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04/03/2010

Deutsche Bank plans to release 30 ETF funds

Mitsuhisa Murata, managing director and head of global markets structuring at Deutsche Securities, has told Reuters that the German group is planning to list 30 or more ETF funds (db x-trackers) in Japan in the coming year, the Guardian reports. Deutsche Bank has initially been offering six of its 13 db x-trackers listed in Hong Kong since February. The next funds to be offered on the Japanese market will also be products listed in Hong Kong and Singapore, though in a later phase there are plans to list ETFs directly in Japan.
04/03/2010

A ratings agency within the ECB?

L’Echo reports, citing Handelsblatt, that the Euro zone countries are considering creating a European ratings agency which would be lodged within the European Central Bank (ECB). The newspaper cites sources close to European finance ministers as saying that Euro zone governments do not want to depend on the opinions of Standard & Poor’s (S&P), Moody’s and Fitch, which, according to an anonymous sources cited by Handelsblatt “were completely wrong in the case of Lehman Brothers.”
04/03/2010

db x-trackers launches a corporate bond ETF

On Wednesday, db x-trackers (Deutsche Bank) announced the launch of its Luxembourg-registered fund db x-trackers II iBoxx EUR Liquid Corporate 100 Total Return Index ETF, which charges 0.20% fees, and which was created on 8 February. The synthetic replication fund replicates the iBoxx EUR Liquid Corporate 100 corporate bond index, which includes exclusively bonds denominated in Euros or currencies which preceded the Euro, with a remaining time to maturity of at least two years, and a minimal volume of EUR750m.
04/03/2010

ETFlab founds its first tracker fund of corporates

The Munich-based ETF management firm of the Deka group (German savings banks), ETFlab Investment, on Wednesday announced the launch and introduction on the XTF segment of the Deutsche Börse of its first publicly-traded corporate bond fund, the ETFlab iBoxx Euro Liquid Corporates Diversified. The German-registered product (DE000ETFL375) based on physical replication offers access to a diversified range of securities, as the index it replicates includes 75 issues from firms whose headquarters are located in the Euro zone, Switzerland, the United Kingdom, Sweden, Norway, or Denmark, with a preference for fixed-rate securities. The manager is allowed to retain only up to two issues from the same borrower, and no issuer is allowed to account for more than 7.5% of assets. The securities are rated investment grade, or at least BBB-, but the limit is A- for financial sector borrowers. The remaining time to maturity for bonds in the portfolio is between 1.5 and 10.5 years. As for corporate bond ETFs launched the same day by db x-trackers (Deutsche Bank), the management commission for the product is 0.20%.
04/03/2010

Schroders, Carmignac, CAAM and Robeco lead subscriptions

As the Inverco association announced that foreign real estate firms had gained ground in the Spanish market (see Newsmanagers of yesterday), Funds People was running reports, also relayed in Expansión, that the funds which attracted the largest subscriptions were the Robeco US Premium for equities, Schroder ISF Euro Corporate Bond for bonds, the Carmignac Patrimoine among diversified funds, and the CAAM Dynarbitrage Volatility for hedge funds.
04/03/2010

Invesco, Union and Deka invest EUR529m in real estate properties

Invesco Real Estate (EUR18.4bn in assets) is acquiring five Accor hotels under the Pullman, Mercure and Novotel brand names in Paris, Rome, Munich, and Bratislava (with a total of 1,112 rooms), for EUR154m. The management firm is also planning to invest EUR10m to increase the value of the properties and the operating profits from them. The German asset management firm Union Investment Real Estate, meanwhile, has announced that it is spending EUR316m to acquire 91% of the Alexa shopping centre (180 shops) on Alexanderplatz in Hamburg. The vendors are Sonae Sierra and the French firm Foncière Euris/Rallye. Sonae Sierra will continue to manage the property, which has 43,000 square metres of shop space, 2,000 square metres of restaurant and 8,000 square metres of leisure space. The shopping centre will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland. Lastly, Deka Immobilien has announced that it has acquired the certified green office building Bylingen on Söderalm island in Stockhom. The 14,500 square metre property will be transferred this month to the portfolio of the open-ended real estate fund WestInvest ImmoValue.
04/03/2010

Five new “Newcits”

The list of hedge fund management firms which are launching UCITS III-compliant products is growing, Citywire reports, citing the examples of Toscafund, Trycon GCM, Cheyne Capital, Castlestone Management and Merchant Capital-Tressis. Toscafund will launch a UCITS version of its small and midcaps strategy, Reuters reports, while Cheyne Capital will launch a mergers and acquisitions fund.
04/03/2010

Le "billion dollar club" grossit un peu

D’après Absolute Return, les 213 hedge funds américains dont l’encours dépasse le milliard de dollars, ceux du «billion dollar club», ont affiché en 2009 une augmentation de 48 milliards de dollars ou de 4,2 %, de leur encours total, qui est ressorti à 1.182 milliards de dollars. Il était de 1,6 billion de dollars fin 2007.JPMorgan a détrôné Bridgewater comme numéro un par les actifs sous gestion tandis que Soros Fund Management s’est installé en quatrième position, évinçant D.E. Shaw.
04/03/2010

Sovereign funds pay a high price for their investments in banks

According to statistics from Bloomberg, losses (actual or potential) for the sovereign funds of Abu Dhabi, Norway, Singapore and other countries could be as much as USD20bn, on investments of USD69bn in American and European financial institutions in 2007 and 2008, La Tribune reports. The Singapore sovereign fund Government Singapore Investment Corp (GIC) will need ten years to make back its initial investment in the Swiss bank UBS, according to analysts.
04/03/2010

BlackRock in prudent investment: Treasury bonds

In response to uncertain growth outlooks, looming problems for sovereign debt, and “continued” inflation risks, BlackRock has increased its allocation to US Treasury bonds, the Wall Street Journal reports. The management firm has meanwhile “noticeably” reduced its overweight position in other categories of bonds, such as corporate bonds and MBS, which saw major rallying last year. BlackRock is now neutral on Treasuries, where it was previously underweight on securities in this category.
04/03/2010

Nomura and Kepler come top for analysis in 2009

Les Echos reports that the most recent edition of the StarMine rankings of French equities investment firms puts Nomura at the top of the annual rankings for the quality of its recommendations for CAC 40 companies. It is followed yb Oppenheim Research, Deutsche Bank Securities, and Exane BNP Paribas in the study, which takes into account stock market performance in 2009. Nomura’s analysts stood out in particular with a recommendation to buy Schneider Electric, which gained about 50% between January and December 2009. The firm, born of the acquisition of the European teams from Lehman Brothers by Nomura, was not included in the rankings in previous years. StarMine also evaluates the comparative accuracy of estimates by the brokerage firms of results for French large caps: in this area, Kepler Capital Markets takes first place, followed by Exane BNP Paribas and Credit Suisse.
04/03/2010

Asset management decision makers have their eyes on the globe

Senior executives from the investment management industry feel confident enough about the future that they are expanding into new geographical locations, according to a survey taken at Investit’s bi-annual industry conference. The conference, held on 28 January 2010, was attended by 60 delegates from 19 investment management firms with GBP3.5 trillion of assets under management, and six third party administrators with GBP25 trillion of assets under custody and management.95% of respondents to the survey expressed confidence about the year ahead. Furthermore 64% expected the outlook to improve significantly by the end of the year. This is in sharp contrast to early 2009, when 41% of participants had put their projects on hold and only 27% expected the picture to improve. As confidence is returning, 88% of delegates stated that expanding into new regions is their top priority for the year ahead. In terms of where the industry is looking to expand, 56% of the participants ranked Asia Pacific as their number one destination, while the Middle East and North Africa region came second with 27% of the vote. North and South America followed with 9% and 7% respectively. As for other major areas of focus identified by respondents, UCITS (88%), data management (79%) and client reporting (77%) continue to feature prominently.
04/03/2010

Singapore sovereign fund invests in UBS

Agefi Switzerland reports that the GIC, one of the two major Singapore sovereign funds, will on 5 March convert a loan it made to the Swiss UBS group into shares in the firm. The CHF11bn, which it lent to UBS in 2007, will give GIC a stake of at least 6% in a capitalisation estimated at CHF59.453bn. This CHF11bn stake has nonetheless lost about 70% of its value in two years, giving it a potential value of CHF5.5bn, though the Singapore fund also holds about CHF2bn in coupons. It appears unlikely that GIC will seek to sell its stake off in the short term, and will be likely to hold it at least until it can break even on its initial outlay.
04/03/2010

HSBC Private Bank builds presence in Switzerland

Agefi Switzerland reports that HSBC Private Bank will open a new branch office in Gstaad, which will be operational by mid-2010. The move comes as part of a strategy to significantly increase the bank’s presence in the Swiss onshore market.
04/03/2010

Cowen launches a managed accounts platform

Cowen Group has created Ramius Trading Strategies, an affiliate of Ramius Alternative Solutions, Hedge Week reports. The group has also launched the RTS Global Fund, which offers exposure to hedge funds specialised in trading activities strategies, such as managed futures and global macro, via the managed accounts platform recently created by Ramius Trading Strategies. Ramius Trading Strategies is led by William Marr, preciously international head of hedge fund research and portfolio construction at Merrill Lynch. For the 2009 fiscal year, Cowen made a net loss of USD55.3m, or USD1.35 per share, compared with USD141.8m or USD3.78 per share the previous year. As of 1 January 2010, assets under management totalled USD7.85bn, a 26% decline year on year due to net outflows of USD3.05bn offset by performance gains of USD329m.
04/03/2010

Evercore launches its first retail funds

Evercore Pan Asset Capital Management has launched its first funds dedicated to the retail market, Fund Strategy reports. Pan Dynamic Balanced and Pan Dynamic Growth will invest mainly in ETFs.
04/03/2010

Jason Mackay leaves GLG

Jason Mackay, co-head of British equities at GLG Partners, will be leaving the group at the end of the year, Investment Week reports. Mackay has decided to retire, but he will remain invested in British equities strategies, and will continue to serve GLG in an advisory role.
04/03/2010

Jupiter recruits a director from Investec

John Tevenan will join the British management firm Jupiter as director of sales to international financial institutions, Money Marketing reports. Tevenan, who has more than 28 years of experience in asset management, had been sales director at Investec Asset Management since September 2005. In his new role, Tevenan will be in charge of developing relations with wealth management specialists.
04/03/2010

German government seeks to toughen regulations applicable to several financial instruments

Wolfgang Schäuble, the German federal finance minister, announced on Wednesday that his services will prepare proposed legislation for April which would strengthen protection for investors and increase liquidity on capital markets. The bill would aim for passage during the summer before the Cabinet. The major points to be included in the legislation would be tougher measures to protect investors in the grey market, and tougher sanctions on financial services providers who give fallacious advice. The bill will also forbid naked shorts and introduce transparency requirements for declared short positions. The German government is also proposing to implement added disclosure for financial instruments, in order to prevent surprise take-overs of businesses. The minister is planning to introduce a minimum time period for retention of shares in open-ended real estate funds and minimal liquidity requirements which will be a function of the delay period for redemptions. In addition, the German government would create an “orderly” liquidation procedure for real estate funds which have been closed for a long period of time.
04/03/2010

La gratuité n'est pas un bon argument de vente pour les ETF

Selon un sondage effectué en février par Phoenix Marketing International auprès de 924 investisseurs disposant d’une épargne financière d’au moins 100.000 dollars, les émetteurs d’ETF préférés du public sont Charles Schwab, E*Trade, Fidelity, Scottrade, TD Ameritrade, Vanguard et Wells Fargo/Wachovia, devant un second peloton composé de Bank of America, Citibank, Edward Jones, ING/Sharebuilder, Merrill Lynch, T. Rowe Price et UBS.Cette analyse a aussi mis en évidence que réduire les commissions sur les ETF n’a pratiquement aucune utilité en tant qu’argument commercial pour toucher la majorité des investisseurs. L’auteur de l'étude, Kristina Terzieva, précise que près 64 % des investisseurs aisés attachent la plus grande importance au fait que les fonds viennent faire le complément de leur style d’investissement, qu’ils répliquent des indices de marché larges, qu’ils soient commercialisés au travers d’un service complet et qu’ils puissent faire l’objet d’ordres en ligne.En revanche, renoncer aux commissions sur un nombre limité d’ETF ou sur des ETF d’une marque ou encore sur des ETF commercialisés au travers d’un courtier donné n’a qu’une incidence minimale pour toucher de nouveaux investisseurs.
04/03/2010

Nevsky to close flagship fund

Nevsky Capital, the London hedge fund manager, is poised to wind down its flagship emerging markets fund. Sources close to the fund have told the Financial Times that the USD3.3bn Nevsky hedge fund would “highly likely” be liquidated after the departure of its two star managers, Martin Taylor and Nick Barnes, was announced on Wednesday. The pair will continue to manage the fund for another 12 months.
04/03/2010

Barings to launch its MENA fund in three and a half weeks

As we announced at the end of last year (see Newsmanagers of 15 December 2009), Baring Asset Management will finally launch its OEIC fund of Middle East and North Africa (MENA) shares by the end of first quarter. Investment Week reports that the product, managed by Ghadir Abu Leil-Cooper will be placed on the market on 29 March, which coincides with the end of first quarter 2010, the deadline the firm announced last year for the launch. For Barings, the MENA region offers attractive long-term outlooks, despite the risks in the region, including political ones. The countries of the region are rich in commodities and are profiting from a continuing rise in energy consumption. In addition, oil and gas are not the only resources in these countries, which also have a young and growing population. In the past few years, the financial and tourism sectors have seen strong growth, and these trends are likely to continue, while governments are committed to developing infrastructure in the region.
03/03/2010

MEAG change de CIO local

Franki Chung, qui était deputy head of Asian equities chez Baring Asset Management, a été recruté le 25 février comme directeur des investissements (chief investment officer ou CIO) par le bureau hong-kongais de l’allemand MEAG Munich Ergo, qui gère 1,1 milliard de dollars américains et emploie au total dix personnes. Franki Chung remplace John Koh, qui a quitté l’entreprise.
03/03/2010

"Le haut rendement demeure un bon support de diversification"

Le compartiment Global High Yield de la sicav luxembourgeoise Schroder International Selection Fund (SISF) affiche 2,98 milliards de dollars d'encours. David S. Harris, senior fixed income portfolio manager, estime que ce fonds, en retard sur son benchmark, devrait à présent profiter à plein de son biais pour la qualité, maintenant que les marchés promettent de devenir plus sélectifs.

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