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02/11/2010

LGIM launches an emerging markets tracker fund

p { margin-bottom: 0.08in; } Legal & General Investment Managers (LGIM) has launched an emerging markets tracker fund, Investment Week reports. The Global Emerging Markets Index fund, managed by Robert Dowling, which debuted on 29 October, replicates the FTSE All-World Emerging index, and offers investors a way to invest in shares to be added to the index. Minimal investment in the UCITS format fund is set at GBP500. Total expense ratio (TER) is estimated at 0.99%.
02/11/2010

BlueCrest liquidates a UCITS fund

p { margin-bottom: 0.08in; } The hedge fund management firm Blue Crest Capital Management will liquidate its UCITS fund Blue Trend, hosted by Merrill Lynch Investment Solutions (MLIS). Hedge Week reports that Blue Crest explains that the constraints of the UCITS format led to a cumulative tracking error of 3.5% as of 30 September, compared with an expected tracking error of 1% to 2%. Merrill Lynch and Blue Crest have said that they will work together to offer other investment options to affected parties.
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

Turkish regulator opens investigation of Mark Mobius (Templeton AM)

p { margin-bottom: 0.08in; } The Turkish securities commission (SPK) has opened an investigation of Mark Mobius, star manager and chairman of Templeton Asset Management, who on 12 October in Malaysia predicted a strong correction of 15-20% for the Turkish market by the end of the year. The next day, the fall materialised, with a drop of 3.1%. the heaviest decline in a single day of trading since 25 May, the Wall Street Journal reports. The investigation came following complaints from retail investors. This type of prediction is not in itself illegal. However, if the regulator can prove that Mobius knowingly made false and misleading statements and that, in addition, he was in a position to profit from a fall in Turkish share prices, he could face a fine.
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

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

Perkins (Janus) launches a value fund

p { margin-bottom: 0.08in; } Janus has announced the launch of the Irish-registered fund Perkins Global Value Fund (IE00B45RV888 for institutional and IE00B4K9P323 for retail investors), a part of its Dublin-domiciled Janus Capital Funds range.The fund will invest worldwide in undervalued equities, relying on an investment process developed by Perkins Investment Management which gives top priority to management of risk of losses.The performance objective of the Perkins Global Value Fund (70-100 positions) is to outperform the MSCI World benchmark index over a complete market cycle, while limiting losses in difficult market conditions and earning good returns when market conditions are better.The sub-fund will be managed by Gregory Kolb, who until July 2010 was manager of the Janus Global Fundamental Equity Fund using a value approach.Management fees are 1.25% for retail shares (A class) and I% for the institutional share class (I). Janus fund distributors are permitted to charge a maximum of 6.25%.
02/11/2010

Smaller and younger hedge funds have better performance

p { margin-bottom: 0.08in; } The fourth annual study by PerTrac Financial Solutions of the performance of hedge funds finds htat in 2009, funds two years old or less earned average returns of 19.81%, compared with 18.65% for funds aged 2-4 years, and 19.80% for those more than four years old. The trend to outperformance for the youngest funds continues, but the differences are shrinking, probably because the number of hedge funds launched in 2008 and early 2009 was significantly lower. Small hedge funds (with up to USD100m) and mid-sized funds (USD100-500m) posted average returns of 19.78% and 20.18%, respectively, compared with 17% for those with over USD500m. This confirms a trend observed from January 1996 to December 2007, and offsets 2008, when the large funds lost only 14.10%, compared with 17.03% for small funds. However, Meredith Jones, director, strategic consulting at Barclays Capital, who collaborated on the study with PerTrac, says that potential performance often comes with high volatility. That could explain why in 2008, a year when all categories of funds saw losses, small funds were deeper in the red than mid-sized or large funds.
02/11/2010

Ireland attracting a growing number of funds

p { margin-bottom: 0.08in; } As of the end of June, the number of funds relying on services provided in Ireland totalled 6,116, compared with 6,098 last year, while corresponding assets came to USD1.4603trn, or EUR1.12922trn, an increase of 7.2% compared with USD1.3617trn in 2009, according to statistics from Lipper (Ireland Fund Encyclopaedia). The number of management firms with funds domiciled in Ireland increased to 388 from 358 in 2009, an increase of 31% over five years and 63% in the last ten years. BNY Mellon (USD270.4bn), State Street International (USD228.7bn), and J.P. Morgan (USD175.2bn) are the three largest fund administrators and also the largest custodians, with respective amounts under custody of USD260.3bn, USD237.1bn, and USD184.1bn. In terms of the largest fund promoters, the acquisition of Barclays Global Investors (BGI) put BlackRock in first place, with assets of USD187.4bn, ahead of Goldman Sachs with USD70.3bn, Pimco (Allianz Global Investors group) with USD48.8bn, and HSBC (USD48.6bn).
02/11/2010

Hedge fund universe profoundly marked by crisis

p { margin-bottom: 0.08in; } As many as 45% of hedge fund managers in the United States and about 50% of managers in Europe and Asia say that at least one of their funds has not returned to its peaks before the crisis, according to the 2010 edition of the Greenwich Associates “Global Custodian Prime Brokerage Study.” Nearly 55% of US hedge funds participating in the study, and 35% to 40% of European and Asian hedge funds report an improvement of 20% or more in their returns in first quarter 2010 compared with first quarter 2009. For the world as a whole, nearly 70% of hedge funds earned returns of 11% or more for the year to first quarter 2010, while nine out of ten have positive returns in the same period. Another significant development revealed by Greenwich Associates is that leverage used by hedge funds remains well below pre-crisis levels. Despite this, there is a tendency to increase leverage. For the sector as a whole, average leverage ratios have increased from 1.8 in first quarter 2009 to 2 in first quarter 2010. This average includes among others leverage of 2.3 for hedge funds oriented to fixed income, compared with 2.2 previouusly, while leverage has increased from 1.7 to 1.9 for US hedge funds. But these levels are still well below the averages of 2.3 for the sector as a whole in 2007, or 3.4 for fixed income funds that year.
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

S&P hopes to accelerate penetration of its indices in Asia

p { margin-bottom: 0.08in; } Asian Investor reports that the ratings agency Standard & Poor’s has intensified its marketing efforts in Asia, with a particular effort to increase the number of ETFs based on indices from its various ranges.
02/11/2010

Soupçons de délit d’initié au Tokyo Stock Exchange

Le TSE a indiqué qu’il enquêtait actuellement sur des soupçons de délit d’initié portant sur des sociétés ayant récemment annoncé des projets d’augmentation de capital. L’enquête concerne notamment des opérations de vente à découvert. Les groupes Nippon Sheet Glass et Tokyo Electric Power seraient notamment concernés.
02/11/2010

Exco dans le viseur d’un consortium

Le directeur général du producteur de pétrole et de gaz naturel s’est associé à d’autres actionnaires, dont le magnat du pétrole T. Boone Pickens et Oaktree Capital Management, pour reprendre la société. Douglas Miller, qui possède 2,15% du capital, propose de racheter le solde pour 20,50 dollars l’unité (soit une prime de 38% sur le cours de clôture de vendredi), ce qui valorise Exco environ 4,36 milliards de dollars.
02/11/2010

China Investment Corp fait une offre sur ISS Holding

Le fonds souverain chinois aurait fait une offre de rachat en partenariat avec le fonds d’investissement Apax Partners de la société danoise de services ISS Holding, selon le quotidien qui ne cite pas ses sources. La société, qui emploie plus de 520.000 personnes de par le monde, envisage également une solution d’introduction en Bourse.
31/10/2010
Gestion d'actifs

Le Conservateur initie une exposition sur la gestion minimum variance et convertible

« L’objectif principal de nos investissements en fonds de minimum-variance est d’intégrer une gestion asymétrique dans notre allocation actions qui permette une participation importante aux cycles de hausse des indices actions et une protection lors des phases de baisse », indique à Bfinance, Thibaut Cossenet, sous-directeur de la gestion financière du groupe Le Conservateur. « Dans le même esprit, nous avons également investi dans un fonds d’obligations convertibles monde qui présente toutefois des espérances de rendement-risque moins élevées », ajoute-t-il. Groupe mutualiste gérant 4 milliards d’euros d’actifs dédiés à la tontine, l’assurance-vie et la prévoyance, le Conservateur a commencé par investir dans un fonds actions zone euro (gestion minimum variance)
Gestion d'actifs

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