeuille d’obligations d’entreprises US de qualité investment grade. Le montant du portefeuille s'élève à 271 millions de dollars. Il sera investi suivant une stratégie passive et selon des critères environnementaux, sociaux et de gouvernance (ESG) pour le fonds de 5,5 milliards d’euros du groupe. Le filtre ISR que SSgA mettra en œuvre a été défini par Lærernes Pension.
21/01/2011

Aviva Investors recrute une responsable du développement commercial en Suède

Aviva Investors a annoncé, jeudi 20 janvier, la nomination de Tove Bångstad au poste de directeur du développement commercial pour la Suède . Tove Bångstad qui prendra ses fonctions à compter du 1er février 2011 sera chargée de développer l’activité commerciale d’Aviva Investors et ses relations avec la clientèle sur le marché scandinave, précise un communiqué. L’intéressée sera rattachée à Véronique Cherret, Director - Responsable investisseurs institutionnels Europe et Royaume-Uni.Avant d’intégrer Aviva Investors, Tove Bångstad travaillait pour SEB Wealth Management, où elle était Responsable de la clientèle institutionnelle Suède et Responsable des fonds d’investissement.
21/01/2011
Fonds

Progression de 21% de l’actif net du suédois Investor

La société d’investissement suédoise Investor a annoncé le 20 janvier une nette augmentation de la valeur de son portefeuille en 2010 sur un an, rapporte L’Agefi suisse. L’actif net réévalué («net asset value»), c’est-à-dire la valeur des investissements (moins les dettes), a augmenté sur un an de 21% au 31 décembre 2010, à 167 milliards de couronnes (18,7 milliards d’euros).Ce montant, tiré par les cours de Bourse des grosses sociétés suédoises, représente 224 couronnes par action, contre une valeur de 187 couronnes par titre il y a un an et 200 à la fin du troisième trimestre. De ce fait, le conseil d’administration a proposé de porter le dividende annuel à 5 couronnes par action contre 4 couronnes en 2009.
Fonds
21/01/2011

Rothschild & Cie Gestion launches R Sovereign EuroRecovery

p { margin-bottom: 0.08in; } Rothschild & Cie Gestion has launched R Souverain EuroRecovery, a fund which invests in “high risk” government bonds of the Euro zone, including Greece, Spain and Ireland, Sébastien Barbe, director and head of fixed income management at the management firm, announced at its most recent quarterly strategy committee meeting. The French-registered FCP fund, created on 30 December, will aim to outperform the Euro MTS Global index.
21/01/2011

CalPERS earned net returns of 12.5% in 2010

p { margin-bottom: 0.08in; } The Californian pension fund CalPERS on 20 January announced that it earned net returns of 12.5% on its investments last year. Assets under management as of the end of 2010 totalled USD225.7bn, an increase of over USD65bn compared with their low point in March 2009 (USD160bn).Among the various asset classes, private equity performed best, with gains of 21.5% more than 7 percentage points more than its benchmark index. Equities earned returns of 14.6%, with gains of 17.3% for US equities and 12.8% for international equities. Fixed income has finished the year with returns of 11.6%.The only negative result was for real estate, were losses were limited to 5%, the lowest since the onset of the financial crisis, CalPERS reports.
21/01/2011

Legg Mason releases an absolute return bond fund in Spain

p { margin-bottom: 0.08in; } Legg Mason Global Asset Management has announced that it has recently registered the Legg Mason Western Asset Global Credit Absolute Return Fund, which is managed by Western Asset Management, an affiliate of Legg Mason specialised in international bonds, with the CNMV.The product is an absolute return product which invests in a diversified portfolio of corporate and high yield bonds, Funds People reports. The objective is to generate returns of 8-10%, with similar volatility, over a three-year cycle.The UCITS-compliant fund, with daily liquidity, is domiciled in Dublin, and managed by Dipankar Shewram.
21/01/2011

German government may revise real estate fund legislation

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that the German parliamentary CDU/CSU and FDP groups are planning to amend the proposed open-ended real estate fund legislation. They are planning to remove the required markdown on property valuations when properties are resold within 2 years (10%) or 3 years (5%), and to reduce the minimal period a property should be held from 2 years to 1 year, to allow retail investors to make withdrawals limited to EUR30,000 per year, and to lower the maximal leverage level for the funds from 50% to 30%.
21/01/2011

Pre-tax profits double for wealth management unit of Morgan Stanley

p { margin-bottom: 0.08in; } The Global Wealth Management unit of Morgan Stanley has reported pre-tax profits for the year 2010 of USD1.2bn, compared with USD559m for 2009. Assets under management totalled USD1.7trn as of the end of the year, while net inflows for the year as a whole totalled USD22.9bn, of which Usd14.1bn were in fourth quarter. The asset management unit, for its part, has earned pre-tax profits of USD723m, though it lost USD653m the previous year. As of 31 December, assets under management or supervision totalled USD279bn, compared with USD266bn one year earlier, The increase is largely due to market effects, which were partly offset by a net outflow from Morgan Stanley money market funds.
21/01/2011

Lazard Frères Gestion focuses on directors who own stakes in their businesses

p { margin-bottom: 0.08in; } Lazard Frères Gestion on Thursday, 20 January announced that it has teamed up with Esprits d’Entreprises, a club of entrepreneurs and directors who are shareholders in their companies which was founded in 2004 by Diaa Elyaacoubi and Bernard Ochs. The objective of the club is to allow its members who live business reality every day to exchange and present ideas in a laboratory environment, and to debate and learn, inform, explain, transfer and promote the business spirit, and to promote the ideas and proposals of its members, a statement says.
21/01/2011

Net profits at Raymond James nearly double

p { margin-bottom: 0.08in; } In fourth quarter 2010, which was the first quarter of the new fiscal year for Raymond James Financial, net profits totalled EUR81.72bn, which represents an increase of 18% compared with the previous quarter, and an increase of 90% compared with October-December 2009. Assets as of the end of December (excluding money markets) totalled USD33.4bn, compared with USD30bn as of the end of September, and USD27.6bn one year previously, while assets under administration totalled USD262bn, compared with USD249bn three months earlier, and USD232bn at the end of December 2009.
21/01/2011

MAN Group's AUM total USD68.6bn

p { margin-bottom: 0.08in; } Assets under management at Man Group totalled USD68.6bn as of the end of its third quarter, on 31 December 2010, compared with USD65.9bn as of 30 September, of which USD40.5bn were at Man, and Usd25.4bn related to the acquisition of GLG.MAN says in a statement that hedge funds saw a net inflow of USD100bn in third quarter. Long-only funds saw an outflow of USD1.1bn in third quarter, due to a redemption of over USD1bn on a low-margin mandate, as the investor wanted to pull out of European equities.
21/01/2011

JO Hambro IM recruits two managers

p { margin-bottom: 0.08in; } Two managers from Spencer House Capital Management (SHCM), Charles Martyn-Hemphill and Will kenney, will join JO Hambro Investment Management (JOHIM) in February, Investment Week reports. The two managers, founding partners of SHCM, will also continue to manage the Spencer House Capital Management fund, as well as other dedicated mandates.
21/01/2011

Fresh blood at Baillie Gifford

p { margin-bottom: 0.08in; } The Scottish asset management firm Baillie Gifford Investment Management on 20 January announced the appointment of three new partners, effective from 1 May 2011, bringing the number of members at the college of partners working full-time for the business to 37.The new partners include Malcolm MacColl, senior portfolio manager and one of the three decision-makers for the global alpha equities team, Bill Pacula, who will become the first international partner, and who is in charge of business development for the United States and Canada, and David Salter, client director in the institutional clients department.As of 30 April 2012, the partners Edward Hocknell, Nigel Morecroft and Leslie Robb will be retiring. From 1 May 2012, Andrew Telfer will become joint senior partner, in charge of directing the business. He will succeed Alex Callander, who will be retiring after a 30-year career at the firm. Telfer is currently head of the institutional clients department.
21/01/2011

Assets under management at Aberdeen up 2.6% in 2010

p { margin-bottom: 0.08in; } As of 31 December 2010, assets under management at the Scottish group Aberden totalled GBP183.3bn, up 2.6% compared with 30 September 2010. Fourth quarter 2010 ended with net outflows of GBP0.8bn, which were more than adequately offset by positive market effects of GBP5.4bn. Equities funds posted a net inflow of GBP3.4bn for the quarter, largely thanks to emerging markets, but all other asset classes finished the quarter in the red: -GBP900m for alternative strategies, -GBP900m for real estate, -GBP400m for money market funds, and -GBP2bn for fixed income. Under the double impact of net inflows and market effects (over GBP5bn), assets under management at equities funds totalled GBP80.8bn as of 31 December 2010, compared with GBP72.1bn one quarter earlier.
21/01/2011

State Street to manage a portfolio of US bonds for Lærernes Pension

p { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) on Thursday, 20 January announced that it has been selected by Lærernes Pension, the life insurance and pension fund for over 127,000 teachers in Denmark, to manage its portfolio of investment grade US corporate bonds. The size of the portfolio is USD271m. It will be invested according to a passive strategy, on the basis of environmental, social and governance (ESG) criteria, for the group’s EUR5.5bn fund. The SRI filter which SSgA will use was defined by Lærernes Pension.
21/01/2011

Absolute return: British management association may make changes to categories

p { margin-bottom: 0.08in; } The British investment management association (IMA) is considering changes to the absolute return fund category, which would add two subsectors for one-year and three-year funds, Money Marketing reports. This distinction would allow funds whose strategies are more long-term to retain their status as absolute return funds. Money Marketing reported last week that the FSA considers the absolute return label inappropriate in its current form (see Newsmanagers of 14 January 2011).
21/01/2011

British asset management association in another warning over new AIFM rules

p { margin-bottom: 0.08in; } The British investment management association (IMA) on 20 January announced that the introduction of new clauses in the AIFM directive could be damaging to investors.The professional association is reacting to a call for comments by the European Securities Markets Authority (ESMA) last month.The association claims that the directive is already a highly detailed document. “As a result, we call on ESMA now to introduce useless new terms in the level 2 and 3 measures, and to use directives rather than regulations at this level,” says Julie Patterson of the IMA.
21/01/2011

Financière de l'Echiquier posts net inflows of EUR700m in 2010

p { margin-bottom: 0.08in; } The French asset management firm Financière de l’Echiquier on Thursday, 20 January announced that it collected EUR700m in inflows in 2010. It now manages over EUR5bn, an increase of 44% for the year.One third of these inflows came form outside France, largely in Germany, Italy and Spain, countries which are growth areas for distribution of Arty funds, which include equities and bonds from European businesses, and Echiquier Global, which invests in global large cap equities.The asset management firm now manages EUR1.6bn for institutional investors, who represent nearly half of inflows.In terms of investment strategy, the management team estimates that 2011 will be as auspicious as 2010, but that the assets to bet on will be different. “For example, fiscal differences in European states will create opportunities in the sector of outsourcing of public services, and the fall of valuations in southern European countries will also make it possible to buy high-quality businesses at attractive prices,” a statement says.On the basis of these predictions and the stock-picking method practiced by the management firm, its chairman, Didier Le Menestrel, predicts assets of EUR15bn by 2015.
21/01/2011

Russell adds to alternative investment consulting team

p { margin-bottom: 0.08in; } Darren Spencer has been recruited as director, alternative investments for the Americas institutional consulting group. Spencer, who worked for a fund of hedge fund boutique, and was global head of alternative investments at Aon Investment Consulting, comes as an addition to the network of directors to advise alternative investments, which already includes head for Europe, the Middle East and Africa (EMEA), Australasia and Japan and North-East Asia. Spencer will be based in New York, and will be in charge of directing the development and deployment of alternative investment strategies for consulting clients of Russell in North America.
21/01/2011

Net assets up 21% for Sweden's Investor

p { margin-bottom: 0.08in; } The Swedish investment firm Investor on 20 January announced a net year-on-year increase in the value of its portfolio in 2010, Agefi Switzerland reports. Net asset value, which means the value of investments, minus debt, increased 21% in one year, to SEK167bn (EUR18.7bn) as of 31 December 2010. This total, driven up by increases in the value of Swedish large caps, puts the value of the firm at SEK224 per share, compared with a value of SEK187 per share one year ago, and SEK200 at the end of third quarter. The board of directors has therefore proposed to increase the annual dividend to SEK5 per share, from SEK4 per share in 2009.
21/01/2011

Pictet soon to release a UCITS fund

p { margin-bottom: 0.08in; } Pictet is presently still awaiting AMF approval to release a UCITS-compliant fund of hedge funds, managed by Cristina Bagnoli Mandic at Pictet Alternative Investments (PAI), in France. The product invests in CTA (futures), global macro and long/short equity markets, with a preference for liquid strategies, a major preoccupation of PAI (see Newsmanagers of 15 December 2010). The fund has weekly liquidity, and does not use swaps on offshore funds.
21/01/2011

Natixis AM takes its profits on emerging markets

p { margin-bottom: 0.08in; } “Now, tactically, we want to take our profits on equities from emerging markets, particularly Brazil, India and China,” says Emmanuel Bourdeix, head of equities, diversified and structured management at Natixis Asset Management. He points to risk and an overly rapid appreciation of currencies, as well as overly restrictive monetary policies in these countries. The equities specialist prefers developed markets, particularly Europe. In this region, he sees a “catch-up effect,” in a region which has suffered greatly from European debt problems. He predicts that European equities will gain 10% this year. More generally, 2011 “will be the year of equities,” says Bourdeix. For fixed income, Ibrahima Kobar, head of fixed income management at Natixis AM, says he is convinced that Portugal will seek financial assistance in 2011. He adds that the European Central Bank (ECB) is unlikely to raise its rates this year.
21/01/2011

Vontobel launches a local currency emerging markets bond fund

p { margin-bottom: 0.08in; } Funds People reports that Vontobel Asset Management has entrusted its bond team, directed by Daniel Karnaus, with a new fund of emerging markets local currency bonds. The objective of the product, whose H share class in Swiss francs was launched on 18 January, with share classes in US dollars and Euros to be released on 24 January, is to outperform the JP Morgan GBI-EM Global Diversified index.The fund will invest in countries such as Brazil, Malaysia, Mexico, Poland, South Africa, Thailand, Turkey, Indonesia, Hungary, Russia and Colombia, among others.
21/01/2011

Aviva Investors recruits a business development director for Sweden

Aviva Investors has announced the appointment of Tove Bångstad as business development director – Sweden. In this newly created role, she will be responsible for growing Aviva Investors business and client relationships in the Nordic market.Starting on 1st February 2011, she will report to Véronique Cherret, director - head of institutional channel - UK & Europe. Prior to joining Aviva Investors, Tove Bångstad was at SEB Wealth Management where she was most recently head of institutional clients for Sweden as well as head of mutual funds.
21/01/2011

Partnership agreement between Six and Liquidnet for transactions in blocs

p { margin-bottom: 0.08in; } SIX Swiss Exchange and Liquidnet, the institutional market for equities trading, on 20 January announced that they have signed an agreement to provide members of the SIX Swiss Exchange and buy-side operators effective execution of bloc executions on Swiss and European equities. Liquidity held in the exclusive Liquidnet liquidity system will be available to members of SIX Swiss Exchange. Liquidnet members will thus benefit from added liquidity provided by members of SIX Swiss Exchange. SIX Swiss Exchange members will be able to continue to use their front-end trading systems to trade about 3,600 international equities which will initially come from the Swiss, British, French, German and Dutch markets. The launch of the offer is planned for second quarter 2011.
21/01/2011

Olivier Carenini arrives at Russell Investments

p { margin-bottom: 0.08in; } The Paris office of Russell Investments on Thursday announced the appointment of Olivier Carenini as director of development, in charge of distribution and partnerships, effective from 5 January 2011. Carenini becomes responsible at the firm for development of partnerships and financial solution activities for savings and financial management professionals in France, Benelux, Switzerland and the Iberian peninsula. He will also collaborate with the EMEA (Europe, Middle East and Africa) team. Carenini previously worked at Rothschild & Cie Gestion, as director in charge of distribution teams.
21/01/2011

Aberdeen recruits Alban Arribas

p { margin-bottom: 0.08in; } As Newsmanagers reported on 18 January, the Paris office of Aberdeen has added to its real estate team, with the recruitment of Alban Arribas, who for the past ten years had been head of private investments at Acofi. Arribas becomes head of fund management France, and will be in charge of structuring for French real estate funds, including the development of OPCI fund management for French and international institutional clients.
21/01/2011

Rothschild & Cie Gestion announces a “vintage year in 2010”

“2010 was a vintage year for Rothschild & Cie Gestion,” said Arnaud Perrier, manager and director of sales and marketing for the French asset management firm, at a quarterly meeting of the strategy committee held on Thursday.“Our assets have increased 10% for the year, to EUR21.8bn as of the end of 2010,” he explains. This was achieved due to rising markets and a positive inflow, not counting money markets, of about EUR1bn,” the director of sales says.Perrier has also announced the arrival of a new addition in the institutional sales team. He is planning to recruit another person for Benelux, and says that “we will be present in Germany starting this year.”
21/01/2011

Amundi in pole position to take over Pioneer

p { margin-bottom: 0.08in; } Il Sole – 24 Ore reports that Amundi is in pole position to take over Pioneer Investments from UniCredit, with an integration proposal which would give the Italian bank a place as a minority shareholder in the asset management firm controlled by Crédit Agricole and Société Générale. The candidates, who also include Natixis and Resolution, must submit their final bids in March. The Italian newspaper estimates that if the price is not high enough, UniCredit may decide to “freeze” the Pioneer deal. That would raise the possibility of a sale of the US activities of the asset management firm, and a merger of the Italian part of the business with Eurizon, the asset management unit of Intesa Sanpaolo.

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