SEI a annoncé le 6 avril une nouvelle offre relative au traitement des «side pockets» constituées pendant la crise financière en raison de problèmes de liquidité sur les marchés. SEI a mis en place un certain de fonctionnalités automatisées qui reprennent les meilleures pratiques observées chez la clientèle des gérants.

Dreyfus Corporation, qui appartient à BNY Mellon Asset Management, vient d’annoncer le lancement d’un mutual fund, le Dreyfus Dynamic Alternatives Fund, qui propose aux investisseurs une large gamme d’expositions à des stratégies de hedge funds.

Selon la Tribune, le fonds d’investissement privé Brysam Global Partners L.P., l’un des principaux actionnaires de la banque russe Vozrojdenie (« Renaissance »), a cédé la part de 9,88 % qu’il avait acquise en juin 2008, à JP Morgan International Consumer Holding Inc.La capitalisation boursière de la banque s'élève à 890 millions de dollars, note le quotidien qui précise que 24 % de Vozrojdenie appartiennent à des investisseurs étrangers, dont JPMorgan.

An investigation by the United States SEC into Gartmore concerns a single infraction inadvertently committed in May 2009, Money Marketing reports. In a letter to intermediaries, Richard Pursglove, head of UK retail, says that the infraction violated a rule forbidding participation in a secondary equities offering registered with the SEC when there have been short positions on the share during the “restricted” period. The violation does not involve the manager Guillaume Rambourg, who was recently suspended, and did not disadvantage the fund or its subscribers.

In March, funds and Sicavs on sale in Italy had net inflows of over EUR1.86bn, according to Assogestioni, the Italian association of asset managers. Inflows were driven by bond funds, which attracted a net total of EUR3.1bn, and which now have total assets of EUR173bn, or 40% of total assets in the fund management industry. Flexible and diversified funds are also in positive territory, with EUR852m and EUR826m in inflows. Money market funds, however, saw heavy redemptions, of EUR2.9bn. Equities funds are also in the red, by EUR12m. In the first three months of the year, Sicav funds in Italy posted net subscriptions of EUR1.5bn. As of the end of March, assets had increased to EUR444.2bn, from EUR433.8bn at the end of February.

Deutsche Börse and Amundi on Wednesday announced that 20 new ETF funds from the French asset management firm have been admitted to trading on the XTF segment of the Xetra electronic trading platform, which now includes 644 funds, 58 of which carry the Amundi brand name. The last wave of releases from Amundi (21 funds) was listed on Xetra less than one month ago (see Newsmanagers of 17 March), while the first 17 funds from the brand were listed on Frankfurt on 23 February. Among the new ETFs listed in Frankfurt, all of which are registered in France, ten are equities products (covering regional, country, and sectoral indices), six are “short” bond products based on EuroMTS indices of government bonds, and four are commodity funds based on S&P GSCI indices. Management commissions range from 0.14% for short ETFs based on government bonds, and 0.55% for the Amundi ETF MSCI Brazil. The detailed list of products is available online, at 07.04.10 FR Amundi ETF_3ème cotation Allemagne.pdf.

Following the recent recovery of the financial markets, a trend for institutional investors to move away from equities markets is continuing, according to a Mercer survey entitled “European Asset Allocation Survey 2010,” which covers over 1000 European pension funds and retirement institutions with more than EUR500bn under management. The trend is more marked for mature regimes, such as British defined contribution funds, for which allocation to equities has fallen from 54% in 2009 to 50% in 2010. In Ireland, equities allocations fell from 60% to 59%, while in the Netherlands this allocation is down from 28% to 23%. the trend is set to continue, with 29% of British and 35% of other European retirement plans planning a further reduction in their allocation to domestic equities. For international equities, more than 20% of British pension plans and 33% of other European plans are also planning a reduction. Although bonds continue to be the dominant asset class in most portfolios of European funds, a marked change has been observed since the 2009 survey. For example, following a significant recovery on equities markets, there are now more (a net total of 12%) British pension plans which are planning to increase their exposure to government bonds, while in 2009 there were more (a net total of 6%) plans planning to lower their exposure to this asset class. The trend has also been reversed for corporate bonds, where only 16% of British pensions are planning to increase their exposure, compared with 27% last year. Investment in non-traditional asset classes remains strong, with increases observed in the UK and Ireland (from 6% to 9% in these two countries in 2010), and in Switzerland (from 19% to 23%).

Les Echos reports that the Xetra electronic platform from Deutsche Börse is the largest player in the European market for publicly-traded tracker funds, with a 41% market share in 2009, far ahead of Euronext and the London Stock Exchange. The time is not far off when the number of ETFs listed in Frankfurt, which currently totals 616, will be on a par with the United States, where there are currently 790. From EUR0.4bn at the end of 2000, the volume of assets managed in ETF funds has risen to EUR134.4bn as of the end of fourth quarter last year, according to statistics which Deutsche Börse will release today.

The BBVA and labour unions are in the process of negotiating the strategy which the bank’s pension fund (EUR2.09bn, 38,000 members) will employ at general shareholders’ meetings at businesses in which it invests, which include Santander, Iberdrola Renovables and BBVA. Expansión reports that 76% of assets are invested in bonds, and that the fund, which is a signatory to the United Nations Principles for Responsible Investment (UN PRI), does not permit investment in private equity, in order to avoid disadvantaging more elderly pensioners.

The online broker TD Ameritrade has raised the commission it charges on no-transaction-fee mutual funds on its NTF platform to 0.40% from 0.35%, Investment News reports, relayed by Mutual Fund Wire. The increase puts TD Ameritrade at the same level as its competitors Charles Schwab and Fidelity.

Advisory Research Inc., a management firm which has recently been acquired by Piper Jaffray, has launched its second mutual fund, Advisory Research International Small Cap, only five months after the launch of the All Cap Value fund. Fees for the new fund total 135 basis points. It will be made available on the platforms from Schwab and Pershing.

Dreyfus Corporation, which is owned by BNY Mellon Asset Management, has announced the launch of a mutual fund, the Dreyfus Dynamic Alternatives Fund, which offers investors a wide range of exposures to hedge fund strategies.

On Tuesday, Union Bancaire Privée (UBP) announced the recruitment of Eli Koen and Mathieu Nègre as co-heads of European emerging markets equities. Both men join the firm from Fortis Investments. Koen has 17 years of experience in Turkish equities markets, while Nègre has been a specialist in the management of emerging Europe funds siuce 2001. Richard Wohanka, CEO for asset management and alternative management, says that, as most institutional investors are underinvested in emerging markets equities and bonds, UBP has decided to add to its capacities and its product ranges in these segments.

According to a survey undertaken on behalf of Union Investment by the Forsa institute of 500 household “financial decision-makers” (aged 20-59), 32% of German investors estimate that sustainable development investments are attractive, compared with 27% who consider them uninteresting. In the 20-29 year old age group, the number of favourable opinions of green investment is far higher, at 45%. Meanwhile, 63% of those surveyed say that they are prepared to settle for lower returns on their investments in order to support sustainable development, while 35% say that they do not want to sacrifice a part of their expected financial gains.

From next month, Joe Cassidy, who previously served as CO-Head of Prime Services, Global COO of Prime Services, Head of Equity Strategy and Head of European Corporate Strategy at Nomura, will join Deutsche Bank as Head of Prime Brokerage and Derivative Clearing for Global Rates. In this role he will report to Fredrik Gentzel, Head of Credit Portfolio Management and Prime Brokerage for Global Rates and Commodities. The appointment comes as part of a strategic effort at the German bank to set up a clearing platform for OTC derivatives.

A technocrat from the United Arab Emirates, Khalifa Mohammed Al-Kindi, has been appointed as the new head of ADIA (the Abu Dhabi Investment Authority), the largest sovereign fund in the world, with assets estimated at over USD600bn, La Tribune reports. The appointment follows the death of Ahmed Ben Zayed Al-Nahyane in a glider crash in Morocco last month.

JO Hambro Investment Management is planning to release its absolute returns strategy Waverton UK Absolute OEIC to hedge fund providers, Investment Week reports. The firm is currently in talks with managers of funds of funds and databases, to position the GBP77.3bn vehicle. JO Hambro estimates that there is a lack of choice of high-quality products among UCITS III-compliant vehicles, and that its absolute return strategy will have an impact in this environment.

In a long article on Carmignac Gestion, Citywire writes about the future of the asset manager. It is notable that Edouard Camignac’s daughter Maxime Carmignac has just rejoined the firm. ‘What is interesting about Maxime being here, apart from the fact she is brilliant and my daughter, is that it creates a sense of comfort that should I disappear one day there is continuity here. It also shows that there will be no pressures to sell to an institution, which would be the worst thing we could do to our clients,’ Edouard Carmignac says, adding that the number of potential buyers ‘sniffing around’ his firm has shrunk: ‘We have become too expensive now,’ he says, laughing.

SEI on 6 April announced a new range of services for the management of side pockets created during the financial crisis due to liquidity problems on the markets. SEI has set up several automatic functions which deploy the best practices observed at clients and managers.

Samsung Securities is offering to distribute hedge funds and funds of hedge funds from Man Investments to qualified Korean investor clients, Asian Investor reports. The firm may also advise the British group on the use of such products in package offers. Man products are awaiting licenses from the South Korean financial authorities, which still do not allow offshore hedge funds, but which are prepared to accept hedge funds which do not use leverage. However, the Korean authorities are planning to study a liberalization of its rules governing the hedge fund sector.

In a 68-page report on the securities market and its agents, situation and outlooks (http://www.cnmv.es/DocPortal/Publicaciones/Mercados/Mercadosweb.pdf), the CNMV points out that EUR14.87bn in assets, out of a total of EUR170.55bn as of the end of 2009, were of low liquidity, which represents a proportion of 8.7%, compared with 8.5% as of the end of September. Most of these low-liquidity assets are financial sector bonds rated AAA/AA (EUR4.64bn), financial sector bonds of a lower rating than AA (EUR4.62bn), or securitisations (EUR5.42bn). The regulator states that low-liquidity assets represent 30.1% of the portfolios of bond funds.

As of the end of 2009, according to a report by the CNMV, there were 41 hedge funds and 28 funds of hedge funds registered in Spain, compared with 40 and 24 one year previously. Assets totalled EUR820.3m for hedge funds, compared with EUR1.02bn as of the end of 2008, while for funds of hedge funds, assets increased to EUR611.2m from EUR539.4m. The number of subscribers to hedge funds fell to 5,411 from 8,151 one year previously, while the number increased for funds of hedge funds to 1,839 from 1,589.

The Securities and Exchange Commission (SEC) has recruited Kathleen Griffin as head of compliance, a position created with this appointment, as an addition to the SEC’s internal compliance program, the Commission says in a statement. Griffin was previously vice president, senior compliance manager and deputy head of ethical code at Putnam Investments.

The Securities and Exchange Commission (SEC) has recruited Kathleen Griffin as head of compliance, a position created with this appointment, as an addition to the SEC’s internal compliance program, the Commission says in a statement. Griffin was previously vice president, senior compliance manager and deputy head of ethical code at Putnam Investments.

Aviva Investors poursuit le redéploiement de son pôle développement (lire notre dépêche du 6 avril) avec la nomination de deux directeurs chargés de superviser les activités de toutes les équipes de développement en Europe sur les segments de clientèle stratégiques (institutions financières, investisseurs institutionnels et Aviva)Gabriele Miodini, basé en Italie, est nommé director, responsable des établissements financiers - Europe. Il sera essentiellement chargé de nouer des relations avec les principaux établissements financiers, bancaires et banques privées, ainsi qu’avec les plateformes de distribution aux particuliers dans toute l’Europe.Véronique Cherret, basée en France, est nommée director, responsable des investisseurs institutionnels, Royaume-Uni et Europe. Sa mission consistera principalement à établir des relations avec les fonds de pension, ainsi que les compagnies d’assurance et les établissements.

Dans son rapport sur la situation du marché et de ses agents, la CNMV estime que les fonds immobiliers sont ceux qui présentent les perspectives les plus défavorables parmi toutes les catégories de fonds d’investissement et «il est peu probable» que leur situation s’améliore substantiellement tant que le secteur de l’immobilier espagnol n’aura pas connu de reprise, rapporte Expansión.En 2009, l’encours des fonds immobiliers a diminué de 12,7 % tandis que le nombre de souscripteurs se contractait de 14,2 % à 83.583. Le nombre de fonds a diminué d’une unité, à huit. Les actifs sous gestion se situaient fin décembre à 6,46 milliards d’euros, dont 72,6 % pour des fonds en liquidation ou dont les remboursements sont suspendus ou retardés. Les fonds immobiliers ont perdu en moyenne 9,3 % l’an dernier.

Funds People rapporte qu’entre le 15 janvier et le 26 mars, la CNMV a enregistré 26 nouveaux fonds, contre 23 pour le premier trimestre 2009 et 44 pour les trois premiers mois de 2009.Plus de la moitié de ces nouveaux produits (14) sont des fonds garantis. La société de gestion la plus active a été BBVA Asset Management, qui a lancé cinq fonds garantis, un fonds obligataire et un fonds diversifié.La CNMV précise avoir enregistré trois nouveaux hedge funds de droit espagnol : Altex Activist, Capitrade Systematic Global Futures et Arcano Credit Fund.

Selon le rapport trimestriel de la CNMV, les sociétés de gestion de fonds espagnoles ont enregistré l’an dernier un bénéfice net de 243 millions d’euros contre 503 millions en 2008 et les recettes de commissions ont chuté de 26 % à 1,7 milliard d’euros bien que l’encours soit demeuré presque inchangé. En 2008, les recettes avaient baissé de 27 % alors que l’encours avait plongé de 30 %. La commission de gestion a diminué en moyenne à 0,82 % contre 1,1 %.D’autre part, le rapport signale que 31 gestionnaires (contre 34 en 2008) sur un total de 108 ont accusé une perte l’an dernier.

Avec le fonds luxembourgeois Corto Europe, Pictet lancera le 12 avril son premier fonds actions long/short coordonné qui sera géré selon un processus et une philosophie d’investissement similaires à ceux du Pictet Corto European Ltd (230 millions d’euros) enregistré aux îles Caïman. L’agrément de la CSSF a été délivré le 17 mars.La capacité de ce fonds à liquidité hebdomadaire (avec notification de 5 jours ouvrables) sera limitée à 250 millions d’euros de nominal compte tenu du fait que l’exposition au marché sera d’environ 1,9 fois, avec l’effet de levier et la partie «short», explique Philippe Sarreau, l’un des gérants du fonds. L’objectif consiste à dégager une performance de l’ordre de 15-20 % avec une volatilité de 7-8 %, donc inférieure de moitié à celle du benchmark (MSCI Europe TR).Pour les particuliers (part P), les frais de gestion ressortent à 1,60 % et les frais d’administration/droit de garde à 0,40 %. La commission de performance se situe à 20 %, avec high watermark. Le Pictet Corto Europe aura l’euro comme devise de référence, avec des classes de parts couvertes en dollars et en francs suisses. Dans des conditions de marché normal, le fonds aura entre 60 et 80 lignes «longues» et entre 50 et 70 positions courtes. Les longues se situeront entre 1 et 5 %, les courtes entre 1 et 3 %. Alors que le fonds original à liquidité mensuelle lancé le 1er août 2006 est désormais détenu à 80 % par des investisseurs américains, la nouvelle version coordonnée vise plus particulièrement les clients européens.Un biais nettement «midcaps"Le Corto Europe affichera un biais de moyennes capitalisations avec à fin février pour le Corto European Ltd environ 24 % de capitalisations inférieures au milliard d’euros et 35 % de titres avec des capitalisations comprises entre 1 milliard et 5 milliards d’euros, parce que sur ces segments Pictet compte trouver de la surperformance à long terme avec des sociétés capables de se réinventer, de découvrir de nouvelles niches, de nouveaux métiers ou de nouvelles façons d’opérer.Philippe Sarreau est convaincu que même si les coûts d’exécution s’avèrent plus élevés, la version OPCVM III ne perdra pas beaucoup de performance par rapport à son modèle «caïman» parce que la stratégie long/short est la plus facile à répliquer en mode coordonné. Le moteur de performance tient à la capacité d’identifier en amont, prématurément, les sociétés surévaluées tout en sélectionnant les valeurs de sociétés en plein cycle ascendant. La sélection de valeurs s’opère en fonction de sept critères. En dehors des paris tactiques «longs» et des positions courtes opportunistes, les gérants tendront à privilégier pour les positions longues les sociétés en «croissance émergente» (notamment celles capables d’accroître fortement la rentabilité des capitaux investis, sur la durée) et celles en «croissance établie», capables en particulier d’améliorer leur rendement des capitaux employés, ou encore celles présentant des actifs sous-évalués. Pour les positions courtes, Pictet sera alerté par une dégradation du modèle commercial ou par une mauvaise utilisation des actifs.