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08/09/2010

HSBC se renforce en gestion alternative

Selon Money Marketing, HSBC vient de nommer Amy McNally en qualité de global marketing manager au sein de son pôle de gestion alternative HSBC Alternative Investments.Amy McNally travaillait précédemment chez Barclays Wealth en tant que spécialiste produits dans le segment des investissements alternatifs.
08/09/2010
Fonds

Deka achète une tour de Manhattan

SL Green Realty Corp, l’un des principaux propriétaires d’immeubles de bureaux de New York, a annoncé qu’il va vendre pour 123,2 millions de dollars la tour située au 19 West 44th St. dans Midtown Manhattan au gestionnaire allemand de fonds immobiliers Deka Immobilien Investment, rapporte The Wall Street Journal.La transaction pour cet immeuble de deuxième classe s’effectue à 422 dollars du pied carré, signe que le marché se redresse. Certes, durant la période faste, l’immeuble aurait valu 600 dollars, mais il se serait vendu pour 325 dollars au plus bas, comme le souligne Dan Fasulo, managing director chez Real Capital Analytics.En tous cas, SL Green avait acheté l’immeuble (292.000 pieds carrés) en 2004 pour 67 millions de dollars.
Fonds
08/09/2010

Pat O'Brien devient CEO d'Aviva Investors pour l'Amérique du Nord

Aviva Investors a annoncé mardi la nomination avec effet immédiat de Pat O’Brien comme CEO d’Aviva Investors North America, avec la responsabilité des activités du gestionnaire pour les Etats-Unis et le Canada. Basé à Chicago, il sera subordonné à Alain Dromer, CEO d’Aviva Investors et membre du comité exécutif mondial.Pat O’Brien était entré en 2000 chez Evergreen Investment Management, la filiale de gestion d’actifs de Wachovia Corporation. Entre 2008 et 2009, il a été head of international chez Wachovia Global Asset Management. Sa nomination s’inscrit en particulier dans le cadre de la stratégie d’Aviva Investors visant à développer ses encours institutionnels.Tout récemment, Aviva Investors a confié à Jean-François Boulier la direction générale d’Aviva Investors Europe, en plus de ses fonctions de président du directoire d’Aviva Investors France (lire nos articles des 31 août et 1er septembre).
08/09/2010

David Rubenstein (Carlyle) fait un don de 10 millions de dollars à son université

The Wall Street Journal annonce que David Rubenstein, l’un des fondateurs de Carlyle, a l’intention de faire un don de 10 millions de dollars à l’University of Chicago Law School où il a fait ses études. A compter de 2011, le David M. Rubenstein Scholars Program couvrira la totalité des frais de scolarité, d’hébergement et de nourriture pour 20 nouveaux étudiants pendant les trois ans de leur cursus. Si c’est un succès, David Rubenstein pourrait remettre au pot.
08/09/2010

BC Partners modère sa tarification

Selon l’Agefi, la société d’investissement britannique BC Partners, qui entend lever autour de 5,9 milliards d’euros d’ici à 2012, a proposé une réduction de 5% sur les frais de gestion appliqués aux investisseurs qui s’engageront avant le premier closing du véhicule, prévu en novembre 2010, selon deux sources proches du dossier. BC Partners prévoit en outre de restituer l’ensemble des frais de transaction, intervenant à chaque investissement réalisé, aux investisseurs, alors qu’il en conservait auparavant 20%, indique le quotidien.
08/09/2010

AllianzGI Investments Europe intègre une équipe suisse

Allianz Global Investments Europe, la plateforme d’investissement européenne d’Allianz Global Investors qui regroupe les sociétés de gestion française et italienne, vient d’intégrer l’équipe de gestion obligataire du Groupe Allianz basée à Zurich. La structure compte ainsi désormais une centaine de professionnels de l’investissement et gère 116 milliards d’euros, au 30 juin 2010, pour le compte de clients institutionnels et privés en Europe.Lancée en mai 2010, AllianzGI Investments Europe a pour vocation d’offrir des solutions d’investissement sur mesure à une clientèle d’institutionnels et de particuliers à travers l’Europe, en complément de l’expertise des autres sociétés de gestion du Groupe Allianz Global Investors. Cette plateforme est censée permettre à Allianz GI de développer ses activités en Europe. «Nos clients bénéficient de l’expertise complémentaire apportée à la plateforme d’investissement par l’équipe suisse en matière d’obligations domestiques. Notre présence en Suisse nous permet de nous rapprocher de notre clientèle suisse et de développer notre activité», précise Giovanni Bagiotti, chief executive officer d’AllianzGI Investments Europe.
08/09/2010

Nouveau responsable de la gestion actions européennes chez Schroders

Schroders a annoncé, mardi 7 septembre, la nomination de Rory Bateman comme responsable de la gestion actions européennes. L’intéressé, qui a rejoint Schroders début 2008, continuera de co-gérer les principaux portefeuilles d’actions européennes et supervisera l'équipe d’analystes recherche. Il travaillera sous la direction de Ken Lambden, global head of equities. Cette promotion fait suite aux nominations il y a quelques mois de Martin Skanberg comme gérant du fonds Schroder ISF EURO Equity et de Jamie Lowry en tant que gérant du fonds Schroder ISF European Equity Alpha.
07/09/2010

Invesco adds to product range in Italy

Invesco is adding to its product range in Italy with 11 new sub-funds and 10 coupon distribution solutions, Bluerating reports. Six of the new sub-funds belong to the Morgan Stanley range acquired by Invesco.
07/09/2010

Egamo signs up to PRI

Egamo, the asset management firm created by MGEN, has signed up to the United Nations Principles for Responsible Investment (UN PRI),
07/09/2010

Two former Sal. Oppenheim heads join Métropole Gestion

According to information obtained by Newsmanagers, François Carlotti and Bruno Zaraya, who were previously chairman of the board and head of development at Sal. Oppenheim France, respectively, have joined Métropole Gestion.
07/09/2010

Major growth in sustainable investment in German-speaking countries

In Germany, Austria and Switzerland, assets in sustainable investments last year grew by 67% to a total of EUR38bn as of the end of December, of which EUR13bn (+68%) were in Germany, EUR2bn (+165%) in Austria, and EUR23bn (+63%) in Switzerland, according to the annual report of the Forum Nachhaltige Geldanlagen e.V. (FNG). However, the market share for sustainable investment now represents only 0.8% in Germany and 1.5% in Austria. In Switzerland, sustainable investments represent 3.5% of the total. Claudia Tober, a member of the board at FNG, says that in Germany and Austria, retail investors have gained ground on institutional investors, who nonetheless account for 84% of the market in Austria.
07/09/2010

Wall Street Journal dubious of European bank stress tests

The Wall Street Journal on Tuesday raised doubts about the results of stress tests undertaken of banks in the European Union, claiming that some risks the banks run had been underestimated. The tests “underestimated the amounts of potentially risky public debt held by some establishments, according to a Wall Street Journal analysis,” the New York newspaper writes, one and a half months after the publication of the results. The newspaper names the British bank Barclays and the French Crédit Agricole as among those for which it found a divergence of quarterly results and other financial documents on one hand, and results submitted for the stress tests on the other. “Crédit Agricole did not count the public debt held by its insurance affiliate,” the newspaper explains. The banks concerned have responded that they scrupulously followed the guidelines provided by the Committee of European Banking Supervisors (CEBS).
07/09/2010

Morgan Stanley P2 Value to reopen to redemptions

Morgan Stanley Real Estate Investment GmbH is preparing to reopen redemptions from the open-ended real estate fund P2 Value. As the redemption freeze will end before the expiration of two years, the fund will not need to be liquidated, Handelsblatt reports. Walter Klug, one of the MDs of the asset management firm, estimates that after the revision of estimates for all properties in the portfolio, the fund may reopen with assets of EUR820-EUR870m, compared with EUR1.7bn as of the end of October 2008, when the redemption freeze was declared.
07/09/2010

DFH acquires Fürstenhof building in Frankfurt from Union

DFH Deutsche Fonds Honding has bought the Fürstenhof office and retail building (18,450 square metres), in the banking district of Frankfurt, for EUR126m from the open-ended real estate fund UniImmo: Deutschland, from Union Investment Real Estate (UIRE, German co-operative banks). The sale price of the property, leased in its near entirety to Commerzbank, corresponds to the most recent expert valuation, but is lower than the EUR129m paid by UIRE to Eurocastle Investment Limited in July 2008. Frank Billand, a member of the executive board at UIRE, says that the proceeds of the sale will be very quickly reinvested. Since the beginning of the year, UIRE has already dedicated EUR440m to the acquisition of office and retail properties in Germany.
07/09/2010

Threadneedle launches an absolute return fund

The range of absolute return funds from Threadneedle (GBP1.9bn in assets as of the end of June) has been enlarged with the addition of the UK Absolute Alpha Fund, which is managed by Mark Westwood and Chris Kinder, who have previous experience in long/short management. It is a UCITS-compliant fund, which will replicate the formula already used for Cayman Islands-domiciled funds in a UCITS III-compliant environment, in a manner similar to the Threadneedle Enhanced Commodities Fund (TECF) and the Threadneedle (Lux) American Absolute Alpha Fund (see Newsmanagers of 1 July and 25 June, respectively).
07/09/2010

M&G launches a retail inflation-linked corporate bond fund

According to M&G Investments, the M&G UK Inflation Linked Corporate Bond Fund, which will be launched on 16 September in the United Kingdom, will be the first fund of inflation-linked corporate bonds to be offered on the British retail market. The fund will be jointly managed by Jim Leavies, head of the retail fixed income team at M&G, and Ben Lord, fund manager. The new product will invest in inflation-linked corporate bonds issued by British large caps, FRN, and a range of assets which will include government bonds and derivatives whose performance evolves in a manner similar to that of inflation-linked bonds. M&G is aiming for returns similar to the increase in the consumer price index (CPI) over the mid- to long-term. Front-end fees are set at 3%, and management commission for A-type shares in pounds Sterling will total 1%. Minimal initial subscription will total GBP500, or GBP10 per month for savings plans.
07/09/2010

Henderson launches a hedge fund focusing on soft commodity markets

Henderson Global Investors (HGI) has announced the launch of the Henderson Agricultural Fund, a hedge fund domiciled offshore, on 1 September. The fund is co-managed by Attunga Capital Pty Ltd., a firm based in Australia, in which Henderson Group, the parent company of HGI, holds a minority share. The Henderson Agricultural Fund will be released to institutional investors. It will focus on relative value alternative strategies, and will exploit price anomalies between futures and options on derivative and soft commodity markets. The fund will also invest directly in agricultural commodities.
07/09/2010

Fund assets up in July

According to statistics from the Investment Management Association, assets in funds domiciled in the United Kingdom as of the end of July totalled GBP509.2bn, 4% higher than at the end of June (EUR488.2bn). As of 31 July 2009, it totalled GBP412.1bn. Retail net subscriptions totalled GBP2.2bn, compared with GBP2.1bn in June, and GBP2.3bn in the corresponding month of last year. Net inflows have thus been over GBP2bn in for the past 13 and 16 months. The strongest retail net subscriptions were for bond funds, at GBP928m, compared with GBP579m in June, while equities funds attracted GBP857m, the highest amount since November 2009. Funds domiciled abroad as of the end of July had assets of GBP23.4bn, compared with GBP22.4bn one month earlier, and GBP19.2bn as of 31 July 2009. The total as of the end of July 2010 is the highest since statistics began in July 2006. For these funds, retail net subscriptions in July totalled GBP385.4m, compared with GBP147.8m in June and GBP300.2m in the corresponding month of last year.
07/09/2010

iShares launches an ETF of Euro-denominated high yield bonds

On 3 September, iShares (BlackRock) launched the UCITS-compliant ETF iShares Markit iBoxx Euro High Yield (acronym IHYG), which physically replicates the Markit iBoxx Euro Liquid High Yield index, which includes 100 of the most liquid high yield bonds denominated in Euros, with issue volumes of at least EUR250m. So far, the product is licensed for sale only in the United Kingdom. It has been listed on the London Stock Exchange since 6 September. Characteristics Name: iShares Markit iBoxx Euro High Yield ISIN: IE00B66F4759 Total expense ratio: 0.5%
07/09/2010

Equities management Asia ex Japan unit at Edram sets up shop in Hong Kong

Edmond de Rothschild Asset Management announced on Monday, 6 September that it has installed its Asia ex Japan equities management team in Hong Kong. The arrival strengthens the firm’s presence in Asia. Edmond de Rothschild Asset Management has already been presence in the Asian markets since 1993, and in China for 12 years, a statement says. Edmond de Rothschild Asset Management Hong Kong, an affiliate of the management firm Edmond de Rothschild Asset Management, was licensed in February 2008 by the Securities and Futures Commission to manage Chinese equities funds and to distribute the full range of its investment supports. In April 2006, La Compagnie Financière Edmond de Rothschild also received a Qualified Foreign Institutional Investor (QFII) license, allowing it to become the first private bank to invest in A and G class shares in Shanghai and Shenzhen. With 15 personnel, Edmond de Rothschild Asset Management Hong Kong has EUR1.3bn in assets under management. Asian management is directed by Yi Tang.
07/09/2010

Citi adds to private banking division

Fernando López, head of private banking at Citigroup for the Iberian peninsula, recruited two people this summer, Cotizalia reports. They are Javier Asterloa, head of investor relations at Metrovacesa, and José Toribio, who previously worked in the private bank at Merrill Lynch in Madrid. With the recruitments, Citi has doubled the size of its private banking team, which previously consisted of Miguel Forteza and Federico Limpenny.
07/09/2010

Bryan Chen leaves Edram Hong Kong

The head of marketing for Asia at Edmond de Rothschild Asset Management (EDRAM), Bryan Chen, left his job in Hong Kong on Tuesday, Asian Investor reports. Chen may join a sovereign fund or a private equity firm, a source cited by Asian Investor says.
07/09/2010

Gérald Mathieu joins Barclays Wealth

Wealthbriefing reports that Barclays Wealth has appointed Gérald Mathieu, a former UBS senior manager, as head of the front office in Monaco at Barclays Wealth International Private Bank. In the newly-created position, Mathieu will act as director and head of day-to-day operation oversight, including the management of private bankers. In his previous position, Mathieu worked in Paris at UBS Wealth Management France, as branch manager and managing director.
07/09/2010

ComStage lists two ETFs in Lisbon

NYSE Euronext has announced that it has admitted the ComStage ETF PSI 20 and ComStage ETF PSI 20 Leverage funds, both Luxembourg-registered funds from the ComStage affiliate of Commerzbank, to trading on Euronext Lisbon. Management commissions are set at 0.50% and 0.60%, respectively. With these two products, NYSE Euronext has 535 listings of 487 different funds based on over 300 indices. Since the beginning of the year, 48 new ETF funds have been admitted to trading on the European markets of NYSE Euronext.
07/09/2010

Only 27% of Portuguese funds show gains for the past 36 months

According to statistics from the APFIPP association of management firms, only 27% of the 211 Portuguese funds have posted positive results for the three years to the end of August. Four out of ten show average annual losses of over 5%. Diario Económico states that the best performance in the period under review belonged to the BPI Brasil fund (over 10% per year). Eight funds have posted annual gains of over 8%.
07/09/2010

South Africa sets up a code for responsible investment

Responsible Investor reports that a working group chaired by John Oliphant, chief investment officer of the pension fund for South African government employees, which manages about EUR75.4bn, has unveiled a responsible investment code for institutional investors. The eight-page document aims to articulate the United Nations Principles for Responsible Investment (UN PRI) and to ensure that environmental, social and governance (ESG) criteria are treated to an “apply or explain” approach. The document is open to consultation until the end of October.
07/09/2010

Bank savings accounts have “stolen” EUR80bn from funds since 2007

Since the onset of the financial crisis, savings investors have lost confidence in investment funds. As of the end of July, the amount placed by retail clients in funds had fallen to EUR122.08bn (the lowest level since 1997, when statistics began), down from a total of EUR200bn in 2007, according to statistics from the Bank of Spain, Cinco Días reports. In the same period, bank savings deposits held by Spanish households rose from EUR329.54bn as of the end of July 2007 to EUR425.65bn three years later. This means that about EUR78bn moved from funds to savings accounts in the space of three years. The same phenomenon may be observed for non-financial sector businesses, whose portfolios in investment fund shares declined in the same period from EUR26.44bn to less than half that (EUR10.55bn), while bank savings deposits have increased to EUR111.4bn from EUR90bn.
07/09/2010

Ampega Gerling launches a diversified fund using ETFs and ETCs

Ampega Gerling in 1 September launched the Lacore All Assets AMI fund, a diversified fund which is aimed primarily at institutional investors, and which is managed by Kohlhase & Stöwer Asset Management. The product will invest primarily in indices and commodities via ETFs and ETCs. For institutional-class shares (at least EUR100,000), Ampega Gerling will charge no front-end or exit fees. Characteristics Name: Lacore All Assets AMI ISIN: DE000A0YAYC4 Front-end fee: 3% (currently 0%) Management commission: maximum 1.4% (currently 0.80%)

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