Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
02/06/2010

Terence Lim rejoint Goldman Sachs AM en Corée

Selon Asian Investor, Terence Lim va rejoindre Goldman Sachs Asset Management (GSAM) à Séoul au poste nouvellement créé de co-chief executive pour mener l’offensive auprès de la clientèle «retail». GSAM est déjà bien connue auprès des investisseurs institutionnels pour qui elle gère de gros portefeuilles.Terence Lim travaillait précédemment chez Sofaer Capital en qualité d’associé et de gérant du hedge fund Sofaer Capital Pacific depuis août 2008. Terence Lim était précédemment chez Goldman Sachs en Asie.
02/06/2010

AXA IM créé un poste de responsable des ventes pour l'Asie

Selon Asian Investor, Terence Lam, qui vient de quitter BNP Paribas Investment Partners, va rejoindre Axa Investment Managers le 2 juillet prochain pour s’installer à Hong Kong en qualité de directeur des ventes et du marketing pour la zone Asie-Pacifique.Le poste a été créé avec l’objectif de développer la présence d’Axa IM dans la région.
02/06/2010
Fonds

Un associé de TPG lance son fonds

Weijian Shan quitte TPG Capital, dont il était associé et spécialiste de la Chine, pour lancer un fonds sur l’Asie, rapporte le Financial Times. Il restera néanmoins conseiller senior de TPG pendant un temps.
Fonds
02/06/2010

Aberdeen bâtit son activité de gestion alternative

La récente acquisition des activités de fonds de fonds et de hedge funds de Royal Bank of Scotland a fournit à Aberdeen les éléments qu’elle cherchait pour créer une division alternative. Ce pôle Alternative Investment Strategies (AIS), dirigé par Anne Richards, également directrice des investissements d’Aberdeen Asset Management, regroupe plusieurs activités allant de la multigestion aux stratégies multi-classe d’actifs, en passant par les actions indexées et les fonds de hedge funds. Les encours sous gestion totalisent 30 milliards de livres sur un total de 171 milliards de livres. Pour Anne Richards, interrogée par le Financial Times Fund Management, cette opération est arrivée au bon moment, car les investisseurs institutionnels s’intéressent de plus en plus aux produits alternatifs.
02/06/2010
Fonds

Martin Currie acquiert un hedge fund

Mardi, le gestionnaire écossais Martin Currie Investment Management a annoncé l’acquisition des activités européennes long/short equity de Sofaer Capital, ce qui représente un encours d’environ 280 millions de dollars, dont 140 millions pour le Sofaer Capital European Hedge Fund et 140 millions pour deux mandats. Les deux «principals», Michael Browne et Steve Frost, qui gèrent le fonds depuis le 1er janvier 2001, devraient rejoindre Martin Currie le 1er juillet 2010, tandis que Charlotte Dagg, l’analyste qui travaille pour ce fonds, sera recrutée par Martin Currie avant la fin de l’année.Le montant de la transaction n’a pas été dévoilé. Le Sofaer Capital European Hedge Fund sera géré par Martin Currie à compter du 1er juillet.Pour sa part, Sofaer Capital conservera une activité de recherche à Londres, mais se repliera pour le reste sur Hong-Kong, d’où Michael Sofaer gère des hedge funds depuis 1983. En d’autres termes, les fonds asiatique et mondial seront gérés et administrés à Hong-Kong.
Fonds
02/06/2010
Fonds

Skandia confie un mandat actions à Dirk Enderlein chez Wellington

Mardi, Skandia Investment Group (SIG) a annoncé avoir confié un mandat de 50 millions de livres en actions européennes à Wellington Asset Management Dans le cadre du Skandia global Dynamic Equity Fund (GDE). Cette décision est liée au recrutement par Wellington de Dirk Enderlein, dont le départ fin septembre de chez Allianz RCM avait conduit SIG a retiré le mandat confié à cette entité dans le cadre du GDE.De fait, le fonds d’actions européennes growth que Dirk Enderlein gérait chez RCM a perdu environ 35-40 % de son encours à son départ, mais il a entre-temps refait le terrain perdu, et même davantage.SIG a deja confié plusieurs mandats obligataires à Wellington AM.
Fonds
02/06/2010
Fonds

Un nouveau gérant pour la gestion du Sterling Strategic Bond

Selon Fund Strategy, Nick Hayes doit rejoindre Axa Investment Managers dans les tout prochains jours pour prendre en charge la gestion du fonds Axa Sterling Strategic Bond.Nick Hayes , qui sera basé à Londres, travaillait précédemment chez New Star en qualité de gérant obligataire.
Fonds
02/06/2010

La FSA ouvre une enquête sur un gérant de Gartmore

Dans une note, Gartmore annonce que la Financial Services Authority va bien ouvrir une enquête sur la conduite du gérant Guillaume Rambourg, afin de déterminer s’il a respecté les standards requis par le régulateur pour obtenir le statut de «personne approuvée». La FSA a aussi confirmé qu’elle enquête uniquement sur Guillaume Rambourg et sur aucun autre individu, ni sur Gartmore. La FSA n’a pas pu donner à la société de gestion d’indications sur le temps que devrait prendre cette enquête.Gartmore a ajouté avoir toujours l’intention de demander à la FSA de restaurer le statut de Guillaume Rambourg de façon à pouvoir le réintégrer en tant que gérant. Pendant ce temps, les fonds et les portefeuilles gérés par l'équipe grandes capitalisations européenne continueront à être gérés par Roger Guy et Darrell O’Dea avec le soutien d’une équipe d’analystes, dont Guillaume Rambourg.Gartmore avait annoncé le 28 avril 2010 avoir transmis à la FSA les résultats d’une enquête interne concernant une éventuelle infraction à ses règles.
02/06/2010

Hedge fund directive needed to protect investors, study finds

As regulation of the hedge fund industry moves closer, and negotiations begin over the character of the Directive on Alternative Investment Fund Managers (AIFM), a new research from the European School of Management & Technology (ESMT), in collaboration with the Rotterdam School of Management, highlights serious worry over hedge funds and the risks to investors. Results raise serious concerns about investors’ ability to make the right investment choices – meaning that increasing investor protection and curbing unnecessary risks should be a priority for regulators. «Investors naïvely chase performance at all costs, irrespective of the risk of different hedge fund investment styles», says the research. Style volatility, and investors’ inability to time switching in and out of different investment styles, exposes them to unforeseen risk.
02/06/2010

Woori and Fullerton launch an Asian fund of funds

Asian Investor reports that Woori Absolute Partners, an affiliate of the Korean Woori Investment & Securities, will launch an international fund of hedge funds focused on Asia. The fund, the Woori Absolute Return Investment Strategies, will have initial capital of USD30m, and will be advised by Fullerton Fund Management (which is owned by the Singapore sovereign fund, Temasek).
02/06/2010

Skandia awards an equities mandate to Dirk Enderlein at Wellington

On Tuesday, Skandia Investment Group (SIG) announced that it has awarded a GBP50m European equities mandate to Wellington Asset Management, as part of the Skandia Global Dynamic Equity Fund (GDE). The decision is related to the recruitment by Wellington of Dirk Enderlein, whose departure from Allianz RCM in September caused SIG to withdraw the mandate which had been awarded to that management firm by the GDE. The European growth equities fund which Enderlein managed at RCM lost about 35-40% of its assets following his departure, but has since made up lost ground, and even taken on more than before. SIG has already granted several bond mandates to Wellington AM.
02/06/2010

Martin Currie acquires a hedge fund

On Tuesday, the Scottish asset management firm Martin Currie Investment Management announced the acquisition of the European long/short equity management activities of Sofaer Capital, which represents assets of about USD280m, of which USD140m are managed in the Sofaer Capital European Hedge Fund, and USD140m in two mandates. The two principals, Michael Browne and Steve Frost, who have managed the fund since 1 January 2001, will join Martin Currie on 1 July 2010, while Charlotte Dagg, an analyst who works for the fund, will be recruited by Martin Currie later this year. The acquisition price has not been disclosed. The Sofaer Capital European Hedge Fund will be managed by Martin Currie from 1 July. Sofaer Capital, for its part, will retain some research activities in London, but will rely on its Hong Kong offices, where Michael Sofaer has been managing hedge funds since 1983, for the remainder of its activities. In other words, Asian and global hedge funds will be managed and administered from Hong Kong.
02/06/2010

IFAs turn their backs on funds

Mutual Fund Wire reports that independent financial advisers in 3009 sold fewer shares in mutual funds than in the past, according to a survey by the Financial Research Company of 958 advisers in the United States. 17% of respondents say they have less confidence in fund managers in a difficult economic environment. Most of those surveyed preferred to invest in alternative investments or ETFs. Only 35% increased their exposure to bonds.
02/06/2010

DoubleLine launches its third mutual fund

Jeff Gundlach, former CIO of TCW (Société Générale), on Tuesday launched the third mutual fund by his new firm, DoubleLine Capital, as announced by the Wall Street Journal (see Newsmanagers of 17 May). Mutual Fund Wire reports that the DoubleLine Core Fixed Income Fund, a multi-sectoral fixed income product, is available in two share classes. I shares carry 0.49% fees, while N shares charge 74 basis points.
02/06/2010

New head of equities brokerage appointed at Vontobel

The Vontobel group has announced the appointment of Peter Romanzina as head of equities brokerage, effective from 1 September this year. In this position, Romanzina replaces Eugen Brenner, who announced in February that he would like to step down from his management responsibilities and reduce his professional engagements. Romanzina previously served in a comparable role at Kepler Capital Markets in Zurich.
02/06/2010

Allianz RCM Europe Equity Growth Equity fund makes a comeback

At the end of September, Dirk Enderlein quit as manager of the European growth equities fund from RCM (Allianz group), which resulted in the withdrawal of 35%-40% of the EUR2.1bn in assets in the strategy, his successor, Thorsten Winkelmann, explains. Since then, he says, assets have climbed back to EUR2.2bn, due both to net subscriptions and to performance which, as of the end of May, came to about 13% over eight months. In these conditions, it is understandable that RCM is making an effort to introduce its manager to major clients, as it did earlier this week in Paris. In total, the European growth equities strategy adds up to about EUR1.6bn, subdivided into mandates and two funds (a Luxembourg-registered fund with EUR475m, and a German fund with EUR700m), while the Euro zone represents EUR600m, of which EUR200m are in a German retail fund, EUR200m in a Luxembourg institutional fund, and EUR200m in an institutional mandate. The Europe and Euro zone strategies respectively have 64 and 51 positions, with a highly reliable turnover rate (30% in 2009 for Europe). In 2010, there have been two exits and two new entries to the portfolio, while in 2009 there were six exits and six entries. The management team consists of four people, and relies on a European equities research service composed of 32 people based in Frankfurt and London. The benchmark index selected is the S&P Europe Large & Midcap Growth.
02/06/2010

Ethos buys 20% stake in Proxinvest

The Ethos Foundation in Geneva announced on Tuesday, 1 June that it has bought a 20% stake in the French firm Proxinvest. The two institutions are both specialised in the analysis of the agendas for general shareholders’ meetings, the formulation of recommendations, and assistance in the execution of voting rights, putting their expertise in voting services at the service of investors. The merger will allow the two institutions, both members of European Corporate Governance Services (ECGS), a European network of analysts of general shareholders’ meetings at European publicly-traded companies, to strengthen their positions as leaders in the Swiss and French markets for analysis of general shareholders’ meetings at publicly traded companies. “The merger will also allow the firms to realise synergies in the development of new products, and in IT, through the more effective delivery of platforms to clients,” the Ethos foundation says in a statement.
02/06/2010

Carmignac Gestion announces strong increase in inflows in 2009

At a general shareholders’ meeting for Carmignac Gestion, held on Monday, 31 May to approved the accounts for the year 2009, the president of the firm, Edouard Carmignac, announced inflows of EUR15.5bn, “a strong increase over the previous fiscal year.” The total amount of assets under management came to EUR32.8bn as of the end of 2009.Consolidated net profits for the year to 31 December 2009 totalled EUR318.59m. The general shareholders’ meeting approved the distribution of a dividend of EUR64 per share.
02/06/2010

Claude Tiramani leaves BNP Paribas AM

Claude Tiramani, a manager at BNP Paribas Asset Management who has been at the firm since 1990, is joining Lutetia Capital to launch a range of emerging markets products. At BNPP AM, Tiramani managed global emerging markets funds (Parvest Emerging Europe, and the China and Russia allocations of the Parvest BRIC fund), and country specialist funds (Parvest Chian, Shinhan BNP Paribas Bonjour China, Parvest Russia). Tiramani, considered one of the best French specialists in China and Eastern Europe, has won numerous awards over his career for his management, and is rated A by Citywire, putting him in the top 10% of managers in France, Germany, Austria, the Netherlands, Spain, Sweden and Switzerland, for his performance in this strategy. “After 20 years at the BNP Paribas Asset Management group, where I helped to create and develop emerging markets management, I wanted to join an independent management firm which is ambitious and innovative. The choice of Lutetia Capital was fairly natural; there, I will develop an original range of emerging markets funds, and will be free to fully apply my convictions, beginning with the first: it is now shares driven by domestic demand and consumer spending in emerging markets which should form the focus of investment,” Tiramani says in a statement.
02/06/2010

Nelson Peltz increases stake in Legg Mason to about 6%

In a Form 4 notification to the SEC, the activist billionaire Nelson Peltz has announced that his firm, Trian Fund Management, on 25 May acquired about 144,600 new shares in the management firm Legg Mason, for about USD4.06m. The incrase brings Trian’s stake to over 10.08 million shares, or about 6% of all Legg Mason shares in circulation.
02/06/2010

GAIA index performs better than non-ESG counterparts

Although the time period under review remains relatively short, the Gaia index of midcaps that respect ESG criteria, created by EthiFinance and IDMidCaps earlier this year, has performed better than its non-ESG counterparts, Agefi reports. Since its inception, the Gaia Index has outperformed its benchmark index, the CMS 190. Its volatility is also lower than those of the CAC 40 and the CMS 190. While the CAC 40 gained nearly 9% one month, and then less than 1% the following month, the Gaia index earned nearly 7%, and then 4%, in the same period.
02/06/2010

Fund outflows continue in May

According to provisional statistics from the Spanish Inverco association of asset management firms, Spanish securities funds in May saw outflows of EUR5.18bn from their assets, to a total of EUR153.1bn as of 31 May, with the contraction due to net redemptions totalling over EUR3.16bn. The decline in assets in May represents 3.3%, while the decline in assets since the beginning of the year is already more than the EUR5.08bn observed in all of the year 2009. Figures from Ahorro Corporación reveal that assets fell by EUR5.5bn, to EUR159.7bn, bringing the decline since the beginning of the year to 6.3%. Net outflows in May are estimated to have totalled EUR3.9bn.
02/06/2010

AXA IM creates a position for a head of sales for Asia

Asian Investor reports that Terence Lam, who has left BNP Paribas Investment Partners, will join Axa Investment Managers on 2 July and will move to Hong Kong to take up a position as director of sales and marketing for the Asia-Pacific region. The position was created with the objective of developing Axa IM’s presence in the region.
02/06/2010

Intermoney takes charge of Cajamar funds

As announced in February, Intermoney Gestión has taken over the management and administration of six investment funds from Cajamar Gestión, at the request of the latter firm. The necessary authorisation was granted by the CNMV on 28 May. The assets concerned total about EUR165m. Intermoney, or its parent company, CIMD, will not acquire the funds, but will share the commissions with the rural savings bank.
02/06/2010

Gartmore confirms FSA investigation of Guillaume Rambourg

Gartmore has announced that the FSA has now confirmed that it is to commence an investigation into the conduct of Guillaume Rambourg to determine whether he has met the standards required of an FSA approved person. The FSA has also confirmed that it is only investigating Guillaume Rambourg and not any other individuals or Gartmore itself. Gartmore and Guillaume Rambourg are co-operating fully with the FSA with a view to assisting it to complete the investigation as expeditiously as possible. As is normal practice, the FSA has not been able to give Gartmore any firm indication on the time it expects this investigation to take. Gartmore confirms that it remains its intention to apply to the FSA to have Guillaume’s approved person status restored in order to reappoint him as a fund manager subject to a satisfactory outcome of the FSA investigation. In the meantime, the funds and portfolios run by the European Large Cap team will continue to be managed by Roger Guy and Darrell O’Dea supported by a team of investment analysts, including Guillaume Rambourg. Gartmore says it does not intend to make any further announcement about this matter until the FSA’s action has been completed. Gartmore announced on 28 April 2010 that the findings from Gartmore’s internal investigation into a possible breach by Guillaume Rambourg of internal policy regarding directed trades had been provided to the Financial Services Authority (FSA) for review and that the FSA would consider and may further investigate these findings.
02/06/2010

Aberdeen reinforces its alternatives division

Aberdeen’s recent acquisition of Royal Bank of Scotland’s fund of funds and hedge fund business has provided it with the elements it had been seeking to set up an alternatives division, the AIS, says Financial Times Fund Management. This alternatives division, headed by Anne Richards, also CIO at Aberdeen AM, includes a range of businesses from multi-manager to multi asset, indexed equities, and funds of hedge funds. Assets under management total GBP30bn out of a group total of GBP171bn.
02/06/2010

Commerzbank sells Singapore affiliate to Trident Trust

Commerzbank International Trust Singapore (CITS), an affiliate of Commerzbank Singapore, was sold on Tuesday for an undisclosed amount to Trident Trust Group. CITS is a fund and fiduciary management firm for retail investors and businesses, with seven employees. Its assets under administration totalled EUR930m as of the end of 2009. The other activities of Commerzbank in Singapore are not affected by the transaction.
02/06/2010

AFG publishes proposals to increase long-term savings

The French financial management association AFG on 1 June published its proposals to promote an increase of long-term savings, as these savings finance the economy and prepare the population for retirement. “The problem is not our savings rates per se, which are at a good level compared with Europe overall. It is rather the way in which these savings are invested which is cause for concern,” the president of the AFG, Paul-Henri de la Porte du Theil, said yesterday. Less than one in four French citizens owns either publicly traded or private equities. More homegeneity in the tax rates applicable to savings could correct these anomalies. In terms of private equity, the association claims that savings investors should be encouraged to invest in FIP or FCPI funds to channel their capital towards small and mid-sized businesses. For publicly-traded equities, the AFG claims that savers should be encouraged to purchase unit-linked life insurance policies investing in equities, and that tax rates for equities OPCVM funds should be brought into line with the rates applicable to directly held equities. Meanwhile, to encourage businesses to help their employees to prepare for retirement, corporate savings products (Perco, Pere, etc.) should not be subject to 4% social security contributions.
02/06/2010

Activities of Kenneth Starr businesses to be monitored

A federal judge on Tuesday ruled that Starr Investment Advisors, Starr & Co, and Colcave LLC shall be placed under the surveillance of an “interim monitor,” and appointed Aurora Cassirer, of the law firm Troutman Sanders, for the job. The companies were controlled by Kenneth Starr, the financial adviser to the stars, who is accused of a USD30m fraud, the Wall Street Journal reports. The decision comes after an SEC lawyer claimed that the firms do not have enough employees to manage the wave of redemption demands triggered by the arrest of Starr on Thursday on criminal charges.
02/06/2010

Japanese unions tout responsible investment

Rengo, the Japanese federation of labour unions, is currently working on a recommendation which will encourage pension funds belonging to the association to take ESG criteria into account in their investment decisions. Responsible Investor reports that the proposal now in development is slated for completion by the end of the year.

Sujets d'actualité

Tous les sujets