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20/09/2011

Invesco AM appoints two heads of retail distribution for Europe

Invesco AM on Monday, 19 September announced the appointment of Sergio Trezzi and Miguel Rona as heads of retail distribution activity for continental Europe. They will report in this position to James Robertson, Chief Executive Officer at Invesco for the European, Middle East and Africa region, a statement says.Trezzi, 39, joined Invesco in 1999. He orchestrated the launch of the Invesco PowerShares ETF brand in continental Europe, while head of Invesco for Italy and Greece. He will now also be in charge of Retail Distribution activities in Germany, Austria, Benelux and Scandinavia. Rona, 43, joined Invesco in 2000, and is currently head of Invesco for Spain, Portugal and Latin America. He will now also be in charge of Retail Distribution in Switzerland and France.
20/09/2011

Santander AM recruits two multi-managers

Santander Asset Management is scaling up its multi-management team with the recruitments of Renzo Desbordes and Helen Llorente.The two portfolio managers will report directly to Tom Caddick, head of international multi-management.Llorente previously worked at New Star Asset Management, while Desbordes was at Investec Asset Management.
20/09/2011

Pictet recruits a manager from Cheuvreux

The head of Scandinavia at Cheuvreux (Crédit Agricole group), Mathias Leijon, will join the European equities team at Pictet in Zurich on 12 September as senior investment manager, Pictet London has announced. Leijon will report to Daniele Schilingo, head of European equity.
20/09/2011

Scott Bessent becomes CIO of Soros Fund Management

Soros Fund Management has appointed Scott Bessent as chief investment officer (CIO), replacing Keith Anderson, who left the business this summer after adopting too prudent a strategy earlier this year, the Wall Street Journal reports.Bessent, who will oversee USD25bn in assets, mostly belonging to George Soros, had previously worked at Soros Fund Management from 1991 to 2000, before joining Protégé Partners as senior partner, and then founding his own business. He will be the fifth CIO at Soros since 2000. Soros announced in a separate statement that his son Jonathan will soon be taking time off from the day-to-day management of the firm, but will remain as chairman of the Soros foundation.
20/09/2011

Macro funds bet on emerging markets

Hedge fund managers estimate that emerging markets have more predictable trends than developed markets, and that by using a range of instruments including currencies, interest rates and bonds, they can avoid the volatile returns that characterise investments in emerging markets equities, Financial News reports.Kay Haigh, a former head of Deutsche Bank who has founded his own firm, Avantium Investment Management, is planning to launch a macro hedge fund dedicated to emerging markets on 10 October this year.According to estimates by Michele Gesualdi, one of the managers at the fund of fund management firm Kairos Partners, international macro funds have seen losses since the beginning of this year of an average of 3% to 4%, while macro funds dedicated to emerging markets in the same period have seen total gains of 2% to 3% on average.
20/09/2011

JP Morgan recruits a specialist from Polar Capital

Nima Tayebi has left Polar Capital to join JP Morgan Asset Management, as a specialist in emerging market debt and currencies in the emerging markets team, Citywire reports.Tayebi will report to Pierre-Yves Bareau, head of emerging markets debt, and Jonathan Griggs, head of currencies strategy.Assets under management by the team that Tayebi is joining total about USD17bn.
20/09/2011

JP Morgan recruits a specialist from Polar Capital

Nima Tayebi has left Polar Capital to join JP Morgan Asset Management, as a specialist in emerging market debt and currencies in the emerging markets team, Citywire reports. Tayebi will report to Pierre-Yves Bareau, head of emerging markets debt, and Jonathan Griggs, head of currencies strategy. Assets under management by the team that Tayebi is joining total about USD17bn.
20/09/2011

30% of Germans are inclined to invest in equities and fund shares

According to a survey by TNS Infratest for Commerzbank, conducted between 18 and 30 July, and covering a sample of 1,000 people in Germany, 19% of respondents are inclined to buy shares in investment funds, and 12% to invest in equities.According to Martin Zielke, a management board member at Commerzbank in charge of retail and professional clients, many investors consider the preservation of their wealth more important than maximising returns. Investing in securities is indispensable, since the returns on savings are too low.The survey also finds that 66% of those surveyed who already hold securities are planning to make further investments in equities and investment fund shares.
20/09/2011

DJ Credit Suisse hedge fund index down 2.30% in August

The Dow Jones Credit Suisse hedge fund index was down 2.305 in the month of August, compared with a fall of 7.69% for the Dow Jones Global index.Three of the ten major strategies posted positive returns. The Dedicated Short Bias strategy in particular posted gains of 6.56%, while global macro gained 1.91%.However, event driven and long/short equity strategies were down by 5.37% and 4.44%, respectively.
20/09/2011

HSBC registers five ETFs in Spain

The CNMV has licensed five physical replication ETFs from the British asset management firm HSBC for sale in Spain. They include the HSBC MSCI Emerging Markets ETF and HSBC MSCI Russia Capped ETF funds, launched in June, both of which charge fees of 0.60%, Funds People reports. The third fund is the HSBC EPRA/NAREIT Developed ETF, also launched in Europe in June, with a TER of 0.40%. The last two funds are the HSBC S&P Civets 60 ETF and HSBC MSCI Korea ETF, which charge fees of 0.60%.
20/09/2011

Pimco releases Global Advantage Real Return Fund

The US asset management firm Pimco, an affiliate of Allianz Global Investors, on 19 September announced the release of an Irish-registered fund denominated in US dollars, entitled PIMCO GIS Global Advantage Real Return Fund (IE00B6QJK464), launched on 29 July 2011.The product aims for performance, after inflation, that combines the beta of an improved benchmark index, the Pimco Global Advantage Inflation-Linked Bond (acronym: GLADI ILB), with an active management strategy which integrates global economic outlooks defined by Pimco and the firm’s expertise in the area of evaluation of inflation-linked bonds worldwide. The fund will be managed by Mihir Worah, managing director and head of the real return portfolio management team.The fund is part of the UCITS-compliant Global Investor Series (GIS) range from Pimco. The range, registered in Dublin, now includes 43 sub-funds, representing GBP52bn, or EUR57bn in assets as of 30 June 2011.The PIMCO GIS Global Advantage Real Return Fund offers share classes aimed at institutional and retail investors. The retail shares are available via third-party fund distribution platforms and banking networks. Management commission for the institutional share class is set at 0.69%. For the retail share class, the fees will vary depending on the distributor, Pimco tells Newsmanagers.
20/09/2011

AdvisorShares to create an ETF replicating the performance of a long/short equities hedge fund

AdvisorShares Investments, an active ETF firm based in the United States, with USD370m in assets under management, has formed a partnership with Commerce Asset Management, a subsidiary of Consulting Services Group which advises about USD24bn in assets, to develop an actively-managed ETF which will use Dynamic Style Analysis, a patented technique developed by Markov Precesses International. The actively-managed ETF will offer the performance of a long/short equities hedge fund, but with lower fees and daily liquidity.
20/09/2011

Dunas Capital launches a diversified Brazil fund

The Portuguese asset manager Dunas Capital on 30 August released the Fundo Banco BIC Brasil FEI fund (with seed capital of USD10m), which invests in corporate bonds and Brazilian government bonds, but may also allocate up to 30% of its assets to equities, for sale. The fund, denominated in US dollars and advised by the Brazilian firm BRZ Investments, is the second product of the cooperation between Dumas Capital and Banco BIC Portuguès, following the Tesoureria fund, Funds People reports.Management commission is set at 1%, and performance commission will be 10% on performance exceeding a hurdle rate of the Libor 6-month + 300 basis points. There will be a penalty of 1% on any withdrawals before 180 days have elapsed. The minimal initial subscription is USD5,000, while subsequent subscriptions must be for at least USD500.
20/09/2011

Frankfurt Trust transfers management of FT EmergingArabia to Invest AD

The German asset management firm Frankfurt Trust (BHF-Bank group) on 19 September announced that it will be transferring complete responsibility for the management of its Luxembourg fund FT EmergingArabia to its partner Invest AD (Abu Dhabi Investment Company, an affiliate of the sovereign fund Abu Dhabi Investment Council (ADIC), with which it has been cooperating for more than two years (see Newsmanagers of 29 January 2009).Invest AD is an asset management firm specialised in frontier markets, focused on countries of the Middle East and Africa.The fund, which has tranches in euros (LU0317905148, EUR42.16m) and US dollars (LU0551008294, USD27.37m), is primarily invested in countries of the Gulf cooperation council (GCC).Currently, the fund is positioned primarily on Kuwait, Qatar and the United Arab Emirates. Due to the turbulence on the markets, the management team led by David P. Sanders has adopted a defensive attitude, and has increased its allocation to cash.
20/09/2011

Bilfinger to launch a listed infrastructure fund in London

The German construction group Bilfinger Berger on 19 September announced plans to place up to EUR280m in a fund on the London Stock Excchange which would house infrastructure projects, in order to reduce the burden on its regulatory capital. It would retain at least 19.9% of the fund. The fund would “package” 19 public-private projects (PPPs) which currently involve EUR161m in equity from Bilfinger Berger, Handelsblatt reports.The prospectus for the fund may be ready in October, so that sales of the fund could begin in first quarter 2012. The group is expecting net inflows of EUR270m for the next fiscal period, of which EUR55m would be reinvested in the fund, while the book profit at Bilfinger Berger would be a maximum of EUR50m.
20/09/2011

Foreign groups dominate Italian inflows

In second quarter 2011, the Italian asset management industry (including collective management and individual portfolios) posted net outflows of EUR6.7bn, according to the most recent statistics from Assogestioni (the Italian association of asset managers). Assets in the industry, however, remained above EUR1trn, of which EUR459bn are in collective management, and EUR505bn in portfolio management. In a morose context, foreign companies have done best, with net subscriptions of EUR3.1bn. In collective management in particular, foreign open-ended funds have taken in EUR3.4bn.
20/09/2011

La Française AM changes names of its subsidiaries

As reported in Newsmanagers yesterday, the UFG-LFP group announced on Monday that it is changing its name, to become La Française AM. Wit this new identity, “which evokes the French touch, the group confirms the French basis on which it rests, and emphasizes its desire to take a new step in its development, in France and abroad,” a statement says. With this in view, the names of all structures of the group will be changing. Among the asset management firms, UFG REM becomes La Française Real Estate managmers, and LFP becomes once again La Française des Placements. Among distribution and private management firms, UFG-LFP France becomes La Française AM Finance Services, and UFG-LFP Gestion Privée becomes La Française AM Gestion Privée. The changes will take effect from 29 September.
20/09/2011

ABC Arbitrage to launch a feeder fund

In fourth quarter, ABC Arbitrage is planning to launch a fifth Irish-registered multi-strategy fund which, like its predecessors, will be reserved for qualified investors, and will serve as a feeder fund for the four existing products (mergers and acquisitions, mean reversion, high-frequency trading and currencies), Dominique Ceolin, chairman and CEO, announced on 19 September. Ceolin says that the choice of Ireland as the country of domicile for the fund is due to the country’s better regulations and a less costly environment for clients.The firm has announced a 5% increase in its net profits in January-June, to EUR16m (see Newsmanagers of 19 September).In its current configuration, ABC Arbitrage claims to have a management capacity of about EUR500m; assets as of the end of June totalled EUR245m, of which about EUR100m were in the four existing funds, which experienced net subscriptions in first half of about EUR80m. Gross management performance in the first six months of the year was 28% for the firm as a whole, with the net performance of the funds ranging from 4.54% to 14.63% (and from 3.23% to 18.22% for the first eight months of the year).
20/09/2011

La Banque Privée Edmond de Rothschild receives a banking license for Hong Kong

La Banque Privée Edmond de Rothschild has announced that it has been issued a banking license for its Hong Kong subsidiary. The firm has had a representative office in Hong Kong since 1992, whose activities will be taken over by the subsidiary. “This new location will allow us to continue our expansion in a geographical region which we predict will be a determining factor for the development and future success of our group,” the bank says in a statement.The Hong Kong branch will be headed by Bruce Von Cannon, at the helm of a team of 20 people.
20/09/2011

Man recruits in Asia

Man Group has announced the appointment of David Mercurio as head of Asian Equity investment strategy, and co-head of Global Equity investment strategy. He will report to Pierre Lagrange. He was previously senior portfolio manager in the Government of Singapore Investment Corp (GIC).Lagrange, Senior Managing Director at GLG and a member of the executive board at Man, will also become chairman of Man for the Asian region, alongside his responsibilities in the management of GLG’s long-only and long/short equity portfolios at its London offices. Man has been present in Asia for 15 years. As of the end of March 2011, 25% of the group’s assets under management originated from the Asia-Pacific region, a statement says.
20/09/2011

Siemens transfers its liquidity to ECB

The Financial Times reports that Siemens withdrew more than half a billion euros from a major French bank two weeks ago and transferred them to the European Central Bank. The German industrial bank is reported to have withdrawn the money partly due to worries about the financial health of the institution, and partly in order to profit from higher interest rates offered by the ECB. According to a source with intimate knowledge of Siemens’ finances, the firm has EUR4bn to EUR6bn in deposits at the ECB, mostly in one-week deposits.
20/09/2011

ESMA launches consultation on rating agencies

The European Securities and Markets Authority (ESMA) on 19 September published a series of consultation documents on future regulatory technical standards which ratings agencies will be required to comply with. The standards describe the information which ratings agencies will be required to publish, and rules to follow in responding to the regulatory requirements.ESMA is also proposing to undertake a cost/benefit analysis of the future standards.The consultation will be open until 21 October. ESMA will present its final proposals for the standards to the European Commission by 2 January 2012.
20/09/2011

Fitch/Lipper partnership creates a fund ratings service

Fitch Rating on 19 September launched a fund ratings service in partnership with Lipper, whose performance data will serve as a basis for the evaluation of the funds.The new service, Fitch Fund Quality Ratings, will offer more forward-looking evaluation of the performance of a fund, with particular attention to the investment processes of funds and to what drives their performance.
20/09/2011

Outflows from German funds in August

According to the Börsen-Zeitung, even though the statistics for August are not out yet, specialists at the BVI association of asset management firms estimate that the turbulence on the markets may have led to net outflows from German funds totalling EUR3bn to EUR4bn.
20/09/2011
Gestion d'actifs

Le RSI sélectionne deux sociétés pour gérer de l'immobilier en direct

Le Régime Social des Indépendants (RSI) a retenu en juin deux sociétés pour gérer de l’immobilier en direct, à savoir Colliers UFG PM sur l’immobilier commercial et Nexity Saggel pour l’immobilier résidentiel. Pour rappel, l’allocation d’actifs du RSI est composée de 24-30% en actions des pays de l’OCDE, 10-15% d’immobilier français en direct, 6% de monétaire et le restant est investi en obligations des pays de l’OCDE.
Gestion d'actifs
20/09/2011
Gestion d'actifs

La Mondiale Partenaire détient 80% d'emprunts privés dans la poche obligataire de son actif général au premier semestre 2011

OBLIGATIONS : 79 % Les obligations sont la principale source de participation aux bénéfices. Les émetteurs les plus fiables sont privilégiés : la note moyenne des obligations est AA. La part des obligations d’Etat est minoritaire à 20 % contre 80 % pour les emprunts privés. Les emprunts émis par l'État français (ou bénéficiant de sa garantie) constituent le socle du portefeuille souverains. Les emprunts privés de bonne qualité permettent d’apporter une performance supplémentaire. ACTIONS : 10 % Les investissements se caractérisent par une grande diversification géographique et sectorielle des valeurs et sont principalement effectués en direct. Les valeurs financières sont sous-pondérées. IMMOBILIER : 8 % L’immobilier apporte une contribution sensible et récurrente au rendement de l’Actif général. De plus, la décorrélation de l’immobilier avec les autres classes d’actifs, contribue à la stabilité globale. Au regard de la conjoncture, il est utile de rappeler les éléments suivants : La part consacrée aux obligations souveraines (16% du fonds) est largement inférieure à la moyenne du marché de l’assurance (33%) La proportion de la dette grecque est infime (0.03%) La diversification, les réserves accumulées et le corps de règles comptables permettent à l’assureur de faire face à des accidents significatifs même s’ils sont peu probables. A titre d’exemple, le montant constitué par la réserve de capitalisation, la réserve pour participations bénéficiaires et les plus-values latentes, couvre largement l’exposition globale à la dette souveraine de la Grèce, du Portugal, de l’Espagne et de l’Italie.
Gestion d'actifs
20/09/2011

Brevan Howard préserve sa capacité de gestion

A l’image de concurrents comme Caxton Associates ou SAC Capital Management, le gestionnaire alternatif dirigé par Alan Howard souhaite selon Bloomberg rendre des liquidités à ses clients afin de préserver sa capacité de bonne gestion au sein de son principal fonds. Deux milliards de dollars pourraient être restitués aux clients du Master Fund, dont les actifs s’élèvent à 26,9 milliards.
Markit 2
20/09/2011

Fidelity se renforce dans la gestion indicielle

Répondant à la demande des investisseurs pour des produits peu coûteux, Fidelity Investments a annoncé la création de cinq fonds indiciels actions. Une nouvelle initiative de la pârt de Ronald O’Hanley, nommé président du groupe familial l’an passé, une semaine seulement après le remplacement du gérant à la tête du fonds Magellan, qui fut le plus important fonds ouvert au monde.
20/09/2011

Remaniement pour les indices de CDS Markit iTraxx

Sept noms sont retirés de l’indice iTraxx Europe en raison d’une dégradation de la liquidité et de notations en catégorie high yield. L’indice iTraxx Crossover passe de quarante à cinquante émetteurs. Rhodia et Tomkins sont retirés de la liste, tandis que douze noms sont font leur entrée. Enfin, huit émetteurs, dont BAE Systems et Ahold, sont remplacés au sein de l’indice iTraxx HiVol.

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