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24/01/2013

Ahorro Corporación recruits head for its AM unit internally

Alejandro Sánchez-Pedreño, deputy CEO of Ahorro Corporación Financiera, has been appointed as CEO of Ahorro Corporación Gestión, whose funds have asses under management of nearly EUR3.5bn, Funds People reports. He replaces Enrique Sánchez del Villar, who resigned a month ago (see Newsmanagers of 21 December), but who still remains on the organisational chart on the website in his former position as of 23 January, although he has joined Analisats Financieros Internacionales.
24/01/2013

Reech AiM acquires Aurea Real Estate

Reech AiM Froup, an international hedge fund management firm based in London and Luxembourg, on 23 January announced the acquisition of Aurea Real Estate, a real estate investment firm with offices in Paris and Madrid, by its affiliate Reech REIM LLP. Aurea Real Estate, founded in 2009, currently manages a portfolio of assets totalling about EUR100m. As a part of Reech REIM LLP, the team will offer its clients investment opportunities in added value real estate construction products, via funds, separate accounts and club deals. Reech REIM LLP is now composed of the “Indirect Real Estate” unit, whose team manages the Iceberg fund, and the “Private Equity Real Estate” unit, trained by the team at Aurea. As a part of the acquisition, Maxime Barkatz, founder of Aurea Real Estate, will join Reech AiM as a Partner. Before founding Aurea, Barkatz had been Managing Director and Partner at the publicly-traded realty firm Affine, where he founded and directed the real estate promotion affiliate of the group in the Iberian peninsula.
24/01/2013

Close Brothers increases AUM by 3% in five months

The “pre-close trading update” from Close Brothers reports that in the five months to 31 December, assets under management by the asset management unit increased by 3%, to GBP8.5bn, due to positive market effects. The profit margin has increased due to a rise in more lucrative retail assets.
24/01/2013

Changes in Asian team at Credit Suisse

A reorganisation of the asset management unit at Credit Suisse has led to changes in Asia. Bin Han, head of sales for China at CSAM, has been appointed as director of the private funds group. Bunt Ghosh, head of emerging market strategy for asset management and vice president of fixed income for Asia-Pacific, retired in mid-December. He will not be replaced.
24/01/2013

Goldman Sachs may earn a large capital gain on LEG

An IPO of 57.5% of the German real estate firm LEG Immobilien (90,000 units) is scheduled for 1 February, within a price range of EUR41 to EUR47 per share, Die Welt reports. This means that the RE Whitehall funds from Goldman Sachs, which controls 87% of LEG, and the private equity investor Perry, which controls the rest, may earn as much as EUR1.4bn from the operation, though they paid only EUR800m for the entire firm at the end of 2008. Since then, they have also earned about EUR350m in dividends.At the low end of the price range, the firm is valued at a 10% markdown on its net asset value; the high end of the price range corresponds to a premium of only 3%.
24/01/2013

Feri Trust recruits from Hauck & Aufhäuser

Carina Kutzschbach, who had been head of development for private clients and foundations in Frankfurt for Hauck & Aufhäuser Privatbankiers, has been recruited to head the private mandates team at Feri Trust in Bad Homburg. She will be responsible for the development of wealth management, family office and advisory mandate operations.Feri Trust is part of the MLP group, which has about EUR21bn in assets under management or administration.
24/01/2013

Fitch affirms rating for IdeA FIMIT

Fitch Ratings has affirmed IDeA FIMIT SGR’s ‘M2-' Real Estate Asset Manager Rating. The rating is assigned to the real estate investment management activities conducted in Milan and Rome.
24/01/2013

Norwegian funds post inflows in 2012

Funds on sale in Norway in 2012 recorded net inflows of NOK41.6bn, or EUR5.6bn, according to the local financial management association, Verdipapirfondenes forening. Inflows were driven by bond funds, which attracted NOK31bn, while equity funds attracted NOK7.2bn. NOK29bn were invested by institutionals. Norwegian retail investors and foreign clients each accounted for net subscriptions of NOK6.3bn. Overall, assets in the sector increased by NOK73bn in 2012 to a record level of NOK558bn (EUR75.3bn). Institutionals accounts for NOK312bn of that total, while Norwegian retail investors account for NOK164bn, and foreign clients, NOK81bn.
24/01/2013

Odey AM gives a fund to former Griffin manager

Odey Asset Management has launched a global long/short fund for the former Griffin Capital Management manager Markus Rezny, Citywire Global reports. The fund, entitled Odey Orion, has a mandate with no constraints.
24/01/2013

Cantab Capital Partners launches a fund

Cantab Capital Partners, the USD4.7 billion systematic global macro manager, has launched a new fund: the CCP Core Macro Fund. It will be opened to external investors on 01 February 2013. The CCP Core Macro Fund is designed to give investors access to a diversified stream of macro-style returns at a fraction of standard industry fees as well as offer daily liquidity. It is expected to show negligible correlation to traditional sources of risk (equity and fixed income) and limited correlation to trend following strategies. The new Fund is a natural extension of Cantab’s investment philosophy, tested risk management and portfolio construction process and its trading and execution infrastructure. The CCP Core Macro Fund is based on a multi-model, multi-asset approach. The strategy offers investors access to the momentum and value groups of models using the ensemble of risk management tools developed by Cantab’s team of scientists over the last six years.
24/01/2013

State Street launches two funds in Italy

State Street Global Advisors has launched two flexible funds in Italy: SSgA Flexible Asset Allocation Fund, and SSgA Flexible Asset Allocation Plus Fund, Bluerating reports.
24/01/2013

Pictet AM registers emerging market debt fund in Italy

Pictet Asset Management has received a license in Italy for the new Pictet-Emerging Corporate Bonds fund, Bluerating reports. Since its launch in November, the fund, managed by Alain-Nsiona Defise, has seen more than USD600m in inflows (as of 14 January).
24/01/2013

ESMA unveils its working programme for ratings agencies

The European Securities and Markets Authority (ESMA) published on January 23 its 2013 ertified credit rating agencies Supervision and Policy Work Plan. ESMA will focus on structured finance products ratings, due to concerns stemming from high outstanding volumes and ratings fluctuations. Sovereign credit ratings will also be reviewed, prompted by concerns on the growth in volatility over the past 12 months, their importance for credit markets and financial stability, and their impact on other rated entities and products.
24/01/2013

Federal Finance Gestion launches a socially responsible money market fund

The asset management firm Federal Finance Gestion, an affiliate of the Crédit Mutuel Arkéa group, at the end of November launched a socially responsible money market fund, Federal Support Trésorerie IR. After two months on sale, the fund has already passed EUR100m in inflows. In the current environment of particularly low interest rates, the strategy of the fund is to compensate for a lack for returns from money market funds by extending the maturity of investments. By retaining the characteristics of money market funds, Federal Support Trésorerie IR aims to improve the returns offered to investors, while taking full advantage of maturity thresholds (WAM & WAL). In addition, the management of the fund applies socially responsible investment (SRI) rules. The manager may invest only in issuers who have integrated responsible and high-performance management of human capital and the environment, and good governance, into their strategy. As a complement to credit analysis, this SRI analysis allows for a more detailed examination of risks specific to issuers the fund invests in. The money market asset management team at Federal Finance Gestion has over EUR6bn in assets under management in the form of open-ended or dedicated funds or mandates. Primary characteristics of the fund ISIN code: FR0011347145 Benchmark index: Euribor 3-month Recommended investment duration: 90 days Minimum investment: EUR150,000 Maximum management fees: 0.40% including taxes Real management fees: 0.15%, including taxes Front-end fee: none Withdrawal penalty: none Movement commission: 0 to EUR180 per transaction
24/01/2013

Hedge funds around the world moving to 1.5%/20% pricing model, according to Mercer

Due to an abundant supply of high quality active asset management, the level and structure of commissions for actively-managed products held out remarkably well against a slowdown in demand in 2012, Mercer finds in its “2012 Global Asset Manager Fee Survey.” However, hedge fund managers were required to sacrifice the traditional 2% management fee and 20% performance commission cost structure, in favour of a 1.5%/20% formula. This comes due to the fact that the dynamics of supply ad demand have driven managers to be more accommodating when negotiating fees. The Mercer study, which covers over 25,000 funds from 5,000 asset management firms, also finds that the majority of asset management firms maintained their fees “relatively unchanged,” while fee reductions were concentrated on equity mandates, and retail equity funds tended to reduce their fees more sharply than institutional funds and mandates. About one third of asset managers increased their commissions, particularly managers of small cap funds, except in the United States, where commissions fell for this type of strategy. For all asset classes as a whole in US dollars, Canada is the lest expensive country for investments, with average fees of 0.3%, compared with 0.4% in the United Kingdom and 0.5% in continental Europe. Emerging market funds are the most costly, with an average of 0.89% (0.75% for Asia).
24/01/2013

DWS tech fund changes managers

Tim Albrecht has handed over his technologies fund, DWS ZukunftsInvestitionen, to analyst Marcus Poppe, so as to be able to focus on the DWS Deutschland fund of German equities, Citywire Global has learned.
24/01/2013

Pimco releases GIS Income Fund in Europe

The multi-sectoral international bond fund PIMCO GIS Income Fund, which was launched on 30 November 2012, is now on sale in Europe, including France, Germany, the United Kingdom and Italy.The objective for the Irish-registered, UCITS-compliant fund, managed by Daniel J. Ivascyn, managing director and head of the portfolio management team for real estate mortgages, and by Alfred T. Murata, executive vice president and portfolio manager, is to generate high and sustainable monthly revenue, through a flexible investment approach which targets international bonds that generate revenues.The portfolio is composed of high quality bonds, and the primary objective is to generate high and consistent revenues. The fund also aims for long-term capital appreciation, while seeking to rigorously limit the risk of decline. The portfolio may be invested in government bonds, inflation-linked bonds, bonds backed by real estate debt, whether or not these are issued by agencies, securities backed by commercial real estate loans, investment-grade corporate bonds, high yield corporate bonds, bank loans and emerging market bonds.As of the end of December, the overall duration came out to 2.14 years, compared with 5.06 for the benchmark, the Barclays U.S. Aggregate (Euro Hedged).CharacteristicsName: PIMCO GIS Income FundISIN codes for E class shares:IE00B84J9L26 (capitalisation)IE00B8N0MW85 (income)Management fees: 1.36%
24/01/2013
Fonds

EdRAM Euro Leaders surpondère les valeurs françaises contrairement aux allemandes

Actuellement, le fonds Edmond de Rothschild Euro Leaders, l’ancien Tricolore, est investi à 23-24 % dans des financières, 26 % en valeurs industrielles, 15 % en valeurs de consommation, 11 % en technologiques, 11 % en ressources naturelles et 5 % sur la thématique du vieillissement de la population. Le portefeuille comporte 35 % de valeurs françaises contre 32 % pour l’indice de référence (MSCI EMU, dividendes non réinvestis) et 22 % d’allemandes (contre 29 % pour le benchmark). La poche de cash se situe en ce moment à 1,5 % et le taux de rotation du portefeuille se situe aux alentours de 50 %.Ce produit de 40 lignes, dont le beta se situe à 1,01 et l’écart de suivi s’avère inférieur à 4 %, se focalise sur les actions des «incontournables de demain», des sociétés qui confirmeront leur position de leader à l’avenir ou qui sont aujourd’hui des challengers à fort potentiel de croissance ou bien encore qui sont leaders de niches. Il affiche un encours de 190 millions d’euros et a bénéficié d’une collecte légèrement positive en 2012, où la part retail a enregistré une performance de 23 %
Fonds
24/01/2013

Wisdom Tree franchit la barre des 20 milliards de dollars

Dans un communiqué daté du 23 janvier, Jonathan Steinberg, CEO de WisdomTree Investments, a annoncé que le gestionnaire new yorkais a désormais dépassé les 20 milliards de dollars d’encours, atteignant 20,2 milliards.WisdomTree gère 46 ETF (actions, devises, obligataires et alternatifs). Sept de ces ETF affichent plus d’un milliard de dollars d’encours sous gestion. De plus, la maison est pourvoyeur d’indices pour des tiers qui les utilisent comme références pour leurs produits.
24/01/2013

KKR prend 25% dans un hedge fund bermudien

Le groupe KKR va prendre une participation de 25% dans le hedge basé aux Bermudes Nephila Capital, rapporte Opalesque. Cette participation a été rachetée auprès de Man Group qui conserve néanmoins une part de 18,75% au capital du hedge fund spécialisé dans les investissements dans les risques de réassurance, dont les obligations catastrophes et les dérivés climatiques.
24/01/2013

Les actifs gérés par Bordier France ont gonflé de 17 %

A fin décembre, les encours sous gestion ou conseil de Bordier & Cie (France), une société de gestion qui compte 14 collaborateurs, ressortaient à 323 millions d’euros, soit 17 % de plus qu’un an auparavant. Les deux tiers de cette hausse de 48 millions, donc 32 millions, proviennent de souscriptions nettes.Le groupe suisse Bordier gère environ 10 milliards de francs.
24/01/2013

Un représentant de Dai-ichi entre au board de Janus

Suite à l’annonce de l’alliance stratégique conclue entre les deux entités le 10 août 2010, Seiji Inagaki a été nommé le 22 janvier membre du conseil d’administration de Janus Capital Group en tant que représentant du japonais The Dai-ichi Life Insurance Company. La société nippone détient déjà 14 % du gestionnaire américain (lire Newsmanagers du 5 octobre 2012) et vise une participation de 15 à 20 %.Fin septembre, Janus affichait un encours de 158,2 milliards de dollars.
24/01/2013
Fonds

Federal Finance Gestion lance un fonds monétaire responsable

La société de gestion Federal Finance Gestion , filiale du groupe Crédit Mutuel Arkéa, a lancé fin novembre un fonds monétaire responsable, Federal Support Trésorerie IR. Après deux mois de commercialisation, le fonds atteint déjà les 100 millions d’euros de collecte.Dans l’environnement actuel de taux particulièrement bas, la stratégie du fonds consiste à compenser l’absence de rendement des fonds monétaires par un allongement de la maturité des investissements. En conservant les caractéristiques des fonds monétaires, Federal Support Trésorerie IR vise à améliorer le rendement offert aux investisseurs en profitant pleinement des bornes de maturité. De plus, la gestion du fonds applique les règles de l’investissement socialement responsable (ISR). Le gestionnaire ne pourra investir que dans des émetteurs qui auront intégré à leur stratégie une gestion responsable et performante du capital humain, de l’environnement ainsi qu’une bonne gouvernance. En complément de l’analyse crédit, cette analyse ISR permet d’approfondir l’examen des risques spécifiques aux émetteurs investis.L'équipe de gestion monétaire de Federal Finance Gestion gère plus de 6 milliards d’euros sous forme de fonds ouverts, dédiés ou de mandats.Les principales caractéristiques du fondsCode ISIN FR0011347145Indicateur de référence Euribor 3 moisDurée de placement recommandée 90 joursSeuil d’accès 150.000 eurosFrais de gestion maximum 0,40% TTCFrais de gestion réels 0,15% TTCCommission de souscription néantCommission de rachat néantCommission de mouvement maximum de 0 à 180 euros par transaction
Fonds
24/01/2013

AEW Europe lève 1.8 milliard d'euros de capitaux en 2012

AEW Europe a levé 1.8 milliard d’euros de capitaux en 2012, dont 1.2 milliard d’euros de nouveaux mandats, soit une progression de 13% par rapport à 2011 sur l’ensemble de ses stratégies de fonds, de mandats grands comptes et clubs deals, selon un communiqué publié le 23 janvier par la société. Les transactions réalisées par AEW Europe en 2012 s’élèvent à 2 milliards d’euros, dont 1.2 milliard d’euros d’acquisitions, parmi lesquelles la très emblématique Tour EDF à la Défense, la tour Oxygène à Lyon, mais aussi de plus petits actifs, comme ceux achetés par le UK Core Property Fund. Les cessions ont atteint 800 millions d’euros, incluant la vente récente de l’immeuble de bureaux Austerlitz II à Paris.
24/01/2013

Eric Morin prend la tête de la région Asie du Sud-Est chez Banque Sarasin

Banque Sarasin a nommé Eric Morin au poste de CEO Asie du Sud-Est. Il remplace Grace Barki, qui dirige depuis le mois d’août la même région pour le compte de RBC Wealth Management. Eric Morin rejoint le groupe suisse en provenance de BNP Paribas; où il occupait la fonction de CEO adjoint pour l’Asie du Sud-Est.
24/01/2013

Changements dans l’équipe asiatique de Credit Suisse AM

La réorganisation du pôle de gestion d’actifs de Credit Suisse (CSAM) a conduit à des changements en Asie, rapporte Asian Investor. Ainsi, Bin Han, responsable des ventes Chine de CSAM, a été nommé directeur du groupe private funds. Bunt Ghosh, responsable de la stratégie marchés émergents pour la gestion d’actifs et vice-président du fixed income pour l’Asie-Pacifique, est parti à la retraite mi-décembre. Il ne sera pas remplacé.
24/01/2013
Fonds

Pimco commercialise son fonds de revenus en Europe

Le fonds obligataire multisectoriel international PIMCO GIS Income Fund, qui a été lance le 30 novembre 2012, est désormais commercialisé en Europe, notamment en France, en Allemagne, au Royaume-Uni et en Italie.L’objectif de ce fonds coordonné de droit irlandais géré par Daniel J. Ivascyn, managing director et responsable de l'équipe de gestion de portefeuille pour les crédits hypothécaires, et par Alfred T. Murata, executive vice president et gérant de portefeuille, consiste à générer un revenu mensuel élevé et durable en s’appuyant sur une approche d’investissement flexible ciblant les obligations internationales génératrices de revenus.Le portefeuille se compose d’obligations de qualité et l’objectif premier est de générer un revenu élevé et constant. Le fonds vise également l’appréciation du capital à long terme, tout en cherchant à limiter rigoureusement le risque de baisse. Le portefeuille peut être investi en emprunts d’Etat, obligations indexées sur l’inflation, titres adossés à des crédits hypothécaires émis ou non par des agences, titres adossés à des crédits hypothécaires commerciaux, les obligations d’entreprises catégorie investissement, obligations d’entreprises à haut rendement, les emprunts bancaires et obligations émergentes.A fin décembre, la duration effective ressortait à 2,14 ans contre 5,06 pour le benchmark, le Barclays U.S. Aggregate (Euro Hedged).CaractéristiquesDénomination : PIMCO GIS Income FundCodes Isin pour les parts E :IE00B84J9L26 (capitalisation)IE00B8N0MW85 (revenu)Frais de gestion : 1,36 %
Fonds
24/01/2013
Fonds

Le fonds techno de DWS change de gérant

Tim Albrecht a confié son fonds technologie DWS ZukunftsInvestitionen à l’analyste Marcus Poppe de manière à se concentrer sur le fonds DWS Deutschland en actions allemandes, a appris Citywire Global.
Fonds

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