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10/09/2010

European depository association opens an office in Brussels

p { margin-bottom: 0.08in; } The European Central Securities Depositories Association (ECSDA) has opened its first permanent office in Brussels. Soraya Belghazi, who has been appointed as the first secretary general of the professional association, will be in charge of the Brussels office.
10/09/2010

Axa Wealth International recruits a director

p { margin-bottom: 0.08in; } Richard Leeson has left Prudential International to join Axa Wealth International, as director of marketing and sales, Money Marketing reports.
10/09/2010

FrontPoint Partners recruits MD to develop Asian market

p { margin-bottom: 0.08in; } Asian Investor reports that Christophe Lee, chairman of the Hong Kong/China arm of the Alternative Investment Management Association (AIMA), has joined the hedge fund FrontPoint Partners (Morgan Stanley) in Hong Kong, as managing director in charge of developing its activities in the Asia-Pacific region. In the newly-created position, Lee, who previously worked at SHK Fund Management as CEO, will be in charge of 15 FrontPoint funds.
10/09/2010

AM firm Dunas Capital launched

p { margin-bottom: 0.08in; } Leonardo Mathias, former CEO of Schroders for Spain and Portugal, has teamed up with the Portuguese financier Joaquim Luiz Gomes to found the management firm Dunas Capital, which has already been granted a license by the Bank of Portugal, and which will acquire Valor Alternativo/New Globe, in Lisbon, Funds People reports. The new firm, which is born with assets of EUR130m, will provide consulting, discretionary portfolio management, investment fund management and manager selection services. The objective is to achieve EUR300m in assets under management by the end of 2012. Dunas Capital is in negotiations with Credit Suisse to launch a UCITS-compliant fund in Luxembourg, which would be made available in Portugal, Spain, and Italy.
10/09/2010

Macquarie adds to Asian wealth management team

p { margin-bottom: 0.08in; } Macquarie Private Wealth Asia (MPWA) announced on 8 September that it has appointed three senior wealth management specialists, as additions to the bank’s expertise in Asia. James Mak, previously of JP Morgan, has been appointed as regional head for co-investments and strategic advising. Robin Harris, previously managing director of Equity Trust, has joined MPWA to lead development of strategic partnerships, while Leonard Tan, a former private banker from Morgan Stanley Private Wealth Management, has been recruited as a client advisor, specialised in South-East Asian markets.
10/09/2010

BlackRock awarded a fiduciary management mandate by SPMS

p { margin-bottom: 0.08in; } BlackRock has announced that it has been awarded a fiduciary management mandate by Stichting Pensioenfonds Medisch Specialisten (SPMS), the pension fund for specialist doctors in the Netherlands, to define an investment and risk management strategy with the pension fund. BlackRock’s fiduciary activities in Benelux represent EUR20bn, a statement says.
10/09/2010

Gottex in negative territory for first half

p { margin-bottom: 0.08in; } Gottex Fund Management Holdings Ltd has announced a net loss for first half of USD1.6bn, on gross earnings down 29% to USD32.9m. In July of this year, Gottex reported an 8.3% decline in its assets under management as of the end of June, compared with the previous quarter, at USD7.26bn.
10/09/2010

FSA fines Goldman Sachs GBP17.5m

p { margin-bottom: 0.08in; } The British financial market regulator (FSA) announced on 9 September in a statement that it has fined the US bank Goldman Sachs GBP17.5m, or over EUR21m, for failing to inform the British market that it was under investigation for fraud in the United States. The sentence was expected (see Newsmanagers of 9 September). The fine, one of the largest ever handed down in the UK, is related to the case of Abacus, a sub-prime real estate credit derivative product whose sale was the subject of an investigation by the US market regulator, the Securities and Exchange Commission (SEC). “Goldman Sachs International did not seek to conceal anything, but its deficient systems and controls are a sign that the level and quality of communication with the FSA were far below what is expected of a licensed business,” Margaret Cole, director of the FSA, says in a statement.
10/09/2010

SEC investigates funds of hedge funds

p { margin-bottom: 0.08in; } The Securities and Exchange Commission has opened an enquiry to determine if entities which charge commissions to channel subscriptions from investors to hedge funds are acquitting themselves correctly in their duty to ensure the safety of their clients’ investments and avoiding potential conflicts of interest, sources familiar with the matter say. The Wall Street Journal reports that the sweep exam by the SEC Office of Compliance Inspections and Examinations is focusing on a dozen entities, but that the scope of the investigation may be broadened to include investment advisors specialising in private equity or serving pension funds. The firms initially targeted by the SEC have assets of USD100m to USD15bn each.
10/09/2010

BNPP IP adds to sales team

p { margin-bottom: 0.08in; } From 1 September Christina Rustemeier, who has left Credit Suisse, has joined the sales team at BNP Paribas Investment Partners (BNPP IP), serving managers of funds of funds, large banks, private banks, family offices and wealth managers. The team includes two other people. In total, the sales team at BNPP IP currently includes 12 people, half of whom are in retail and half in institutional. In Germany, BNPP IP employs a total of 30 people, including former Fortis employees, led by Martin Theisinger, head of distribution Deutschland, who led Schroders Germany before becoming head of client relationship management for Germany at Fortis Investments. BNPP IP’s local asset management team in Frankfurt includes 5 people, and manages total assets of EUR7bn to EUR7.5bn, with EUR20bn as its objective within the next three years.
10/09/2010

DZ Bank looks to external growth in private banking

p { margin-bottom: 0.08in; } The Börsen-Zeitung reports that Wolfgang Kirsch, chairman of the managing board, has announced that DZ Bank, one of the two major central entities of the German co-operative banks, has ambitions to acquire private banking portoflios which Luxembourg banks will be required by the European Union to sell off. DZ Bank, which has recently launched services for high net worth clients with the creation of DZ Privatbank, is willing to invest in the development of this activity.
10/09/2010

Rothschild & Cie Gestion appoints a head of external distribution for France and Spain

p { margin-bottom: 0.08in; } Rothschild & Cie Gestion on Friday, 10 September announced the arrival of Philippe Louisadat as director and head of external distribution for France and Spain. Louisadat, 34, began his career at Oddo Asset Management as an external distribution salesperson for France, Switzerland, Luxembourg and Spain, and was then appointed in 2007 as head of distribution for France and Spain at Oddo AM.
10/09/2010

Dexia AM chooses RiskManager app from RiskMetrics

p { margin-bottom: 0.08in; } On Thursday, Dexia Asset Management (EUR82.7bn in assets as of the end of June) announced that it has acquired a license for the RiskManager application from RiskMetrics, provided by MSCI Inc. The application will allow the asset management firm to better apprehend all risks generated by all of its asset classes and various financial instruments, through detailed and daily risk reports including reports designed specifically for alternative investment funds. RiskManager is used to calculate ad hoc indicators of market and credit risk for all mutual funds and mandates managed by Dexia Asset Management. The application also makes it possible to enlarge the track record and scenario possibilities in stress tests.
10/09/2010

Asset management at Banque Postale doing well

p { margin-bottom: 0.08in; } Banque Postale on Thursday, 9 September announced its results for first half 2010, with consolidated net banking proceeds of EUR2.64bn (+7.6% on a comparable basis, compared with the same period of 2009), and consolidated net profits for the part of the group of EUR379.5m (+31.7%). Savings client and savings account assets totalled EUR280bn (+1.6%). As of 30 June 2010, La Banque Postale Asset Management (LBPAM), the asset management firm for the bank, which manages EUR122.5bn in assets, saw outflows for first half 2010, in keeping with the overall trend for the mutual fund market. LBPAM nonetheless posted positive inflows for the first eight months of the year of EUR954.5m, “largely due to a strong increase in inflows to legal entities in the month of August 2010,” a statement says. La Banque Postale Gestion Privée, the mandated securities portfolio management firm, which is 51% owned by La Banque Postale and 49% by Oddo & Cie, in its third complete year of distribution opened nearly 3,500 new accounts as of the end of June 2010. Assets under management increased from EUR505m as of the end of 2009 to EUR722m as of the end of June 2010.
10/09/2010

Subscribers to ACI Dubai funds fear for their money

p { margin-bottom: 0.08in; } The ACI III fund from the German management firm Alternative Capital Investment (ACI), which attracted EUR19m in subscriptions, will soon enter bankruptcy; it lost EUR37.7m in 2009, Handelsblatt reports. It is likely that other ACI funds which also invest in Dubai are facing the same fate. In total, the Gütersloh asset management firm has launched seven such funds, which attracted EUR210m in investment from about 6,000 investors, attracted by advertising campaigns featuring Boris Becker, Michael Schumacher and Niki Lauda. Meanwhile, the Bielefeld prosecutor is investigating allegations of investment fraud against ACI’s founder, Hanns-Uwe Lohmann, and his son Robin.
10/09/2010

Invesco completes integration of Van Kampen

p { margin-bottom: 0.08in; } Van Kampen Investments (USD120bn in assets) has now become a part of Invesco, which acquired the retail asset management firm from Morgan Stanley for USD1.5bn (see Newsmanagers of 20 October 2009). The operation allows Invesco to enlarge its product range in the field of value strategies on the US and Japanese equities markets. The Invesco range also gains the addition of six equities funds, which become sub-funds of the new Luxembourg Sicav Invesco Funds II; they were previously sub-funds of the Luxembourg Sicav Morgan Stanley Investment Funds. They are: Invesco US Value Equity Fund, Invesco US Small Cap Growth Fund, Invesco Japanese Value Equity Fund, Invesco Japanese Equity Advantage Fund, Invesco Global Value Equity Fund andInvesco Global Small Cap Value Fund.The six products have also been registered in the United Kingdom, along with the range from Invesco Perpetual.
10/09/2010

Eleven new entries to Aspi Eurozone index from Vigeo

p { margin-bottom: 0.08in; } The responsible performance specialist Vigeo has announced in a statement that the Aspi committee on 2 September undertook its quarterly revision of the Aspi Eurozone® index, which includes the 120 top-ranked publicly-traded companies in the Eurozone on the basis of Vigeo ratings. The following eleven firms are added to the index: Assicurazioni Generali, BCO Comercial Portugues, CGG Veritas, Corio, Ebro Foods, Erste Group Bank, Rautaruukkik, SBM Offshore, Suez Environnement, Unibail-Rodamco and Veolia Environnement. The following eleven stocks have been removed from the index: Aegon, Ageas, Bouygues, Casino Guichard, Ferrovial, KPN, Metso, Natixis, Pernod Ricard, Saint Gobain and Stora Enso R. Vigeo states that changes in the composition of the index will be undertaken after the end of trading on 17 September 2010, and will become effective from the opening of the following trading day.
10/09/2010

Two former Liontrust managers launch absolute return funds

p { margin-bottom: 0.08in; } fundstrategy reports that Jeremy Lang and William Pattison, two former chief investment officers from Liontrust, are returning to management with three absolute return funds from their new firm, founded a few months ago, Ardevora Asset Management. The two managers, whose depature from Liontrust in January 2009 provoked a spectacular drop of more than 30% in the share price of the asset management firm in the space of a single trading day, are hoping to receive the go-ahead from the Financial Services Authority (FSA) by the end of the month.
10/09/2010

Allianz RE acquires Triton office building in Frankfurt

p { margin-bottom: 0.08in; } Allianz Real Estate Germany GmbH has announced that it has acquired the Triton office building (29,000 square metres) in the Westend of Frankfurt for about EUR200m, on behalf of IVG Institutional Funds. The vendor is OVG Real Estate.
10/09/2010

Credit Suisse lists 13 synthetic replication ETFs in Frankfurt

p { margin-bottom: 0.08in; } Credit Suisse (Deutschland) and Deutsche Börse on 9 September announced that they had admitted 13 new Irish-registered ETFs focused on emerging countries or regions to trading on the XTF segment of the Xetra platform. Total expense ratios range from 0.50% to 0.75%. The new products bring the number of ETFs now listed on Xetra to 693. Credit Suisse says the ETFs represent a new generation, as with these products the group is launching its first synthetic replication products, unlike the other 32 funds already listed in Frankfurt, which use exclusively physical replication. The 13 funds are meant to ally the advantages of synthetic replication with the transparency of physical replication products. Synthetic replication has the advantage that it more precisely and efficiently replicates indices with low levels of liquidity, which is particularly valuable in the case of emerging markets. The composition of the portfolio will be published daily on the website. The counterparty for swaps is the Credit Suisse group itself. The new ETFs are: Name ISIN total expense ratioCS ETF (IE) on CSI 300 IE00B5VG7J94 0.50%CS ETF (IE) on MSCI South Africa IE00B4ZTP716 0.65%CS ETF (IE) on MSCI EM EMEA IE00B5W0VQ55 0.65%CS ETF (IE) on MSCI Russia IE00B5V87390 0.65%CS ETF (IE) on MSCI EM Latin America IE00B5KMFT47 0.65%CS ETF (IE) on MSCI Brazil IE00B59L7C92 0.65%CS ETF (IE) on MSCI Chile IE00B5NLL897 0.65%CS ETF (IE) on MSCI Mexico Capped IE00B5WHFQ43 0.65%CS ETF (IE) on MSCI India IE00B564MX78 0.75%CS ETF (IE) on MSCI Korea IE00B5W4TY14 0.65%CS ETF (IE) on MSCI Taiwan IE00B5VL1928 0.65%CS ETF (IE) on MSCI EM Asia IE00B5L8K969 0.65%CS ETF (IE) on MSCI Australia IE00B5V70487 0.50%
09/09/2010

DWS recrute un ancien de Van Kampen

DWS Investments a annoncé mercredi le recrutement de Michael Hughes comme director et senior account manager. Il sera responsable des relations avec la clientèle banques et broker-dealer à l'échelon des Etats-Unis et sur le plan régional. Basé à Chicago, il sera subordonné à Michael Woods, managing director, CEO et US head of distribution de DWS Investments Distributors Inc.Michael Hughes était executive director in national accounts chez Van Kampen, société de gestion retail vendue fin octobre par Morgan Stanley à Invesco (lire notre article du 20 octobre 2009). Il y était responsable des mêmes activités qu’il va désormais diriger chez DWS.
09/09/2010
Fonds

Mauvais mois d’août pour Paulson & Co

Paulson & Co, la troisième plus grande société de hedge funds au monde, a connu un nouveau mois difficile en août, rapporte le Financial Times. Le fonds Advantage Plus, le plus important de la société avec 9 milliards de dollars, a perdu 4,26 % sur le mois, effaçant les gains de juillet. Le fonds est en retrait de 11 % depuis le début de l’année.
Fonds
09/09/2010

T. Rowe Price élargit son programme de rachat d'actions

Le board de T. Rowe Price Group Inc (391,1 milliards de dollars d’encours fin juin) a autorisé mercredi soir le rachat de 15 millions d’actions supplémentaires, pour atteindre 22,4 millions de titres. Actuellement, le gestionnaire d’actifs compte environ 262 millions d’actions en circulation.
09/09/2010
Fonds

L'Advantage Plus de Paulson perd 4,3 % en août

Selon les proches du dossier, rapporte The Wall Street Journal, le hedge fund Advantage Plus de John Paulson a accusé en août une perte de 4,3 %. Il continue à souffrir de ses paris prématurés sur une reprise de l'économie. Sur les huit premiers mois de l’année, la perte cumulée atteint 11 %. En revanche le Gold Fund de Paulson a enregistré une performance de 9 % pour août.
Fonds
09/09/2010

Janus se lance a son tour dans l'ETF actif

Le 3 septembre, Janus ETF Trust et Janus Capital Management ont soumis à la SEC une demande d’exemption du droit commun pour être autorisés à lancer des ETF actifs ouverts pouvant investir en actions ou en obligations cotées aux Etats-Unis ou à l'étranger, en opérations de réméré (repo) et reverse-repo, voire dans d’autres fonds ou ETF. Ces fonds ne seront cependant pas autorisés à investir en options, futures ou swaps.
09/09/2010

Scottish Widows renforce nettement son pôle immobilier

Laura Hamilton a quitté AIG Global Real Estate pour rejoindre au 1er septembre l'équipe» immobilier institutionnel» chez Scottish Widows Investment Partnership (SWIP). Elle est subordonnée à Jon Bailey, invesment director.Le gestionnaire écossais indique par ailleurs que Graham McPhail (ex Stockland) et Lucy Duncan (ex Schroders) ont également été recrutés pour l'équipe immobilier institutionnel et sont subordonnés à Peter Lillington, head of institutional real estate.La quatrième embauche est celle d’Ewan Cameron qui rejoint la SWIP Property Trust Team en provenance de Stockland et qui assistera Kerri Hunter, deputy fund manager.Pour compléter le dispositif, Kerry Lees est mutée à la SWIP Property Trust team comme gestionnaire d’actifs, alors qu’elle était jusqu'à présent dans l'équipe des études et de la stratégie. Quant à Farida Namata, elle a accepté un poste permanent dans l'équipe des études.SWIP gérait au 30 juin environ 5,9 milliards de livres dans l’immobilier, dont 2 milliards pour le SWIP Property Trust, dont la taille a doublé en quinze mois.
09/09/2010
Fonds

FMG prepare un fonds marchés émergents

Selon FundStrategy, FMG Investments a l’intention de lancer le 1er décembre un fonds coordonné long-only dédié aux marchés émergents qui sera domicilié à Luxembourg et qui investira dans les six pays ou régions pour lesquels la société dispose déjà de fonds (Chine, Inde, Russie, Afrique, Irak, Moyen-Orient/Afrique du Nord). Il s’agira d’un fonds d’actions qui ne fera pas usage de la possibilité de vendre à découvert mais qui pourra s’autoriser d’investir dans l’immobilier au travers d’actions cotées de ce secteur.
Fonds
09/09/2010
Fonds

GAM lance un fonds credit market neutral coordonné

GAM a annoncé le lancement de son premier fonds crédit market neutral confié à l’américain DCI LLC, le GAM Star Diversified Market Neutral Credit. Ce produit coordonné, coté sur la Bourse irlandaise depuis le 2 juillet, vise une performance absolue avec une faible corrélation avec les marchés obligataires en investissant dans un portefeuille très diversifié long/short de crédits mal valorisés, pour la plupart investment grade.DCI utilise des méthodes quantitatives pour déterminer les risques de défaut et pour valoriser précisément les émissions. Le gestionnaire construit ensuite des portefeuilles long/short ajustés du risque et diversifiés pour exploiter les inefficiences.
Fonds
09/09/2010
Fonds

Forte demande pour les ETF obligataires

Grâce à une demande importante, la gamme d’ETF obligataires européens d’iShares, la branche d’ETF de BlackRock, a dépassé les 25 milliards de dollars d’encours sous gestion, indique un communiqué. iShares a vu l’encours de cette gamme augmenter de 44% par an au cours des deux dernières années, «démontrant l’intérêt des investisseurs pour la liquidité, la diversification et la transparence offertes par ces solutions», commente le promoteur.Concernant le marché des fonds indiciels obligataires, iShares constate que sur la première moitié de l’année 2010, la collecte a représenté 23% de la collecte totale sur le marché des ETF européens. Les investisseurs ont en priorité investi sur les ETF spécialisé dans les obligations d’Etat, d’entreprise et à la dette émergente.Les marché des ETF devrait rester dynamique. «Au début de l’année 2008, iShares prédisait que l’encours global des ETF obligataires augmenterait de 200% pour dépasser les 200 milliards de dollars en 2011. L’industrie est en passe d’atteindre cette prédiction, avec un encours sous gestion global des ETF obligataires s’élevant actuellement à 189,9 milliards de dollars», prédit Alex Claringbull, Senior Portfolio Manager chez BlackRock.
Fonds
09/09/2010

JP Morgan recrute Neil Gregson

L’ancienne star de Credit Suisse Neil Gregson a rejoint l'équipe actions mondiales de JP Morgan Asset Management où il travaillera avec Ian Henderson sur les fonds ressources naturelles de la société, rapporte Citywire.

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