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21/07/2010
Fonds

Feri élargit sa notation de fonds au marché britannique

Depuis le 30 juin, l’allemand Feri EuroRating Services a élargi sa couverture à 2.858 fonds britanniques, dont 953 obtiennent les notes supérieures A ou B. Ces notations viennent compléter celles de fonds allemands, autrichiens, suisses, italiens, suédois et français.Les investisseurs peuvent accéder à la totalité des notations des fonds britanniques sur la plate-forme http://www.feri-fund-rating.com/. Il est également possible de télécharger les rapports de notations, les «watch lists» et les «fact sheets».En plus de ces services gratuits, Feri propose aussi une gamme complète de prestations de recherche et de sélection pour les investisseurs institutionnels en Grande-Bretagne.
Fonds
21/07/2010

N+1 crée une plate-forme d'investissement immobilier à Londres

La banque d’investissement et société de gestion d’actifs espagnole N+1 a lancé à Londres Trinova Real Estate, une plate-forme destinée à la gestion d’investissements sur le marché immobilier londonien, rapporte Contizalia. Trinova n’a pas encore lancé de fonds, mais a déjà obtenu deux mandats pour identifier des investissements dans la capitale britannique.N+1 détient 60 % de Trinova, les 40 % restants étant aux mains des quatre managers recrutés pour mener le projet à bien, à savoir Linus Forsberg, Edmund Costello, Frans Heijbel et Alastair Mellon. Le directeur général sera Luis Iglesias, responsable du pôle immobilier chez N+1.
21/07/2010

Réorganisation de la gestion durable chez RCM

Compte tenu de l’importance croissante de la recherche en matière de développement durable, Bozena Jankowka a été nommée global head of sustainability research chez RCM (groupe Allianz Global Investors).Dès lors, la gestion au jour le jour du fonds Allianz RCM Global EcoTrends (300 millions d’euros d’encours) a été transférée à compter du 1er juillet à Vipin Ahuja, qui faisait partie de l'équipe de gestion depuis novembre 2009 et qui justifie d’une expérience de 14 ans dans le domaine des technologies propres, en dernier lieu chez Credit Suisse Asset Management où il gérait les fonds Future Energy et Global Energy, tout en co-gérant le fonds Global Ressources.
21/07/2010

Fitch perd deux asset managers le même jour

A quelques minutes d’intervalle, Fitch Ratings a anoncé mardi qu’il retire leurs notes de gestionnaire d’actifs M2 et M3 respectivement à Pioneer Investments (groupe UniCredit) et à la société de gestion indépendante italienne Arca SGR. Les deux gestionnaires ne seront plus couverts par Fitch. Olivier Fines, analyste de l’agence de notation à Paris, a expliqué qu’il n’y a aucun lien analytique ou corporate avec la situation des deux entreprises, qui ne fournissent plus à Fitch l’accès aux informations et ne souhaitent plus publier les notations.A Dublin, Pioneer Investments a indiqué avoir décidé de ne plus renouveler son contrat avec Fitch Ratings, ce qui a incité l’agence à retirer sa note. Le gestionnaire explique que les processus de due diligence des clients sont devenus de plus en plus pointus, car ces clients préfèrent réaliser leur propre analyse des gestionnaires d’actifs. Avec la notation indépendante de la qualité des produits par Morningstar, Pioneer juge qu’il y a plus de raison commerciale pour continuer la collaboration avec Fitch.De son côté, Arca SGR (19,7 milliards d’euros d’encours, 650.000 clients) confirme ne pas avoir renouvelé pour l’année en cours le contrat pour la délivrance d’une notation sur les activités d’investissement alors que, comme pour les années précédente, le gestionnaire milanais a sollicité la certification GIPS-IPPS. Arca SGR indique être depuis 1999 en conformité avec les normes GIPS.
21/07/2010

Feri extends fund ratings to British market

Since 30 June, the German firm Feri EuroRating Services has extended its coverage to 2,858 British funds, of which 958 receive top ratings of A or B. The ratings come as additions to the firm’s ratings of German, Austrian, Swiss, Italian, Swedish and French funds. Investors may access all British fund ratings on the platform http://www.feri-fund-rating.com/. It is also possible to download ratings reports, watch lists and fact sheets. In addition to these free services, Feri also offers a complete range of research and selection services for institutional investors in the UK.
21/07/2010

Barings recruits a manager for Chinese equities team

Baring Asset Management has announced the recruitment of Jim Chen as investment manager in its Hong Kong Chinese equities team. He will report to Agnes Deng. Chen was previously the manager of two Greater China funds at Sumitomo Mitsui Asset Management (Hong Kong).
21/07/2010

Tiger Management may reopen to outside investors

The Wall Street Journal reports that Julian Robertson has added to the management firm Tiger Management with the recruitment of his son Alex as a managing partner, and John L. Townsend III (ex Goldman Sachs) as COO. The recruitments are related to a plan to create a fund of seed funds, which would be open to outside investors. Currently, Tiger Managemenmt, which has been closed to external subscriptions since 2000, holds stakes in 40 hedge funds which it helped to start up, and which manage a total of USD22bn for Tiger and other clients. Assets total between USD35m and USD4bn.
21/07/2010

Profits at Goldman Sachs collapse

Largely due to the UK bonus tax, (USD600m), and a USD550m payment of a fine to the SEC to settle a legal procedure, profits at Goldman Sachs in second quarter fell to USD613m, from USD3.456bnin first quarter, and USD3.435bn in the corresponding period of last year. Revenues from asset management increased to USD976m from USD946m in January-March and USD922m in second quarter 2009. Goldman Sachs states that as of 30 June, AUM totalled USD802bn, which represents a contraction of USD38bn compared with the end of March, of which USD24bn were net outflows, and USD14bn in losses due to falling markets, particularly equities markets. As of 30 June 2009, assets under management totalled USD819bn.
21/07/2010

Assets under management at BNY Mellon totalled USD1.047trn as of the end of June

For second quarter, BNY Mellon has announced net profits for ongoing activities of USD668m, compared with USD601m for January-March, and USD267m for the corresponding period of last year, with the increase in profits attributed to “solid growth” in revenues from securities servicing and continued net long term subscriptions for the asset management and wealth management units. The volume of assets under custody and administration represented USD21.8trn as of 30 June, a decline of 2% since 31 March, due to falling markets and a 6% increase in April-June 2009 due to rising markets and net subscriptions. Assets under management as of the end of June totalled USD1.047trn, which is equivalent to a 5% decline from first quarter, due to market effects. However, a 13% increase year over year is primarily due to the acquisition of Insight Investment Management in fourth quarter 2009.
21/07/2010

Aviva Investors to launch its first mutual fund in the United States

Mark Cernicky, product development manager at Aviva Investors, says Aviva USA will release the MAP 2015 Fund on 30 August 2010. This first mutual fund from Aviva in the United States was launched in the second week of May, Mutual Fund Wire reports. Distribution will be provided by SEI Investments. The institutional portion of the asset allocation fund carries a management commission of 76 basis points. The fund will deliver returns to investors in November 2015.
21/07/2010

ETFlab lists two new equities products in Frankfurt

The ETF management firm from the Deka group, ETFlab, on Tuesday added two new German-registered equities ETFs to trading on the XTF segment of the Xetra electronic platform from Deutsche Börse, each of which carries a management commission of 0.65%. The funds are the ETFlab MSCI China (DE000ETFL326) and the ETFlab MSCI Emerging Markets (DE000ETFL342), which bring the total number of ETFs listed in Frankfurt to 682.
21/07/2010

BNY Mellon adds to derivatives team

BNY Mellon has appointed Patrick Tadie to the newly-created position of head of the Derivatives360SM range, a product which aims to help investors to execute and manage their derivative trades. He was previously vice president of Global Structured Credit Group at BNY Mellon Corporate Trust.
21/07/2010

Assets under management down from first to second quarter 2010 at State Street

At a presentation of results for second quarter 2010, State Street has announced assets under management of USD1.782trn, up 14.5% compared with the same period of the previous year (USD1.557trn). However, between first and second quarter 2010, assets under management have fallen 7.6%, from USD1.929trn at the beginning of the year.
21/07/2010

Morgan Stanley Smith Barney announces two appointments

Morgan Stanley Smith Barney has announced two appointments to its wealth management teams. Douglas J. Ketterer has been appointed as head of Private Wealth Management in the United States. James J. Tracy, for his part, becomes Chief Operating Officer and head of sales and development for Wealth Management activities, also in the United States.
21/07/2010

Partners Group wins a mandate from Korea Investment Corporation

The sovereign wealth fund Korea Investment Corporation (KIC) has awarded a mandate to Switzerland-based Partners Group, for an undisclosed amount, to set up a series of investment strategies for private real estate markets which offer significant profit outlooks after the recent market turbulence.
21/07/2010

Profits up at Julius Baer

Pre-tax profits at Julius Baer in first half rose 14% to CHF323m, while net profits were up 8% to CHF261m. The cost-income ratio has remained stable at 63.4%, compared with 63.3%. As of 30 June, assets totalled CHF166bn, which represents an increase of 8%, or CHF12bn, compared with the end of December, partly due to the acquisition of ING Bank (Switzerland), but also due to net subscriptions of CHF3.3bn, and despite negative currency effects.
21/07/2010

Rainer Schröder joins Kommalpha as a partner

The fund advising and ratings agency Kommalpha on Tuesday announced that Rainer Schröder has joined the firm as a partner. The statement says that his specialties are distribution of open-ended funds and Spezialfonds to institutional investors and specialised distributors, as well as development of products for institutional and retail investors. Schröder was most recently a board member and head of institutional sales for Germany at WestLB Mellon Asset Management KAG, after serving as head of distribution Germany & Austria at Threadneedle Investments for two years. He previously spent more than ten years at Invesco Asset Management, most recently as head of sales Middle Europe.
21/07/2010

Fidelity recruits a top name from DWS

Fidelity International Germany on Tuesday announced that it has recruited Andreas Feiden, head of DWS Direkt (Deutsche Bank group), as a member of the general board at the German-registered management firm (KAG) FIL Investment Management GmbH, in charge of retail clients. He will also simultaneously take over as director of direct distribution. Feiden, who takes over the position vacated by Alexander Judkings in May, will join Fidelity by the end of the year. He will report to Christian Wrede, CEO of Fidelity International for Germany and managing director for Central Europe. The recruitment of Feiden is a sign that Fidelity Germany, which aims to be a multi-channel operator, has decided to directly attack the retail market, without neglecting institutional clients, IFAs, commercial banks, savings banks, insurers, wealth managers, or family offices.
21/07/2010

BNY Mellon hopes to double number of clients in Germany

In an interview with the Börsen-Zeitung, Timothy Keaney, Chairman Europa, Chief Global Client Management Officer and Co-Chief Executive Officer de BNY Mellon Asset Servicing, says that the BNY Mellon group is planning to bring the number of clients for all its sectors of activity in Germany up to 350-400, from 200 presently. He sees major potential for collateral management services and alternative assets. This growth will be sustained by the acqusition of BHF Servicing for EUR250m, which will be completed by 1 August. No clients of BHF Asset Servicing have left as a result of the acquisition. At the close of the transaction, BNY Mellon will have EUR473bn under custody or administration in Germany.
21/07/2010

Hedge funds lost 0.96% in June

Hedge funds have posted a loss of 0.96% in June, bringing performance in the first six months of the year to 0.13%, according to the Barclay Hedge Fund index calculated by BarclayHedge. Five strategies finished April in the red: Equity Long Bias is down 2.95%, health and biotech is down 2.62%, the technologies index has lost 2.22%, long/short equity is down 1.78%, and the Pacific Rim is down 1.52%.
21/07/2010

Fitch loses two clients on the same day

A few minutes apart, Fitch Ratings announced on Tuesday that it will be withdrawing its asset manager ratings of M2 and M3 for Pioneer Investments (UniCredit group) and the Italian independent management firm Arca SGR, respectively. The two managers will no longer be rated by Fitch. Olivier Fines, an analyst at the ratings agency in Paris, explains that there was no analytical or corporate connection with the situation at the two companies, which will no longer provide Fitch with access to information, and no longer wish to publish ratings. In Dublin, Pioneer Investments has announced that it has decided not to renew its contract with Fitch Ratings, which led the agency to withdraw its rating. The manager explains that the client due diligence process has become increasingly complex, as clients prefer to make their own analysis of asset management firms. With the independent ratings of product quality from Morningstar, Pioneer estimates that there is no longer any commercial reason to continue its collaboration with Fitch. For its part, Arca SGR (EUR19.7bn in assets, 650,000 clients) has confirmed that it has not renewed its contract for the current year to deliver ratings of investment activities, while as in previous years, the Milan-based management firm has applied for GIPS-IPPS certification. Arca SGR states that since 1999 it has been in compliance with GIPS standards.
21/07/2010

Sustainable management reshuffle at RCM

Due to the growing important of sustainable development research, Bozena Jankowka has been appointed as global head of sustainability research at RCM (Allianz Global Investors group). The day-to-day management of the Allianz RCM Global EcoTrends fund (EUR300m in assets) has now been transferred, effective from 1 July, to Vipin Ahuja, who had been part of the management team since November 2009, and who has 14 years of experience in clean technologies, most recently at Credit Suisse Asset Management, where he managed the Future Energy and Global Energy funds, while also co-managing the Global Resources fund.
21/07/2010

N+1 creates a real estate investment platform in London

The Spanish investment bank and asset management firm N+1 has launched Trinova Real Estate in London, a platform which aims to manage investments in the London real estate market, Cotizalia reports. Trinova has not yet launched any funds, but it has already obtained two mandates to identify investments in the British capital. N+1 controls 60% of Trinova, while the remaining 40% are in the hands of four managers recruited to carry out the project: Linus Forsberg, Edmund Costello, Frans Heijbel and Alastair Mellon. The CEO is Luis Iglesias, head of the real estate unit at N+1.
20/07/2010

Wegelin vise la clientele institutionnelle en Asie

La banquet privée suisse Wegelin gère 25 milliards de dollars dans le monde et emploie autour de 700 personnes. Mais en Asie, ses activités sont encore relativement restreintes, indique Asian Investor. C’est pour cette raison que Wegelin compte intensifier ses efforts en direction de la clientele institutionnelle et très fortunée en Asie. La banque prévoit ainsi le lancement d’une stratégie commodity trading advisor (CTA) avant la fin de l’année.
20/07/2010

MCH Private Equity prend la majorité chez Conservas Isabel

Selon un accord conclu avec la famille Garavilla qui détenait 95 % du capital, un des fonds de MCH Private Equity va prendra la majorité dans les conserveries de poisson Conservas Isabel à la faveur d’une augmentation de capital avec une forte prime, rapporte Cinco Días. La transaction porterait sur plus de 60 millions d’euros. L’administrateur délégué, Juan Corrales, restera en place pour au moins trois ans. Les actifs pris en compte dans la valorisation comportent deux des quatre bateaux de la société et ses usines de Bermeo (biscaye), O Grove (Pontevedra) Agadir (Maroc) et Manta (Equateur). Conservas Isabel a réalisé en 2009 un chiffre d’affaires de 250 millions d’euros.
20/07/2010

Cinq fonds s'intéressent aux actifs gaziers d'Endesa

Selon les informations de Cinco Días, Endesa a reçu des offres pour les 5.000 kilomètres de son réseau de distribution et pour la desserte de 1,5 million de clients de la part des fonds Macquarie, CVC Partners, Axa Private Equity, Antin et Goldman Sachs. La cession de 80 % des actifs gaziers de la compagnie d'électricité devrait être bouclée en septembre.
20/07/2010

Oriol Dalmau devient directeur général du gestionnaire d'actifs des caisses catalanes

Selon Funds People, Oriol Dalmau, directeur général adjoint de Caixa Manresa et ancien directeur général de la société de gestion de cet établissement, sera le nouveau patron du gestionnaire résultant de la fusion des trois entités de gestion des caisses d'épargnes catalanes Caixa Catalunya (2,9 milliards d’euros d’actifs), Caixa Tarragona (64 millions) et Caixa Manresa (1,43 milliard).Le nouvel ensemble sera par les encours le dixième gestionnaire espagnol avec plus de 4,39 milliards d’euros, derrière Bankinter (4,49 milliards fin juin).
20/07/2010

En Espagne, un quart des sociétés de gestion ont été dans le rouge en 2009

Selon les chiffres définitifs publiés par la CNMV, 31 des 120 sociétés de gestion enregistrées sur le marché espagnol ont accusé des pertes en 2009, les plus touchées étant BNP Paribas Asset Management (- 3,07 millions d’euros), Santander Asset Management (3,16 millions) et le gestionnaire alternatif Proxima Alfa Investments (20,32 millions). Au total, le secteur a affiché un bénéfice de 158 millions d’euros, dont 36,13 millions pour BBVA Asset management, 19,51 millions pour Bestinver (Acciona) et 17,66 millions pour Ibercaja Gestión. Les 15 premières sociétés de gestion affichent à elles seules un bénéfice net de 159,64 millions d’euros, soit un montant supérieur à celui enregistré pour l’ensemble du secteur.
20/07/2010

Ben Horner rejoint UBS

Le spécialiste des fonds alternatifs Ben Horner rejoint UBS à Hong Kong en tant qu’executive director du service commercial dédié au prime brokerage. Il était auparavant chief operating officer de Cranmore Capital, une plateforme de hedge funds base à Hong Kong, précise Asian Investor. Il travaillera sous la direction de Tamera Hodges.

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