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06/05/2010

Thames River to close Currency Alpha fund

Following the departure of Bill Muysken, who is returning to Mercer Investment Management, Thames River is planning to close its Currency Alpha fund, which was launched in late October, Investment Week reports. The fund of fund aims to invest in 15 to 25 funds and to earn returns 10 percentage points above the risk-free interest rate, before fees. As of the end of March, the fund had invested in 20 asset management firms, but returns since launch totalled 1.6%. The fund, which is compliant with UCITS III, has brought in virtually no external inflows, and has assets of only EUR19.7m.
06/05/2010

Credit Suisse closes Christian investment fund

Agefi Switzerland reports that the Christian Values Fund, launched in 2007 by Credit Suisse, failed to convince investors, and has been abandoned after only 18 months of activity. About EUR45m were invested in the portfolio, based in Luxembourg. The fund offered shares in businesses, bonds, and investments in currencies, washed of the sins of the conventional economy. The fund defended family values, environmental protection and fair trade. It recommended firms such as ABB, for its pro-family social policies, and Max Havelaar, who defends small banana and cocoa producers.
06/05/2010

Losses reduced at Wisdom Tree

In first quarter, Wisdom Tree has seen net losses of USD3.6m by GAAP accounting standards, compared with USD5m in October-December and USD6.01m in the corresponding period of last year. As of March 31, 2010, assets under management managed by WisdomTree or against WisdomTree Indexes was USD7.4bn, up 11% and ETF AUM was USD6.7bn, up 12% from December 31, 2009. Net subscriptions to ETFs totalled USD582m, largely to funds specialised in emerging market currencies and equities.
06/05/2010

Net losses at AllianceBernstein in January-March

In first quarter, net profits at Alliance Bernstein (USD148m) may have been higher than the USD37m the firm lost in January-March 2009, but they were lower than the USD192m negative result for October-December. Assets as of 31 March were up 1%, or USD5bn, compared with the end of December, and 22%, or USD90bn over the end of March 2009, to a total of USD501.3bn, but this increase is due exclusively to positive market effects, as the group saw net outflows in first quarter of USD6.4bn, a reduction of 62% compared with the previous quarter, and of 68% compared with the corresponding period of 2009, In January-March 2010, institutional investors in particular withdrew USD8.6bn.
06/05/2010

Raphaëlle Gaillard leaves BNP Paribas IP/Fortis for ING IM

Raphaëlle Gaillard has been appointed as director of institutional clients in charge of the banking and insurance segment at ING Investment Managment France, effective from 3 May 2010, replacing Christèle Nouvellon, who has left the firm. Gaillard joined ING Investment Management after eight years as head of sales for the French institutional team at BNP Paribas IP / Fortis Investments, and five years at Dexia Asset Management France.
06/05/2010

Losses at Och-Ziff in first quarter

In first quarter 2010, Och-Ziff Capital Management Group has posted a net loss of USD88.6m, or USD1.07 per share. Assets under management as of 1 April totalled USD25.3bn, compared with USD23.5bn as of 1 January, and USD20.3bn as of 1 April 2009. At the beginning of May, assets under management totalled about USD26bn, due to net inflows of USD1.6bn and asset increases related to positive performance of about USD9bn.
06/05/2010

Brice Le Renard leaves 1818

La Companie 1818 has announced the departure of fund manager Brice Le Renard, says Citywire. He is understood to have moved to a rival asset manager.The running of Le Renard’s funds - Actif Reactif, Libre Actif, Reactif and Vega Monde Multi Secteurs - have been delegated to Sophie Ginisty and Eva Baligand.
06/05/2010

Outflows from asset management at BNP Paribas

Net asset outflows from BNP Paribas’ Investment Solutions division in first quarter totalled -EUR0.2bn, with good asset inflows in Private Banking (+EUR1.7bn) slightly more than offset by continued asset outflows in Asset Management (-EUR4.3bn) essentially from money market funds and equities, whilst flows remained positive for bond funds. After the integration of the BNP Paribas Fortis businesses, in particular in Private Banking and Asset Management, the Investment Solutions division took on new dimensions, as illustrated by the level of assets under management, which rose to EUR874bn as of 31 March 2010, compared with EUR510bn as of 31 March 2009. Assets were up 16% compared to 31 March 2009 at constant scope. In addition, the inclusion of Fortis Investment’s assets resulted in a decline in the relative weight of money market funds (from 31% to 22%) in Asset Management, primarily in favour of bond assets. In this new scope, the division’s revenues, at EUR1.444bn, were up 26.0% compared with first quarter 2009. At constant scope and exchange rates, they were up 4.3%. At EUR1.023bn, operating expenses were down slightly compared to first quarter 2009 (-0.8%2) thanks to cost-cutting efforts undertaken at all the business units in 2009. These operating performances helped the division to drive gross operating income up 19.4%2 compared with the same period a year earlier. Pre-tax income thus came to EUR467m, up 33.6%2 compared with first quarter 2009.
06/05/2010

Layoffs at Oppenheimer

Mutual Fund Wire reports that Oppenheimer Funds is continuing its adaptation to the Lehman crisis, and will lay off 15 from its marketing team, and 10 others from its 519 savings plan activities. Meanwhile, Marty Willis, chief marketing officer, has recruited Lori Heinel, managing director and head of investment solutions at Citi Private Bank, to lead a new investor services team, which will be in charge of explaining investment decisions to clients.
06/05/2010

Strong increase in AUM at Axa in first quarter

Earnings for the asset management division at Axa were up 10% in first quarter to EUR809m, largely due to high average assets under management per client. Net outflows totalled EUR12bn, (compared with about EUR21bn in fourth quarter 2009), largely due to a significant decrease in outflows from AllianceBernstein in the institutional client segment. Outflows from AXA Investment Managers were largely in the institutional client segment (particularly at AXA Rosenberg). Assets under management totalled EUR877bn, well above the levels announced on 31 December 2009 (EUR845bn), due to rising markets (EUR19bn) and favourable currency effects (EUR25bn, largely due to a rising US dollar against the Euro). Earnings for life insurance, savings, and retirement activities were up 0.6% to EUR16.54bn. Net inflows were positive to the tune of EUR4bn, higher than the EUR3.3bn inflows in first quarter 2009. This increase of EUR0.7bn is largely due to an increase in inflows (of EUR0.3bn) and to a higher rate of retention of clients (EUR0.4bn).
06/05/2010

Feri: Managers predict that 2010 will be the year of emerging markets

A survey of 67 management firms undertaken between 22 March and 12 April by Feri EuroRating Services has found that 85% of respondents are expecting an increase in assets allocated to emerging markets. Emerging markets equities funds have the best potential for inflows, according to 14.1% of respondents, while 13.3% say that emerging market bond funds have the best chances. However, the asset classes which are said to have the highest odds of outflows are corporate bonds (by 24.7% of respondents) and inflation-indexed bonds (by 15.3%). European equities funds are said by only 10.7% of respondents to have favourable prospects for asset inflows.In general, 86% of managers surveyed have positive outlooks about the chances for inflows to diversified funds, and 78% say they have a positive opinion of the prospects for equities funds. However, no trend is apparent for bond funds, and professionals are pessimistic about money market and real estate funds, which are said to have limited potential on the distribution front. According to respondents in the survey, foreign management firms are best positioned to take advantage of the wave of investment in emerging markets. JPMorgan AM was most often cited as an important competitor in the area of equities funds, followed by Aberdeen, HSBC and Schroders, who share third place. For bond funds, managers cite Pictet as their major rival, followed by Swiss & Global, Franklin Templeton, and Schroders.
06/05/2010

20% increase in operating profits at Allianz

The Allianz group has earned net operating profits in first quarter of EUR1.7bn, an increase of about 20%, on earningf of over EUR30bn, thanks to strong growth in health insurance activities and asset management. Detailed results will be released on 12 May.
06/05/2010

Barclays recruits a head from Commerzbank

Ralph Stemper has joined Barclays as head of retail distribution for Germany and Austria. His responsibilities will include developing the Bmarkets platform. Stemper was previously a specialist in funds and certificates at Commerzbank, for ETFs of the Comstage bank and other products. At Commerzbank, he is replaced by Anouch Wilhelms.
06/05/2010

New appointments at Deutsche Bank Private Wealth Management

Asian Investor reports that Deutsche Bank Private Wealth Management has hired Teddy Chu and Andrew Chanen to replace Shirley Yap and Helen Li, who left the firm in February this year, and have since joined the Swiss private bank Clariden Leu. Chu and Chan will begin in their new positions in the regional wealth management team on 19 April. Chu becomes head of wealth planning for nothern Asia, while Chan becomes a wealth planner. They will both be based in Hong Kong. Chu and Chan previously worked at HSBC Trustee, a division of HSBC Private Bank in Hong Kong.
06/05/2010

Net redemptions from Asian hedge funds

After two consecutive quarters of net inflows, Asian hedge funds in January-March saw net outflows of about USD700m in first quarter, according to an estimate by Hedge Fund Research (HFR), which attributes this development to uncertainty related to strategic and regulatory risks. However, net outflows were more than offset by positive market effects of USD1.5bn, meaning that hedge funds focused on Asia had assets as of the end of March of USD77.15bn (compared with USD76.34bn three months earlier), and the number of funds had decreased slightly, to 1,036 (compared with 1,039), of which 19.35%, compared with 23.73%, are based in the United Kingdom, and 26.88%, compared with 24.52%, are domiciled in the United States. Though net outflows were modest, they are poor compared with global developments, as hedge funds have seen net inflows overall of USD13.7bn.
06/05/2010

Madoff scandal: Finma cancels license of Genevalor

Le Temps reports that the Swiss asset management firm Genevalor, Benbassat & Cie announced on Wednesday that Finma has cancelled its license to act as a representative for foreign investment funds. The Geneva-based independent wealth management firm for years distributed a fund in Switzerland, France, and Germany entitled Thema International, from which investors’ money was channelled entirely into the Bernard Madoff fraud.
06/05/2010

Four departures and two promotions at SWIP

Scottish Widows Investment Partnership (SWIP) has announced the appointment of Mike McNaught-Davis to the newly created role of Head of International Equities. Following a strategic review of SWIP’s international equity business, SWIP has taken the decision to combine global developed and global emerging markets to create an International Equities team. The team will drive performance across SWIP’s global, Japanese, US and emerging market equity funds, totalling GBP6.3 billion in assets. Mike McNaught-Davis joined SWIP’s Global Developed Markets team in March 2008 as Investment Director responsible for managing SWIP’s Europe, Australia and Far East (EAFE) funds and for researching the global pharmaceutical sector. Prior to joining SWIP, Mike worked at Martin Currie Asset Management and at F&C Asset Management. SWIP can also confirm that Andrew Ness, Jeff Casson, Mohammed Zaidi and Divya Mathur will be leaving its Global Emerging Markets team. A departure date has yet to be confirmed and in the meantime they will work with Mike McNaught-Davis and the International Equities team to ensure a smooth handover of responsibility and continuity of service for clients. Separately, Scottish Widows Investment Partnership (SWIP) has announced the appointment of Peter Cockburn as Head of UK Equities. He has worked within SWIP’s UK Equities team for six years and has been acting Head of UK Equities since September 2009. In his new role, Peter Cockburn has overall responsibility for the management of UK equity funds across both the retail and institutional market places.
06/05/2010

Increase in assets at LGIM

Legal & General Investment Managemetn has posted gross subscriptions of GBP10.9bn in first quarter 2010, GBP3.9bn more than in first quarter 2009. These inflows, as a result of rising markets, have allowed the UK asset management firm to increase its assets by GBP15bn in the first three months of 2010, to GBP330bn. This represents a 32% increase year on year.
06/05/2010

Martin Currie hires an entire emerging markets team from Scottish Widows

Andrew Ness, Jeff Casson, Divya Mathur and Mohammed Zaidi, who formerly belonged to the global emerging markets team at Scottish Widows Investment Partnership (SWIP), have joined the Scottish Martin Currie group, as additions to its global emerging markets team. They follow Kim Catechis and Alastair Reynolds, who were also previously at SWIP.
05/05/2010

Carmignac Gestion se renforce en Espagne

Carmignac Gestion a annoncé mardi 4 mai l’arrivée de Nicolás Llinas au poste de «sales manager» au sein de son bureau ouvert à Madrid en Espagne en 2008. Il rejoint l'équipe de vente de Carmignac Gestion composée d’ores et déjà de six personnes. Auparavant, Nicolás Llinas était head of analysis and fund selection chez Skandia où il est resté neuf ans. Officiellement, l’impétrant doit accompagner la croissance de l’activité de la société de gestion qui avait connu quelques difficultés en 2009 en Espagne après la décision de Quality Funds, filiale de BBVA, de retirer six des fonds estampillés «Carmignac Gestion» de sa liste recommandée (cf. Newsmanagers du 16/10/09). Peu après que le gestionnaire français ait appointé un second commissaire aux comptes (KPMG), le BBVA avait re-référencé Carmignac Gestion.
05/05/2010
Fonds

HSBC enregistre trois ETF en Espagne

HSBC a fait enregistrer en Espagne, ses ETF répliquant les indices CAC 40, FTSE 100 et DJ Euro Stoxx 50, rapporte Expansión. Le gestionnaire est sur le point de lancer sur les marchés internationaux des ETF sur le FTSE Xinhua China 25 et sur le FTSE 250, qui seront sous peu commercialisés en Espagne également.
Fonds
05/05/2010
Fonds

Les fonds de pension ont perdu 0,8 % en avril

D’après les calculs de Mercer (Pension Investment Performance Service), les fonds de pension espagnols ont perdu en moyenne 0,8 % pour avril, avec une perte de 3,6 % pour les fonds d’actions en euros, tandis que sur les quatre premiers mois de l’année ils ont gagné 1,5 %. Les fonds spécialistes des actions hors zone euro ont affiché une performance de 14,6 %, mais sur focalisés sur les actions euros ont subi une perte de 4,4 %, alors que les fonds spécialistes des obligations gagnaient 1,7 %. Sur douze mois, les fonds de pension ont enregistré une performance de 10,6 % : ceux investis en obligations ont gagné 5,6 % tandis que ceux positionnés sur les actions affichaient des performances de 24,1 % pour ceux en euros et de 37,7 % pour ceux en d’autres monnaies.
Fonds
05/05/2010
Fonds

Groupama commercialise un fonds de "linkers"

Groupama Asset Management a fait enregistrer par la CNMV son fonds d’obligations indexées sur l’inflation Groupama Index Inflation Monde, qui vient compléter le Groupama Index Inflation Euro et dont le délai de détention recommandé est supérieur à 3 ans.
Fonds
05/05/2010

DWS transfère Ivan Rancic de Vienne à Francfort

Ivan Rancic vient d'être nommé head of IFA-sales chez DWS à Francfort. Avec son équipe, il est chargé du suivi de la clientèle de courtiers ainsi que des petites sociétés de gestion en Allemagne. L’intéressé était auparavant responsable de la distribution en Autriche et en Europe de l’Est chez DWS Autriche.
05/05/2010
Fonds

La fusion des hausinvest Europa et Global suscite des critiques

L’association de défense des investisseurs Aktionsbund Aktiver Anlegerschutz (AAA) envisage une action en justice contre Commerz Real et son projet de fusionner au 30 septembre le fonds immobilier offert au public hausinvest Europa (10,89 milliards d’euros d’encours) avec le hausinvest Global (1,58 milliard), rapporte Das Investment. L’AAA souligne que l’opération peut léser les souscripteurs du hausinvest Europa dans la mesure où la moitié du portefeuille du hausinvest Global se compose d’actifs situés à Singapour, au Canada et au Japon, des immeubles dont les baux, pour beaucoup, arrivent à échéance cette année et en 2011. En outre, les frais du hausinvest Global sont les plus élevés et ils seraient appliqués aux porteurs du hausinvest Europa en cas de fusion.
Fonds
05/05/2010
Fonds

db x-trackers lance un ETF sur l'indice S&P 500

Le 17 mai, db x-trackers (groupe Deutsche Bank) compte lancer sur la Deutsche Börse et le London Stock Exchange (LSE) un ETF corrodnné répliquant l’indice S&P 500 TR (dividendes réinvestis).Ce db xtrackers S&P 500 ETF devrait ultérieurement être introduit sur d’autres places boursières en Europe (Borsa Italiana, SIX Swiss Exchange, Nasdaq OMX Stockholm, NXSE Euronext Paris) et en Asie (Singapore Exchange SGX et Hong Kong Stock Exchange).La commission de gestion se situe à 0,20 %. Les investisseurs institutionnels peuvent effectuer des transactions hors cote (OTC) directement avec la Deutsche Bank avant même le début de la cotation en Bourse.
Fonds
05/05/2010
Fonds

RBS lance 10 ETC et 5 ETN à Francfort

La Deutsche Börse a annoncé avoir admis à la négociation jeudi dix ETC et 5 ETN de Royal Bank of Scotland (RBS) sur sa plate-forme électronique Xetra. Sept des 10 ETC permettent pour la première fois aux investisseurs de se positionner sur les indices de matières premières Rogers International Commodity Indexfamilie Enhanced (RICI Enhanced) ; les ETC répliquent l'évolution des indices sur le pétrole (Brent Crude Oil, WTI Crude Oil),, le gaz naturel, les matières premières agricoles, les métaux industriels, les céréales et les oléaginieux (graunns & oil seeds) ainsi que sur un panier de 37 matières premières. Les trois autres reproduisent des indices S&P Goldman Sachs Commodity sur le pétrole (Brent et WTI) ainsi que sur le gaz naturel.Les quatre ETN reproduisent des indices MSCI. Il s’agit du MSCI FM (Frontier Markets) Daily Net Total Return Index, du MSCI AC South East Asia Net TR USD Index, du MSCI Gulf Cooperation Council ex SA Top 50 Net TR USD Index et du MSCI Daily TR Net Emerging Markets USD Index.La Deutsche Börse précise que la cote de son segment ETP comporte actuellement 171 ETC et 19 ETN. Le volume de transactions mensuel sur les ETC se situe à environ 440 millions d’euros.
Fonds
05/05/2010

Ameriprise n'aura payé Columbia que 0,53 % de l'encours

Ameriprise Financial, qui possède entre autres le britannique Threadneedle Investments et l’américain RiverSource Investments, a indiqué avoir bouclé lundi l’acquisition de la gestion d’actifs de long terme de Columbia Management auprès de Bank of America. La transaction a porté sur environ 1 milliard de dollars en numéraire pour un encours de 189 milliards de dollars. Autrement dit, Ameriprise a payé seulement 0,53 % des actifs sous gestion.Au 31 mars, Ameriprise se situait avec 652 milliards de dollars au huitième rang des sociétés de gestion de mutual funds de long terme. Il est prévu que les fonds RiverSource soient placés sous la marque Columbia, mais le nom de RiverSource sera conservé pour les «annuities» ainsi que pour les produits d’assurance vie, santé et invalidité.De plus, l’opération comporte un volet distribution qui ménage à Ameriprise un accès permanent aux distributeurs affiliés à Bank of America.L’activité de gestion d’actifs continuera d'être dirigée par by William F. “Ted” Truscott, CEO, U.S. Asset Management & President, Annuities. De leur côté, Michael A. Jones et Colin Mmore, qui seront subordonnés à «Ted» Truscott, restent respectivement president et CIO de Columbia Management.
05/05/2010
Fonds

Vanguard supprime les commissions de transaction sur 46 ETF

Mardi, Vanguard a annoncé qu’il supprime les commissions sur les transactions concernant les 46 fonds de sa gamme d’ETF à bas prix. Il réduit à 7 dollars et 2 dollars les frais de transaction sur les actions et sur les ETF qui n’appartiennent pas à sa gamme. Ces mesures s’appliquent aussi bien aux transactions effectuées sur Vanguard.com qu'à celles effectuées avec l’aide d’un courtier représentant Vanguard.La commission de gestion moyenne sur les ETF de Vanguard se situe à 0,18 % contre une moyenne de marché de 0,52 % au 31décembre 2009, selon l’estimation de Lipper. Le gestionnaire a enregistré des souscriptions nettes de 11,7 milliards de dollars pour ses ETF entre le début de cette année et le 29 avril. L’encours de ses ETF dépasse les 100 milliards de dollars, les produits les plus importants étant le Vanguard Emerging Markets ETF (VWO) avec 24 milliards de dollars et le Vanguard Total Stock Market ETF (VTI), avec 15 milliards de dollars.
Fonds

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