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06/11/2009

UBS fined by FSA

UBS will be required to pay the third-largest fine ever handed down by the Financial Services Authority, after four employees in the bank’s international wealth management division, including a desk head, used clients’ money to speculate on foreign currencies and commodities, the Financial Times reports. Their activities lost the clients nearly GBP26m over two years. UBS must pay a fine of GBP8m and reimburse 39 clients for their losses.
06/11/2009

Legg Mason veteran joins JPMAM

Andy McNulty has joined JP Morgan Asset Management, where he will be in charge of regional sales for North England, Investment Week reports. He was previously at Legg Mason, as head of UK retail sales, before he was laid off in June.
06/11/2009

Kathryn Langridge to manage a new fund at Lloyd George Management

Lloyd George Management is launching a global emerging market high yield equity fund, which will be managed by Kathryn Langridge, a former manager at Invesco Perpetual, who joined LGM in 2007. The product will be a UCITS III-compliant fund domiciled in Dublin, Citywire reports.
06/11/2009

Institutional redemptions weigh on Man Group

In the first half of its fiscal year, to 30 September, the hedge fund firm Man Group has seen net redemptions of USD1.8bn. These have been primarily to institutional clients, who withdrew a net total of USD4.6bn. However, the asset management firm received net subscriptions from private clients totalling USD2.7bn. In total, between 1 April and 30 September, assets under management dipped 6% to USD44bn. Average assets under management fell by USD54.5bn in the second half of 2009 to USD43.2bn. In this environment, revenues for the first six months of the fiscal year fell 41% to USD692m, compared with the second half of the previous fiscal year. Revenues from management commissions and other fees fell 16% to USD649m. Pre-tax profits totalled USD302m, an increase from the USD121m reported for the previous half, but a heavy decline from the USD622m in the corresponding period of last year.
06/11/2009

Rory Hammerson to join Kempen

Citywire reports that Rory Hammerson, the former head of European equities at Scottish Widows Investment Partnership, will join Kempen Capital Management in Edinburgh.
06/11/2009

Managed accounts at MAN Group show strong growth

Multi-manager activities at Man Group are doing well, the firm has announced in a statement. As of the end of September, it had USD17.8bn in assets under management. Managed accounts totalled USD6bn as of 30 September, compared with USD4bn six months ago.
06/11/2009

Natixis Global Associates International opens Taiwan affiliate

Natixis Global Associates International (NGAI), the international distribution arm of Natixis Global Asset Management (NGAM), on Thursday, 5 November officially opened its affiliate in Taiwan, Natixis Securities Investment Consulting Co., Ltd. The announcement follows the issue of a SICE license to the firm by Taiwan’s Securities and Futures Commission (SFC).
06/11/2009

ETF Securities launches a platform for ETC currency funds

ETF Securities is planning to launch a platform for Exchange Traded Currency (ETC) funds. Initially, 18 ETC products will be listed on the London Stock Exchange. They will track the recently-launched Morgan Stanley Foreign Exchange indices.
06/11/2009

M&G aims for EUR1bn in assets in France by 2012

Nearly precisely two years to the day after opening its Paris office, the British asset management firm M&G has assets of EUR400m under management in France, out of total assets under management of EUR186bn, of which EUR4bn are in Europe outside the United Kingdom. “In light of the fact that our objective is to reach EUR1bn in assets, excluding mandates, by 2012, we are ahead of our projections,” said Brice Anger, director of development for France at M&G, at a press conference.
06/11/2009

BNP Paribas would not say no to further acquisitions

At a press conference to announce quarterly results for BNP Paribas on 5 November, Baudouin Prot, the firm’s CEO, did not rule out the possibility of small acquisitions to come for the bank, “as long as they are very convincing” deals, according to the Belgian newspaper L’Echo. On the subject of reports that the British banks RBS and Lloyds Banking Group are planning to sell off as much as 10% of the retail banking market in the UK, Prot was reluctant about the possibility that his firm would acquire some assets, pointing out that the group’s first objective would be to complete its integration of Fortis in the next few months. However, he was more clear about the insurance assets of ING, which the Dutch group is planning to sell off. The BNP chief estimates that the Benelux insurance activities in question are not directly interesting for his group.
06/11/2009

Citigroup set to relaunch hedge fund affiliate

According to the Financial Times, Citigroup is poised to relaunch its hedge funds unit, Citi Alternative Investments, after nearly two years of poor performance, internal strife and investor unrest. People close to the situation said that the company wanted to change the name of the unit – which has USD14bn under management and includes private equity operations – to Citi Capital Advisors. The FT observes that «the fate of CAI is particularly sensitive because the unit is closely associated with Citi’s chief exécutive, Vikram Pandit».
06/11/2009

Inflows and smaller losses at GLG Partners

In third quarter 2009, the hedge fund firm GLG Partners has posted net inflows of USD216m, which has allowed it to increase its assets under management in the period by 13%, to USD21.6bn. Assets have increased in one year by 25%. In the first nine months of the year, the firm has posted net inflows of USD2.5bn, of which USD2.6bn come from assets at SGAM UK, acquired in second quarter 2009. Despite this, net revenues totalled USD48.2bn, a 53% decrease in one year. This decline largely reflects the greater representation in net AUM from long-only funds and managed accounts which have lower management and administrative fees than GLG’s alternative strategy funds, the firm explains. Net revenues in the first nine months of the year total USD186.1m, a decline of 56% year on year. In total, GLG has seen further losses in third quarter, of USD99m, better than the losses of USD167.1m the firm posted one year ago.
06/11/2009

Germany and Luxembourg in tax information sharing agreement

The German finance minister, Wolfgang Schäuble, and his counterpart in Luxembourg, Lux Frieden, have decided to modify the double taxation agreement in place between the two countries, to enable them to exchange taxation information, L’Echo reports.
06/11/2009

Church of England lost pastors' money on the stock markets

Although the Church of England has recently been expressing criticism of “savage capitalism,” it appears that it has lost a lot of money on the stock market in the past few years. Shaun Farrell, head of the pension fund for the church, says that it is facing a deficit of about GBP400m. Allocations have privileged equities, Fondsprofessionell reports.
06/11/2009

Inflows to funds of funds quadruple in third quarter

In third quarter 2009, funds of funds in the United Kingdom posted net subscriptions of GBP1.4bn, according to statistics from IMA, the British association of management professionals. This represents a 17% increase over second quarter (GBP1.2bn), and amounts to more than four times the amount recorded one year ago (GBP297m). Funds of funds finished the quarter with GBP39.3bn in assets under management, 21% more than in the previous quarter, and 27% higher than third quarter 2008. Diversified funds represent the majority of assets under management, at 63%, followed by equities funds. There are 49 more funds of funds on the market than there were last year, bringing the total to 369. The IMA also reports that index funds have posted net subscriptions of GBP79m in third quarter, compared with GBP259m in the previous quarter, and net redemptions of GBP34m in third quarter 2008. Net sales of Ethical funds were GBP59m in Q3 2009, reversing the previous quarter’s exceptional GBP18m outflow, and more than double the GBP21m net sales in Q3 last year.

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