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11/10/2010

ebase completes migration of deposits from AmpegaGerling

p { margin-bottom: 0.08in; } The European Bank for Fund Services GmbH (ebase), an affiliate of Commerzbank via comdirect, on 3 October announced that it has completed the integration of funds from the management firm Ampega Gerling Kapitalanlagegesellschaft (Talanx group) into its depository platform with about EUR1bn in assets. The deal was announced slightly over three months ago (see Newsmanagers of 28 June). Previously, the depository for the funds concerned was X ISG, an affiliate of Fondsdepotbank (a joint venture of Xchanging and Allianz Global Advisors (AGI).
11/10/2010

Hedge funds invest in Hochtief

p { margin-bottom: 0.08in; } Since the announcement of a takeover bid by the Spanish firm ACS for Hochtief, the shareholder structure of the German construction group has changed significantly, the Frankfurter Allgemeine Zeitung reports. Frankfurt financial circles report that hedge funds have bought 15% to 20% of Hochtief. According to the Financial Times, Centaurus has announced that it favours the ACS bid, and has recommended to the board of Hochtief to abstain from any anti-takeover measures.
11/10/2010

Steps forward in AIFM directive talks

p { margin-bottom: 0.08in; } According to proposals by the Belgian EU presidency for the planned AIFM directive (see previous editions of Newsmanagers), obtained by Agefi, the European passport for external management firms would not be granted until at least 2014, pending approval by the ESMA. The deadline to open a single port of entry to the European market for foreign management firms or European managers of foreign funds would ultimately be set by the European Commission. In addition, the passport could be vetoed by the Council of Finance ministers of the 27 Eu member states, with a qualified majority vote. Until then, national legal frameworks would persist. However, the newspaper reports, citing a diplomatic source, the French government considers that the role granted to a centralised European authority under the proposals would remain “insufficient.”
11/10/2010

CEBS in favour of strict application of bonus rules

p { margin-bottom: 0.08in; } The Committee of European Banking Supervisors (CEBS) on 8 October published its recommendations for the application of European rules limiting bonuses for bankers, proposing a stricter interpretation of the rules than had been expected by the City. The 84-page document, which is open for consultation until 8 November, introduces much tighter limits than the G20 rules. Regulators are planning to require that the amount of bonuses be “proportional” to fixed salaries, that they be paid over a staggered three-year period, and that the paid portion of bonuses not exceed 50% of total payments, ad 30% of initial payments. The CEBS also says that the period of time over which bonus payments is to be staggered should be “further extended by management” at banks, and suggests a period of at least five years. The Committee also provides concrete examples of good governance, in which the initial cash payments are limited to 18% or 20%. Another suggestion of the Committee, undoubtedly the most controversial, is that all affiliates of European banking establishments, including those located outside the continent, should be subject to the rules. A public hearing on the matter, scheduled for 29 October in London, will likely be heated.
11/10/2010

Ignis not likely to seek new joint ventures

Ignis Asset Management sales and marketing director Jonathan Polin says the company is unlikely to expand its joint venture business as it focuses on growing its own fund business, according to MoneyMarketing.
11/10/2010

Martin Weber's ETF pulls in EUR100m in assets without any promotion

p { margin-bottom: 0.08in; } Professor Martin Weber of the University of Mannheim, one of the pioneers of behavioural finance in Germany, launched the diversified ETF Arero – Der Weltfonds on 20 October, 2008. The fund is administered by DWS (Deutsche Bank). Without any promotion, the product now has EUR100m in assets, which is an impressive achievement in a country where funds are not wpurchased by investors but rather sold by advisers, the Frankfurter Allgemeine Sonntagszeitung says. The synthetic replication fund (LU0360863863) replicates a hybrid benchmark index (70% MSCI World (EUR), and 30% REX Performance Index). It is rebalanced on an annual basis to achieve a 60% equities, 25% bonds and 15% commodities distribution. Management commission is set at 0.45%.
11/10/2010

Berenberg and Universal launch an emerging markets bond fund

p { margin-bottom: 0.08in; } Universal-Investment on 4 October announced the launch of the German-registered fund Berenberg Emerging Market Bond Selection R, a product which invests at least 51% of its assets in government bonds from emerging countries, with varying maturities. The management team at Berenberg may also rely on CDS to hedge country risks and derivatives to protect itself from fixed income risks. Characteristics Name: Berenberg Emerging Market Bond Selection R ISIN code: DE000A1C2XK8 Front-end fee: 5% Management commission: 1.25%
11/10/2010

HSBC launches a range of German-registered ETF funds

From 8 to 15 October, nine German-registered geographical ETFs from HSBC Global Asset Management will be admitted to trading on the XTF segment of the Xetra electronic platform. Other products based on country or sectoral indices are in preparation. Total expense ratios for the products range from 0.15% to 0.60%.The new funds are the following:HSBC EURO STOXX 50 ETF, DE000A1C0BB7HSBC FTSE 100 ETF, DE000A1C0BC5HSBC MSCI BRAZIL ETF, DE000A1C22N1HSBC MSCI EM FAR EAST ETF, DE000A1C22Q4HSBC MSCI EUROPE ETF, DE000A1C22L5HSBC MSCI JAPAN ETF, DE000A1C0BD3HSBC MSCI PACIFIC EX JAPAN, DE000A1C22P6 HSBC MSCI USA ETF DE000A1C22K7 and HSBC S&P 500 ETF DE000A1C22M3. The new funds mark the beginning of a major sales offensive by HSBC in Germany, where the group will also offer market-making services for third-party ETF providers. The new products are aimed at institutional as well as retail investors and private banks, says Heiner Weber, a member of the executive committee at HSBC Global Asset Management (Deutschland) GmbH. Lars Hofer, who jnoined HSBC in 1998, was appointed on 1 October as director of HSBC ETF and third-party ETF sales for Germany and Austria.
11/10/2010

Pioneer sale won't happen before end of year

According to Bloomberg Businessweek, UniCredit is unlikely to agree on a merger partner for its Pioneer asset management unit before the end of 2010 as it plans talks with at least four candidates, said two people with direct knowledge of the discussions.The Italian bank is looking for a strategic partner for Pioneer Global Asset Management and plans to remain a shareholder after merging the businesses, said the people. The deal would likely involve a stock deal with a French or other European firm.
11/10/2010

PowerShares liquidates 10 ETF funds

p { margin-bottom: 0.08in; } Invesco PowerShares on 8 October announced that the board of trustees at PowerShares Funds on 5 October approved the liquidation of 10 of its PowerShares branded ETF funds. The funds represent less than 1% of total assets at Invesco PowerShares (USD50bn). The last day of trading in Nasdaq and the Arca platform from NYSE Euronext for the funds will be 14 December. Ben Fulton, managing director of global ETFs, explains that following an analysis of performance, seniority on the market, investor interest and potential for future growth, Invesco PowerShares concluded that it was in the interest of investors to reposition the corresponding resources in areas which may be of more interest to clients. The ETFs concerned are the following:PowerShares Dynamic Healthcare Services Portfolio (PTJ)PowerShares Dynamic Telecommunications & Wireless Portfolio (PTE)PowerShares FTSE NASDAQ Small Cap Portfolio (PQSC)PowerShares FTSE RAFI Europe Portfolio (PEF)PowerShares FTSE RAFI Japan Portfolio (PJO)PowerShares Global Biotech Portfolio (PBTQ)PowerShares Global Progressive Transportation Portfolio (PTRP)PowerShares NASDAQ-100 BuyWrite Portfolio (PQBW)PowerShares NXQ Portfolio (PNXQ)and PowerShares Zacks Small Cap Portfolio (PZJ).
11/10/2010

ETF price war benefits small investors

p { margin-bottom: 0.08in; } The growing use of ETFs by independent financial advisers is set to further increase, as platforms reduce, and often simply waive fees for this type of product, the Wall Street Journal reports. TD Ameritrade Holding Corp has become the most recent management firm to launch a salvo in the price war: on Friday, it announced that it has decided to offer over 100 ETFs with no commissions, both for retail investors and financial advisers who use its platforms. The offer is valid for investors who remain invested in the funds for at least 30 days.TD Ameritrade’s initiative follows similar moves by Charles Schwab, E*Trade Financial, Fidelity Investment and Vanguard.
11/10/2010

Hargreaves gives GBP5.7bn in stock options to its new CEO

p { margin-bottom: 0.08in; } Investment Week reports that Ian Goham, who succeeded Peter Hargreaves as CEO of the wealth management firm Hargreaves Lansdown on 2 September, has received a total of 1.3 million shares via the management stock option program, valued at over GBP5.7m. The options may be exercised from 8 October 2013 to 8 October 2020.
11/10/2010

Philip Moore becomes CFO of LV=

p { margin-bottom: 0.08in; } Philip Moore, group finance partner and chief risk officer at Pensions Corporation, and also non-executive director of RAB Capital, has joined LV= as chief financial officer. Moore will be head of finances, legal and actuary, and will report directly to Mike Rogers CEO. Moore replaces Keith Abercromby, who will be leaving his position at the end of 2010.
11/10/2010

Kleinwort Benson hires CEO from Lombard Odier

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Kleinwort Benson has hired Sally Tennant, chief executive of the UK arm of Lombard Odier Darier Hentsch, as its new chief executive, says the Financial Times. The move is Kleinwort’s first step towards strengthening its private banking arm after it came under new management in July.
11/10/2010

Close Brothers Group sells property fund management activity

p { margin-bottom: 0.08in; } Close Brothers Group has announced that its asset management division will sell its property fund management activity to Alpha Real Capital. The sale comes as Close Brothers prefers to concentrate on its wealth and asset management activities in the UK, a statement says. The sale will reduce total assets under management at Close Brothers by GBP560m.
11/10/2010

Singapore hedge fund Amoeba closes its doors

p { margin-bottom: 0.08in; } Asian Investor reports that the hedge fund Amoeba Capital Partners, launched in 2006, will be closing at the end of this year. Investors in the Amoeba Capital Asia fund will be reimbursed, the firm says. Ashutosh Sinha, one of the two founders of the fund, say that the closure is due to a decision to take time off.
08/10/2010

Vanguard choisit des conseillers pour son U.S. Growth

Vanguard a choisi Wellington Management Company et Delaware Investments en tant que conseillers en investissement pour la gestion de son fonds Vanguard U.S. Growth , qui pèse 3,7 milliards de dollars. Les deux sociétés remplacent AllianceBernstein L.P, qui conseillait Vanguard sur ce produit depuis 2001. Wellington Management conseille au total 19 mutual funds de Vanguard.
08/10/2010

Nouveau CIO chez OppenheimerFunds

OppenheimerFunds a annoncé le 6 octobre la promotion de Art Steinmetz en qualité de chief investment officer. La société new yorkaise a également annoncé les promotions de George Evans au poste de «director» responsable de toutes les équipes d’investissement en actions, et de Krishna Memani au poste de «director» sur le fixed income.Art Steinmetz, qui remplace Christopher Leavy, parti chez BlackRock (lire par ailleurs), aura des fonctions élargies. Il continuera d’assumer la co-gestion de plusieurs fonds (Oppenheimer International Bond Fund, Oppenheimer Global Strategic Income Fund et Oppenheimer Global Allocation Fund).
08/10/2010

BlackRock recrute un ancien CIO d’OppenheimerFunds

Chris Leavy va rejoindre BlackRock en tant que directeur des investissements des actions US fondamentales – chief investment officer of US fundamental equity -, un poste nouvellement créé. Il était précédemment directeur des investissements actions chez OppenheimerFunds.Dans le cadre de ses nouvelles fonctions, Chris Leavy sera chargé de superviser les 150 milliards de dollars d’actifs de BlackRock dans les actions américaines fondamentales. Il est subordonné à Quintin Price, responsable et directeur mondial des investissements pour les actions fondamentales.
08/10/2010
Fonds

Un nouveau fonds de titrisation chez Tikehau IM

Tikehau IM a annoncé hier le lancement de TSS2, un deuxième fonds destiné aux dettes européennes en situations spéciales, rapporte l’Agefi. Suravenir, filiale d’assurance du Crédit Mutuel Arkéa, et Tikehau Capital Partners, apportent une partie de l’encours initial de 50 millions d’euros, sur un objectif de 300 millions. TSS2 adopte un statut de fonds commun de titrisation avec une structure de souscription offrant 3,5% de coupon annuel plus une part résiduelle capturant les flux excédentaires générés afin de tendre vers au moins 12% de taux de rendement interne (TRI). Pour cela, TSS2 sera investi en recherchant des décotes sur les prêts et créances bancaires ou obligations en situations spéciales.
Fonds
08/10/2010

Natixis AM se lance dans les taux internationaux

Natixis Asset Management vient de créer un département dédié aux taux internationaux et devises (lire aussi L’Agefi Hebdo du 7 octobre). Cette nouvelle équipe est dirigée par Brigitte Le Bris, arrivée début octobre d’Amundi (elle était chez SGAM). Elle est accompagnée de Clothilde Malaussene et Sébastien Thénard.
08/10/2010

Groupama AM adopte une nouvelle signature

Groupama Asset Management vient d’adopter une nouvelle signature: «La Gestion responsable, notre engagement». La société de gestion «réaffirme ainsi sa volonté d’être un gestionnaire activement responsable», explique un communiqué de presse. «Cet engagement va au-delà d’un simple concept publicitaire, il appartient à l’ADN de l’entreprise et est porté par toutes les équipes de Groupama Asset Management», commente Francis Ailhaud, directeur général de la société de gestion.
08/10/2010

Nouvelle baisse du taux de défaut au troisième trimestre

Le taux de défaut au niveau mondial des émissions en catégorie spéculative a reflué à 4% au troisième trimestre 2010, contre 6,2% au deuxième trimestre et 13,2% il y a un an, selon les dernières données communiquées par l’agence de notation Moody’s qui prévoit désormais un taux de défaut de 2,7% pour la fin de l’année et de 2% d’ici au troisième trimestre 2011.Même tendance aux Etats-Unis et en Europe où les taux de défaut devraient tomber à respectivement 2,8% et 2,2%. Depuis le début de l’année, Moody’s a comptabilisé 40 défaillances, dont 13 au troisième trimestre (8 aux Etats-Unis, le reliquat en Europe et en Asie). Sur les neuf premiers mois de 2009, le nombre de défauts s'était élevé à 237, dont 60 au troisième trimestre.

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