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02/11/2010
Fonds

AG2R La Mondiale renforce l'offre alternative pour ses caisses de retraite

Agicam, la filiale de gestion d’actifs d’AG2R La Mondiale, va offrir un fonds de hedge funds multistratégies aux caisses de retraite complémentaires d’AG2R La Mondiale relevant des fédérations de l’Agirc-Arrco, rapporte La Tribune. La société de gestion a lancé un appel d’offres en juillet dernier. Selon le quotidien, dix-huit sociétés de gestion et banques d’investissement françaises et étrangères ont répondu à l’appel d’offres. Quatre acteurs ont été sélectionnés (un anglo-saxon, un canadien, un français et un suisse) et passeront un oral le 4 novembre. Le nom du candidat retenu sera dévoilé vers la mi-novembre, précise la Tribune.
Fonds
02/11/2010

Aberdeen sells a property from DEGI Europa

p { margin-bottom: 0.08in; } On 1 November, the German management firm Aberdeen Immobilien KAG announced that it had sold the Hürth Park shopping centre (63,000 square metres) near Cologne to an international consortium for EUR157.3m. The property, which since 1998 had belonged to the open-ended real estate fund DEGI Europa, whose gradual liquidation by September 2013 was recently announced (see Newsmanagers of 25 October), may have been at a price slightly below the most recent expert valuation of the property. Hürth Park alone represented 8% of the venal value of the portfolio, and the proceeds of the sale, after payment of outstanding credit is deducted, will increase the liquidity level in the fund by about 3 percentage points.
02/11/2010

White label products have EUR52bn in assets

p { margin-bottom: 0.08in; } According to the German BVI association of management firms, there are currently 860 white label funds with assets in EUR52bn, the Börsen-Zeitung reports. This formula has developed since the introduction of the flat tax (in 2006, there were barely over 400 funds). For two thirds of these funds, the adviser is a wealth management firm. The largest actor in this segment is Universal-Investment, with EUR14.5bn, followed by DWS Investment (Deutsche Bank) and Oppenheim Asset Management Services.
02/11/2010

Jupiter: Guy de Blonay and Philipp Gibbs trade jobs

p { margin-bottom: 0.08in; } From the beginning of 2011, Guy de Blonay will become principal manager of the Financial Opportunities fund (over GBP1bn in assets) at Jupiter, for which he has been second manager since 1 June (see Newsmanagers of 5 May), Fund Strategy reports. Philip Gibbs, who was principal manager, becomes second manager for the product, which has over 13 years of track record.
02/11/2010

RWC hands former Strategic Reserve Fund to Peter Allwright and Stuart Frost

p { margin-bottom: 0.08in; } On 1 November, RWC Partners confirmed that Peter Allwright and Stuart Frost, recently recruited fdrom Threadneedle (see Newsmanagers of 1 July) have taken over day-to-day management of the RWS Cautious Absolute Rate and Currency (ARC) fund, formerly known as the Strategic Reserve Fund, with assets of USD60m, which continues to have a performance objective of 300 basis points above cash over a market cycle. The fund offers daily liquidity, and complies with the UCITS III directive, with sales licenses in Germany, Italy, Luxembourg, the United Kingdom and Switzerland. It is available in currency-hedged shares in euros, Swiss francs, pounds Sterling and US dollars.
02/11/2010

Claude Tiramani to manage Lutetia Emerging Opportunities

The French-registered FCP fund Lutetia Emerging Opportunities was founded on 1 November 2010 by Lutetia Capital, which will also market the fund. The international equities fund will be managed by Claude Tiramani, former star manager at BNP Paribas Asset Management (see Newsmanagers of 2 June), combining active geographical allocation and stock-picking.The portfolio of 60-80 positions will be focused exclusively on equities in businesses likely to profit from increasing domestic demand in emerging countries (urbanisation, increasing buying power, growth of financed economy). Shares in euros are hedged against currency risks (there is also a share class in US dollars).In order to complement and corroborate internal analyses, Lutetia Capital has formed preferred partnerships with known asset managers in the major emerging regions (Latin America, Asia, Eastern Europe and the Middle East); French managers have also formed an expert committee including specialists in domestic demand in each of these regions.CharacteristicsName: Lutetia Emerging OpportunitiesISIN code: FR0010927251Front-end fee: 3% maximumManagement fee: 1.75 % (P shares)1% (I shares)2,35% (R shares)Performance commission: 15% of performance exceeding the MSCI Emerging Markets Free index
02/11/2010

Fitch: ratings for money market funds not affected by exposure to Citigroup and BofA

p { margin-bottom: 0.08in; } The ratings agency Fitch Ratings announced on 29 October that the ratings of money market funds monitored by Fitch were unaffected by the exposure of these funds to Citigroup and BofA, whose short-term rating of F1+ has been placed on a watch with negative implications. The agency has also placed its ratings of treasury notes (ABCP) from the two banks on watch with negative implications.
02/11/2010

AdvisorShares preparing an actively-managed high yield ETF

p { margin-bottom: 0.08in; } By 3 December 2010 at the latest, AdvisorShares Investments is planning to have completed launch of what it claims is the first actively-managed high yield ETF. The Peritus High Yield ETF (NYSE acronym: HYLD) is managed by Peritus I Asset Management in Santa Barbara, California. The manager will focus on credit offering the best risk/return profile, but will also use US Treasuries to protect itself against adverse market conditions.
02/11/2010

Carlyle acquires Syniverse for USD2.6bn

p { margin-bottom: 0.08in; } Two days after announcing its acquisition of ComScope for USD3.9bn (see Newsmanagers of 28 October), the Carlyle Group announced on 29 October that it is acquiring Syniverse Technologies (equipment and soluteions for IT businesses) for about USD2.6bn. The price of USD31 per share represents a 35% premium over the average closing price of Syniverse in the 30 trading days to 26 October. The transaction will be completed in first quarter 2011. The operation was supported unanimously by the board of directors of Syniverse. The acquisition is financed by the Carlyle Partners V fund (USD13.7bn), and by credits from Barclays Capital and Credit Suisse.
02/11/2010

Highbridge (JPMAM) prend la majorité chez Gávea Investimentos

Dans une lettre aux investisseurs daté du 27 octobre, le brésilien Gávea Investimentos (10,1 milliards de reals d’encours fin septembre), a annoncé que par le truchement du gestionnaire alternatif américain Highbridge Capital Management, J.P.Morgan Asset Management a pris la majorité dans son capital, mais les détails financiers de l’opération n’ont pas été dévoilés.Gávea Investimentos est une société de gestion spécialiste des hedge funds, du private equity et de la gestion de fortune. L'équipe dirigeante de Gávea restera en place. Elle se compose du président et CIO Armino Fraga, ancien président de la Banque centrale du Brésil, de son frère Luiz Fraga, co-fondateur et co CIO/private equity, de Gabriel Srour, co-CIO pour les hedge funds, de Chrys Meyn, co-CIO/private equity et de l’administrateur délégue Amaury bier, ancien secrétaire d’Etat à l’Economie au ministère des Finances du Brésil. Enfin, Marcelo Stallone restera à la tête de la division grandes fortunes (Gávea Gestão de Patrimônio).
02/11/2010

A&G to close Spanish funds and reopen them in Luxembourg

p { margin-bottom: 0.08in; } The Spanish-registered funds A&G Multiselection, A&G Bond Managers and A&G Tresoreria will be liquidated by A&G Fondos SGIIC, the management firm for Asesores y Gestores Financieros A&G, an affiliate of EFG International, Funds People reports. Foreign clients and institutional investors will be offered the transfer of their assets to similar products registered in Luxembourg: DIP Multiselection, DIP Bond Managers and DIP Tesorería (DIP is an acronym for “disciplined investment process”).
02/11/2010

Fund assets down 0.3% in October

p { margin-bottom: 0.08in; } According to the Spanish Inverco association of asset management firms, assets in securities funds on sale in Spain as of 29 October totalled slightly over EUR145.34bn, which represents a decrease of EUR541m or 0.3% compared with the end of September. The decline is the result of positive market effects of nearly EUR1bn, which were not enough to offset redemptiosn of over EUR1.53bn.
02/11/2010

Mutuactivos launches a mortgage fund

p { margin-bottom: 0.08in; } On 28 September, Mutuactivos, the asset management affiliate of Mutua Madrileña, launched the Mutuafondo Cédulas FI fund, which was registered by the CNMV on 25 October. Under normal conditions, the portfolio will be 90% invested in cédulas hipotecarias from Spanish issuers or similar products from issuers domiciled in EU member states. The remainder will be invested in money markets (including repos of debts from EU countries), and under no circumstances will the proportion of cédulas hipotecarias fall below 50%. The benchmark index is the iboxx Euro Spain Covered. The recommended investment duration is 5 years, and subscriptions will be open until 19 November.CharacteristicsName: Mutuafondo Cédulas FIISIN code: ES017580600Minimal initial subscription: EUR10Front-end fee: 2%Management commission: 0.4%Exit fee: 2 % (from 19/11/2010 to 19/11/2015)
02/11/2010

OPM plans to launch two funds of funds

p { margin-bottom: 0.08in; } OPM Fund Management is planning to release two funds in early 2011, which will charge fees of 1.5%, using strategies developed for internal mandates, Investment Week reports.The EFA OPM Diversified Target Return fund, a multi-asset class funds, will aim for 300 basis point outperformance over cash over a market cycle. It will be managed by Ross Henderson, Money Marketing reports, and will invest 70% in absolute return long-only funds, while the satellite allocation will go to direct investment in equities, ETFs, and money market instruments, with coverage tools and minimal reliance on leverage.For its part, the EFA OPM Worldwide Opportunities, managed by CIO Tony Yousefian, will be an aggressive growth plus fund which will be permitted to depart from the FTSE All-world benchmark index. The model portfolio is currently 63% invested in ten funds, and the manager will make only moderate use of ETFs, which he estimates do not produce outperformance in the long-term.
02/11/2010

Profits at Artio Global Investors down in third quarter

p { margin-bottom: 0.08in; } Artio Global Investors has reported net profits for third quarter to 30 September of USD23.8m, down 3% compared with second quarter 2010. The decline is 15% compared with third quarter 2009. Assets under management as of 30 September last year totalled USD53.9bn, down 3% compared with 30 September 2009 due to net outflows of USD1.4bn, partly offset by market effects.
02/11/2010

Strong increase in profits at Franklin Resources

p { margin-bottom: 0.08in; } For the period to 30 September, Franklin Resources (Franklin Templeton Investments) announced net profits on 29 October of USD1.4457bn, compared with USD896.8m in the twelve months to the end of September 2009. For fourth quarter alone (June-September), profits totalled USD372.9m, compared with USD360.9m the previous quarter, and USD367.4m for the corresponding period of last year. Earnings in the period totalled USD5.853bn, compared with USD4.1941bn. As of 30 September, total assets for businesses of the group came to USD644.9bn, compared with USD570.5bn three months earlier, and USD523.4bn one year previously. Allocation to equities was 43% as of the end of September, compared with 41% at the end of June, and 47% at the end of September 2009. In the quarter to 30 September, net subscriptions totalled USD19.4bn, compared with USD18.8bn in April-June and USD12.2bn in the corresponding period of last year. For the period as a whole, net subscriptions totalled USD69.9bn, compared with net outflows of USD5.5bn for the twelve months to the end of September 2009.
02/11/2010

Andreas Moser takes over as director of private banking at Hyposwiss Privatbank

p { margin-bottom: 0.08in; } Hyposwiss Privatbank SA, an entity of the Banque cantonale de St-Gall, announced on 1 November that it has appointed Andreas Moser as director of private banking. He will take up his position on 1 Jnauary 2011 and at that time will become a board member at the institute. Moser was previously a member of the extended board and directed private banking for Switzerland, Germany and Austria as well as external wealth manager activities. He will oversee all private banking activities, which are currently overseen by CEO Siegfried Peyer, who will concentrate henceforth on operational and strategic direction of the establishment.
02/11/2010

Assets up for management firms in third quarter

p { margin-bottom: 0.08in; } As of the end of September, assets at Chinese management firms totalled CNY2.4trn (USD358.2bn), compared with CNY2.1trn (USD313.4bn) as of 30 June, according to figures from Z-Ben Advisors, who predict that the CNY3trn barrier will be broken by the end of the year. Equities and diversified funds saw a greater increase in their assets under management than the 14% growth of the CSI 300 index, but paradoxically, it generated an increase in redemptions, as investors preferred to take their profits. In total, the increase in assets resulted in positive market effects and the launch of 33 new funds. Judging from the subscriptions attracted to these new products, it was equities and diversified funds which suffered most in terms of outflows. Soochow stood out with average performance of 22.33% in third quarter for its products as a whole. Z-Ben Advisors’ analysis shows that virtually all management firms increased their exposure to equities, for an average of 81% as of the end of September, compared with 71% as of the end of June. Bank of Communications Schroders has a particularly high allocation to equities, but KBC Goldstate, Citic Prudential and Morgan Stanley Huaxin also significantly increased their exposure to this asset class.
02/11/2010

SWIP appoints Craig Mackenzie as head of sustainable investment

p { margin-bottom: 0.08in; } Responsible Investor reports that Scottish Widows Investment Partnership (SWIP) has appointed Craig Mackenzie as head of responsible investment, a position which includes lobbying businesses to improve their practices in this area. Mackenzie, who was previously at the University of Edinburgh as director of the Centre for Business and Climate Change, will begin in his new position on 1 November. He will be responsible for strategies and performance in this area of sustainable development in all asset classes, including real estate and private equity.
02/11/2010

Assets at F&C not only increased by Thames River deal

p { margin-bottom: 0.08in; } In third quarter, assets at F&C Asset Management Plc increased by GBP12.9bn to GBP108.2bn, compared with GBP95.3bn as of the end of June. This is due to factors other than external growth, such as net subscriptions of GBP598m (of which GBP124m were for Thames River), GBP4.2bn from the acquisition of Thames River Capital on 1 September, and positive currency effects of GBP3.3bn due to the appreciation of the euro against the pound Sterling and market effects of GBP4.8bn, of which GBP0.7bn are unrealized gains in derivative positions for institutional clients.
02/11/2010

RFP from British Nest Corporation

p { margin-bottom: 0.08in; } Nest Corporation, a British firm which manages private complementary pensions, will this week announce a request for proposals for a series of management mandates. Applications must be announced in the official journal of the European Union, Nest Corporation said in a statement published on 1 November. Nest Corporation has also announced that it has awarded a contract to provide fund administration and custody services to State Street for a period of ten years.
02/11/2010

Ignis creates a real estate unit

p { margin-bottom: 0.08in; } The UK asset management firm Ignis Asset Management has announced the launch of a real estate business with GBP2.6bn in assets, Fund Strategy reports. The team will include 30 people. Ignis has hired Alan Gardner, head of forecasting services from Jones Lang LaSalle, Steven Beveridge as COO, and Robert Boag as senior investment director. Daniel Baynes and Chris Brydie have been recruited as real estate managers.
02/11/2010

Appetite for equities set to rebound

p { margin-bottom: 0.08in; } According to a recent survey by Schroders of 100 clients in Europe, the Middle East and Central and South America, 89% of respondents say investors are going to come back to equity markets in the next 12 months. As of 31 July this year, net inflows to equities totalled EUR22.7bn, following a peak of over EUR110bn in 2009. The survey also shows that 72% of clients are planning to invest in hedge funds via a UCITS structure in the next two to three years, compared with 38% currently.
02/11/2010

Fidelity IM loses its head for China

p { margin-bottom: 0.08in; } Fidelity Investment Management has confirmed the departure of Zhan Long, managing director for China based in Hong Kong, and announced that a replacement will soon be named, Asian Investor reports. Long is reported to have been tapped to take up the position left vacant by the departure of the general manager at Bank of Communications Schroder Fund Management in Shanghai (BoCom Schroder). Assets under management at BoCom Schroder fell 40% in the first six months of the year to USD8.3bn.
02/11/2010

Credit Suisse not planning to liquidate Euroreal real estate fund

p { margin-bottom: 0.08in; } On 28 October, Credit Suisse announced that it has absolutely no plans to liquidate its German-registered open-ended real estate fund CS Euroreal (EUR6.13bn in assets as of the end of September), as the situation is very different for this product than it was for the KanAm US-grundinvest, DEGI Europa and Morgan Stanley P2 Value funds. First of all, routine revisions have only resulted in a depreciation of 0.80% for the portfolio in the period to the end of April. The fund shows returns of 2.5% for the twelve months to 30 September. The CS Euroreal attracted more than EUR400m in net subscriptions in the most recent period. It then saw net outflows of over EUR300m in May, as the German government debated plans for a law on real estate funds (see Newsmanagers of 21 May), which led to another freeze on redemptions, which will be in place until May 2012 at the latest. Since then, the fund has attracted more than EUR100m in net subscriptions. Currently, Credit Suisse is in talks to sell assets. The talks have reached a highly advanced stage and will result in liquidity being freed up. Sales of properties will take place by the end of the year at prices largely in line with market value.
02/11/2010

Cantillon diametrically alters strategy

p { margin-bottom: 0.08in; } The hedge fund management firm Cantillon Capital Management, founded in 2003 by William von Mueffling, formerly of Lazard Asset Management, attained USD10bn in assets due to the success of its policy of short-selling, the Wall Street Journal reports. But in June, Cantillon closed its hedge funds and redeemed USD3.5bn to subscribers, retaining only USD1bn in long-only assets. Since then, Cantillon has managed to attract investments from US and foreign pension funds and sovereign funds through returns of 21% since the beginning of the year, and assets now total over USD5bn. Subscribers were won over by the additional fact that Cantillon charges only 1.25% maximal management commissions, and no performance commissions. But von Mueffling says that he is considering limiting assets in the Cantillon Global Equity fund to USD7.5bn.
02/11/2010

Shinhan BNP AM releases highly concentrated South Korea equities funds

p { margin-bottom: 0.08in; } Asian Investor reports that Shinhan BNP Paribas Asset Management has opened sales of highly concentrated funds of South Korean equities, ahead of an expected return of local, retail and high net worth investors to the South Korean equities markets in 2011. Patrick Mange, co-deputy CEO of the joint venture in Seoul, admits that 2010 was a more difficult year than expected, in light of constant redemptions to retail investors in equities. According to available statistics, net outflows from South Korean equities funds have totalled over KRW9trn, or about USD7.9bn, since the beginning of the year.
02/11/2010

Strong demand for Bolton's fund

Demand for Anthony Bolton’s new fund has been so strong that the board is considering ways to make the shares less expensive, according to the Financial Times.Shares in the Fidelity China Special Situations fund hit a premium of almost 13 per cent to their net asset value on Monday.
02/11/2010

Assets under management down at Popular

p { margin-bottom: 0.08in; } For January-September, Banco Popular has posted net profits of EUR521m, compared with EUR651m for the corresponding period last year. The operating ratio has degraded to 33.49%, compared with 29.06%. Assets in investment funds (Popular Gestión) as of the end of September totalled EUR7.05bn, compared with EUR8.03bn one year previously. However, assets in wealth management totalled EUR913.6m, compared with EUR876m at end-December and EUR883.6m at end-September ’09, while assets in pension funds totalled EUR4.12bn, compared with EUR4.19bn nine months earlier, and EUR4.12bn as of the end of September 2009.
02/11/2010

Dutch pension fund PNO excludes Wal-Mart

p { margin-bottom: 0.08in; } The pension fund for the Dutch media industries, PNO, with assets under management of about EUR3bn, has announced that it has excluded the US business Wal-Mart from its investment universe for failure to respect the rights of employees. The pension fund has admitted failure, as it only took the exclusionary step after a policy of engagement and active participation in general shareholders’ meetings did not achieve the desired results. PNO follows the example of the Norwegian government pension fund, which put Wal-Mart on its blacklist in 2006.

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