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30/08/2010

JP Morgan AM hires for City office

The Telegraph reports that JP Morgan Asset Management is about to appoint the former head of BlackRock for Europe, Mike O’Brien, as head of activities serving international institutional clients, a position which would see him based in London. O’Brien, who left BlackRock in June this year, seven months after BlackRock’s acquisition of BGI, where he had spent ten years, would work closely with the head of JP Morgan AM Europe, Jamie Broderick, also based in London.
30/08/2010

Korean teachers' pension fund calls in Man Investments

The Korean Teachers’ Credit Union (KTCU) has signed a landmark agreement which authorises Man Investments to advise it on investment policy. The Korean institution, which had USD14.5bn in assets under management as of 30 June, is seeking to scale up its allocation to alternative management, particularly its investments in hedge funds and funds of hedge funds. The partnership is not exclusive, as KTCU has already signed similar agreements with Fidelity and Goldman Sachs Asset Management.
30/08/2010

Aegon recruits a head from Aberdeen

Money Marketing reports that Aegon Asset Management has appointed Andrew Bell as head of marketing and products for Europe. He will report to Martin Harris, head of distribution for Europe. Bell previously worked at Aberdeen Asset Management, as director of clients for recently-acquired alternative management activities.
30/08/2010

Castlestone launches a “Next 11” emerging markets fund

Castlestone Management is launching an emerging markets equities fund dedicated to the “Next 11” group of countries (South Korea, Mexico, Indonesia, Turkey, the Philippines, Egypt, Vietnam, Pakistan, Nigeria, Bangladesh, and Iran). Arrash Zafari, who will manage the fund, says the group of 11 countries as a whole are less dependent on natural resources than the BRIC countries. He says countries where political risks are very high and liquidity may be low (Iran) will carry a weighting of zero. About 65% of the portfolio will consist of the major countries of the group (Mexico, Indonesia, Turkey, and the Philippines). 25% will be dedicated to Egypt, vietnam, Pakistan, and Nigeria. Minimal investment in the fund, which will be open to intermediaries from fourth quarter, will be GBP10,000.
30/08/2010

Profits up at Ignis AM

For first half 2010, Ignis Asset Management has posted an increase in its pre-tax operating profits of 38%, to GBP22m. Assets under management in the period increased from GBP66.9bn to GBP68.6bn. Of this total, GBP62bn are managed on behalf of its major shareholder, the Phoenix group. Assets managed for third parties increased from GBP4.1bn to GBP4.7bn, largely due to net subscriptions of GBP0.8bn.
30/08/2010

Henderson closes a private equity fund of funds

Henderson Global Investors has proposed a change of investment strategy for Henderson Private Equity Investment Trust plc, a fund of funds currently focused on the European mid-market buy-out sector. The proposed strategy involves the orderly realisation of the portfolio over a reasonable period, expected to be in the region of two years, to maximise value for shareholders. The Board of Directors and the Portfolio Manager believe that the time is now right to change the Company’s strategy. Its share price continues to trade at a significant discount to Net Asset Value (NAV) per share, a situation which, despite the efforts of the Board and the Portfolio Manager, appears unlikely to change in the short to medium term. The Company was formerly known as the August Equity Trust, a small private equity investment trust. In July 2007 August Equity Trust combined with a similar vehicle, Rutland Trust. The enlarged entity was renamed New Star Private Equity Investment Trust PLC, adopted a fund of funds approach and was placed under New Star’s portfolio management. Following Henderson’s takeover of New Star in April 2009, the portfolio management of the Company was transferred to Henderson’s existing private equity fund of funds business, with effect from 1 May 2009.
30/08/2010

Fidelity adopts new name and logo

From 13 September, Fidelity International will become known as Fidelity Investment Managers. Though its way of managing its products will not change, the new name refers directly to the firm’s core profession of asset managmeent. Meanwhile, the logo of a pyramid on a red background will be replaced by a blue globe on a red growth curve (see below). The deployment of the new branding will take some time (probably until the end of the year), but all documents published by Fidelity will carry the new logo from the stated date.
30/08/2010

eBase adds to ETF product range

The financial management platform eBase (comdirect, Commerzbank group) has announced partnerships with three more ETF management firms: db x-trackers (Deutsche Bank), Lyxor Asset Management (Société Générale), and comstage (Commerzbank). In addition, eBase now offers its clients access to 170 ETFs through savings plans (from EUR50 per month), in addition to one-off subscriptions and pension plans. Until 31 December, eBase will charge no transaction and settlement fees, as part of a “no fee” offer. From 1 January 2011, the platform will charge a monthly EUR0.15 fee for each EUR50 contribution.
30/08/2010

Roger Weltz leaves Aberdeen Immobilien

Six months after the (not necessarily voluntary) departure of Bärbel Schomberg from her position as head of Aberdeen Immobilien (see Newsmanagers of 2 March), Roger Weltz becomes the next to leave the German real estate management firm, effective from 31 August. The announcement was made on Friday, 27 August by Aberdeen Immobilien, which states that the departure is by mutual consent. Weltz has been a member of the executive board since 1 May 2008. The other three members of the board will remain in place: Michael Determann (chairman), Fabian Klingler, and Harmut Leser.
30/08/2010

Head of Royal London leaving

The head of the Royal London group, Mike Yardley, has announced that he is planning to resign, according to a statement from the group published on 27 August. Mike Yardley says that he will leave his position once the group has found a successor. “After more than 12 years at the helm of Royal London, I have decided that the time has come for me to announce that I will be leaving the company once my successor has been appointed,” Yardley said in a statement. Assets under management at the group totalled GBP39.1bn as of 30 June.
30/08/2010

LGT front-runner for BHF acquisition

Financial Times Deutschland reports that LGT, the financial entity of the Principality of Liechtenstein, is favoured to take over BHF Bank, which Deutsche Bank has put up for sale. LGT is still in competition with the US investment funds Apollo and Permira, as well as with the Abu Dhabi sovereign fund (ADIC). The remaining candidates have until mid-October to examine the books at BHF, and a buyer may be named one month later.
30/08/2010

Assets under management in US money market funds up

According to the Money Fund Report, cited by La Tribune, assets under management in US money market funds have risen by USD11.1bn in one week, to USD2.809trn. The average performance of these funds, for the tenth consecutive week, was 0.04%.
30/08/2010

New “academic” commodities ETF

Summerhaven Investment Management is offering the US Commodity Index Fund (acronym USCI), which is inspired by the work of Geert Rouwenhorst, one of the partners at Summerhaven, and a professor at Yale Management School, whose research helped to inspire retail investors’ interest in commodities, the Wall Street Journal reports. The strategy concept for the fund is that a computer selects 14 commodities for which inventories are at a low level. Exposure to futures contracts is weighted equally, with each commodity receiving 7.14%. The prospectus says this strategy would have generated annual return of over 20% in the past 10 years to the end of June, compared with about 7% for the GSCI.
30/08/2010

Investors withdraw more than USD7bn from equities products in the United States

La Tribune reports that, according to EPFR, investors have withdrawn USD7.1bn from equities products in one week, of which USD5.4bn came out of funds investing in US equities. Bond funds saw subscriptions of USD5.2bn. With USD330m, emerging markets equities funds saw their lowest inflow levels in the past 13 weeks, the newspaper says.
30/08/2010

Intesa not interested in Pioneer

At a presentation of results for Intesa Sanpaolo, CEO Corrado Passera has confirmed the group’s strategy of autonomy for Eurizon, its asset management affiliate, and denied reports that the group is interested in acquiring Pioneer, Il Sole – 24 Ore reports. “In the past few years, in asset management, we envisioned various possibilities. We have also studied potential acquisitions,” Passera said, adding that he then decided on the current course of action: “we have a mid-sized asset management firm in which we invest, and for which we see potential for growth.” Intesa Sanpaolo also confirmed that it has long-term ambitions for an IPO for Banca Fideuram in the next few quarters, though this is not a top priority. The decision will depend on market conditions.
27/08/2010

Van Eck lance un ETF sur l’Inde

La société de gestion basée à New York Van Eck Global a annoncé le 25 août le lancement d’un ETF dédié à l’Inde, India Small-Cap ETF (SCIF), qui offre aux investisseurs une exposition aux petites capitalisations du marché indien. L’ETF réplique un indice de référence comportant 122 lignes pour une capitalisation de marché moyenne de 456 millions de dollars au 31 juillet 2010.SCIF est le 27ème ETF proposé par Van Eck sous la marque «Market Vectors». Au 31 juillet dernier, les actifs sous gestion de Van Eck s’élevaient à 14,3 milliards de dollars.
27/08/2010

SEI propose de nouveaux services

SEI a annoncé mercredi une extension de ses services d’externalisation de middle office qui prendront désormais en compte la gestion du collatéral des dérivés de gré à gré. SEI estime que les sociétés de gestion disposeront ainsi d’une méthode plus sûre du pilotage de leur risque de contrepartie.SEI a par ailleurs signé un accord de partenariat avec le fournisseur de solutions de gestion du collatéral Lombard Risk afin d’intégrer son système «Colline» à sa plate-forme de hedge funds.
27/08/2010
Fonds

Un fonds d’UAW choisit BlackRock et State Street

Le fonds santé des retraités du secteur de l’automobile du syndicat UAW va confier 6 milliards de dollars à State Street et BlackRock, une première étape en vue de gérer ses actifs de manière plus passive, rapporte le Wall Street Journal. L’argent sera placé dans des fonds actions mondiales indiciels. Le fonds représente 45 milliards de dollars ; il détient aussi 17,5 % d’actions ordinaires de GM et des warrants pour 2,5 % supplémentaires. Il a aussi 68 % des actions ordinaires de Chrysler.
Fonds
27/08/2010

La Liechtensteinische Landesbank collecte à nouveau

La Liechtensteinische Landesbank (LLB) a annoncé le 26 août une collecte nette de 1,5 milliard de francs suisses au titre du premier semestre après d’importantes sorties en 2009. Les actifs sous gestion s’inscrivaient à fin juin à 49,6 milliards de francs contre 49,5 milliards à fin décembre 2009.Le bénéfice net est toutefois en recul de 36,5% à 60,5 millions de francs. Le résultat d’exploitation est également en berne, perdant 16,8% à 211,9 millions, indique dans un communiqué la banque qui, malgré le retour des entrées de capitaux, reconnaît que les résultats du semestre ne sont pas «complètement satisfaisants», en raison de «pressions sur les marges» et de «taux d’intérêt historiquement bas». Malgré une légère amélioration attendue au second semestre, les résultats 2010 seront probablement inférieurs à ceux de l’année précédente, estime la LLB.
27/08/2010

Le Crédit Agricole confirme son intérêt pour le dossier Pioneer 

Pendant la présentation des résultats du premier semestre de Crédit Agricole et de sa filiale italienne Cariparma, Jean-Paul Chifflet, directeur général du groupe, a déclaré que la banque française pourrait être intéressée par Pioneer, la filiale de gestion d’actifs d’UniCredit, rapporte Bluerating. Mais il a précisé qu’il attend que la banque italienne soit plus claire concernant ses projets.
27/08/2010
Fonds

Nouveau fonds obligataire chez HSBC AM

HSBC Global Asset Management vient d’annoncer le lancement de HSBC Duration Free Global Inflation, un fonds géré par l’équipe quantitative obligataire de l'établissement. L’OPCVM répond aux besoins des investisseurs qui anticipent un scénario de hausse de l’inflation plus importante qu’attendue d’une part et veulent couvrir leur portefeuille obligataire contre la hausse des taux d’intérêt d’autre part. La stratégie menée vise à capter la surperformance relative des obligations indexées sur l’inflation par rapport aux obligations nominales en période de relèvement des prévisions d’inflation, tout en gardant une exposition proche de zéro aux variations des taux nominaux et des taux réels.Caractéristiques Codes ISIN : Part I : FR0010884619 / Part H : FR0010884601Frais de gestion fixe : Part I : 0.45% (TTC) / Part H : 0.90% (TTC)Indice de référence : 50% Barcap EUR Govt Bond Breakeven Inflation Index + 50% Barcap US Govt Bond Breakeven Inflation Indexhedged EURDevise du fonds : euro (parts hedgés possibles : USD, GBP, CAD, CHF)
Fonds
27/08/2010

F&C va boucler l'acquisition de Thames River

La société de gestion britannique F&C Asset Management, qui publiait jeudi ses résultats (lire par ailleurs), a indiqué au London Stock Exchange qu’elle escomptait boucler l’acquisition de Thames River Capital d’ici au 1er septembre après avoir reçu l’agrément de la Financial Services Authority. La transaction avait été annoncée la première fois le 28 avril et a été approuvée par les actionnaires le 18 juin.
27/08/2010

Baisse de 2,5 milliards de livres des actifs sous gestion de F&C

La société de gestion britannique F&C a fait état pour le premier semestre d’une perte nette de 19,5 millions de livres qu’elle attribue aux coûts d’acquisition de Thames River.Les actifs sous gestion au 30 juin s’inscrivaient à 95,3 milliards de livres contre 97,8 milliards de livres fin 2009. Une baisse de 2,5 milliards de livres liée, selon F&C, au recul de l’euro contre sterling qui a amputé les actifs sous gestion de 4,9 milliards de livres. A change constant, les actifs sous gestion auraient progressé de 2,5% à 100,2 milliards de livres.F&C a en outre enregistré une décollecte nette de 605 millions de livres au premier semestre, contre 4,3 milliards de livres sur les six premiers mois de 2009.
27/08/2010

Andrew November devient patron de la gestion actions de SWIP

Joint CIO depuis six ans, Andrew November a été nommé directeur de la gestion actions (director of equities) de Scottish Widows Investment Partnership (Swip). Il conserve la direction de l'équipe solutions d’investissement jusqu'à ce que son employeur lui ait trouvé un remplaçant. La gestion actions pèse 57 milliards de dollars. La responsabilité de director of equities était jusqu'à présent assurée par Dan Buckley, le CEO, à titre intérimaire.Le gestionnaire écossais indique par ailleurs que John Brett, directeur des affaires juridiques et du risque depuis 2003, a été promis director of sales & marketing. Il succède à Simon Wombwell, qui a démissionné.

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