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24/11/2010
Fonds

Vontobel fait enregistrer le dernier fonds de sa gamme ISR en Espagne

Avec le Vontobel Global Responsability International Equity qu’il vient de faire enregistrer par la CNMV, le suisse Vontobel aligne désormais en Espagne l’ensemble de sa gamme de produits ISR qui comporte les fonds Global Responsibility European Equity, Global Responsibility Asia (ex Japan) Equity et Global Responsibility US Equity, rapporte Funds People.
Fonds
24/11/2010
Fonds

Plus de 50 fonds de newcits sont disponibles en Espagne

Selon une enquête de Funds People sur la base de données fournies par Allfunds Alternative et KdK AM, le nombre de fonds de fonds alternatifs coordonnés disponibles en Espagne dépasse maintenant les 50 unités.D’après KdK AM, la structure de frais la plus commune comprend une commission de gestion de 1,5 % et une commission de performance de 10 %. Quelque 80 % des fonds sont des produits de performance absolue, tandis que moins de 20 % visent une surperformance par rapport au Libor (Libor +). Dans plus de 70 % des cas, il s’agit de fonds distribués dans plusieurs pays.
Fonds
24/11/2010

Franklin Templeton veut figurer dans le top ten des sociétés de gestion italiennes

Au troisième trimestre 2010, Franklin Templeton a enregistré en Italie des souscriptions nettes de 1,676 milliard d’euros et affiche à fin septembre un encours sous gestion de plus de 12,3 milliards, rapporte Bluerating, citant les chiffres d’Assogestioni. Sergio Albarelli, senior director de Franklin Templeton pour l’Italie, l’Espagne et la France, souhaite faire partie des 10 principales sociétés de gestion italiennes en 2011. Vu qu’aujourd’hui la société se classe onzième derrière Azimut, qui gère 13,9 milliards d’euros, Bluerating estime que cela ne devrait pas être impossible…
24/11/2010
Fonds

Vanguard abaisse ses frais minimum pour les "Signal Shares" de 25 fonds

Vanguard a annoncé le 22 novembre qu’avec effet immédiat la commission minimale pour les parts «Signal shares» de 25 de ses fonds indiciels d’action et d’obligations est abaissée à 0,07 %.D’autre part, le gestionnaire précise qu’il supprime le montant de souscription minimal (1 million à 5 millions de dollars jusqu'à présent) permettant d’accéder aux Signal Shares.Ces mesures visent à faciliter l’accès à cette classe de parts aux intermédiaires financiers, aux conseillers, à une sélection de clients institutionnels dont des plans d'épargne-retraite à contribution définie ou à prestation définies, des «endowments» et des fondations.
Fonds
24/11/2010

Blackstone renonce à l'acquisition de Dynegy

Le 23 novembre, The Blackstone Group a annoncé qu’il renonce à son projet d’acquisition de Dynegy Inc et déplore que Seneca Capital et Carl Icahn se soient opposés à l’offre finale de 5 dollars par action.
24/11/2010

Maxeda vend Hunkemöller à PAI

Le groupe néerlandais Maxeda a annoncé mardi qu’il a décidé de vendre la chaîne de lingerie Hunkemöller à la société d’investissements PAI. Selon L’Echo, les conseils d’entreprise doivent encore donner leur avis sur la vente, qui doit aussi été approuvée par les autorités de concurrence. Maxeda avait déjà annoncé cette année qu’il envisageait de vendre sa branche «mode», qui est constituée des chaînes V&D, de Bijenkorf, Hunkemöller et M&S Mode.
24/11/2010

David Gardner est promu head of sales EMEA pour iShares

BlackRock a annoncé le 23 novembre la promotion de David Gardner, head of Northern Europe sales pour iShares au poste de head of sales EMEA de la plate-forme d’ETF iShares qu’il a rejointe en 2000. Basé à Londres, il est subordonné directement à Joe Linhares, managing director et head of EMEA de iShares.
24/11/2010
Fonds

Barton Biggs va lancer un Newcits

Barton Biggs devrait lancer une version Ucits de son hedge fund Traxis Partners, selon Ucits Hedge, qui cite des sources du secteur britannique de la gestion alternative. Le produit sera lancé sur la plate-forme de Deutsche Bank.
Fonds
24/11/2010

Eaton Vance acquiert Managed ETFs LLC

Pour un montant non divulgué, Eaton Vance Corp (185,2 milliards de dollars d’encours fin octobre) a acheté les actifs de la société Managed ETFs LLC, qui développe de la propriété intellectuelle dans le domaine des ETF. Managed ETFs détient des actifs de propriété intellectuelle, dont des brevets, qui pourraient servir de base à un négoce plus efficace pour les ETF et faciliter la mise eu point d’ETF «non transparents» et gérés de manière active.La commercialisation des technologies acquises par Eaton Vance à cette occasion requiert l’agrément de la SEC. Les co-fondateurs de Managed ETFs sont Gary L. Gastineau, ancien managing director pour le développement de produits ETF chez Nuveeen Investments, qui est également le «principal» d’ETF Consultants LLC, et Todd J. Broms, qui est CEO de Broms & Company LLC.
24/11/2010

Nikko AM recrute Charlie Metcalfe

L’ancien CEO de First State Investments (jusqu'à fin février 2009), Charlie Metcalfe, a été nommé -sous réserve d’un agrément de la Financial Services Authority (FSA)- «president» de Nikko Asset Management. Il dirigera les activités de Nikko AM pour l’Europe, le Moyen-Orient et les Etats-Unis.
24/11/2010

Carrousel chez Lazard AM

Charlie Wilson ayant quitté la direction de la distribution tierces parties de Lazard Asset Management en juillet pour diriger la distribution retail chez Investec Asset Management, il sera remplacé par Tony Maddock, head of wholesale chez Scottish Widows Investment Partnership (SWIP), rapporte Investment Week.Chez SWIP, l’intérim est assuré par John Brett, director of sales and marketing.
24/11/2010

Swan Street devient le quatrième actionnaire de Gartmore

Mardi, Swan Street Capital a déclaré qu’il contrôlait 4,9 % de Gartmore, devenant ainsi son quatrième actionnaire, rapporte le Financial Times. Il s’agit d’un groupe d’investissement lié à John Zwaanstra, fondateur du hedge fund Penta Investment Advisors et protégé de George Soros. La participation a été bâtie vie United Industrial Services, une société enregistrée dans les Iles Vierges britanniques.
24/11/2010

Barton Biggs to launch a Newcits fund

Barton Biggs is understood to be in the process of launching a Ucits version of his Traxis Partners hedge fund, according to Ucits Hedge which cites sources within the UK hedge funds industry. The fund will be rolled on the Deutsche platform.
24/11/2010

More than 50 Newcits funds available in Europe

p { margin-bottom: 0.08in; } According to a Funds People study based on data from Allfunds Alternative and KdK AM, the number of UCITS-compliant funds of hedge funds available in Spain now totals over 50. According to KdK AM, the most commen fee structure includes a management commission of 1.5% and a performance commission of 10%. About 80% of funds are absolute return products, while less than 20% use the Libor +. More than 70% of these funds are available in several countries.
24/11/2010

David Gardner promoted to head of EMEA sales at iShares

p { margin-bottom: 0.08in; } BlackRock on 23 November announced the promotion of David Gardner, head of Northern Europe sales for iShares, as head of EMEA sales for the iShares ETF platform, which he joined in 2000. He will be based in London, and will report directly to Joe Linhares, managing director and head of EMEA at iShares.
24/11/2010

Family offices have withstood the crisis well

p { margin-bottom: 0.08in; } According to the Mythos Family Offices 2010 survey, undertaken by J.P. Morgan Asset Management and others, of 64 family offices, most of them in Switzerland and Germany, 40.6% of these structures have assets of EUR300m and EUR1bn, while 23.4% manage between EUR1bn and EUR3bn, and 9.4% manage over EUR3bn, the Börsen-Zeitung reports. As about 15% of assets are in liquid form (compared with 4% for the endowments of US universities), family offices have survived the turbulence on the financial markets without having to sell assets at a markdown in order to procure the necessary liquidity. The study finds that 23% of assets were allocated to bonds (13% for US university endowments), 26% to equities, 8% to private equity and 7% to hedge funds. Exposure to real assets such as real estate and commodities, or exotic investments such as art total 21%. The main objective of 78% of the family offices is preservation of capital, while 53% atim to avoid excessive concentrations of investment, and 40% follow the preferences of the families. Expectations in terms of performance are moderate, with an objective of 5-10% for the next five years. In the next few months, family offices are planning to reduce their allocation to cash in order to increase their exposure to emerging markets and alternative assets.
24/11/2010

GLG suggests a plan B to save Spain

p { margin-bottom: 0.08in; } Ben Funnell, CIO, fixed income, at GLG Partners, estimates that the European financial stabilisation fund will not have enough resources to save Spain if need be, and that the authorities need to start coming up with a plan B, Expansión reports. The solution would consist of a restructuring of sovereign debt from peripheral EU countries. It would lead to losses for banks, largely those in the heart of Europe including French and German banks, and to cover this impact, the ECB would need toprint and inject money into these banks. Michael Saunders of Citi says that German, French, Italian and British banks have a total exposure of EUR789.13bn to Spanish, Greek, Irish and Portuguese government debt, of which EUR374.32bn are in Spain alone. Christian Tegllund, a market strategist at Saxo Bank, for his part, estimates that France and Germany will be obliged to lend money to Spain in a bilateral arrangement next year.
24/11/2010

Four asset managers receive requests for documents

According to the Financial Times, fund managers at SAC Capital Advisors, Citadel, Janus Capital and Wellington Management have received requests for documents from federal investigators examining insider trading practices on Wall Street.
24/11/2010

Fed under attack from Republicans

p { margin-bottom: 0.08in; } Agefi Switzerland reports that in the United States, the Republicans, who accuse the Fed of setting the stage for runaway inflation by weakening the dollar, have proposed a bill which would simplify the Fed’s responsibilities, removing the responsibility to maintain full employment in order to concentrate on price stability. The bill has little chance of passing.
24/11/2010

Vontobel registers its newest SRI fund in Spain

p { margin-bottom: 0.08in; } With the Vontobel Global Responsibility International fund, which has recently been registered with the CNMV, the Swiss management firm Vontobel now has its complete range of SRI funds available in Spain, including the Global Responsibility European Equity, Global Responsibility Asia (ex Japan) Equity and Global Responsibility US Equity, Funds People reports.
24/11/2010

RDR may eliminate up to 20% of IFAs

p { margin-bottom: 0.08in; } Hector Sants, CEO of the Financial Services Authority (FSA), on 23 November told members of the special Treasury committee that the new retail distribution review (RDR) regulations may trigger a decline of 10% to 20% in the number of IFAs, Fund Strategy reports. The head of the FSA claims that this compression in capacity represents an acceptable cost in comparison to the specific improvements RDR is expected to deliver. If the percentage would have been higher, the regulator would not have decided to pursue that outcome.
24/11/2010

BaFin to increase staff by 13%

p { margin-bottom: 0.08in; } Financial Times Deutschland reports that the board of directors of the Federal financial services supervisory office (BaFin) will Thursday adopt a plan to create 240 jobs, which will correspond to an effective increase of 13% to staff compared with the 1,829 employees at the agency as of the end of 2009.The directors of BaFin are reported to have initially sought 340 new positions.
24/11/2010

Dan Waters leaves FSA

p { margin-bottom: 0.08in; } In December, Christina Sinclair will be appointed as interim director of conduct risk at the Financial Services Authority (FSA). She will replace Dan Waters, director of conduct risk and asset management sector leader, who is resigning to take up another job in the United Kingdom, and to spend time with his family in the United States, a statement from the British regulator stated on 23 November. Waters is currently also the FSA’s representative of the CESR’s group of experts in investment management, as well as on the IOSCO permanent 5 asset management committee.
24/11/2010

Tanguy Polet appointed CEO of Swiss Life Banque Privée

p { margin-bottom: 0.08in; } Swiss Life on 23 November announced that Tanguy Polet has been appointed CEO of Swiss Life Banque Privée, and a member of the executive board of Swiss Life France. Tanguy Polet, a lawyer by training, joined Swiss Life Belgium in 2005, and then took over as CEO of Swiss Life Luxembourg in 2008.
24/11/2010

EDRAM recruits a convertible bond manager

p { margin-bottom: 0.08in; } Edmond de Rothschild Asset Management has recruited Laurent Le Grin as convertible bond manager. The management firm thus makes an addition to the team dedicated to this asset class, which, headed by Kris Deblander, managed EUR1.2bn as of 31 October 2010, representing 9.1% of the French market share. Le Grin, 37, joined the convertible bond team at Fortis Investments in 2006, and then moved to BNP Paribas Asset Management as a senior European convertible bond fund manager.
24/11/2010

David Aubin appointed CEO for Investment Management at BNPP RE

BNP Paribas Real Estate on 23 November announced the appointment of David Aubin as CEO for the international Investment Management operation (REIM), from 1 November 2010. He will report to François Benfeghoul, deputy CEO of BNP Paribas Real Estate He was previously director of FIG Europe (Financial Institutions Group, a team of senior bankers in charge of banks and insurers) at BNP Paribas.Aubin, a member of the executive board of BNP Paribas Real Estate, aims in particular to carry out the assets under management growth objectives of BNP Paribas REIM, via ambitious equity inflows, and international development (BNP Paribas REIM now operates via seven affiliates in Western Europe).
24/11/2010

LCF Rothschild creates a position for a head of sustainable development

p { margin-bottom: 0.08in; } Frédéric Lauprêtre, director and head of investment solutions and development at Edmond de Rothshild Investment Managers, has been appointed to the newly-created position of director of sustainable development at La Compagnie Financière Edmond de Rothschild (LCF Rothschild).In his new position, Lauprêtre will propose and deploy a general sustainable development policy, and orient and coordinate the initiatives of the bank and its affiliates.
24/11/2010

AG2R La Mondiale joins Eurosif

p { margin-bottom: 0.08in; } The European organisation for the promotion of socially responsible investment (SRI) has welcomed two new members, AG2R La Mondiale and Hermes Equity Ownership Services (EOS). Eurosif now has over 80 members.
24/11/2010

Eaton Vance acquires Managed ETFs LLC

p { margin-bottom: 0.08in; } Eaton Vance Corp (USD185.2bn in assets as of the end of October) has acquired the assets of the Managed ETFs LLC company, which develops intellectual property in the ETF domain, for an undisclosed amount. Managed ETFs controls intellectual property, including patents, which may be used for more effective ETF trading and facilitate the creation of “non-transparent,” actively-managed ETFs.The sale of the technologies acquired by Eaton Vance at this time would require a license from the SEC.The co-founders of Managed ETFs are Gary L. Gastineau, former managing director for ETF product development at Nuveen Investments, who is also the principal of ETF Consultants LLC, and Todd J. Broms, who is CEO of Broms & Company LLC.
24/11/2010

Robin Edme leaves the French Forum for Responsible Investment

p { margin-bottom: 0.08in; } Robin Edme has announced that he is leaving the French Forum for Responsible Investment, of which he was one of the founders in 2001, and has been president since 2003. He has decided to hand over power to a new management, stating that the job which was set out for him, to make the FRI a tool for socially responsible investment for its members, has been completed, a statement says. He will present his resignation to the board of directors on 15 December, and the FRI office will propose Bertrand Fournier, vice president of the FRI and chairman of the board at LFP-Sarasin AM, as its new president at that meeting.Edme will continue to work at the FRI; he will handle the international portion of the representation on the French forum, where he will continue to represent the board of directors of Eurosif, on which he is vice-chairman, and will continue the work begun with European bodies (he is coordinator of the ECRA initiative, which includes 10 European investor organisations and promotes the integration of extra-financial reporting into financial reporting). “The next few years will see an increase of my involvement with these European bodies, to strengthen our relations with our international counterparts, make the voice of our organisation heard, and promote the principles of a modern and pioneering French approach to SRI, in a market environment in which these approaches often remain dominated by a highly anglo-saxon philosophy,” says Edme.

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