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20/06/2011

Permal counters charges of liquidity risks for two of its funds

In a letter to subscribers dated 8 June, Isaac Souede, CEO of Permal (Legg Mason group) seeks to reassure clients of Merrill Lynch who subscribed to shares in Permal Investment Holdings NV, a multi-strategy fund of hedge funds with USD2.2bn in assets, the Wall Street Journal reports.The manager says that the fund would have no liquidity problems in case of a market crunch. The claim also applied to the Permal Fixed Income Holdings NV fund, with USD6bn in assets. Citigroup and Bank of America Merrill Lynch have warned their clients against potential liquidity problems for the two funds.Permal has managed to stabilise its client base, and nearly 40% of clients are now pension funds and other institutionals. Recently, for its first investment in alternative asset classes, the New York City pension fund (USD117bn) selected Permal, and awarded it USD450m.
20/06/2011

Goldman Sachs AM chief prefers Russia

Jim O’Neill chairman of Goldman Sachs Asset Management, considers China and Russia the BRIC countries which currently are the most attractive, as the Indian market is “relatively expensive,” CNBC reports. According to O’Neill, Russian president Dimitri Medvedev is resolved to fight corruption and improve the financial reputation of the country. O’Neill also says he is persuaded that Russia, a major player in the commodities markets, has the means to diversify, for example, into the technologies sector, where it is already relatively strong.
20/06/2011

Creation of new hedge funds at a three-year high

According to estimates from Hedge Fund Research (HFR), new hedge fund launches in first quarter 2011 and in the four quarters to the end of March were at their highest levels since 2007. The “Market Microstructure hedge fund industry report” finds that 298 funds were created in January-March, which represents a launch rate of 3.3%, while total assets for the first time totalled over USD2trn.However, liquidations were also higher in the past 12 months, with 181 funds closing in January-March, representing an attrition rate of nearly 2%. In the 12 months to the end of March, 684 funds have been liquidated, while net creations of new funds in the same period totalled 295, also the highest since 2007.In terms of performance, the dispersion has continued to narrow in first quarter, with a difference of 55.3 percentage points between the top decile (+41.3%) and the bottom decile (-14%) over the past twelve months. This difference is the smallest observed since 2005, and is half of what it was in 2009 (116 percentage points). In the twelve months to the end of March, the HFRI Fund Weighted Composite Index rose 9.4%.An analysis of fee structures shows a divergence between management and incentive commissions. On average, management commissions have remained unchanged, at 1.58% (see Newsmanagers of 4 March), but rose to 1.67% for funds launched in the past four quarters. Meanwhile, incentive commissions fell in first quarter to 18.85%, compared with 18.95% in October-December. They have fallen by nearly 50 basis points since first quarter 2008, and data supplied by funds launched in the past twelve months reveal that the trend has continued, with a rate down to an average of 17.2%.
20/06/2011

Franklin flagship fund granted license in Germany

Franklin Templeton announced on 17 June that BaFin has issued it with a sales license for Germany for the Templeton Emerging Markets Balanced fund (LU0608807433).The fund (see Newsmanagers of 10 May) is co-managed by Mark Mobius, president of the Templeton Emerging Markets Group, for the equities portion, and Michael Hasenstab, president of the Franklin Templeton Fixed Income Group, for the bond allocaiton. The two star managers of the group are assisted respectively by Dennis Lim, Tom Wu and Allan Lam, for the former, and Laura Burakreis, for the latter.Currently, the emerging markets fund is 60% invested in equities, and 40% in bonds.
20/06/2011

Beatriz Camacho promoted at Aviva Gestión

Beatriz Camacho, who has for three years been a member of the matching portfolios and special products team at Aviva Gestión (14 managers, EUR14bn in assets) has been promoted to become the head of the team. She will report to José Caturla, CIO of Aviva for Spain. Matching portfolios are products with guaranteed rates of return higher than those published by the general insurance directorate. Other special products are guaranteed pension funds and structured insurance products.
20/06/2011

Pictet AM recruits a senior manager for Asia

Pictet Asset Management has recruited Anthony Cheung as senior investment manager; he joins the Asia team dedicated to total return, and will co-manage Asian long/short equities funds, Hedgeweek reports. Cheung previously worked at Gartmore Investment Management, in the team dedicated to emerging markets, particularly China.
20/06/2011

Banca Fideuram looking to buy an IFA network

According to reports in Il Sole – 24 Ore, Banca Fideuram is studying an acquisition of Banca Network, a network of about 500 financial advisers, representing assets under management of EUR3bn. For the firm of the Intesa Sanpaolo group, a leader in the financial advisers market with a market share of over 30% and about EUR72bn in assets, the deal would aim to fatten up the business ahead of its IPO.
20/06/2011

PCA to launch a hedge fund in Hong Kong

Reuters reports that PCA Investments (Principia Capital Advisors) has received a management license from the Hong Kong market regulator, the Securities and Futures Commission (SFC), which allows it to launch and operate a hedge fund. The firm would initially like to offer a CTA strategy, which will bet on long-term market trend strategies, and will then launch equities and credit strategies during summer. The firm is planning to raise USD750m for the fund.
20/06/2011

Bansabadell Inversión launches a diversified fund

On 10 June, the CNMV issued a sales license for Spain to the locally-registered fund Sabadell BS Selección Alfa, created on 6 May.The diversified product will invest at least half of its assets in other funds, while the remainder will be placed in government and corporate bonds which will at most position the portfolio with a negative duration of three years. Exposure to equities under normal conditions will be 10% via funds, with currency risks will not exceed 30%, and risks related to emerging markets will be lower than 5%.The indicative recommended investment duration if 18 months.CharacteristicsName: Sabadell BS Selección AlfaISIN code: ES0111187003Management commission:direct: 0.9%indirect: up to 4%
20/06/2011

Dow Jones Credit Suisse index down 0.96% in May

According to the most recent projections, the Dow Jones Credit Suisse index is down 0.96% for the month of May, as seven of the ten sectors monitored show negative performance, Hedgeweek reports. Managed futures strategies lost 4.44% in the month under review, while dedicated short bias strategies, meanwhile, earned the best results of the month, with gains of 2.20%. Despite the difficult month, the sector posted net inflows of USD1.5bn in May, bringing net subscriptions since the beginning of the year to USD28.6bn. Assets under management total about USD1.82trn.
20/06/2011

Banks need to take their asset management activities seriously

If Europe’s banks and insurers continue to run their fund management arms as “backwater businesses”, their share of the market in global assets under management will fall from 31 per cent to 21 per cent in 2015, according to Casey Quirk, a US consultant, cited by the Financial Times. With improvements, Europe’s investment management businesses could be worth an additional EUR175bn. The banks need a clearer strategy for asset management arms and to improve the way they sell funds through non-affiliated advisers, says Casey Quirk. The key to success is attracting and retaining talented investment managers and establishing a culture of independence from parent groups.
20/06/2011

Efama gets two new vice-presidents; Claude Kremer becomes president

The European fund and asset management association (EFAMA) on 17 June announced the appointment of Claude Kremer as president of the professional association for a two-year term, at its general assembly, held in Lucerne. Kremer succeeds Jean-Baptiste de Franssu, who for four years was president of the Luxembourg investment fund association (ALFI).EFAMA has also for the first time appointed two vice-presidents, Christian Dargnat, CEO of BNP Paribas Investment Partners, and Massimo Tosato, vice-president of Schroders.In an address following his election, Kremer announced that he has identified five priorities which would form the core strategy of the association during his term: promotion of long-term savings, information and education for investors, support for regulatory measures favourable to the sector, promotion of the UCITS brand in Europe and beyond, and lastly, strengthening the legitimacy of the professional association.
20/06/2011

“We will be able to make major developments happen at Wegelin AM in the coming years”

Wegelin & Co, active since 1741, is the oldest bank in Switzerland, and one of the ten oldest banking establishments in the world. That doesn't prevent it from undertaking sweeping projects. Dr. Adrian Künzi, one of the firm's eight partners, discusses the firm's development strategy in the areas of asset management and European private banking with Newsmanagers.
20/06/2011
Gestion d'actifs

Les investissements en OPCVM de la France Mutualiste représentent 13% de ses actifs

Les représentants des 215 912 adhérents de La France Mutualiste se sont retrouvés à Saint-Étienne pour faire le bilan de l’année 2010, lors de l’Assemblée Générale nationale des 15 et 16 juin 2011. La France Mutualiste a réalisé un chiffre d’affaires de 291 millions d’euros en 2010 et présente un résultat d’exploitation positif de 27,39 millions d’euros et plus de 6,5 milliards d’euros d’actifs. Répartition des actifs de la France Mutualiste en valeur comptable au 31/12/2010 : OPCVM obligataires : 0,47% Actions et OPCVM actions : 10,20% OPCVM monétaires : 2,47% Immobilier : 10,21% Prêt aux collectivités : 0,07% Obligations à taux fixes et variables : 76,57%
Gestion d'actifs
20/06/2011

Moody's place la note italienne sous surveillance

L’agence de notation a annoncé vendredi examiner la note souveraine italienne Aa2, pour éventuellement l’abaisser ensuite, jugeant l'économie transalpine mal préparée à un relèvement de taux d’intérêt par la Banque centrale européenne. Fragile, l'économie italienne aurait du mal à affronter une hausse du loyer de l’argent dans un contexte marqué par la difficulté de plus en plus forte de se financer pour les Etats européens fortement endettés. Le communiqué publié par Moody’s évoque les fragilités structurelles de l’Italie, comme sa faible productivité ou « les rigidités de sa législation sur le travail et les marchés » qui ont plombé la croissance au cours des dix dernières années. « L’Italie n’a pour l’instant repris qu’une fraction des sept points de pourcentage de PIB perdus durant la crise mondiale, en dépit de la faiblesse des taux d’intérêt qui devraient être augmentés à moyen terme ».
20/06/2011

Le FMI met en garde les Etats-Unis sur la croissance et la dette

L’institution de Washington a abaissé vendredi ses prévisions de croissance pour les Etats-Unis à 2,5% cette année et 2,7% en 2012, contre 2,8% et 2,9% dans sa précédente estimation. Le FMI est légèrement plus optimiste concernant les perspectives de croissance de la zone euro cette année, mais craint toutefois une forte volatilité financière dans les prochains mois.
20/06/2011

Nouvelle recrue pour Tobam

Selon une source proche, Sylvain Viret, l’ancien directeur commercial de PhiTrust Active Investors, vient d’être nommé commercial auprès des institutionnels français chez Tobam. Ce gestionnaire quantitatif, basé à Paris et sorti fin 2008 du giron Lehman Brothers, espère percer dans l’Hexagone : sur 1,9 milliard d’euros d’encours à fin mai, Tobam gère seulement 5 % pour le compte de clients français (L’Agefi Hebdo du 2 juin). Sylvain Viret, 48 ans, avait rejoint PhiTrust (spécialiste de l’ISR) en septembre 2010.

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