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08/10/2013

DNB and BlackRock are the preferred asset management firms of Scandinavian institutionals

Den Norske Bank has taken first place in a survey by TNS Sifo Prospera to identify the best institutional asset management firms in the countries of Northern Europem realtid.se reports. In second place, SEB and Brummer & Partners are tied. Among international players, BlackRock takes top place, followed by JP Morgan Asset Mangaement and Goldman Sachs. The survey interviewed 108 institutions with over SEK200m in assets under management.
08/10/2013

Axa IM centralises its investment capacities in Hong Kong]

The asset management firm Axa IM has transferred its bond team from Singapore to Hong Kong as pat of a planned grouping of its investment capacities in the special economic zone, Asian Investor reports. The bond team, led by Rob Andrews, will set up in Hong Kong by the end of the year. Recruitments are planned, Asian Investor states. Mark Tinker, who had been based in London, moved to Hong Kong last month as head of Axa Framlington Asia. A portfolio manager will be recruited to assist Tinker.
08/10/2013

HFRX hedge fund index up 0.96% in September

The HFRX Global hedge fun index gained 0.96% in the month of September, while the HFRX Market Directional, for its part, has gained 2.23%, according to statistics from Hedge Fund Research. The Event Driven strategy gained 2.10% in September, due to gains for special situations and actiist exposures. Since the beginning of the year, the HFRX Event Driven index has gained 10.87%.
08/10/2013

BlackRock takes control of MGPA and creates a real estate unit

BlackRock on Monday, 7 October announced that it has finalised its acquisition of MGPA, a real estate private equity asset mangement firm in Asia-Pacific and Europe. The sale price has not been disclosed. The deal is related to the creation of a global real estate platform with USD23.5bn in assets, which collaborates with more than 700 investors.The new platform will have 400 real estate experts on the ground, in 18 offices in 13 countries, and will operate under the BlackRock name. The extended expert unit will offer investors access to the six most important markets in the world, which represent 75% of the investible commercial real estate market. The asset management firm MGPA has complementary expertise in the area of real estate investment solutions to those which exist at BlackRock, with no overlap.Following the acquisition, BlackRock will manage a diversified range of real estate funds, including publicly-traded real estate securities, real estate debt, REIT securities, open-ended or closed funds, and special mandates, to meet the needs and investment objectives of certain clients, a statement says.
08/10/2013

Italian asset management firm Anima studying an IPO

The board of directors has begun to officially study the possibility of an initial public offering, Bluerating reports, citing the news agency Radiocor. So far, this is only an examination, which has not ruled out other options. The asset management firm, which has over EUR40bn in assets under management, has Asset Management Holding, a company owned by Clessidra (37%), Banca Popolare di Milano (35.3%) and Monte dei Paschi (22.7%), as its sole shareholder.
08/10/2013

Markit lance une nouvelle messagerie instantanée

Markit a annoncé le 7 octobre le lancement d’un système ouvert de messagerie instantanée pour les professionnels des marchés financiers, rejoint par Thomson Reuters et huit grandes banques, dont le Credit Suisse, qui va concurrencer celui de Bloomberg.Ce nouveau système «va permettre à des personnes de l’ensemble du secteur des services financiers de communiquer et de partager des informations sans encombres», souligne le cabinet britannique d’informations financières dans un communiqué.Actuellement, les communications quotidiennes entre les professionnels des marchés financiers passent pour la plupart par la messagerie instantanée présente sur les terminaux Bloomberg, qui dominent le marché. Mais grande différence avec le système de Bloomberg, qui est un atout majeur de son terminal, la messagerie ouverte de Markit va fédérer les messageries existantes des sociétés qui l’utiliseront.Membre fondateur du nouveau système ouvert de Markit, le groupe américano-canadien d’informations financières et professionnelles Thomson Reuters va y fédérer son système Thomson Reuters Eikon Messenger qui dispose de plus de 200.000 membres. Huit grandes banques ont également rejoint le système de Markit: BofA Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase et Morgan Stanley."Jusqu'à présent, la communication entre les acteurs du marché a été entravée par l’absence d’interopérabilité entre les systèmes», estime Markit qui juge que son système «fait tomber les barrières» en fédérant les systèmes internes.
08/10/2013

Assets up at Reyl

As of 30 June, assets under management at the Reyl group totalled CHF9.3bn, 26% more than six months previously.Consolidated operating revenues in first half are up 64% year on year, to EUR59.1m.
08/10/2013

Odey AM opens an office in Geneva

The alternative asset management firm Odey Asset Management, based in London, has opened an office in Geneva, Agefi Switzerland reports. “We are happy to be opening an office in Geneva,” a partner at the asset management firm Orlando Montagu has said, “since Odey already invests for many institutional and industrial families in continental Europe.” No further comment has been made about the number of employees, but market sources say that the small team being set up will concentrate on marketing. Odey AM has USD9.7bn in assets under management n 18 funds, and has nearly 90 employees.
08/10/2013

L’Erafp demande l’autorisation du régulateur pour investir dans les infrastructures

L’Erafp a demandé en début d’année au régulateur français d’assouplir les règles d’investissement dans les classes d’actifs alternatives, rapporte IPE.com. S’exprimant lors de la première conférence IPE/Sterling Capital Partners sur les infrastructures à Londres, Jean-Michel Horrenberger, vice-directeur général de l’Erafp, a indiqué que le fonds n’avait pas le droit d’investir dans les classes d’actifs. Selon lui, le régulateur devrait rendre sa décision finale et assouplir sa position dans les mois qui viennent, ce qui permettrait à l’Erafp de procéder à son premier investissement dans les infrastructures.
08/10/2013

Edhec and Lyxor launch research chair for risk allocation

The Edhec Risk Institute and Lyxor Asset Management on 7 October announced the launch of a research chair for risk allocation solutions which may be used to set up high yield multi-asset class solutions, developed acording to the specific needs of investors.The first of the first three years of research funding awarded as part of the chair will be dedicated to the next generation of “risk parity,” which may have a major flaw, in that it is not sensitive to changes in the economic environment.The research team will be led by Lionel Martinelli, scientific director at the Edhec Risk Institute, assisted by Vincent Milhau, deputy scientific director, while Nicolas Gausset, director of management at Lyxor, and Thierry Roncalli, head of quantitative research at Lyxor, will participate in the scientific committee for the research chair.
08/10/2013

Cerulli: strong growth for US mutual hedge funds

Asset managers expect alternative mutual fund assets to comprise close to 14% from 2% currently of all mutual fund assets in the next 10 years, according to new research from Cerulli Associates.Since the financial crisis in 2008, institutions and advisors have been under pressure to increase returns while keeping risk unchanged. «As a result, alternative products are attracting interest from retail and institutional investors, as both are increasingly looking for portfolio diversification, enhanced returns, and risk management,» states Michele Giuditta, associate director at Cerulli.Some 25% of advisors plan to increase their allocations to alternative mutual funds, with 5% indicating they plan to increase their allocations by more than 10%,
08/10/2013

DE Shaw closes its doors to new investors

One of the most profitable hedge funds, DE Shaw, has closed its doors to new clients, the Financial Times reports. Of the six top hedge fund firms, only two, Man Group and Och-Ziff, are still accepting money for their flagship funds. The Oculus fund and Heliant from DE Shaw were closed earlier this year, and the firm’s multi-strategy fund, Composite, was closed at the end of summer, according to sources familiar with the matter.
08/10/2013

Promotion pour Johannes Hermanns chez Deka

Responsable depuis 2008 pour la région Nord de la gestion chez Deka Immobilien, Johannes Hermanns a été promu au 1er octobre directeur de la gestion immobilière pour l’ensemble de l’Allemagne, annonce DekaBank le 4 octobre. L’intéressé succès à Wolfgang Frisch, qui a manifesté le désir de prendre une retraite anticipée au 31 décembre.Dans ses nouvelles fonctions, Johannes Hermanns sera responsable de plus de 200 actifs figurant dans le portefeuille des fonds Deka.
08/10/2013

iShares adds to EMEA sales team

Investment Europe reports that Jessica Eistrand (formerly of StormHarbour) and Deri Bainge (formerly of Crédit Agricole CIB) have been apopinted as directors at iShares, the former for bond sales in Nordic countries, and the latter for Germany, Switzerland and Austria. Both will report to Leen Meijaard, head of EMEA sales.
08/10/2013

GLG Partners to close a fund to new investors

GLG Partners is preparing to close its GLG Market Neutral Fund, managed by Steve Roth, to new investors, when it reaches USD1bn in assets, in order to preserve its performance, Financial News reports. The size of the fund is currently USD870m. It will top USD1bn by the end of the year.
08/10/2013

Fidelity offers two new funds

Fidelity Worldwide Investment has announced that it is extending its Fidelity Active Strategy (FAST) with the launch of the FAST Global long/short equity, a portfolio of 70-110 positions managed by Dmitry Solomakhin. The trial version of FAST Global, created in January 2013, has beaten out 99% of its peers, in terms of both performance and information ratio. The fund is aimed exclusively for professional investors. Its net exposure will range from 90% to 110%, and the manager is able to short-sell up to 30% of assets in unattractive equities.The asset management firm also reports that in September the Undiscovered Talent fund of funds was launched, aimed at high net worth retail clients affiliated to the Fidelity Wealth Service, with a minimal subscription of GBP100,000. The portfolio, managed by Nick Peters and James Bateman, invests in portfolios of managers who are still relatively little known.CharacteristicsName: FAST GlobalManagement commission: 1% (Y share class in pounds sterling)Minimal subscrption: USD1mPerformance commission: 20% of performance exceeding the MSCI AC World (N) fund by over 200 basis points
08/10/2013

UK regulator cracks down on the asset management industry

The British Financial Conduct Authority has met with directors of all of the major asset management firms based in the United Kingdom, Financial Times fund management reports, stating that the regulator is seeking to confront misconducts in the asset management industry. Tracey McDermott, the director of enforcement and financial crime at the FCA, has warned that the authority will take strong measures against business which do not respect these rules. In addition, the regulator has creatd its own asset management surveillance team, composed of over 50 employees.
08/10/2013

Manulife plans to develop in wealth management in Asia

The Canadian Manulife group has appointed Donna Cotter as head of distribution for the wealth management unit in Asia, Asian Investor reports. She will be responsible for developing relationships with private banks and insurers.
08/10/2013

Malaysian sovereign fund acquires nearly 5% of Beijing Water

Khazanah National Bhd, the Malaysian sovereign fund, will acquire a 4.95% stake in Beijing Enterprises Water Group, for a total of USD152m, Opalesque reports. The Malaysian sovereign fund becomes one of the largest shareholders in the Chinese company.
08/10/2013

Russell Investments welcomes new PM

Russell Investments has announced the recruitment of Rob Hall in London as portfolio manager in its multi-asset class management team, which includes 37 people.Hall will be based in London, and will report to Christophe Caspar, chief investment officer for multi-asset.Hall joined the firm from Schroders, where he had been head of manager selection. In particular, he was responsible for the management and selection of internal or external investment strategies to implement Schroders multi-asset products. From 1988 to 2008, Hall previously served as head of portfolio management at Russell Investments for European equity portfolios.
08/10/2013

Nutmeg attacks the competition

The online asset management firm Nutmeg, based in London, on 7 October launched a publicity campaign in the London Underground which is not pleasing the competition, Fund Web reports. Nutmeg presents asset managers as “fat cats” who, it is suggested, have practices with relation to fees which are not always transparent, while Nutmeg offers a top-quality service for a modest fee of 0.3% for GBP500000 up to 1% for GBP1,000.
08/10/2013

Schroders recruits from BlackRock

Ugo Montrucchio, director and portfolio manager in the multi-asset class group at BlackRock, has been recruited as a portfolio manager in the multi-asset class and portfolio solutions unit at Schroders in London, which he will join on 1 January 2014. He will report to Joanna Kyrklund.
08/10/2013

Vontobel plans to acquire a multi-asset class boutique

Vontobel, seduced by the success of GARS, the multi-asset class fund from Standard Life, is sounding the British market to acquire a multi-asset class boutique, Financial Times fund management reports. “However, we are also going to continue our own organic growth projects in terms of investments in multi-asset classes, and we will not be too devastated if no external opportunity emerges,” says Zeno Staub, CEO of Vontobel.
08/10/2013

Neuberger Berman recruits a head for Northern Europe

Mark Oestergaard has joined Neuberger Berman to cover the Northern European market from London, Fondbranschen reports. Oestergaard joins from Gottex, where he had been head of sales to institutional investors in Northern Europe.
08/10/2013
Fonds

Schroders propose un fonds de risques assurantiels

Le britannique Schroders a annoncé la commercialisation du fonds Schroder Investment Fund – Core Insurance-Linked Securities un fonds d’investissement spécialisé (SIF ou FIS) de droit luxembourgeois lancé en juin et destiné aux investisseurs institutionnels. Le portefeuille, géré par Daniel Ineichen, pourra être investi en obligations catastrophe (ouragans, tremblements de terre) et autres produits liés aux risques assurantiels (ILS) «liés aux activités humaines» comme les navigations maritimes et aériennes ou l'énergie offshore mais non en risques d’assurance vie.Daniel Ineichen sera assisté par une équipe de 16 spécialistes des valeurs de l’ILS travaillant chez Schroders et chez Secquaero Advisors, qui met notamment à disposition son outil exclusif de de gestion du risque SPOT et sa connaissance du secteur de la réassurance.L’objectif de performance annuelle se situe à 600 points de base au-dessus du Libor 3 mois en dollars américains, net de frais, avec une forte focalisation sur la gestion des queues de distribution.CaractéristiquesDénomination : Schroder Investment Fund – Core Insurance-Linked SecuritiesMonnaie de référence : USDCodes IsinSIF Core Insurance Linked Securities I LU0954709472SIF Core Insurance Linked Securities K Acc US LU0954711619Frais de gestion : 0% pour les parts I1,50 % pour les parts K (institutionnels)Souscription minimale : 2 millions de dollars (parts K)Calcul de la valeur liquidative : 1 fois par trimestrePublication de la VL : 15 jours après la fin du trimestre
Fonds
08/10/2013

iShares renforce son équipe de vente EMOA

Investment Europe rapporte que Jessica Eistrand (ex StromHarbour) et Deri Bainge (ex Crédit Agricole CIB) ont été nommés directeurs chez iShares, la première pour les ventes obligataires dans les pays nordiques et le second pour l’Allemagne, la Suisse et l’Autriche. Tous deux seront subordonnés à Leen Meijaard, head of EMEA sales.
08/10/2013

Nutmeg attaque la concurrence

Le gestionnaire d’actifs en ligne Nutmeg, basé à Londres, a lancé le 7 octobre une campagne publicitaire dans le métro de la capitale britannique qui ne ménage pas la concurrence, rapporte Fund Web.En l’occurrence, Nutmeg présente les gestionnaires d’actifs comme des chats bien potelés («fat cats») qui, sous-entendu, s’engraissent en pratiquant une tarification pas toujours transparente alors que Nutmeg propose un service de première qualité pour une commission forfaitaire modique comprise entre 0,3% pour 500.000 livres à 1% pour 1.000 livres.
08/10/2013

Schroders recrute chez BlackRock

Directeur et gérant de portefeuille dans le groupe multi-classes d’actifs de BlackRock, Ugo Montrucchio a été recruté comme gérant de portefeuille dans le pôle multi-classes d’actifs et solutions de portefeuille de Schroders à Londres, qu’il rejoindra au 1er janvier 2014. Il sera subordonné à Joanna Kyrklund.
08/10/2013
Fonds

Fidelity propose deux nouveaux fonds

Fidelity Worldwide Investment a annoncé l'élargissement de sa gamme FAST (fidelity Active STrategy) avec le lancement du long/short equity FAST Global, un portefeuille de 70-110 lignes géré par Dmitry Solomakhin. La version d’essai du FAST Global créée en janvier 2012 a battu 99 % de ses pairs aussi bien en performance qu’en ratio d’information. Ce fonds est exclusivement destiné aux investisseurs professionnels. Son exposition nette sera comprise en 90 et 110 % et le gérant a la faculté de vendre à découvert jusqu'à 30 % de l’encours sur les actions peu attrayantes.Par ailleurs, le gestionnaire a fait part de la création en septembre du fonds de fonds Undiscovered Talent destiné à une clientèle de particuliers haut de gamme affiliés au Fidelity Wealth Service, avec une souscription minimale de 100.000 livres. Ce potefeuille géré par Nick Peters et James Bateman investit dans des portefeuilles de gérants encore peu connus.CaractéristiquesDénomination : FAST GlobalCommission de gestion : 1 % (classe de parts Y en livres sterling)Souscription minimale : 1 million de dollarsCommission de performance : 20 % de la surperformance de plus de 200 points de base par rapport au MSCI AC World (N)
Fonds
08/10/2013

Du mieux sur le front des embauches dans la finance outre-Manche

La dernière étude PwC pour la CBI, le patronat britannique, est plutôt optimiste sur la finance outre-Manche dans son ensemble, rapporte Les Echos. Après enquête auprès de 99 établissements, elle fait en effet ressortir que les institutions financières britanniques ont recruté 10.000 personnes au troisième trimestre cette année et qu’elles projettent d’en embaucher 2.000 de plus d’ici à décembre. Selon les calculs du consultant, le nombre de postes de financiers en Grande-Bretagne est donc désormais inférieur de 73.000 à son pic d’avant la crise, contre 85.000 auparavant. Il s'établit à 1,14 million. En outre, l’optimisme chez les dirigeants d'établissements financiers sur leur situation globale est à un pic de 17 ans. Paradoxalement, les volumes d’activités ont baissé au troisième trimestre, fait remarquer cette étude, notamment dans la banque. Cependant, la profitabilité s’est améliorée pour le quatrième trimestre consécutif grâce à l'élargissement des écarts de taux et les volumes vont reprendre fortement d’ici à la fin de l’année.

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