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04/07/2011

Prudential Real Estate Investors scales up pension activities

Prudential Real Estate Investors on 30 June announced that it has recruited David Skinner as head of development for companies in the 401(k) type defined-contribution pension fund sector. Skinner previously worked at JP Morgan, where he was head of distribution and sales for defined-contribution products to institutionals.
04/07/2011

Solid inflows to emerging markets group at Franklin Templeton

At a presentation in Paris on 1 July, Mark Mobius, a star manager at Franklin Templeton, announced that since the beginning of the year, Templeton Emerging Markets Group alone (excluding assets in other divisions of the group) has posted inflows of about USD20m per day.Assets now total about USD54bn, of which 60% are in Asia (11% in India), and 15% in Latin America (with 11 points for Brazil). Southern Europe and Africa each represent 2% of the portfolio, while the Middle East represents 1%.Client inflows have largely gone to China funds, while the corresponding sub-fund of the Luxembourg Sicav had about USD2.36bn in AUM as of the end of May, followed by the Asia fund (USD17.93bn), global emerging markets (USD1.31bn), and the frontier markets fund (USD1.13bn).Mobius also states that the turnover rates for portfolios from the group are very low, at under 20%.
04/07/2011

Global macro strategies have difficulty making sense of a confused environment

Some hedge funds which are emblematic of the sector have been losing money since the beginning of this year, particularly in the global macro strategy, which is facing an unusual and unstable conjuncture and environment, Les Echos reports. In the first five months of the year, global macro has lost an average of 1.5%, according to the Edhec-Risk Alternative indices, making it one of the three worst performers among the major alternative strategies.
04/07/2011

Offer"to invest in several good stewards of the square is diversifying and therefore protective"

As the amLeague championship turns one year old, Antoine Briant, themind behind it, discusses the reasons for the net differences in performance between various management firms competing for the title in the hopes of winning over institutional investors belonging to the amLeague club. Only affiliates of major French banks are still missing from the competition, even though Briant predicts that they will eventually enter it, as some other major establishments have already done.
04/07/2011

Natixis Global AM adds to Iberian staff

With the recruitment of Sophie del Campo as CEO of Natixis Global Associates in Spain, Natixis Global Asset Management has added a big name to its European distribution personnel. Del Campo, who will now report to Hervé Guinamant, chairman and CEO of Natixis Global Associates International, will oversee commercial strategy and marketing for Spain and Portugal, and will assist with strategic development in Latin America. Del Campo has left Pioneer Investments, where she was head of Iberian operations, and previously worked in the Spanish arm of Crédit Agricole Asset Management.Christian Rouquerol, who has been head of distribution for Spain and Portugal at Amundi Iberia, will become head of sales at Natixis Global AM for the Iberian peninsula.
04/07/2011

Barclays Spain forms partnership with Allfunds

On 1 July, Jaime Echegoyen, CEO of the Barclays retail bank in Spain (Barclays Global Retail Banking España), and Juan Alcaraz, CEO of Allfunds Bank, have signed a cooperation agreement which will allow Barclays to offer a range of products and services from the Allfunds fund distribution platform as part of its new discretionary fund portfolio management service for clients of Barclays Gestión de Carteras Premier.
04/07/2011

Madoff: Criminal suit against managers of Alpha Prime Funds

The Austrian city of Hartberg is seeking EUR457,000 in damages from Stefan Sapotocky and Peter Fischer, former CEOs of Alpha Prime Funds, Fondsprofessionell reports. The criminal case, filed in the Vienna courts, also names the Viennese lawyer Christian Hausmaniger, and accuses the defendants of failing to undertake the necessary due diligence. The plaintiff claims that Alpha Prime Funds passed nearly all of its assets to Madoff without adequate analysis.
04/07/2011

Amber acquires 3.5% of FonSai

According to Italian financial sector sources, the US asset management firm Amber Capital has recently acquired two blocks of shares in subscription rights to new shares in Fondiara Sai, Il Sole – 24 Ore reports.Following the capital increase, Amber Capital is expected to control about 3.5% of capital in the insurance company, making it the third-largest shareholder after Premafin (41%) and UniCredit (6.6%).Amber Capital already holds stakes of under 2% in Italian businesses valued at a total of EUR426.7m, including investments in Iride, Cofide and Banca Popolare di Milano.
04/07/2011

Outflows from Spanish funds continue

For the third month in a row, Spanish securities funds have seen net redemptions estimated at EUR960m in May, compared with EUR973m in April, according to statistics from Inverco, the Spanish association of management firms. Total assets have fallen by 1.4% in one month, to a total as of the end of May of EUR135.325bn, compared with EUR137.813bn as of 30 April, and EUR139.017bn as of the end of March.The top seven Spanish asset management firms by asset volumes all saw net outflows in May. This was the case at Invercaixa Gestión (third in the rankings, with EUR16.34bn), which has seen net outflows of EUR269.26m, and at Santander Asset Management, top of the rankings with EUR22.75bn in assets under management, with EUR248.35m in net redemptions. At BBVA Asset Management, number two in the rankings, with EUR20.93bn, net outflows in May totalled EUR162.61m.
04/07/2011

Asset management firms of the Rothschild family compete on the German market

The Frankfurter Allgemeine Zeitung reports that the French asset management firms Edmond de Rothschild Asset Management (EDRAM) and Rothschild & Cie Gestion have both recently initiated assaults on the German market.EDRAM (EUR14bn in AUM) has chosen the more costly option of an office in Frankfurt, in the Opern Turm, with two CEOs (Rupert Hengstler, former CEO of Oppenheim KAG, and Stefan Zayer) and contracting a communications agency.Rothschild & Cie Gestion (EUR22.4bn), meanwhile, has opted for a lower-profile option, without a local office, and a distribution agreement with max.xs.The newspaper reports that people at both firms careful avoid to speak about competition from the family’s other entity.
04/07/2011

Sal. Oppenheim opens an office in Hanover

In August, the Sal. Oppenheim private bank (Deutsche Bank group) will open its tenth branch office in Germany, in Hanover. It will be led by Michael Jänsch, who has been recruited along with his entire team from Credit Suisse in the capital city of the Lower Saxony region, and who began work at his new employer on 1 July.
04/07/2011

Synthetic ETFs; UniCredit fears massive exodus of investors

Handelsblatt reports that in an interview with Reuters Insiders TV, Chris Hofmann, global head of ETF distribution at UniCredit, says she is afraid that there will be a massive exodus of subscribers in synthetic replication ETF funds, following the recent decision of Evercore Pan-Asset Capital Management to divest from all products of this type in favour of physical replication ETFs, in a move which could spread. Hofmann claims that the providers concerned have not adequately responded to criticisms, and that they are continuing to use the same marketing forumulas as before, as if nothing had happened.Hofmann hopes that the sector will adopt common standards, particularly involving revealing the names and risks of swap counterparties, as well as the identities of counterparties in securities lending. Providers should also clearly state the nature of the collateral, as well as the use which is made of additional gains from swaps and securities lending.
04/07/2011

SWIP closes five funds

Scottish Widows Investment Partnership (SWIP) has decided to close five funds as part of a larger reexamination of its international equities range, Fund Web reports. The Pan European Equity fund (GBP10.5m), the Pan European SRI Equity (GBP14.7m), and the Asian Equity (GBP15.2m) will be closing, following redemptions requested by institutionals revising their allocations to these vehicles. The redemptions will substantially reduce the net asset value of the funds, making them no longer truly commercially viable. SWIP is also closing the Japanese Smaller Companies (GBP13m) and the US Smaller Companies (GBP25.5m).
04/07/2011

Prudential to merge 17 of its funds with M&G funds

Prudential has decided to merge 17 of its unit trusts with M&G funds during the coming year, Fund Web reports. Last month, Prudential already merged five unit trusts into their M&G fund counterparts. The wave of mergers aims to create a separation between insurance and retail activities. The Prudential brand will concentrate on multi-asset class funds, while M&G will promote multi-asset class funds as well as funds dedicated to a single asset class. Another series of mergers will be announced during the month of October.
04/07/2011

Mediolanum releases a fund of funds with a semiannual coupon

Mediolanum International Funds has registered eight classes of shares in the Irish-registered fund Mediolanum Coupon Strategy Collection, the eighth product of its Best Brands range, with the CNMV. The product will be available in Spain from Banco de Finanzas e Inversiones.The fund is a flexible product, which invests in income funds, and will will pay out a half-yearly dividend. Initially, the portfolio, composed of products from the world’s largest management firms, will invest 75% in equities funds, 15% in high yield funds, and 10% in real estate funds.In its prospectus, Banca Mediolanum names 23 partner management firms: Aberdeen AllianceBernstein, Axa IM, BlackRock, BNY Mellon AM, DWS Investments, Fidelity, Franklin Templeton, Goldman Sachs AM, Henderson, ING IM, Invesco, JP Morgan AM, M&G, MFS IM, Morgan Stanley, Natixis Global Associates, Pictet, Pimco, RCM, Schroders, T. Rowe Price and UBS.The fund may invest up to 100% of its assets in equities, and up to 30% in real estate, convertible bonds, high yield, government or corporate bonds, or cash.Backtesting reveals that in the years 2007-2010, the strategy would have generated average annual dividend returns of 5.68%.
04/07/2011

F&C Thames River registers AR fund in Spain

The CNMV has issued a sales license to the absolute return bond fund Thames River Global High Yield Bond Fund, from the British asset management firm F&C (see Newsmanagers of 28 March), Funds People reports. The UCITS-compliant product with 30 positions, launched in May, is overweight on European high yield bond issues. The performance objective is 10%, with ex ante volatility of 10-12%.Minimal subscription is GBP10,000/EUR10,000/USD10,000 for the retail share class, and GBP/EUR/USD10m for the institutional share class. Management commission is 1.5% for retail shares, and 1% for institutional shares, in addition to which there is a performance commission with a hurdle rate and high watermark.
04/07/2011

UBS launches eight ETFs, six of them agricultural sector funds

The UBS CMCI Bloomberg agricultural index, with rolling optimisation at constant maturity horizons of 3, 6 and 12 months, two years, and five years, will be used as the underlying for six new Irish-registered ETF funds denominated in Swiss francs, euros and US dollars, which UBS ETF plc added to trading on the SIX Swiss Exchange on 27 June.Three of the products (UBS ETFs plc - CMCI Agriculture SF A acc CHF, UBS ETFs plc - CMCI Agriculture SF A acc EUR and UBS ETFs plc - CMCI Agriculture SF A acc USD) charge fees of 0.60%, while three others (UBS ETFs plc - CMCI Agriculture SF I acc CHF, UBS ETFs plc - CMCI Agriculture SF I acc EUR et UBS ETFs plc - CMCI Agriculture SF I acc USD) charge management commissions of 0.45%.UBS has also launched the emerging markets funds UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A, which charges 0.60%, and UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-I, with fees of 0.45%.
04/07/2011

L'AMF précise les règles sur la tenue du passif des OPCVM

A la suite de travaux engagés avec l’AFG et l’AFTI sur la tenue du passif, l’AMF a inséré dans le livre IV de son règlement général de nouvelles dispositions qui définissent les différentes tâches liées à la centralisation des ordres et à la tenue du compte émission des OPCVM. Elles clarifient en outre le rôle des différents intervenants, sécurisent le circuit de passation des ordres et donnent une existence juridique aux ordres directs.
04/07/2011

La zone euro offre un répit à la Grèce

Le financement à court terme du pays est assuré, alors que les débats autour d’un deuxième plan d’aide vont se poursuivre dans les prochaines semaines.
01/07/2011

Les stress tests de l'assurance publiés le 4 juillet

L’Eiopa, la nouvelle autorité européenne de supervision des assureurs, publiera le 4 juillet à midi les résultats de la deuxième vague de tests de résistance menés sur le secteur à l'échelle de l’Europe.

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