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22/03/2011

Rob Lay quitte Barings pour UBS Global AM

Directeur depuis 2007 de la distribution pour le Royaume-Uni, l’Europe et le Proche-Orient de Barings, Rob Lay a été recruté depuis le 1er mars comme directeur des partenariats de distribution pour l’Europe et le Proche-Orient chez UBS Global Asset Management. Basé à Londres, il est subordonné à Tim Blackwell, head of Europe. Il sera chargé notamment du développement de la distribution wholesale en Europe et au Proche-Orient.
22/03/2011
Fonds

Odey envisage de lancer une stratégie global macro au format Ucits III

La société de gestion Odey asset Management envisage de lancer un hedge fund pour le stratégiste macro, Tim Bond, rapporte Investment Week. Ce dernier gère un portefeuille pilote qui sera probablement structuré comme un hedge fund global macro au format Ucits III.Tim Bond espère présenter sa stratégie aux investisseurs dans le courant du troisième trimestre pour un lancement qui pourrait intervenir début 2012.
Fonds
22/03/2011

Matteo Pardi renforce l'état-major de HSBC Global AM/EMEA

Après la récente nomination d’Andy Clark comme directeur de la distribution «wholesale» (lire notre dépêche du 9 mars), HSBC Global Asset Management a renforcé son équipe de distribution Europe/Moyen-Orient/Afrique (EMEA en anglais) avec la promotion de Matteo Pardi comme head of wholesale pour l’Europe continentale. Entré il y a 10 ans chez HSBC Global AM, il était en dernier lieu responsable de la distribution de fonds pour l’Europe méridionale.Le CEO du gestionnaire britannique pour la région EMEA (1.100 personnes, 250 milliards de dollars d’encours fin décembre) est depuis le 1er octobre 2010 Rudolf Apenbrink, qui est en même temps directeur général de HSBC GAM pour l’Allemagne à Düsseldorf. Son objectif sera à présent de développer l’activité dans les pays émergents, où HSBC GAM gère avec 200 spécialistes sur 20 sites quelque 145 milliards de dollars.
22/03/2011

Hausse de l'ebitda et de l'encours de Nuveen en 2010

Pour l’exercice au 31 décembre 2010, Nuveen Investments a déclaré un ebitda ajusté de 470,75 millions de dollars contre 379,73 millions.Au 31 décembre, l’encours se situait à 196,8 milliards de dollars contre 144,8 milliards douze mois plus tôt, grâce à 27 milliards de dollars d’acquisitions d’actifs, 13,56 milliards de souscriptions nettes et 11,44 milliards d’effet positif de marché.
22/03/2011

State Street Global Markets recrute pour son équipe de gestion de transition

State Street Global Markets annonce le recrutement de quatre personnes, qui viendront rejoindre son équipe de gestion de transition destinée aux investisseurs institutionnels. Brian Berg et Brian Moniz ont été nommés senior transition managers à Boston. Greg Metzmacher rejoint pour sa part l'équipe portfolio solutions à Sidney, également au poste de senior transition manager. Enfin, Tadateru Makino a été recruté, toujours pour le poste de senior transition manager, au sein de l'équipe de Tokyo.
22/03/2011

Un gamme de 18 trackers sectoriels mieux diversifiés

Source propose une gamme de produits indiciels cotés au sein de laquelle figurent 18 trackers sectoriels «optimisés», rapporte La Tribune. Baptisés «Stoxx 600 Optimised Sectors», ils sont gérés selon une méthodologie qui a été développée par le promoteur d’indices Stoxx sous l’impulsion de Source. L’objectif est de pallier le manque de liquidité de certaines valeurs, et d'éviter que certaines d’entre elles n’aient un poids trop important dans l’indice. Par sécurité, les titres grecs et islandais, ainsi qu’une cinquantaine d’autres valeurs, trop difficilement négociables, ont ainsi été supprimés de l’univers d’investissement.
22/03/2011

Asia adopts ETFs

p { margin-bottom: 0.08in; } A growing number of Asian investors are considering ETFs as a means to diversify their investments in the region. Daniel Farley, head of allocation strategies for institutional clients at State Street Global Advisors (SSgA), says that Asian investors are using the asset class to develop controlled exposure to some countries in the region, Asian Investor reports. The Asian region was home to 218 ETFs as of the end of December, with assets of USD84.1bn, far behind the 1,663 ETFs available in Europe, with USD318.5bn in assets. State Street estimates that interest in ETFs is related to their liquidity, transparency, and easier exposure to assets which are sometimes difficult to access, such as equities listed in China.
22/03/2011

Mercer strenghtens sustainable development team

p { margin-bottom: 0.08in; } The investment advising firm Mercer has added to its expertise in sustainable development with the recruitment of Richard Fuller, previously senior investment analyst at Hesta Super Fund, with about AUD16bn, or about EUR11bn, in assets under management, Responsible Investor reports. Mercer has also recruited Ryan Police, who previously worked as a manager at the UN PRI.
22/03/2011

Edram Deutschland confirms arrival of Selina Sezen

p { margin-bottom: 0.08in; } On 21 March, Edmond de Rothschild Asset Management Deutschland confirmed the arrival of Selina Sezen (see Newsmanagers of 17 March), as director third party distribution. She will join the firm on 1 May, and will be responsible for developing distribution activities in Germany and Austria.In 2000, Sezen joined DWS Invesments as director of sales and co-director of development for the distribution unit. In 2003, she joined Axa Investment Managers, where she directed the sales team dedicated to IFAs, fund distribution platforms, and asset managers.
22/03/2011

BVI has a head of communications once again

p { margin-bottom: 0.08in; } The German BVI association of management firms on 21 March announced the appointment of Rolf Drees as director of media and communication, effective from 1 August 2011, replacing Andreas Fink, who died in December of a heart attack, aged 47. Drees remains head of research and communication for capital markets at WGZ Bank. He previously spent 14 years at Union Investment.
22/03/2011

Record profits and assets at BayernInvest

p { margin-bottom: 0.08in; } The Munich-based asset management firm BayernInvest, a wholly-owned subsidiary of BayernLB, has announced that it finished 2010 with record assets of EUR33.1bn, compared with EUR29.4bn one year earlier, largely due to an increase of 13.1% in assets in institutional funds, to EUR26.2bn.Profits before transfer to the parent company increased 54%, also to a record level, though figures have not been disclosed.In 2011, BayernInvest is planning to develop its two main activities, asset management and Master-KAG services (fund administration and accounting for third parties), and also to enter the family office and multi-management markets.
22/03/2011

Rob Lay leaves Barings for UBS Global AM

p { margin-bottom: 0.08in; } Rob Lay, head of distribution for the United Kingdom, Europe and the Middle East at Barings, has been recruited as head of distribution partnerships for Europe and the Middle East at UBS Global Asset Management, effective from 1 March. He is based in London, and reports to Tim Blackwell, head of Europe. He will be in charge of development of wholesale distribution in Europe and the Middle East.
22/03/2011

Italian distributors pocket 80% of fund management fees

p { margin-bottom: 0.08in; } According to a report on fees of Italian funds, undertaken by Plus24 with Interactive Data InvestOnline, asset management firms pay an increasingly large proportion of their revenues to distributors. In 2010, of EUR2bn in management fees, more htan EUR1.6bn were paid to distribution networks, which are often the owners of asset management companies. That represents 80%, a strong increased over the 71.4% observed in 2009 and 73.1% in 2008. Among the most generous with their distributors are asset management firms controlled by banks, the Italian weekly newsmagazine observes. Eurizon Capital, which is owned by Intesa Sanpaolo, pays an average of 82.4% of fees taken in, with peaks at 91.7% for some products. Amundi, for its part, takes the first three places in the rankings for highest proportion of commissions paid to networks in terms of products: 92.55% for the Amundi Pacific Equity fund, 92.11% for Amundi USA Equity, and 91.94% for Amundi Global Emerging Equity.
22/03/2011

Bank of Italy blocks sale of Pioneer

p { margin-bottom: 0.08in; } According to reports in Financial News, the Italian central bank, Banca d’Italia, has made an attempt to block the sale of Pioneer, the asset management firm of the UniCredit group, to a foreign group. It has proposed that the founders of UniCredit, who are shareholders with only a 12% stake in the bank, but have significant influence, should support the merger of Pioneer with Eurizon Capital, an affiliate of Intesa Sanpaolo.
22/03/2011

Aviva Investors launches two funds in Italy

p { margin-bottom: 0.08in; } Aviva Investors has launched the Aviva Investors Global Convertibles Euro Hedged and Aviva Investors Global High Yield Bond Fund Euro Hedged funds in Italy. The products are available to retail investors either via IFAs or bank branches.
22/03/2011

MarketRiders launches an energy ETF portfolio

p { margin-bottom: 0.08in; } MarketRiders has launched an energy hedge fund comprised 100% of ETFs, aimed at investors seeking to protect themselves against rising energy prices, Hedgeweek reports. The MarketRiders Energy Hedge Portfolio, which includes over 300 shares affected by oil and gas prices, offers wider diversification in the energy sector, at about 5%, compared with an average of 1.5% for mutual funds investing in energy.
22/03/2011

Source offers a range of 18 diversified sectoral trackers

p { margin-bottom: 0.08in; } Source is offering a range of publicly-traded index-based products including 18 optimised sectoral trackers, La Tribune reports. The funds are entitled Stoxx 600 Optimised Sectors, and are managed with a methodology which was developed for Source by the index promoter Stoxx. The objective is to offset a lack of liquidity in some shares, and to avoid allowing some of them to have too large a weight in the index. For reasons of safety, Greek and Irish bonds, as well as 50 other assets which are more difficult to trade, have been removed from the investment universe.
22/03/2011

SRI: top asset management firms all lost ground in 2010

According to statistics from ThomsonReuters in the 2011 edition of the European Fund Review, the top 10 European groups in the area of SRI management had assets as of the end of 2010 of EUR45.59bn, compared with EUR49.41 twelve months earlier, while total assets were up to EUR92.66bn from EUR88.78bn as of the end of 2009, despite net outflows of EUR2.02bn.The top two firms in the rankings are the French Natixis, with EUR9.78bn, compared with EUR11.97bn, and Amundi, with EUR9.23bn, compared with EUR9.05bn. KBC is in third place, with EUR4.29bn, compared with EUR4.55bn, and BNP Paribas, with EUR4.06bn, compared with EUR4.83bn.In terms of net subscriptions, the Norwegian firm Storebrand comfortably takes the top spot with EUR1.14bn, followed by the Swedish SEB (EUR265.2m) and the British Aviva (EUR232.9m). The only two French management firms among the leaders are Crédit Agricole (7th, with EUR154.4m) and AG2R, with EUR133.9m.
22/03/2011

Pan-European real estate funds show returns of 5%

p { margin-bottom: 0.08in; } Agefi reports that IPD has created a new index which tracks the performance of pan-European private real estate funds. The overall yield for 2010 totals 5%, compared with -17.2% in 2009. The sample on which the index is calculated includes 18 funds, with assets of EUR11bn, the newspaper says.
22/03/2011

Odey planning to launch a UCITS III format global macro strategy

p { margin-bottom: 0.08in; } The management firm Odey Asset Management is planning to launch a hedge fund for the macro strategist Tim Bond, Investment Week reports. Bond manages a pilot portfolio which will probably be structured as a UCITS III format global macro hedge fund. Bond hopes to be able to offer the strategy to investors in third quarter, for a launch that could take place in early 2012.
22/03/2011

Credit Suisse Gestión releases a flexible duration bond fund

p { margin-bottom: 0.08in; } Credit Suisse Gestión, a Spanish affiliate of the Swiss group, has announced the release of the CS Duracion Flexible fund, which will invest at least 75% of its assets in debt rated from AAA to A-, and at least 10% in bonds with a rating of BBB- or lower, with the added possibility of exposure to equities hybrids or derivatives for up to 20%.The product is the result of the conversion of the Diner 2000 fund, which was licensed by the CNMV on 11 March. It has a total average duration of -3 years and +6 years, where the negative average duration is obtained via derivative instruments.The fund is managed by Gregorio Oyaga and Alba Gutiérrez, and carries a management commission of 0.65%
22/03/2011

HSBC releases five more ETF funds in Spain

p { margin-bottom: 0.08in; } HSBC has registered five ETFs listed in London with the CNMV. The funds charge fees of 0.60%, except the Canadian fund, with management commissions of 0.35%, Funds People reports. The products are the HSBC EM Latin America, S&P BRIC 40, MSCI China, MSCI South Africa and MSCI Canada.
22/03/2011

Santander AM extends product range in Portugal

p { margin-bottom: 0.08in; } Santander now offers 39 UCITS-compliant funds for sale in Portugal, with a sales license issued to Santander AM Sociedade Gestora de Fundos de Investimento Mobiliário to offer five funds, three of which are profiled funds of the Santander Gestão Private range (Liquidez, Obrigações, Prudente, Equilibrado and Acçoes), one of which is already on sale, and four more products of the Santander Gestão Premium line (Liquidez, Conservadoàr, Moderado and Valor Acçoes), Funds People reports.Minimal subscription for the former products is EUR75,000. For the latter, the minimum is EUR10,000.
22/03/2011

Enhanced Short Maturity ETF from Pimco tops USD1bn

p { margin-bottom: 0.08in; } Mutual Fund Wire relays reports in Daily Markets that the Enhanced Short Maturity Fund, launched in November 2009 by Pimco (Allianz Global Investors group) has become the first actively-managed ETF to top USD1bn in assets, with USD1.18bn.
22/03/2011

Matteo Pardi joins board at HSBC Global AM/EMEA

p { margin-bottom: 0.08in; } Following the recent appointment of Andy Clark as director of wholesale distribution (see Newsmanagers of 9 March), HSBC Global Asset Management has added to its distribution team for Europe, the Middle East and Africa (EMEA) with the promotion of Matteo Pardi as head of wholesale for continental Europe. Pardi joined HSBC 10 years ago, and was most recently head of fund distribution for southern Europe.The CEO of the British asset management firm for the EMEA region (1,100 employees, USD250bn in assets as of the end of December) since 1 October 2010 is Rudolf Apenbrink, who is also CEO of HSBC GAM for Germany, based in Düsseldorf. His objective will now be to develop the activity in emerging markets, where HSBC GAM has about USD145bn under management, with 200 specialists in 20 locations.
22/03/2011

Standard Life Investment recruits a head of funds of funds

Standard Life Investments has appointed Bambos Hambi as head of fund of funds management. His previous roles have included head of multi-manager funds at both Gartmore Investment Management and Rothschild Asset Management. Reporting to Rod Paris, head of investments, Bambos Hambi will have overall responsibility for the portfolio management of the 15 funds in Standard Life Investments’ new MyFolio Funds offering. These are currently managed on an interim basis by Jacqueline Kerr, head of UK wholesale. Bambos Hambi will join Standard Life Investments on 28th March. Based in London, he will work alongside Alan Scrimger, who heads up the multi-manager research function.
22/03/2011

Former head of Liontrust to launch a new firm

p { margin-bottom: 0.08in; } Nigel Legge, former head of Liontrust, is planning to return to the asset management sector with the launch of a management firm, Vinculum Fund Management, Investment Week reports.Vinculum will rely on a new investment process which will limit human error in stock-picking. Vinculum will offer a long-only OEIC fund based on the process, with additional strategies offering regional variations.
22/03/2011

Trader claims hedge funds should accept higher taxes in London

Hedge funds should accept higher taxes in London and stop threatening to move elsewhere, according to Michael Farmer, a Conservative party donor who runs the near-USD1bn Red Kite metals hedge funds. “If one is a citizen and your country’s having a tough time, you pay your taxes and that’s it – although rather reluctantly if they are not spending it wisely,” he told the Financial Times.
22/03/2011

UK government to make acquisitions of British firms more difficult

p { margin-bottom: 0.08in; } The Takeover Panel in the UK is planning to make the publication of commissions received by bankers and business lawyers compulsory, Les Echos reports. The proposal was published on 21 March in a 172-page document. The proposals are open to consultation until May, after which time the law will be changed, most likely during summer. “Shareholders should receive all the information about the sums spent by businesses in acquisition bids, and consulting commissions represent a significant portion of those amounts,” the Takeover Panel says. Commissions paid by the predator and the target businesses to bankers, lawyers, consultants and communication advisers are included.

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