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21/12/2012

Strong demand for private real estate from Partners Group

The Swiss asset management firm Partners Group (EUR27bn in assets), a specialist in private equity investment, on 20 December announced that in fourth quarter 2012 it closed its Direct Real Estate 2011 and Asia-Pacific Real Estate 2011 programmes, after inflows of over USD500m.
21/12/2012

Manulife AM adds to team in Tokyo

Manulife Asset Management (Japan) recruited two sales staff in Tokyo in May and October, bringing the number of team members to five, Asian Investor reports. The firm is planning to increase its sales efforts in Japan. It plans to take advantage of a growing interest in new types of investment such as Asian bonds and alternative investments on the part of local pension funds.
21/12/2012

Valartis sells its shares in EPH

The Swiss Valartis group on 20 December announced that it has sold its 40% stake in Eastern Property Holdings (EPH) for USD110m in cash to the Liechtenstein-based Aurora Value Fund, managed by CAIAC Fund Management AG. The Baar-based group will now continue the strategy it began in 2009 of concentrating its activities in private banking and institutional clients.EPH is a real estate development firm listed on the SIX Swiss Exchange, and focused on Russia. It has thus far belonged to the portfolio of the affiliate Valartis International.The sale price “largely” corresponds to the value at which the stake in EPH was on the books of Valartis at the end of 2011, a statement says.
21/12/2012

Klaus Kaldemorgen to concentrate on multi-asset class

DWS Investment has officially confirmed that from February 2013, André Köttner, who recently left Union Investment, where he had been manager of the UniGlobal fund, will take over management of the flagship funds from the Deutsche Bank affiliate, DWS Vermögensbildungsfonds I and DWS Akkumula, which had been managed by the star manager Klaus Kaldemorgen.Kaldemorgen, a statement says, will now be able to concentrate on his role as chief strategist equities for the multi-asset class product range. He will also continue to manage the DWS Concept Kaldemorgen fund.
21/12/2012

SEB AM loses two fund selectors

The fund selectors Jens Kummer and Damian Krzizok have confirmed that they have left SEB Asset Management in Frankfurt, Citywire Global reports, having viewed their departing email message. The two men had belonged to a three-member multi-management team also composed of Andreas Bichler. The two fund selectors did not say where they were going.
21/12/2012

Norwegian fund invests in industrial real estate

The Norwegian Government Pension Fund Global will through a joint venture with Prologis buy 50 percent of a portfolio of logistic properties for 1.2 billion euros, or about 8.9 billion kroner.The seller is Prologis, which will retain the remaining 50 percent of the portfolio and manage the properties on behalf of the partnership. The purchase price includes existing bank debt of 0.1 billion euros.The portfolio consists of 195 properties in 11 European countries including France, the UK, Spain, Poland and Italy. The properties comprise 4.5 million square metres of lettable space and are used mainly as distribution facilities by about 300 tenants from a range of industries. The transaction, agreed on by the parties on Thursday, is expected to be completed in the first quarter of 2013.The joint venture has an initial term of 15 years that may be extended. The venture intends to repay the existing bank debt by the first quarter of 2014. As part of the transaction, the fund will receive warrants to buy 6 million Prologis common shares for 35.64 dollars apiece.“The agreement marks the fund’s first investment in industrial real estate and is in line with our strategy to build a high-quality portfolio that’s spread over different countries and sectors,” says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), manager of the fund.
21/12/2012

Dexia AM registers Diversified Futures fund in Spain

Funds People reports that as of 5 December, the CNMV has awarded a sales license for Spain to the Dexia Diversified Futures fund, which is a UCITS-compliant version of the Dexia Systemat, a hedge fund which deploys a CTA strategy.
21/12/2012

UBS targeted by HKMA

The Hong Kong Monetary Authority (HKMA) on Thursday announced that it is investigating suspicions that UBS may have behaved inappropriately in the process of determining the Hong Kong Interbank Offered Rate (Hibor) and other benchmark interest rates in the region, Handelsblatt reports. Information of this nature was provided to foreign regulators, the Hong Kong monetary authority says.At any rate, the Monetary Authority of Singapore (MAS) is also investigating banks, including UBS, which participate in determining local benchmark rates.
21/12/2012

All-time record subscriptions at Vanguard

In a statement released by email, Vanguard has announced that in the first eleven months of this year, it has posted net subscriptions of USD130.4bn, beating the all-time record set by JP Morgan in 2008, with USD129.6bn, Mutual Fund Wire reports.Of total net inflows, ETFs drew USD46.6bn. By asset class, Vanguard attracted USD72.3bn for equity funds, USD6.3bn for balanced funds and USD54.4bn for bond funds. However, money market funds underwent net outflows of USD2.5bn.
21/12/2012

Standish signs UN-PRI

BNY Mellon Investment Management (USD1.4trn in assets) has announced that its bond specialist affiliate Standish Mellon Asset Management Company (USD104bn) has signed the United Nations Principles for Responsible Investment (UN PRI). This is a sign of its commitment to incorporate environmental, social and governance (ESG) considerations into its credit and investment processes.Currently, Standish has USD9.6bn in assets under management in SRI and ESG mandates.Other BNY Mellon Investment affiliates are already signatories to the Principles: these include Newton Investment Management, Insight Investmennt, and the new Meriten Investment Management (ex WestLB Mellon AM).
21/12/2012

Azerbaijan buys 8 Place Vendôme

AXA Real Estate Investment Managers, with over EUR43 billion of assets under management as of September 2012, has announced that on behalf of clients, it has reached an agreement to sell the prime office and retail property 8 Place Vendôme to a wholly owned indirect subsidiary of the State Oil Fund of Azerbaijan (‘SOFAZ’) for EUR135 million.8 Place Vendôme, is located in one of the most prestigious squares in Paris and offers office, retail and residential space within an iconic 18th century mansion as well as an office building from the 1950’s. The mansion element of the asset, which comprises 3,160 sqm of office, retail and residential space, is let to several high profile tenants with first rate covenants with luxury jewellers occupying the majority of its retail space. The separate 1950’s building comprises 2,240 sqm of office space which is fully let to various renowned financial services and legal firms.
21/12/2012

AdvisorShares launches a multi-asset class ETF

With the Pring Turner Business Cycle ETF (NYSE Arca ticker: DBIZ), AdvisorShares is offering an ETF with a TER of 1.62%, which may invest in ordinary or preferential shares in US or foreign firms, corporate bonds rated at least BBB, ETNs, ETFs and commodities Index Universe reports. The product is based on a strategy designed by Martin Pring, one of the principals of the California-based Pring Turner Capital Group. It aims to earn returns in all phases of the market cycle.
21/12/2012

ALPS launches four ETFs based on Goldman Sachs indices

Tom Carter, executive vice president of ALPS Holdings, on 20 December announced that ALPS (DST Systems group) is launching four ETFs replicating indices from Goldman Sachs, three of which are based on GS Momentum Builder products, whose objective is to capture exposure to momentum to select asset classes or markets via a risk control mechanism. The ALPS/GS Momentum Builder Growth Markets Equities and U.S. Treasuries Index ETF (acronym on NYSE Arca: GSGO), charges fees of 1.29%, while the ALPS/GS Momentum Builder Multi-Asset Index ETF (GSMA), charges 1.14%, and the ALPS/GS Momentum Builder Asia ex-Japan Equities and U.S. Treasuries Index ETF (GSAX) has a TER of 1.22%. The fourth fund replicates a Goldman Sachs index which reflects a hypothetical portfolio of US equities which are intended to post the highest risk-adjusted returns on the basis of target prices adjusted according to volatility defined by a consensus of sectoral analysts covering equities of the Russell 1000 index. The product, with a TER of 0.55%, is the ALPS/GS Risk-Adjusted Return U.S. Large Cap Index ETF (GSRA).
21/12/2012

March Gestión targets Latin America and United Kingdom

The Spanish firm March Gestión is to begin to offer its funds in Latin America, Citywire reports. The firm is already working with several institutions in Chile and Colombia. March Gestión will also enter the United Kingdom, where it is in the process of registering funds, Citywire reports.
21/12/2012

Brother of Madoff sentenced to 10 years in prison

The brother of Bernard Madoff, Peter, will serve a sentence of 10 years in prison for his role in his brother’s fraud, a US judge ruled on Thursday, the Financial Times reports. Peter Madoff, 67, pleaded guilty in June to charges of conspiracy, fraud and falsification. Mr. Madoff, a lawyer, was director of compliance and senior managing director at the Bernard L. Madoff Investment Securities company.
21/12/2012

Morgan Stanley AM launches LGBT initiative

Douglas J. Ketterer, head of U.S. Field Management, has announced that Morgan Stanley Wealth Management has launched an “LGBT initiative” to provide financial advisers with wealth planning, business development and marketing resources aimed specifically at prospective clients in the gay, lesbian, bisexual and transgender comunities.Due to tranformations in the financial and legal environments, it is important for LGBT couples to be able to speak with a wealth management specialist who has the necessary resources to meet their specific needs, Morgan Stanley WM states.Gay marriage is already legal in Iowa, Massachusetts, Connecticut, Vermont, New Hampshire, New York, Washington and Washington DC, while universal marriage measures has been passed in Maine and Maryland. Other states have other marriage laws for same-sex couples, while some states have no civil union laws. This variety causes much complication in the area of wealth management for the LGBT community, the statement says.
21/12/2012

Head of Ahorro Corporación Gestión resigns

After only eight months on the job, Enrique Sánchez del Villar has left his position as head of Ahorro Corporación Gestión (EUR3.64bn in assets), to return to Analistas Financieros Internacionales (AFI), where he was a partner until 2008, Funds People reports.Financial sector sources point out that this is a voluntary departure, which is said not to be related to the fact that assets under management have fallen by 25% since the beginning of the year. Sánchez del Villar’s replacement has not yet been named.
21/12/2012

La France réduit son appel au marché

La France prévoit d'émettre pour 169 milliards d’euros de dette en 2013 soit 9 milliards de moins qu’en 2012 grâce à d’importants rachats anticipés.
21/12/2012

Trafigura tient tête

Le quotidien a eu accès aux comptes annuels à fin septembre du négociant en matières premières et en métaux basé à Genève et Singapour. Le résultat net en repli de 11% à 991,9 millions de dollars démontre selon le quotidien la capacité de résistance des grands groupes du secteur (comme Glencore) en dépit d’un ralentissement de la croissance en Chine.
21/12/2012

Les Etats-Unis s'inquiètent des visées étrangères

La conclusion d’un rapport du Comité des investissements étrangers aux Etats-Unis (Cfius) qui se prononce sur les offres de rachat de sociétés américaines, s’inquiète de l’utilisation de «comportements suspects» provenant notamment des gouvernements étrangers qui usent d’incitations fiscales ou financières pour acquérir des cibles américaines.
21/12/2012

Des alphas très homogènes

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de novembre 2012. Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique, ainsi que du rendement depuis un an. Aux Etats-Unis, environ un gérant sur deux en novembre a sous/sur-performé l’indice de référence (MSCI US). La sur-performance moyenne (0,8%) apparaît légèrement inférieure à la sous-performance moyenne en valeur absolue (0,9%). Au total, les gérants ont sous-performé de 6 points de base (pb) l’indice MSCI US. La variété des performances se resserre par ailleurs avec 80% des fonds qui affichent une performance comprise à l’intérieur d’une plage de 2,6% (3,0% en octobre).
21/12/2012

Une normalisation de l’appétit pour le risque

Le graphique ci-contre montre l'évolution de l’appétit pour le risque, mesuré par la corrélation de rang entre les rendements des facteurs de risque et la volatilité qui leur est associée. Si la corrélation est positive, l’aversion pour le risque a baissé ; si la corrélation est négative, elle a augmenté.
21/12/2012

Le plan B des Républicains abandonné

Le président de la Chambre des représentants des Etats-Unis, le Républicain John Boehner, n’est pas parvenu hier à convaincre les propres membres de son parti de voter pour le plan B censé arracher des concessions à Barack Obama, à dix jours du «mur budgétaire». Selon un haut conseiller du parti cité par Reuters, la Chambre pourrait se réunir de nouveau le 27 décembre pour se prononcer sur un nouveau plan.

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