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10/02/2011

Foreign management firms continuing to gain Spanish market share

p { margin-bottom: 0.08in; } According to an annual report from the Spanish Inverco association of asset management firms, assets in Spanish funds fell 15.4% in 2010, while foreign funds on sale in the country gained 49.1%. Spanish funds saw net outflows of EUR23.89bn, while foreign funds posted net subscriptions of EUR0.5bn. Inverco does not foresee a reversal in this trend this year: competition from savings accounts will let up, but that from foreign management firms will not.Inverco predicts that Spanish funds may grow by 5.6% this year, despite an 18.3% decline for real estate funds and thanks to a 6.7% increase for securities funds (+EUR5.7bn). Overall, Spanish funds may attract EUR9bn, while foreign funds will manage to attract EUR7bn – but that represents an increase in assets of 14.6%.
10/02/2011

30 hedge funds launched in January

p { margin-bottom: 0.08in; } In January, more than 30 hedge funds were created worldwide, according to Eurekahedge, confirming the dynamism of 2010. Assets under management in the sector totalled over USD1.67trn. In terms of performance, the Eurekahedge Hedge Fund index increased by only 0.01%.
10/02/2011

Pimco appoints four managing directors

p { margin-bottom: 0.08in; } Pimco has announced the appointment of four managing directors. Mike Amey becomes managing director of the London office, in charge of portfolios in pounds Sterling. Robert Mead was appointed as managing director fo the Sydney office, in addition to his roles as head of portfolio management for Australia and head of Asia-Pacific credit portfolio management. James Moore, for his part, has been promoted to managing director of the Newport Beach office, and director of the global liability driven investments team. Marc P. Seidner has been appointed as managing director at the same office, and portfolio manager.
10/02/2011

Stefan Edberg launches a bond fund

p { margin-bottom: 0.08in; } The tennis legend Stefan Edberg, through the Swedish management firm Case in which he is a partner, has launched a fund which will invest in corporate bonds, Safe Play, the Swedish newspaper Dagens Industri (di.se) reports. With Kristianstad Sparbank, the player has invested SEK50m in the new fund, Affärsvärlden, another Swedish newspaper, reports.
10/02/2011

A majority of European investors fear high inflation in 2011

p { margin-bottom: 0.08in; } A majority of European investors predict a high level of inflation in 2011, according to the most recent quarterly survey by the ratings agency Fitch Ratings, undertaken between 7 and 31 January of managers with assets representing USD3.7trn in bond assets. A mere quarter ago, investors considered deflation the most likely scenario for 2011. The survey finds that 55% of managers surveyed predict a high risk of inflation in the next twelve months, compared with only 22% in fourth quarter 2010, and 12% in third quarter. However, the risk of deflation is mentioned by only 15% of the sample, compared with 36% in fourth quarter 2010. David Rilet, head of sovereign ratings at Fitch, says “the survey suggests that investors are increasingly sceptical that inflation is only reflecting the short-term impact of rising commodity and food prices,” and they estimate that central banks may have to normalise their monetary policies sooner than later.
10/02/2011

SEC investigates use of ETFs in insider trading

The Securities and Exchange Commission is investigating whether Wall Street traders are using ETFs as a means of hiding insider trading, according to the Financial Times. For instance, a trader could learn information about a company, buy an ETF including the company’s stock, and short sell the other shares in the ETF.
10/02/2011

Pioneer Fund: more than 1 million percent return over 82 years

p { margin-bottom: 0.08in; } Pioneer Fund, the third-oldest fund in the United States, has set a new record, Cinco Días reports. From its launch on 13 February 1928 until 31 December 2010, the actively-managed product specialised in large caps has earned returns of 1,073,300%, an unrivalled result according to Morningstar and Lipper. Annualised returns come out to 11.89%. As of 31 December, the fund, which has had four managers since its inception, had assets of USD7bn. Over the past ten years, annual performance was limited to 1.88%.
10/02/2011

UFF offers anti-crisis investment

p { margin-bottom: 0.08in; } Union Financière de France (UFF) has recently halted sales of its high yield fund maturing in 2018, which promises minimal returns of 7%, at EUR120m. Meanwhile, the bank, which sells 60 FCPs from 20 open architecture providers (“we work with everybody, but not with just anybody,” says Nicolas Schimel, CEO), a few weeks ago started to offer the UFF REFflex fund, managed by Edmond de Rothschild Investment Managers (EDRIM), for sale.This is an “anti-crisis investment,” a diversified fund “whose goal is to seek to earn returns particularly in periods of crisis, when traditional asset classes (equities and bonds) tend to suffer,” UFF announced at a presentation of its 2010 results on 9 February (see Newsmanagers of 9 February).REFflex is an asset allocation fund, whose management is based on “dymamic, flexible and systematic” allocation in safe-heaven assets. To this end, EDRIM and UFF chose seven refuge asset classes: real estate (trackers), gold (funds), long-term Euro zone interest rates (buying and/or selling of Bund futures), European inflation-linked government bonds (trackers), and dollar and euro money markets.Based on these, EDRIM has constructed a quantitative and systematic model to select the best assets at the best times, with monthly revision. Each month, the portfolio will be invested equally (50/50) in the two refuge asset classes which earned the best returns the previous month, to provide time to ensure that there is genuine momentum.CharacteristicsName: UFF REFflexISIN: FR0010962621Management fees:C shares: 2.25%V shares (minimal subscription of EUR300,000): 1.75%Performance commission: 20% of performance exceeding annual returns of 7.5%
10/02/2011

Crastes launches a range of global macro ucits funds

H2O Asset Management, a London-based entrepreneurial venture created by Bruno Crastes, CEO, and Vincent Chailley, CIO, is launching a range of “global macro” UCIT funds: H2O Patrimoine, H2O Multibonds, H2O Adagio, H2O Moderato. The range provides institutional, corporate and private investors with access to global macro type strategies within UCIT funds. H2O Patrimoine is a flexible diversified management, with a three-year goal of maximizing performance beyond its reference indicator while promoting wealth growth. H2O Multibonds is a multi-currency global bond management with a three-year goal of outperforming the JPM Government Bond Index Broad by 2% per year (Part I). Finally, H2O Adagio and H2O Moderato rely on a non-benchmarked management with an annualized performance goal over 1 year and 2 years: capitalized Eonia rate +1% per year and capitalized Eonia + 2% per year (parts I), while maintaining the lowest possible correlation with markets.With a team of thirteen professionals, including six asset managers and one analyst, H2O Asset Management has formed a partnership with Natixis Asset Management and leverages the support of its sales teams in France and of its support functions, such as middle office, IS, reporting, risks, etc. For international distribution, it relies on the teams of Natixis Global Associates. H2O Asset Management manages today close to EUR522 million of assets (02/02/2011). It is expecting another EUR500m.
10/02/2011

Tikehau launches a new fund

p { margin-bottom: 0.08in; } Tikehau Investment Management, a management firm specialised in credit markets, announced on Wednesday, 9 February, that it has launched Tikehau Subordonnées Financières (TSF), a fund dedicated to investment in subordinated bank debt and insurance from top Euopean insurance issuers. With an average minimal rating of BB+, the fund aims to deliver gross annual returns of 7% to 8%. Characteristics ISIN: FR0010985549 (C shares) / FR0010985556 (D shares) Liquidity: daily Subscription amount: EUR1,000 Institutional shares/Retail shares: yes/yes
10/02/2011

361° Capital launches its first mutual fund

p { margin-bottom: 0.08in; } The Absolute Alpha Fund, a long/short multi-manager equities fund of funds, is the first mutual fund from the management firm 361° Capital. The objective is to generate returns with low volatility and a low correlation with US and international equities markets. It will offer subscribers access to highly outperforming funds, combined with an overlay of risk management techniques to protect the portfolio against falls on the equity markets. The Absolute Alpha Fund is available in A (AAFAX) shares for IFAs, with a front-end fee of 5.75%, and in institutional I (AAFIX) shares, for which the minimal subscription is set at USD1m.
10/02/2011

Man launches a product combining GLG and AHL strategies

p { margin-bottom: 0.08in; } The alternative management group Man on 9 February announced the launch of Man IP 200 GLG Ltd, a product which for the first time offers investors access to a combination of managed futures strategies from AHL and discretionary strategies from GLG. The vehicle is the latest in the IP 220 range, launched in 1996. Man IP 220 GLG Ltd will invest both in the AHL Diversified Programme, which aims to make gains on price movements and market trends, and the GLG Global Opportunitey Portfolio, an international multi-strategy portfolio. Man says in a statement that the two vehicles have excellent long-term performance track records, and low correlation. AHL is a specialist in quantitative management, with assets under management of USD22.6bn as of 31 December 2010. Assets under management at GLG totalled USD25bn as of the end of December 2010.
10/02/2011

José Luis Ezcurra joins Vontobel

p { margin-bottom: 0.08in; } José Luis Ezcurra, previously representative of the hedge fund Harcourt Investments, an affiliate of Vontobel, for the Iberian peninsula and Latin America, has been appointed as director of sales for Vontobel AM in the same regions, Funds People reports. Ezcurra will report to José M. Olabarrieta, CEO of Vontobel AM for Spain, and will continue to sell Harcourt products alongside Vontobel products in Spain, Portugal, Andora, Chile, Peru and Colombia.
10/02/2011

Asset managers are not exploiting potential of UCITS IV

p { margin-bottom: 0.08in; } The survey “Anticipating the future of the fund industry in the light of UCITS,” from the German consultancy EGC Eurogroup Consulting AG, announced on 9 February in Bad Homburg and Vienna, which covered 78 management firms which account for 46% of European AUM, and their service providers in ten European countries (Germany, Austria, Belgium, France, Italy, Luxembourg, the Netherlands, Poland, the United Kingdom, and Switzerland), has found that European managers are making only very limited use of the potential offered by the UCITS IV directive. Many of them are still maintaining a wait-and-see attitude.About 70% of respondents say that the profession is not adequately prepared, which presents an obstacle to exploiting the potential of the regulations, while many are waiting to see how their competitors react. In addition, 32% estimate that the legal consequences (for fund mergers in particular) or the impact of the UCITS IV regulations on their business model cannot be anticipated. 80% of respondants find that tax questions have not been adequately addressed, which has also resulted in delays in the application of the possibilities offered by the regulations.As a result, respondents consider that the objective of a nominal increase of 3% in returns for investors is not likely to be achieved, and that there will be no significant increase in cross-border distribution, while only 20% of respondents are planning to make use of this possibility.Eurogroup Consulting reports that service providers will be the big winners out of UCITS IV, particularly those which have European distribution networks.
10/02/2011

Berenberg recruits GAM head for Germany

p { margin-bottom: 0.08in; } The Luxembourg management firm Berenberg Lux Invest, an affiliate of the Hamburg private bank Berenberg, has announced the recruitment of Doreen Mallon as director of distribution for third party relationship management. After contributing to the creation of Skandia Germany, Mallon became CEO of the German affiliate of GAM.
10/02/2011

Net inflows of nearly CHF70bn for CS group in 2010

p { margin-bottom: 0.08in; } For fourth quarter 2010, the Credit Suisse Group has reported an adjusted net profit of CHF1bn, and a net inflow of CHF13.9bn. For the year as a whole, net profits totalled CHF5bn, and net inflows came to CHF69bn. The Private Banking unit in fourth quarter earned pre-tax profits of CHF834m, on net inflows of CHF9.6bn. For the year as a whole, pre-tax profits totalled CHF3.4bn, while net earnings came to CHF11.6bn, and net inflows came to CHF54.6bn. The Asset Management unit posted pre-tax profits in fourth quarter of CHF180m, and a net inflow of CHF4.5bn, of which CHF3.6bn went to alternative investments, largely in real estate, ETFs, and credit strategies. For the year as a whole, pre-tax profits totalled CHF503m, while net earnings came to CHF2.3bn, and net inflows to CHF20.6bn. Total assets under management by the group totalled CHF125.3bn as of the end of fourth quarter 2010, which is stable compared with the end of third quarter and up CHF24bn (2%) since the end of fourth quarter 2009.
10/02/2011

UBS lists four ETFs based on MSCI USA and S&P 500 in Frankfurt

p { margin-bottom: 0.08in; } The XTF segment of the Xetra electronic platform from Deutsche Börse now includes 775 funds. UBS ETF Plc has listed four new Irish-registered ETFs, which replicate the US equities indices MSCI USA and S&P 500.The funds include the institutional fund UBS ETFs plc MSCI USA TRN Index (USD) I-acc (IE00B3RJTD64), which charges 0.15%, and the retail fund UBS ETFs plc MSCI USA TRN Index (USD) A-acc, with a management commission of 0.32%UBS ETF has also launched the institutional fund UBS ETFs plc S&P 500 Index (USD) I-acc, with a management commission of 0.05%, and the UBS ETFs plc S&P 500 Index (USD) A-acc, with fees of 0.22%.The funds are denominated in US dollars, a first for the XTF segment.
10/02/2011

Tocqueville Gold is now available in Germany

p { margin-bottom: 0.08in; } BaFin has issued a sales license for Germany to the Tocqueville Gold fund (FR0010653501), which invests in equities in gold mining companies, and which has been managed from New York by John Hathaway since 2008, Das Investment reports. As of the end of January, the fund had assets of EUR82.79m.
10/02/2011

Head of APG group joins IFRS foundation

p { margin-bottom: 0.08in; } The IFRS Foundation, the organisation which oversees the IASB, on 9 February announced the appointment of Dick Sluimers as trustee at the foundation, with a mandate beginning immediately and expiring on 31 December 2013. Sluimers is chief executive officer at the Dutch APG group, a provider of asset management services and fund administration for pension funds. The APG group manages about 30% of collective retirement programs in the Netherlands, with assets under management of about EUR280bn.
10/02/2011

Sébastien Barbe joins Schelcher Prince Gestion

p { margin-bottom: 0.08in; } According to reports in the afternoon edition of Agefi, Sébastien Barbe, who has recently been promoted to manager at Rothschild & Cie, has been apopinted as deputy CEO of Schelcher Prince Gestion, a management firm 34% controlled by Federal Finance. Prince will continue to serve as chairman and CEO of Schelcher Prince Gestion until July, when Federal Finance may increase its stake in the management firm to 51%.
10/02/2011

Rothschild & Cie Gestion signs up to PRI

p { margin-bottom: 0.08in; } Rothschild & Cie Gestion has announced that in January it signed the United Nations Principles for Resposible Investment (UN PRI). “By signing the United Nations Principles for Responsible Investment, we confirm our desire to take environmental, social and governance issues into account in our analysis and investment decision process. We recognise that these may influence the long-term value of the firms in which we invest,” says Jean-Louis Laurens, managing partner and chairman of the board at Rothschild & Cie Gestion.
10/02/2011

CalPERS plans to back out of publicly-traded real estate

p { margin-bottom: 0.08in; } As part of a new investment strategy, CalPERS is plannning to eliminate publicly-traded real estate from its real estate portfolio, and to limit its investments in this area to non-publicly traded vehicles, the Wall Street Journal reports. The pension fund explains that the latter vehicles have a lower correlation to equities markets than REITS. Real estate shares represent 7% of the CalPERS real estate portfolio. The fund will, however, continue to invest in publicly-traded real estate, via its equities allocation.
10/02/2011

Keren Finance recruits an equities manager

p { margin-bottom: 0.08in; } Keren Finance on Wednesday, 9 February announced the arrival of Bruno Bernstein as a member of its management team. He will serve as equities manager, and will be in charge of monitoring and management of European equities. Bernstein was previously at CCF Securities and subsequently HSBC.
10/02/2011

Old Mutual Asset Management appoints a CEO

p { margin-bottom: 0.08in; } Old Mutual Asset Management has recruited Peter Bain, former senior executive vice president of Legg Mason, as CEO and president of the management firm, effective from 22 February. He will be based in Boston. Linda Gibson, who served as interim CEO, will take on his former position as COO. Old Mutual Asset Management manages assets of over USD258bn.
10/02/2011

SWIP creates a New York office dedicated to US bonds

p { margin-bottom: 0.08in; } Scottish Widows Investment Partnership (SWIP) has announced the opening of an office dedicated to bond management in New York, on 4 April. The US office will allow SWIP to locally manage ranges of products specialised in US bonds. Neil Murray, global head of credit at the management firm, will be head of the team. He will be joined by Giulio Ponte, an analyst specialised in high yield, who is currently a member of the European high yield team in Edinburgh.
10/02/2011

Hedge funds gained 0.55% in January

p { margin-bottom: 0.08in; } According to initial estimates based on 73% of the sample, the Dow Jones Credit Suisse hedge fund index in January earned 0.55% returns, compared with 2.90% in December, and 10.95% for last year as a whole. Six out of ten sectors show positive results; the best strategy was convertibles arbitrage, with a gain of 2.22%. However, emerging markets funds lost an average of 1.70%.
10/02/2011

State Street hires in Italy

p { margin-bottom: 0.08in; } State Street has hired Giovanni Caricati as COO for its Global Services business in Italy. He will report to Riccardo Lamanna, managing director of State Street Global Services in Italy. Caricati previously was head of the net asset value calculation and fund administration service at Intesa Sanpaolo.
10/02/2011

Syz & Co launches three funds in Italy

p { margin-bottom: 0.08in; } The Swiss banking group Syz & Co has registered three new sub-funds of its Luxembourg Sicav Oyster in Italy. They are the Oyster LatAm Opportunities, which invests in South American equities, Oyster ForExtra Yield (EUR), which invests in high yield currencies, and Oyster Absolute Return (EUR), a balanced fund which aims for positive returns independently of market conditions. The three new strategies are now available to Italian investors. They will be available from Banca Albertini Syz & C. and other firms.
10/02/2011

Independent wealth management firms calls for definition of wealth funds

p { margin-bottom: 0.08in; } Between 2007 and the present, assets in German wealth funds have increased from EUR2.5bn to EUR26bn. For this reason, the German association of independent wealth management firms (VuV) is calling for a definition of these products, so that they can be placed in the same specific category by ratings agencies and the BVI association of management firms. At present, they are considered diversified funds. A working group at VuV has established four criteria to determine whether or not a fund falls into the wealth fund category: the fund should be invested in several asset classes, must have a portfolio fund investment, must aim for risk-adjusted returns, and must be managed without conflicts of interest.
10/02/2011

Yoplait : PAI et Sodiaal confirment neuf « marques d'intérêt »

Les actionnaires de Yoplait ont confirmé avoir reçu neuf «marques d’intérêt» pour la reprise des 50% du capital détenus par PAI dans le numéro deux mondial des produits laitiers frais.«Sodiaal et PAI décideront dans les prochains jours des candidats qui seront invités à poursuivre le processus dans le cadre d’un deuxième tour», ont indiqué les deux actionnaires, qui précisent que le prix proposé ne sera pas le seul critère retenu. Ce matin, le China Securities Journal cite un cadre anonyme du chinois Bright Food démentant l’hypothèse d’une offre formulée par son groupe.
FW

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