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24/08/2010

Vanguard releases a low-cost target date fund for 2055

Vanguard has announced the launch of its twelfth target date fund, the Vanguard Target Retirement 2055 Fund, which is aimed at the 18-22 year old age range. Management commission is limited to 0.19%, compared with an average of 1.17% for its peer group, according to Lipper. Initially, allocation will be 90% to equities and 10% to bonds. The product will invest, like other Target Retirement Funds from Vanguard, in low-cost tracker in-house funds (Vanguard Total Stock Market Index Fund, Vanguard Total Bond Market UU Index Fund, Vanguard European Stock Index Fund, Vanguard Pacific Stock Index Fund, and Vanguard Emerging Markets Stock Index Fund). In total, subscribers will have access to more than 6,000 US equities and bonds with the new fund, as well as over 2,000 international equities. As of 31 July, the 11 Vanguard target date funds had total assets of USD67bn.
24/08/2010

FMR (Fidelity) borrows USD250m

FMR LLC, the parent company of Fideity, on 16 August notified the SEC (form D) that it is planning to launch a USD250m borrowing program. At the date of the filing, 766 investors had already subscribed for over USD68.2m. The minimal subscription is set at USD25,000, The form does not state the destination of the funds collected.
24/08/2010

Columbia trims its range

Columbia Management, whose acquisition by Ameriprise Financial (USD327bn in assets as of the end of June) was concluded in May, has announced that it is planning to merge 62 funds as a part of its integration with RiverSource Investments, another Ameriprise affiliate (the group which also owns the British asset management firm Threadneedle). If the mergers, which aim to atrengthen the institutional and retail fund range, are approved by the boards of directors and then shareholders in the funds, they may be concluded during second half 2011. The concentration will not lead to further job losses, as the cuts made on 30 April have been adequate.
24/08/2010

Mirae Asset adds to international activities

The South Korean management firm Mirae Asset Global Investments, the international division of Mirae Asset, is continuing its diversification both in terms of fabrication and distribution of products. Following the recruitment last month of a chief marketing officer (CMO) for the Asia-Pacific region, Martin Gilbey, Mirae Asset GI is seeking a director of institutional sales for the region, Asian Investor reports. The firm is developing its presence in Hong Kong, and elsewhere in the world (India, Brazil, the United States). By the end of the year, staff will increase from 71 to 80 in Hong Kong, and from 36 to 41 in Sao Paulo. Gilbey, who previously worked for Insight Investment in London, will also oversee sales and marketing teams for the United Kingdom, Europe, the Middle East and Africa. Mirae launched its first Sicav fund in mid-2008. Assets under management at Mirae Asset Management total slightly over USD50bn, of which USD30.4bn are invested in emerging markets equities.
24/08/2010

Deutsche Bank launches a dark pool in Hong Kong

Asian Investor reports that Deutsche Bank on 23 August launches its international dark pool, based in Hong Kong, entitled Deutsche Bank Automated Trading System (DBATS). The launch follows several months of in-house experimentation, which showed a reduction in transaction execution costs.
24/08/2010

Hedge funds specialised in emerging Asia face net outflows in second quarter

Despite considerable interest on the part of investors in emerging markets in the past few months, hedge funds specialised in emerging markets have posted net outflows of USD1.5bn in second quarter, according to statistics from HFR reported by Asian Investor. In first quarter, outflows totalled USD550m. Outflows in second quarter were largely concentrated on emerging Asia and Russia, as investors reallocated capital to Latin America, the Middle East and North Africa. In light of outflows and losses related to the performance of hedge funds, capital invested in hedge funds specialised in emerging markets fell by USD3.2bn to a total as of the end of June of less than USD95bn.
24/08/2010

Bankinter launches a campaign to promote Lyxor ETFs

In all its branches in Spain, Bankinter will promote Lyxor ETFs, making it the first bank in the country to offer products of this type to retail investors, Funds People reports. Previously, only independent intermediaries such as Renta 4 and Inversis offered this type of fund to retail investors. Only BBVA and Lyxor Asset Management have listed ETFs on the Spanish stock exchange.
24/08/2010

JPMAM, Schroders and Carmignac are top three foreign asset managers in Spain

The CNMV reports that assets under management at foreign asset management firms in Spain totalled EUR25.21bn as of the end of 2009, with eight actors responsible for local assets of over EUR1bn. JPMorgan Asset Management (JPMAM) remains by far the top manager in this segment, with EUR4.11bn, ahead of Schroders Investment Management with nearly EUR2.25bn, and Carmignac Gestion, with EUR1.5bn. Among the other five members of the billionaire club are two other French asset management firms: Amundi (EUR1.31bn) and BNP Paribas Investment Partners (BNPP IP), with EUR1.1bn. DWS Investments, BlackRock and Fidelity have EUR1.36bn, EUR1.31bn and EUR1.02bn, respectively. Dexia Asset Management is in eleventh plance, with nearly EUR755m. Axa IM ranks 28th, with EUR221.3m.
24/08/2010

HSBC wants Old Mutual's stake in South African Nedbank

Agefi Switzerland reports that the British bank HSBC on 23 August announced that it is in exclusive talks with the insurer Old Mutual about acquiring a majority stake in Nedbank, the fourth-largest bank in South Africa by asset volumes. Old Mutual has confirmed the reports. The talks are over an acquisition of a 52% stake in Nedbank, which the insurer has owned since 1986, and HSBC may make an offer to shareholders in Nedbank for a stake of up to 70% of its capital. The total potential acquisition price has not been disclosed. Nedbank had a capitalisation of USD9.25bn as of Friday night.
24/08/2010

SGSS awarded a mandate by Santander AM

Société Générale Securities Services (SGSS) has been mandated by Santander Asset Management, the wealth management division of the Santander group, to provide an asset servicing range for funds based in Luxembourg, which are administered by and lodged at SGSS.
24/08/2010

LSE head leaves LCH.Clearnet

Agefi reports that Xavier Rolet, CEO of the London Stock Exchange, has resigned from the board of LCH.Clearnet. The decision is providing added fuel to rumours that the stock market company is planning to set up its own settlement service, the newspaper notes.
24/08/2010

Cofunds head of sales quits his job

Money Marketing reports that Nick Godfrey, director of sales for Cofunds, has quit the platform following a merger of the sales and marketing departments. Godfrey, along with Paul Rose, national sales manager, have left the firm effective immediately. The group explains that the restructuring was necessary in order to adapt to the new British RDR (Retail Distribution Review) regulations.
24/08/2010

Tony Blair goes into consulting business

The former British Prime Minister Tony Blair has founded his own consulting firm, which offers services to high net worth clients and international funds, the Sunday Times has revealed. Tony Blair Associates (TBA) has advised the Kuwait government and the Abu Dhabi sovereign fund Mubadala. Tony Blair in January also registered a financial services business, Firerush, which may operate throughout Europe, including Luxembourg, Liechtenstein and Gibraltar.
24/08/2010

Martin Currie recruits for sectoral research

The Scottish asset management firm Martin Currie has announced the appointment of three of its interns from a graduate trainee scheme as sector managers. Amy Platts joins the financial sector research team, while Joe McGann and Robbie McNab join the natual resources team. The sectoral research team has a total of 15 people, and focuses on natural resources, the financial sector, industrials, consumer goods, and IT, media and telecommunications.
24/08/2010

Skandia IG invests in DWS Global Agribusiness Fund

In the last week of July, Skandia Investment Group’s (SIG) Global Dynamic Equity Fund has taken a 1.5% position in the DWS Global Agribusiness Fund, managed by Global Thematic Partners. The purchase of DWS is the second theme added by the fund this year, after taking a position in the JPM Global Financials Fund in the first quarter.
24/08/2010

DWS withdraws a gold fund from sale to retail investors

From 1 September, DWS Investments is ceasing sales to retail clients of its Luxembourg-registered fund DWS Gold Plus (LU0055649056), which will henceforth be available exclusively through private placement, and which will be moving to a password-protected page of the DWS website (www.dws.de/goldplus). DWS states that the fund, launched in 1994 (EUR587.39m in assets as of 20 August) has been withdrawn from the list of products open to retail clients, following the publication by BaFin of a circular on risk diversification. The question was whether products such as the Gold Plus fund, whose net asset value depends exclusively on the evolution of the price of gold, are sufficiently diversified by the requirements of the investment law. The regulator finds that gold is a precious metal and does not share the opinion of DWS that gold may also be considered a currency under the terms of the investment law. The asset management firm remains of the opinion that the DWS Gold Plus fund is sufficiently diversified in terms of risk, but in order to avoid uncertainty, is cancelling the sales license which the product had previously held.
24/08/2010

New ETF and ETC funds in Frankfurt

Deutsche Börse has announced that it has admitted the 680th ETF to trading on the XTF segment of its Xetra electronic trading platform. It is the CS ETF (Lux) on MSCI EMU Mid Cap, a Luxembourg-registered product (LU0312694234) which charges fees of 0.54%. Meanwhile, two new products from DB ETC (Deutsche Bank group), the db Physical Palladium Euro Hedged ETC and db Physical Platinum Euro Hedged ETC, have joined the ETC segment, which now lists 176 products. The new German-registered ETCs (DE000A1EK3B8 and DE000A1EK0H1) offer a way to hedge for currency risks, and charge 0.75% each. Their benchmark is the spot price of platinum in London. As of the end of July, the ETC segment for the first time admitted ETCs hedged for currency risks, also registered in Germany. They were the db Physical Silver Euro Hedged ETC (DE000A1EK0J7), whose benchmark is the spot price of silver, and the db Physical Gold Euro Hedged ETC (DE000A1EK0G3). The products from DB ETC charge 0.75% and 0.59%, respectively. The non-currency hedged versions of the funds carry respective management commissions of 0.45% and 0.29%.
24/08/2010

TPG to launch a fund in China

Agefi reports that the private equity fund TPG Capital will launch a vehicle in China, and is planning to raise CNY5bn (EUR580m) in a few months with the help of the government of the district of Pudong, in Shanghai. The fund, denominated in Yuan, TPG China Partners, will aim to invest in the consumer sectors, retail sales, and the health and financial industries in China. It will focus primarily on national mid- and large-sized businesses. Since last year, China has allowed private equity funds to invest with fewer constraints in local businesses, on the condition that they have a local partner (business or provincial government), the newspaper states.
24/08/2010

Deka Immobilien invests in Paris and London

The German asset management firm deka immobilien has announced that it has acquired the three-building Opéra Gramont complex in Paris (8,000 square metres) for about EUR75m, for its open-ended real estate fund WestInvest ImmoValue, aimed at institutional investors. The vendor is the REIS group, which is part of the Santander Real Estate Advisory Program. The sole tenant in the property is Coty Inc. Meanwhile, Deka has also acquired the office building at 14 Pier Walk in London (18,400 square metres), which is wholly leased for 20 years to Transport for London, for GBP97.1m. The property will also be added to the portfolio of the WestInvest ImmoValue fund.
24/08/2010

Nomura launches a UCITS III fund

Nomura has announced the launch of a new UCITS III fund on its Dublin platform Enovara, entitled HFRq Ucits III Fund. Hedge Fund Research, with its HFRq index, is the sponsor of the fund’s index, while Quantitative Equity Strategies (QES) is advisor to the fund. Hedge Fund Research Asset Management also contributes to the fund. In terms of strategy, the fund will use an algorythmic and rules-based methodology developed by QES to adopt long/short positions on futures contracts, with positions on up to 54 different contracts to generate absolute returns. HFR is responsible for the selection and management of the contracts.
24/08/2010

S&P launches a preferred stock index

Standard & Poor’s has announced the launch of the S&P International Preferred Stock Index, an index dedicated to providing investors with exposure to preferred stock in developed European and Asian markets.
23/08/2010

Citi continue de se renforcer dans la banque privée

Selon Asian Investor, le patron de la banque de détail de Citi en Malaisie, Paul Hodes, va prendre la direction des produits de gestion de fortune de la banque régionale (consumer bank) de Citi. Outre cette nouvelle fonction, Paul Hodes assumera la direction des ventes de produits de gestion de fortune pour la région Asie-Pacifique. Il remplace à ce poste Stella Chua.Paul Hodes, qui a rejoint Citibank en 1998 au Japon, sera basé à Singapour.
23/08/2010
Fonds

Le nombre de fonds tombe au plus bas depuis la bulle Internet

Actuellement, note Expansión, les gestionnaires espagnols ne proposent plus que 2.492 fonds, soit marginalement plus qu’au moment de la bulle des «dot.com» et environ 500 unités ou 20 % de moins qu’avant la crise financière de l'été 2007. Ces trois dernières années, les remboursements nets ont presque atteint 105 milliards d’euros par rapport aux 260 milliards d’euros d’encours à l'époque.De ce fait, beaucoup de fonds sont tombés sous le plancher légal des 3 millions d’euros et ont été liquidés. Les deux autres raisons de la diminution du nombre des fonds sont d’une part les pertes accusées par les sociétés de gestion et de l’autre l’intensification de la concurrence émanant des grands gestionnaires étrangers.
Fonds
23/08/2010

UniCredit pourrait vendre Pioneer par morceaux

De nombreux banquiers pensent que la banque italienne UniCredit obtiendrait un meilleur prix de la vente de sa filiale de gestion d’actifs Pioneer si elle la scindait et vendait l’activité américaine séparément, rapporte le site Internet InvestmentNews. La société américaine de Pioneer, qui gère à elle seule 56 milliards de dollars, intéresse de nombreux candidats, dont John Hancock Funds LLC, MFS Investment Management et Eaton Vance Investment Managers. Des sociétés de private equity pourraient aussi étudier le dossier.
23/08/2010

EQT soutient un MBO chez Roeser

Pour plus de 50 millions d’euros, le fonds EQT Expansion Capital II entre indirectement au capital du groupe allemand Roeser, un fournisseur de matériel médical destiné aux hôpitaux. Le capital-investisseur suédois contrôlé par la famille Wallenberg accompagne en souscrivant un emprunt subordonné un MBO qui permet au management de la société de Bochum de devenir majoritaire. L’objectif est de renforcer la position de leader de Roeser sur le marché allemand et d’aider la société à se développer à l’international.
23/08/2010

Thomas Richter (DWS) rejoint l'état-major du BVI

L’association allemande BVI des sociétés de gestion a annoncé l’arrivée au 1er octobre comme troisième membre de sa direction générale de Thomas Richter, l’un des directeurs généraux de DWS Investments (groupe Deutsche Bank) depuis 2007. L’impétrant, qui sera basé à Berlin, aura pour responsabilité principale la communication politique, le BVI ayant l’intention de renforcer son travail de lobbying. Il est déjà membre du directoire de l’association.
23/08/2010

La recomposition du secteur financier se fera sans grande OPA

Selon Les Echos, les opportunités ne manquent pas dans le secteur financier mais les opérations de grande ampleur sont suspendues à la fixation d’un cadre prudentiel clair. Et beaucoup d’acteurs n’ont pas encore achevé la révision de leur stratégie. En France, globalement, les acteurs réfléchissent à l’opportunité de garder leur pôle d’assurance. Le groupe BPCE réfléchit aussi à l’avenir de son pôle immobilier, tandis que Société Générale a commencé de se désengager de ses métiers de financements spécialisés en cédant ECS, gestionnaire d’infrastructures informatiques et télécoms.
23/08/2010

State Street muscle son offre sur l’analyse des risques

State Street a annoncé le 20 août un programme d’améliorations de ses services et outils d’analyse du risque destinés aux investisseurs institutionnels. Les nouvelles fonctionnalités offertes comprennent des outils de réallocation de portefeuille, des tests de résistance économique, et une quantité plus importante d’investissements concernés. Ces nouvelles capacités ainsi que la gamme complète des services de risque sont entièrement intégrées dans le tableau de bord d’analyse des investissements de State Street (Investment Analytics DashboardSM) à partir du site my.statestreet.com. Les clients peuvent désormais bénéficier d’une représentation complète de leurs investissements, du point de vue du risque, de la performance, des produits alternatifs et de la conformité.Les services Risque de State Street mettent en oeuvre de multiples méthodologies de calcul de la valeur à risque (VaR), des mesures du risque absolu et relatif prenant en compte les caractéristiques du portefeuille visé, ainsi que des tests de résistance renforcés et des capacités d’analyse par simulation. En outre, des services d’analyse du risque fondés sur les positions fournissent une méthodologie de réévaluation complète, produisant des rapports et analyses journaliers (T+1) ou mensuels ainsi que des services de collecte, de nettoyage et d’augmentation des données. Des mesures du risque basées sur le rendement, les outils de gestion d’inventaire et de construction de portefeuilles sont également disponibles.
23/08/2010

L’UBS veut regagner la confiance de ses clients

Selon L’Agefi suisse, UBS a lancé dimanche une vaste campagne de publicité axée sur le retour à une relation de confiance avec ses clients. Après le démarrage en Suisse, la campagne sera lancée dans la zone Asie-Pacifique lundi, puis en Europe et au Proche-Orient fin août. La banque elle n’a pas précisé le montant investi dans ce programme. UBS souligne qu’il s’agit d’une campagne mondiale, sa plus grosse depuis trois ans. Via la télévision, Internet et la presse, elle veut transmettre l’idée qu’elle «n’aura pas de répit» tant que les clients ne seront pas convaincus d’avoir choisi la bonne banque.

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