Selon Asian Investor, Clariden Leu envisage de déposer une demande de licence bancaire à Hong Kong, qui lui permettrait de participer au marché du renminbi.D’autres gestionnaires de fortune comme Julius Baer ont déjà engagé des démarches dans ce sens. Deux autres banques suisses, Pictet et BSI, n’excluent pas de s’engager dans cette voie. Clariden Leu pourrait également installer un bureau de représentation en Chine continentale.

Tressis a indiqué le 20 septembre avoir augmenté sa participation dans le gestionnaire de hedge funds de droit espagnol Valórica, devenant ainsi majoritaire dans cette entité. Le montant de la transaction n’a pas été dévoilé.Dorénavant, la marque Valórica sera affectée aux hedge funds espagnols ainsi qu'à la gestion des sicav et des produits sur mesure pour les particuliers haut de gamme de Tressis, rapporte Funds People.

En date du 17 septembre, la CNMV a enregistré la sicav de droit irlandais Nomura Investment Solutions Plc dont cinq compartiments seront distribués en Espagne par Allfunds Bank. Ces compartiments sont : Nomura Interest Rate Investment Strategy Fund, Nomura Interest Rate Investment Strategy Irisx4 Fund, Nomura ARCS Fund, Nomura Macro CPS Fund et Nomura Macro Commodity Strategy Fund.

La CNMV a annoncé le 20 septembre avoir enregistré le 17 septembre l’avis de liquidation du fonds de hedge funds Selección Alternativa de Riva y García Gestión, qui ne comptait plus qu’une centaine de souscripteurs pour un encours de 6,35 millions d’euros à fin août.

Les mutual funds américains Cullen North American High Dividend Value Equity Fund et Cullen Global High Dividend Value Equity Fund seront disponibles à partir du premier octobre au Royaume-Uni et en Europe occidentale au format OPCVM III, domiciliés à Dublin. Il s’agit de fonds mettant en œuvre une stratégie value qui seront disponibles en euros, sterling, et dollars aussi bien pour les investisseurs institutionnels que pour les particuliers haut de gamme et le» retail».Cullen Capital Management affiche un encours de l’ordre de 10,5 milliards de dollars.

UniCredit (maison mère de Pioneer ndlr.) a convoqué ce jour une réunion extraordinaire du conseil d’administration au cours duquel le directeur général Alessandro Profumo devrait démissionner, indique le Financial Times. Ses relations avec le conseil d’administration, dirigé par le président Dieter Rampl, se seraient détériorées un peu plus ces derniers jours. Dieter Rampl prendrait la relève jusqu’à ce qu’un remplaçant soit trouvé, probablement avant Noël.

J.P. Morgan Asset Management - Global Real Assets a annoncé le 17 septembre qu’en plus de sa nouvelle équipe à Paris (lire notre article du 17 septembre), une autre équipe de professionnels confirmés viendra renforcer son antenne francfortoise. Elle sera dirigée par Michael Ramm, co-head of acquisitions du groupe immobilier de JPMAM.Ce groupe immobilier est présent en Allemagne depuis 2005 et gère dans ce pays un portefeuille d’environ 300.000 mètres carrés.

A compter du 20 septembre, la banque directe munichoise DAB bank propose une sélection de plans d'épargne (minimum 50 euros mensuels) en ETF de db x-trackers et en ETC de db ETC sans aucun frais de transaction, ces frais étant pris en charge par la Deutsche Bank, qui les rembourse au titulaire. Cet accord de coopération a une validité initiale de cinq ans renouvelable et elle concerne aussi bien les plans d'épargne déjà signés que ceux qui le seront ultérieurement.Le démarrage de cette collaboration porte à 59 le nombre d’ETF de db x-trackers commercialisés au travers de DAB bank. Le programme de la banque directe inclut aussi pour la première fois sept db ETC.

Lundi 20 septembre, Source a précise que son nouvel ETF irlandais BofAML Hedge Fund Factor Source, qui est conforme à la directive OPCVM III (lire notre article du 20 septembre) est disponible en dollars et en euros. Ils répliquent l’indice de stratégie Merrill Lynch Factor Model qui a été spécialement conçu pour répliquer la performance d’un vaste univers de hedge funds au travers d’un portefeuille constitué de grands indices internationaux parfaitement liquides.Les nouveaux ETF de Source ont pour objectif d’offrir à l’investisseur une exposition large et exhaustive à l’univers de la gestion alternative, sans pour autant être investis dans aucun hedge fund en particulier.

The Wall Street Journal rapporte que Bill Gross, qui gère le Pimco Total Return Fund (248 milliards de dollars), a réduit l’exposition du fonds aux titres publics des Etats-Unis à 36 % fin août contre 63 % fin juin. Jeff Gundlach, a ramené de son côté l’allocation aux titres publics du DoubleLine Core Fixed Income Fund à 36 % fin août contre 52 % en juillet. Enfin, Dodge & Cox vend à découvert des futures sur les Treasuries dans certains de ses portefeuilles obligataires. The Wall Street Journal ajoute que des fonds comme le Templeton Global Bond Fund et le Loomis Sayles Bond Fund, qui ont largement évité les Treasuries depuis un certain temps, trouvent de meilleures «opportunités» hors des Etats-Unis.

Jefferies a annoncé le 16 septembre la création d’un pôle futures et la nomination dans cette perspective de Patrice Blanc, ancien CEO de Newedge, en qualité de «president» chargé du développement de ce pôle.

Promue en mai 2009 senior vice president de Gamco Investors, Agnes Mullady a été nommée le 16 septembre 2010 president & COO de la division des fonds ouverts de Gabelli Funds par GAMCO Investors. De plus, elle assume l’entière responsabilité du reporting financier pour les fonds ouverts et fermés de GAMCO Investors. Elle sera enfin CEO de la filiale broker-dealer actuellement en phase de constitution pour la distribution des fonds ouverts de la société.

Le fondateur du gestionnaire de hedge funds Peloton Partners, Ron Beller, a décidé de se relancer avec un ancien collègue de Peloton, Manal Mehta. Ils ont créé à San Francisco la société de gestion Branch Hill Capital et gèrent dans un premier temps 40 millions de dollars qui leur appartiennent, rapporte The Wall Street Journal. Rappelons que Peloton Partners, avec son fonds d’ABS, avait implosé en février 2008 en plein «credit crunch». Depuis le lancement le 1er juin, le fonds Branch Hill affiche une performance de 15 %. Il sera ouvert à des investisseurs externes d’ici à la fin de l’année, selon un proche du dossier.

p { margin-bottom: 0.08in; } The Wall Street Journal reports that Bill Gross, manager of the Pimco Total Return Fund (USD248bn), has reduced its exposure to US government bonds to 36% as of the end of August, from 63% at the end of June. Jeff Gundlach has reduced the allocation of the DoubleLine Core Fixed Income Fund to 36% as of the end of August, from 52% in July. Lastly, Dodge & Cox is short-selling futures on Treasuries from some of its bond portfolios. The Wall Street Journal adds that funds such as the Templeton Global Bond Fund and the Loomis Sayles Bond Fund, which have generally avoided Treasuries for some time, are finding better “opportunities” outside the United States.

p { margin-bottom: 0.08in; } Agnes Mullady, who was promoted in May 2009 to become senior vice president of Gamco Investors, was appointed on 16 September 2010 as president and COO for the open-ended funds division of GAMCO Investors. She will also assume single-handed responsibility for financial reporting for open-ended and closed funds from GAMCO Investors. She will also be CEO of the broker-dealer affiliate, which is currently in the process of being created to distribute the firm’s open-ended funds.

p { margin-bottom: 0.08in; } On Monday, 20 September, Source stated that its new Irish-registered ETF, BofAML Hedge Fund Factor Source, which complies with the UCITS III directive (see Newsmanagers of 20 September) is available in US dollars and Euros. The funds replicate the Merrill Lynch Factor Model strategy, which is specially designed to replicate the performance of a broad universe of hedge funds via a portfolio constituted from major international high-liquidity indices. The new Source ETFs will aim to offer investors broad and exhaustive exposure to the alternative management universe, without investing in any particular hedge fund. The new products bring the number of Source ETF and ETC products dedicated to equities and commodities indices to 79. Source currently manages over USD6.5bn in assets.

p { margin-bottom: 0.08in; } The founder of the hedge fund management firm Peloton Partners, Ron Beller, has decided to start up again with a former Peloton colleague, Manal Mehta. IN San Francisco, they have founded the management firm Branch Hill Capital, and will initially manage their own USD40m in assets, the Wall Street Journal reports. Peloton Partners, with its ABS fund, imploded in February 2008, at the height of the credit crunch. Since opening its doors on 1 June, the Branch Hill fund has earned 15%. It will be open to external investors by the end of the year, according to a source familiar with the matter.

p { margin-bottom: 0.08in; } “To beat the stock market indices, you have to break away from them,” says Didier Bouvignies, managing partner and head of management at Rothschild & Cie Gestion, at a presentation of the active and contrarian approach of the management firm, which has “high exposure to high-risk assets.” In the present context, the firm is sceptical of predictions that there will be a double-dip continuation of the recession. In reality, Bouvignies continues, “primary real estate does not represent a serious threat, if only because it represents only 2 1/2 % of GDP. Also, in the current configuration, there is little danger of a steep increase in interest rates. Finally, businesses are now in excellent health, which in theory will allow them to make new investments and recruitments.” Bouvignies adds that “though we are a little bit less optimistic than a few months ago, we haven’t let ourselves wallow in pessimism.” This line of conduct represents a more positive sentiment than the European consensus, by which the equities markets are thought to be headed in a less than positive direction at present. “Europe is excessively undervalued,” with share multiples 20% lower than the prevailing multiples on the US equity markets, “because European shares are sanctioned by considerations related to government debts, which also explains the divergence in performance between Germany and Italy, for example,” says Bouvignies. In sector terms, Rothschild & Cie Gestion, known for its expertise in “growth at reasonable price” (GARP) management, wonders whether the best of the shares with strong exposure to international markets, after a strong rebound, may reach such high levels that it would be difficult to consider them disappointing, or for analysts to adopt such a view of them. At any rate, “though risk premiums are resorbing, the most money is not to be made on equities,” the CIO continues. The banking sector, he says, is still victim to excessive fears about capital and the evolution of business, though these problems are becoming less serious. On European government bonds, Bouvignies says that “the best-rated bonds are relatively unattractive, and remuneration is at its lowest levels in a century, at least for German, French and Dutch government bonds.” For “peripheral” bonds, “there have been too many fears of default, and we do not expect such a scenario to occur in Italy, for example.” As to corporate bonds, Bouvignies notes that “portage is currently interesting, but not in excessive proportions, since portage is producing 140 to 50 basis points, which is simply rather attractive.”

p { margin-bottom: 0.08in; } Jefferies announced on 16 September that it has created a futures unit, and has appointed Patrice Blanc, former CEO of Newedge, as president of the unit.

p { margin-bottom: 0.08in; } The CNMV announced on 20 September that on 17 September it received notice of the liquidation of the fund of hedge funds Selección Alternativa from Riva y García Gestión, which had only 100 subscribers and assets of EUR6.35m as of the end of August.

p { margin-bottom: 0.08in; } On 17 September, the CNMV issued a registration for the Irish-domiciled Nomura Investment Solutions Plc, whose five sub-funds will be distributed in Spain by Allfunds Bank. The sub-funds are: Nomura Interest Rate Investment Strategy Fund, Nomura Interest Rate Investment Strategy Irisx4 Fund, Nomura AR CS Fund, Nomura Macro CPS Fund, and Nomura Macro Commodity Strategy Fund.

p { margin-bottom: 0.08in; } Asian Investor reports that the general manager of the Hong Kong offices of the International Alternative Management Association (AIMA), Jo Orgill, has left the professional organisation to join Samsung Securities, where she will develop the securities trading activities of the firm.

p { margin-bottom: 0.08in; } Asian Investor reports that Clariden Leu is planning to submit an application for a banking license in Hong Kong, which would allow it to participate in Renminbi markets. Other wealth managers such as Julius Baer have already taken steps in this direction. Two other Swiss banks, Pictet and BSI, have not ruled out making similar efforts. Clariden Leu may also set up a representative office in continental China.

p { margin-bottom: 0.08in; } HSBC Holdings announced on 17 September that it has sold an 80.1% stake in the capital of HSBC Private Equity (Asia) to the management of the firm. The management team, whose interests are embodied in the holding company Foci Holdings, will acquire a majority stake for USD18.8m; HSBC will retain only 19.9% of capital. Assets under management at HSBC Private Equity Asia total USD3.5bn. The transaction will be completed in fourth quarter 2010.

p { margin-bottom: 0.08in; } With its new Global Markets range, Barclays Wealth is launching a range of five profiled OEIC portfolios, actively managed (for weighting), which invest primarily in ETFs, particularly products from iShares (BlackRock), and which are mainly aimed at IFA clients, while the management firm had previously focused primarily on private banking clients. The multi-asset class products will have a higher than average exposure to government bonds. The funds carry a front-end fee of 4%, and a management commission of 1%, of which 0.5% is a trail commission. Minimal subscription is GBP3,000.

p { margin-bottom: 0.08in; } TCF Investment (the brand name of TCF Fund Managers) has announced the launch in mid-October of four Total Clarity funds, profiled products (Defensive Portfolio, Cautious Portfolio, Diversified Balanced Portfolio and Diversified Long-Term Growth Portfolio) whose TER is limited to 0.8%. This TER will be reduced gradually as assets increase, to finish at 0.6% when assets under management are over GBP1.5bn. TCF will pay no commissions to advisers, but will offer them the opportunity to invest in the funds. The products, which will carry no front-end or exit fees, will invest in a variety of low-cost vehicles, largely ETFs available in the UK. They may also invest in shares in institutional funds not available to retail investors, but not in hedge funds. Initially, the Total Clarity Funds will be available on the Axa Elevate, Ascentic, Macquarie, Novia, Standard Life Wrap, Suffolk Life, Transact, SIPP Centre, SIPP Deal and Raymond James platforms.

The two new synthetic replication and over-collateralisation ETFs from iShares launched on the London Stock Exchaneg on Monday (see Newsmanagers of 20 September) are the iShares MSCI Russia Capped Swap ETF, which, as its name indicates, replicates the MSCI Russia Capped Index, and the iShares S&P CNX Nifty India Swap ETF, which does the same for the S&P CNX Nifty India index. The products are domiciled in Ireland.The Russia fund charges 0.75%; the India fund, 0.84%.

p { margin-bottom: 0.08in; } The British hedge fund management firm Brevan Howard (USD32bn in assets), listed on the London Stock Exchange (LSE), announced on 20 September that it has recruited the former deputy governor of the Bank of Brazil, Mário Mesquita, to head up a research office in São Paulo.

p { margin-bottom: 0.08in; } From 20 September, the Munich-based direct bank DAB Bank will be offering a range of savings plans (at least EUR50 per month) linked to ETFs from db x-trackers and ETCs from db ETC, with no transaction fees. The fees will be covered by Deutsche Bank, who will rebate shareholders for fees paid. The renewable cooperation agreement will be initially valid for five years, and is valid for already active savings plans as well as those to be created in the future. The new collaboration brings the number of db x-trackers ETF funds on sale via DAB Bank to 59. The direct bank’s offer also for the first time includes seven db ETC products.

p { margin-bottom: 0.08in; } Les Echos reports that the European Commission is planning to extend the application of the markets in financial instruments directive (MiFID), which currently applies only to equities markets. The rules may soon be extended to “bond markets, and particularly to derivative product markets,” the European commissioner for the internal market and financial services, Michel Barnier, announced in Brussels yesterday. The European Union, which is planning to increase responsibility for actors by “eliminating excessive risk-taking” and increasing investor protections, particularly for SMEs, is also seeking to guarantee fair competition between traditional and alternative platforms.