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23/09/2010

Lochiel Crafter appointed CIO for SSgA Asia

p { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) announced on 21 September that it has appointed Lochiel Crafter as chief investment officer for Asia-Pacific. “The newly-created position illustrates the importance of the Asia-Pacific region in SSgA’s growth straetgy,” a statement from the firm says. Crafter will be head of investment teams in Sydney, Hong Kong, Tokyo and Singapore. Before joining SSgA, where he had already worked in the past, Crafter was CEO of the Australian pension fund Australian Reward Investment Alliance (Sydney). He will continue to be based in Sydney.
23/09/2010

Rebound in bonuses for management risk specialists

p { margin-bottom: 0.08in; } Pay scales for risk professionals in asset management rebounded last year, following declines in 2007 and 2008, according to the most recent edition of the annual study by Risk Talent Associates. Total pay increased 4%, with a stagnation or slight decrease in salaries, but a 7% increase in bonuses. The study finds that last year, 90% of alternative management professionals earned bonuses, compared with 86% in traditional asset management and 81% in insurance.
23/09/2010

Institutionals should engage more in responsible investment

A recent analysis by Unctad (“Investment and Enterprise Responsibility Review”) of the 100 largest pension funds in the world, with total assets under management of USD8.6trn, or about EUR6.5trn, reveals that nearly half of the major pension funds publish one or several indicators based on the United Nations Principles for Responsible Investment (UN PRI). But the analysis finds no reference to responsible investment by 51 pension funds in the sample, representing 39% of total assets under management. Only 27 funds, with assets representing only 42% of all assets under management, publish four or more indicators.The authors of the study conclude that although the increasing spread of responsible investment is a reality, the fact is that many pension funds still have a long way to go. For this reason, they recommend that all institutional investors should be invited to formulate their position in regards to responsible investment to all parties. “Transparency of practices in terms of responsible investment is essential, not only to reduce imblances between contractual parties, but also to ensure the sustainable development of international markets,” the authors point out.p { margin-bottom: 0.08in; }
23/09/2010

BVI welcomes new regulations for real estate funds

p { margin-bottom: 0.08in; }a:link { } The German federal government on 22 September passed a bill to improve investor protection and the functioning of the financial markets (Anlegerschutz- und Funktionsverbesserungsgesetz). The text of the law may be consulted at the following address: http://www.bundesfinanzministerium.de/nn_82/DE/BMF__Startseite/Aktuelle…. The law introduces a minimal investment duration for open-ended real estate funds of 2 years, and exit penalties of 10% in the third year and 5% in the fourth year, but authorised redemptions of up to EUR5,000 per month, per subscriber. It also relaxes the requirements for asset sales, when liquidation is inevitable, and authorises managers to sell properties at an increasing markdown from their book value (up to 20% in the first half of the third year). The BVI association of asset management firms has welcomed the passage of the law, which sanctions the segmentation which has set in in practice between retail investors on the one hand, and institutional and large-scale investors on the other. The BVI hopes that some improvements to the text will come as it is examined by Parliament. Open-ended real estate funds in January-July posted net subscriptions of EUR2.7bn.
23/09/2010

Anima merges funds

p { margin-bottom: 0.08in; } Anima Sgr, the asset management firm founded on 31 December last year from the merger of Anima and Bipiemme Gestioni, is reorganizing its Italian-registered fund range, effective from 17 December 2010. The idea is to simplify the current product range, composed of two families of funds, through mergers of products. The number of funds will be reduced from 41 to 30.
23/09/2010

Vision gets SEC subpoena

p { margin-bottom: 0.08in; } According to sources familiar with the matter cited by the Wall Street Journal, Vision Capital Advisors, a hedge fund management firm (USD700m) specialised in financing small publicly-traded businesses on the basis of privately negotiated transactions (PIPEs), has received a subpoena from the SEC requiring it to explain its activities. The firm was launched in 2005 by Adam Benowitz, who helped pay bills in college by playing poker, and Randall Cohen, who has taught at Harvard and MIT.
23/09/2010

BlackRock looks to grow in Brazil

BlackRock on 21 September announced the appointment of Luiz felipe Andrade as managing director and country head for Brazil, and will aim to develop the group’s activities in Brazil.Andrade will oversee a team of 16 professionals at BlackRock’s offices in Sao Paulo. He previously worked for 13 years at Itaù-Unibanco, where he was most recently director of markets and liquidity risk.p { margin-bottom: 0.08in; }
23/09/2010

Two heads of private banking from Guipuzcoano join BES

p { margin-bottom: 0.08in; } Garikoitz Olabera, director of private banking at Guipuzcoano, has joined Banco Espirito Santo (BES) in Portugal as head of private banking, and the private wealth management arm of BES as head for the central Spanish region, Funds People reports. Eva Quintero, who was previously head of the private bank at Guipuzcoano for the Madrid region, will lead a new private banking centre which BES will open in Madrid. Guipuzcoano has been acquired by Banco Sabadell. Its private banking team manages 19 Sicavs with total assets of EUR181m. To replace Olabera, Guipuzcoano has appointed Ana Euba Aldape, head of the group’s management firm (EUR1bn). Quintero’s position is a newly-created one.
23/09/2010

Belgrave Capital registers Vitruvius fund in Spain

p { margin-bottom: 0.08in; } On 10 September, the CNMV registered the UCITS-compliant, Luxembourg-domiciled Vitruvius fund, and its eleven sub-funds. The multi-portfolio, multi-adviser rage specialises in alternative strategies, with the London-based Belgrave Capital Management (BCM), an affiliate of Banca del Ceresio, as its promoter. Vitruvius is already licensed for sale in Germany, Austria, France, Italy, Luxembourg, Sweden, and Switzerland.
23/09/2010

Invesco registers 14 PowerShares funds in Austria

p { margin-bottom: 0.08in; } From 1 September, Invesco PowerShares is licensed by the FMA to sell 14 PowerShares funds in Austria. The products replicate Intelligent indices (Intelligent Index, Intelligent Exposure, Intelligent Access).
23/09/2010

Pimco launches two ETFs

p { margin-bottom: 0.08in; } With the Pimco Build America Bond Strategy Fund (BABZ), an actively-managed ETF, and the Pimco Investment Grade Corporate Bond Index Fund (CORP), a passively-managed fund, Pimco (Allianz Global Investors group) has added two products to its range, one with a management commission of 0.45%, and the other with fees of 0.20%. BABZ offers access to the taxable municipal bond markets, and aims to capture the performance of the best securities, while avoiding issues from municipalities which Pimco considers to have deteriorating credit quality. The fund is managed by John Cummings, executive vice president and head of the municipal bond desk. COPR invests in investment grade corporate bonds, most of which belong to the BofA ML US Corporate index, with careful balancing of the duration curve and the credit characteristics of the index.
23/09/2010

Euronext Paris lists 5 Asia ex Japan ETFs from Lyxor

p { margin-bottom: 0.08in; } On 22 September, NYSE Euronext announced that it has admitted five Asia ex Japan ETFs from Lyxor Asset Management (Société Générale), all of them registered in France, all with fees of 0.65%, to trading. The funds are the Lyxor ETF MSCI AC Asia Ex Japan Financials TR, Lyxor ETF MSCI AC Asia EX Japan Consumer Staples TR, Lyxor ETF MSCI AC Asia Ex Japan Materials TR, Lyxor ETF MSCI AC Asia ex Japan Information Technology TR and Lyxor ETF MSCI AC Asia Ex Japan Infrastructure Capped TR.
23/09/2010

Newcits develop rapidly

UCITS III is the most rapidly developing sector in the global hedge fund industry, with the number of funds estimated to be 775 and assets under management exceeding USD130 billion, according to Eurekahedge. Currently, the Eurekahedge UCITS III Hedge Fund Database lists 775 UCITS III products, with another 500 to be added in the coming months.Total assets under management grew by USD13.4 billion in August, bringing the size of the global hedge fund industry to USD1.54 trillion. Net positive asset flows accounted for USD7.1 billion of the total growth.
23/09/2010

Large funds set the tone for inflows

p { margin-bottom: 0.08in; }a:link { } In an analysis of the German fund market in January-July 2010, the Kommalpha agency finds that often a small number of promoters, or funds, are enough to influence the evolution of inflows or outflows in their segment. For example, Pimco Europe has raised about EUR8.6bn, while bond funds as a whole attracted only EUR7.5bn. In the open-ended real estate fund segment, the four largest actors account for 50% of total assets, while among 2,500 equities funds, it recently occurred that only two large ETF funds between them managed to generate positive overall net inflows for the sector as a whole, which otherwise showed outflows. The trend towards large funds determining the direction of their sectors also applies to bond funds, diversified funds and money market funds (see the table on page 3, at the following address: http://www.kommalpha.com/cms_sources/dateien/fondsmarkt/Kommalpha_Fonds…)
23/09/2010

Rapid expansion for GlobeOp

p { margin-bottom: 0.08in; } For the period from 30 June to 31 August, assets under administration at GlobeOp Financial Services increased from USD120bn to USD139bn, due to USD15bn in investments from new clients (including a USD14.6bn mandate from European Credit Management Ltd). Client subscriptions totalled USD8bn, which partially offset redemptions of USD5bn. The performance of funds increased assets by USD1.5bn, while existing clients launching new funds added up to USD0.5bn. GlobeOp is an Anglo-American independent provider of administration services, specialised in middle and back office and integrated risk reporting aimed primarily at hedge funds and asset management firms, as well as pension funds, corporate treasuries, insurers, and banks.
23/09/2010

A fixture of value investment retires

p { margin-bottom: 0.08in; } The Jersey-based management firm Dreman Value Management announced on 21 September that the fixture of value asset management, David Dreman, will be leaving his position as co-chief investment officer. Clifton Hoover, previously co-CIO alongside Dreman, who will now take over as CIO. Hoover will also become CEO. Dreman, who launched his business in 1977, will remain in control of the firm, as he retains his position as chairman and member of the investment board. He will also continue to manage the Dreman High Opportunity Fund and the Dreman Market Overreaction Fund.
23/09/2010

Charter Group launches hedge fund administration activity

p { margin-bottom: 0.08in; } Charter Group has launched Charter Group Fund Administration. The firm will be based in London, and will provide administration services to hedge funds, primarily offshore hedge funds managed by alternative management boutiques on the London market. The activity will be led by Brian Taitz, who previously managed a similar firm in Australia, a statement from Charter Group Fund Administration says.
23/09/2010

Mark Krombas joins Charlemagne

p { margin-bottom: 0.08in; } Fund Strategy reports that Mark Krombas, who managed the Ocean Equities Mena Opportunities, SGAM Fund Equities Mena and SGAM Oasis funds at GLG and SGAM (UK), is joining Charlemagne Capital, where he will manage a Middle East and North Africa (MENA) sub-fund of the UCITS-compliant Sicav Magna.
23/09/2010

Pictet launches a long/short China fund

Pictet Funds, the fund distribution arm of the Swiss private bank Pictet & Cie, has launched the Pictet Total Return-Mandarin fund, an Asian equities long/short fund domiciled in Luxembourg, and compliant with the UCITS III directive.The fund, managed by Lan Wang Simond, invests in China, with diversification in Hong Kong, Taiwan, or other Asian countries outside Greater China. The Pictet Total Return-Mandarin fund replicates the management of the Cayman Islands-registered fund Asia Focus. The management team hopes to benefit from the “secular growth” of China, while minimising risk of losses in turbulent periods, and maximising outperformance through specific concepts in stock-picking.Management strategy aims to reduce market correlation and to generate “asymetric, less volatile, positive returns,” Pictet Funds says. The fund is currently licensed for sale in France, Germany, Luxembourg, Switzerland, and the United Kingdom. p { margin-bottom: 0.08in; }
23/09/2010

Singapore will overtake London as global asset management centre by 2025

Singapore is going to become the second largest global asset management cluster by 2025, says PricewaterhouseCoopers in a new research. By 2040, the three largest clusters by value of assets under management are projected to be New York, Singapore and London.Boston, London and New York are currently the largest clusters in asset management (based on the value of funds under management).But the threat of stricter regulation in some western financial markets has created opportunities for Asian and South East Asian markets, which are campaigning to attract funds to the region. Perhaps even more important is the potential for organic growth in Asia – driven by strong economic performance and large stock of private and public capital.PwC expects to see the existing asset management clusters of Hong Kong and Singapore grow rapidly. Both locations offer less burdensome tax regimes than their western counterparts and have “well-regulated but moderate”11 regulatory structures. However, in PwC’s view there can only be one dominant regional centre in Asia.In the first half of 2010 Hong Kong out-performed Singapore in attracting start up asset management funds with 65% of Asian fund launches during the period occurring in Hong Kong. However, with the Singaporean government actively promoting the city as a global centre for asset management and with a higher existing value of assets under management, Singapore is well-placed to compete with Hong Kong going forward, according to PwC.
22/09/2010
Fonds

La concurrence s'intensifie dans le domaine des ETF obligataires

Depuis que la crise financière a dégoûté les investisseurs du marché d’actions, les encours des ETF obligataires ont explosé : ils dépassent à présent les 130 milliards de dollars contre 20,5 milliards fin 2006, selon les calculs de Morningstar relayés par The Wall Street Journal. Dans ce compartiment iShares continue de dominer, avec 70 % de part de marché, mais la concurrence s’est intensifiée avec l’arrivée notamment des produits de State Street et aussi ceux de Vanguard, lesquels sont souvent moins chers.Parmi les nouveaux acteurs, il y a aussi PowerShares (Invesco) et Pimco, ce dernier avec un ETF obligataire géré activement qui a déjà attiré 349 millions de dollars. Au total, plus de 30 ETF obligataires sont disponibles, mais iShares (BlackRock) est le promoteur qui offre de loin la gamme la plus complète, comme le souligne sa porte-parole.
Fonds
22/09/2010
Fonds

L'américain Virtus coopère avec une firme londonienne

La société américaine de multigestion Virtus Investment Partners vient d’annoncer le lancement d’un fonds d’actions internationales, le Virtus International Equity Fund. Ce nouveau véhicule est conseillé par la société de gestion londonienne Pyrford International (Bank of Montreal). Le fonds se propose d’investir dans quinze à vingt pays tant développés qu'émergents. Ensuite, la sélection des titres intervient selon un processus d’analyse fondamentale. Au 30 juin 2010, les actifs sous gestion de Virtus s'élevaient à un peu plus de 25 milliards de dollars.
Fonds
22/09/2010

Russell recrute un responsable pour les dérivés cotés

Russell Investments a annoncé le 20 septembre le recrutement de Kurt Zyla en qualité de directeur régional pour les dérivés cotés. Basé à New York, Kurt Zyla aura en charge la coordination des efforts d’expansion sur de nouveaux marchés ainsi que le développement et la cotation de nouveaux produits.Kurt Zyla travaillait précédemment chez BNY Mellon en tant que responsable de la stratégie d’investissement sur les indices et les ETF au sein de Mellon Capital Management.
22/09/2010
Fonds

Cazenove va lancer un fonds de revenu

Le 21 septembre, Cazenove Capital a annoncé avoir demandé à la FSA l’autorisation de lancer le Cazenove Diversity Income Fund, un fonds multi-classes d’actifs en multigestion confié à Marcus Brookes et Robin McDonald, qui gèrent déjà le Cazenove Multi-Manager Diversity Fund.Ce produit sera lancé dans le courant du quatrième trimestre et vise une performance équivalente sur le moyen terme à l'évolution de l’indice des prix à la consommation avec un revenu moyen de 4 % par an. Il sera investi à 40 % en actions ainsi qu'à 40 % en obligations et numéraire, tandis que 20 % seront alloués à des placements alternatifs.La souscription minimale initiale est fixée à 1.000 livres. Le droit d’entrée sera de 5 % et la commission de gestion de 1 %.
Fonds
22/09/2010
Fonds

Brevan Howard lance un fonds Ucits sur les devises des marchés émergents

Selon Citywire, Brevan Howard a lancé un fonds au format Ucits dédié aux devises des marchés émergents. Lancé avec environ 110 millions de dollars de capitaux initiaux, le fonds sera géré en interne avec pour lead manager Filippo Cipriani. Une précision qui a son importance dans la mesure où le plus gros hedge fund européen a souvent été critiqué pour avoir précédemment recruté une équipe externe (sous la houlette de Philippe Lespinard) pour gérer le fonds Absolute Return Bond Plus qui n’a pas suscité beaucoup d’intérêt chez les investisseurs.
Fonds
22/09/2010

Premier gérant pour la plate-forme Ucits Montlake

ML Capital Asset Management (ML Capital) a annoncé le 20 septembre que la première société de gestion à utiliser la plate-forme Ucits domiciliée en Irlande Montlake sera Clareville Capital Partners, le hedge fund créé par David Yarrow. Le fonds proposé, une déclinaison au format Ucits du Pegasus Fund (stratégie long/short actions britanniques) lancé il y a treize ans, qui pourra être négocié à compter du 1er octobre, sera co-géré par David Yarrow et Angus Donaldson.
22/09/2010
Fonds

Eaton Vance lance un fonds de performance absolue

Le 20 septembre au soir, Eaton Vance Management, filiale d’Eaton Vance Corp, a annoncé le lancement du mutual fund Eaton Vance Global Macro Absolute Return Advantage Fund géré par le groupe obligataire de la société de gestion qui est responsable de 11 milliards de dollars (au 31 août). Ce fonds, qui vise une performance absolue, investira en période normal dans des obligations, des monnaies et des taux d'émetteurs souverains, mais également en obligations d’entreprises, en actions, en obligations municipales et en placements liés aux matières premières. Au moins 40 % de ses actifs seront investis à l'étranger. Michael Cirami, co-gérant de portefeuille, indique qu’il s’agit d’un fonds de sélection de pays (country picker) qui cherche à identifier les incohérences entre les fondamentaux d’un pays et la valorisation des actifs sur ses marchés.Par rapport au Global Macro Absolute Return Fund, le Advantage présente deux différences principales : d’une part, une exposition inférieure aux marchés frontières et, d’autre part, un objectif de performance plus élevé couplé à l’acceptation d’une volatilité plus importante de cette performance.
Fonds
22/09/2010

Assemblée générale de Lagardère : L'AMF répond à Guy Wyser-Pratte

Selon l’Agefi, l’Autorité des marchés financiers a expliqué à l’activiste franco-américain que la réglementation américaine était la seule en cause dans la défaillance des assemblées générales en France. Lors de l’AG de Lagardère du 27 avril dernier, rapporte le quotidien, Guy Wyser-Pratte avait remporté 23,7% des votes, mais une partie des votes par correspondance n’avait pas été prise en compte.
22/09/2010

La Socgen met fin à un contentieux avec Lehman Brothers

L’Agefi rapporte que la Société Générale vient de signer un accord de règlement à l’amiable avec les liquidateurs de Lehman Brothers dans le cadre de deux CDO (collateralized debt obligations) investis dans des titres adossés à de l’immobilier américain. La banque française versera un maximum de 445 millions de dollars (340 millions d’euros) à sa contrepartie, selon les termes de l’accord déposé pour approbation auprès du tribunal des faillites de New York. Les swaps ont été résiliés par anticipation en septembre 2008 après la faillite de la banque américaine, ce que cette dernière a aussitôt contesté. Tout le débat porte sur l’interprétation des clauses des swaps dans les contrats Isda, note le quotidien. Les deux parties ont finalement préféré un accord amiable.Le règlement interviendra en plusieurs étapes «et cette transaction aura un impact négligeable sur les comptes du groupe en raison des provisions précédemment passées», indiquait hier la Société Générale.

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