P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The German asset management firm Alceda Asset management has received a license from the German financial market aurthority (BAFin) to launch and manage alternative investment funds (FIA). The permission covers both traditional open-ended funds dedicated to stocks and bonds and closed funds reserved rather for institutional investors.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Funds on sale in Sweden posted net inflows in February of almost SEK12bn, or EUR1.3bn, about the same level as in January, the most recent statistics from the local fund association, Fondbolagens Förening, show. Inflows were driven by bond funds, which took in SEK6.4bn, and diversified funds, with +SEK4.3bn. Equity funds attracted SEK1.8bn. For money markets, after strong inflows in January, funds attracted only SEK79m in February. Overall, in the month of February, assets in the Swedish fund sector rose by about SEK90bn (EUR10bn) to a total of SEK2.535bn (EUR286bn). Of this total, about 56% are invested in equity funds.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Handelsbanken has appointed its most recent recruit, Viking Kjellström, as its new principal manager for its global equity fund Handelsbanken Funds Global Selective, Citywire reports. Kjellström joined the Scandinavian bank last month, after serving as co-CIO of European equities at SEB. He had been manager of the SEB Europafund, which has been taken over by Magnus Högström. Kjellström succeeds David Rindegren.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Spanish asset management firm ICR Institutional Asset Management has notified the local regulator, the CNMV, of its decision to liquidate its two funds of funds Alpha Multistrategy IICIICIL and its feeder Alpha Plus IICIICIL, Funds People reports. As of the end of 2013, cumulative assets in the two vehicles topped EUR74m.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } GVC Gaeco Gestión has launched a new global fund of funds on the Spanish market, entitled 1 Kessler Casadevall, in the names of the two financial advisers in charge of the vehicle, Javier Kessler Saiz and Juan Manuel Vicente Casadevall, Funds People Reports. The benchmark indices for the funds are the MSCI World Index, for the equity portion, and the Citigroup World Aggregate Bond Index, for the bond portion. The product will invest over 50% of its assets in third-party funds from national or international managers, whether or not they are controlled by GVC Gaeco Gestión. The rest of the assets will be invested directly in equities, bonds and ETFs, up to a maximum of 49%, public or private issuers from OECD countries. However, exposure to risk from emerging countries will be limited to 20%, whie exposure to currency risks may reach 100%.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } European reforms of the money markets have dragged them down at a time when the Parliamentary commission on economic affairs still delaying a vote on the rules, Les Echos reports. Members of European parliament are opposed to constant net asset value (CNAV), for which the commission wanted to impose a capital requirement of 3% to ensure the stability of redemptions. The proposal may be blocked by partisans of the funds, including Irish and Luxembourg MEPs joined by most liberal and most German MEPs. The next elections will certainly be necessary to unlock the reform.
Le gestionnaire de fortune suisse Partners Group a fait état pour l’exercice 2013 d’un bénéfice net de 292 millions de francs suisses contre 265 millions de francs pour l’année précédente, selon des chiffres provisoires publiés le 10 mars. Les actifs sous gestion s'élèvent à plus de 31 milliards de francs suisses. Le conseil d’administration de Partners Group propose par ailleurs l'élection de Peter Wuffli, membre du conseil depuis 2009, à la présidence du conseil afin de réduire la dépendance de la structure vis-à-vis des membres fondateurs.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Swiss private bank Vontobel has promoted four of its employees, das Investment reports. Wolfram Gerlof becomes managing director of asset management. Daniel Brüesch et Roland Reyeg become department heads in private banking. Lastly, Christof Naef has been appointed as department head in investment banking.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } JPMorgan Asset Management has appointed Stéphane Casagrande as its director for institutional clients in Switzerland. Casagrande will be based in Zurich, and will handle monitoring of pension funds, insurers and businesses in Switzerland. He was previously director of Institutional Sales and Conslutant Relations for BNP Paribas Investment Partners in Switzerland. Before that, he worked at ECOFIN Investment Consulting and Credit Suisse Asset Management.
Julius Baer has launched the real-time online trading platform ‘Julius Baer Market Link’, according to a press release published on March 10."Available both as a web and mobile version, active and trading-orientated private clients now have all major financial markets at their fingertips with this new offering. Julius Baer is the first private banking group which uniquely combines the safety and service of traditional private banking with a professional online trading platform,» according to the statement.Complementary to and separate from the existing e-Banking service, which focuses on payments and low-frequency cash transactions, Julius Baer Market Link is an execution-only trading platform with more than 20,000 instruments across most asset classes including equities, foreign exchange, precious metals and commodities on various exchanges worldwide. The platform is easy to use on any device. Clients can trade mobile anywhere and anytime, by simply logging in on their personal computer, tablet or smartphone. Besides benefitting from real-time portfolio valuation, market data and news feeds, the trading platform grants direct access to first-class analysis tools and allows for cross-asset class margining. This innovative, safe and leading-edge technology is complemented by a dedicated Service Centre located in Switzerland, which supports the Bank’s clients in solving any platform-related questions during extended office hours.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Franklin Templeton Investments has added to its sales teams in Spain. The asset management firm has recruited Reyes Brañas for its Madrid office, as junior salesperson, Funds People reports. Her role will be to assist the sales team, with the objective of improving the quality of services and information to clients. She will also actively participates in sales of products from the company via the channel of financial agents on the Spanish market. Last month, Franklin Templeton recruited Javier Villegas as director of global financial institutions and consultants for the Americas. His mission is to strengthen and coordinate relationships with this target client segment in Latin America, and to develop the distribution of the asset management firm serving major partners in the region.
Hedge funds posted strong gains in February as equity, commodity and fixed income markets recovered from the prior month’s volatility, despite continued turbulence in emerging markets, according to a Hedge Fund Research.The HFRI Fund Weighted Composite Index advanced +2.1 percent for the month, the best monthly gain in over a year. The HFRI Fund of Funds Index gained +1.8 percent for the month, also the strongest gain since January 2013.Industry gains were led by Equity Hedge strategies, with the HFRI Equity Hedge Index climbing +2.9 percent in February. Event Driven funds also posted strong gains in February, led by Distressed/Restructuring. The HFRI Event Driven Index was up +2.1 percent, posting its 18th gain in the past 21 months.Strong performance across commodity, emerging markets, CTA and discretionary macro strategies drove the HFRI Macro Index to a gain of +1.4 percent for the month. The HFRI Macro: Commodity Index gained +2.7 percent for the period, led by contributions across Energy and Agriculture exposures. The HFRI Emerging Markets Index gained +2.6 percent. The HFRI Macro Discretionary Index gained +1.7 percent, the strongest gain since January ’13, while the HFRI Systematic Diversified Index advanced +1.6 percent.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The US investment boutique Granahan Investment Management will next month launch its first UCITS fund, Citywire reveals. It will be the first fund managed directly by the firm based in Massachusetts. The firm had previously managed only mandates for institutionals. The fund, domiciled in Ireland, will be known as the US Focused Growth Fund.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Swisscanto is launching a new absolute return fund which will invest in emerging markets. The flexible strategy of the Swisscanto (LU) Bond Invest Emerging Markets Absolute Return fund which is invested primarily in securities denominated in US dollarss or euros, provides a means to invest in governments, businesses and currecnnies from emerging markets that have the best outlooks. The fund will be open for subscriptions from 17 to 27 March 2014. It is aimed at private and institutional investors and is available in Swiss francs, euros or US dollars.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Ignis Asset Management is levelling out its equity range in the United Kingdom. According to Citywire, the asset management firm is planning to close two funds, the UK Enhanced Income and the UK Focus funds, managed by Graham Ashby and Mark Holden, respectively, due to their negative performance. The UK Enhanced Income fund (GBP9.9m in assets) has earned returns of 16.9% in the past three years to the end of January, compared with gains of 32.2% for the FTSE 350 Higher Yield index. For its part, the UK Focus fund (GBP63.5m), launched in 2002, has posted returns of 4.7% in the past three years, compared with 27.7% fo the FTSE All Share.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Warrenn Buffett has stated in the most recent report from Berkshire Hathaway that in his will, he recommends that his wife invest the money he is leaving her 90% in a very low-cost index fund based on the S&P 500, and 10% in short-term government bonds, Financial Times fund management reports. Concerning the index fund, “I suggest funds from Vanguard,” the star investor says.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Adam Bernstein, a portfolio manager for nine years at Highbridge Capital Management, is planning to leave the firm with two colleagues to found a new hedge fund firm, the Wall Street Journal reports, citing sources familiar with the matter. Bernstein supervises one of the largest and most profitable portfolios from Highbridge, a firm controlled by JP Morgan Chase. Hoffman, head of equity trading, is also leaving.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The arrival of David Zerbib on the European sales team at Edmond de Rothschild Asset Management, which the website H24 Finance announced on the morning of Monday, 10 March, was confirmed soon thereafter by the asset management firm. Zerbib will work on the team led by Michel Dinet, head of IFA partners, in the department of Philippe Cormon, head of European Third Party Distribution at EdRAM. The new arrival will be responsible for monitoring independent advisers in Paris and the western region, as well as entrepreneurial asset management firms. Before joining EdRAM, Zerbib worked at Cyrus Conseil for 2 years.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Commerz Real Kapitalverwaltungsgesellschaft mbH, an affiliate of Commerz Real AG (Commerzbank group), has obtained a license from the German market autority BaFin. Approval from BaFin will allow the new firm to offer and manage alternative investment funds (FIA) in Germany for both private and institutional investors. The launch of the first products is scheduled for the second half of 2014. The directors of the new firm, who benefit from the expertise of Commerz Real, are Marinela Bilic-Nosic for risk management, Heiko Szczodrowski for real estate projects and management, and Jörg Thomsen for real estate products and product development.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The growing power of activist hedge funds has increased the risks associated with holding corporate bonds, Moody’s warns. Bondholders may confront “a rising wave of negative credit events” this year, according to the agency, which cites a rise in the number of activist campaigns against corporate management. “Businesses will take measures to satisfy or ward off activists, which will leave them with less money to pay off their debts,” the study cited by the Financial Times says.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Lee Kranefuss, who built iShares and has seen its assets increase from zero to USD600bn in assets in 2010, is returning to the ETF markets, and he has money to spend, Financial Times fund management reports on the basis of an interview with him. The man known as the “father of ETFs” signed an agreement with Warburg Pincus in 2012 to find investment opportunities in ETFs and asset management. His first deal was to acquire a majority stake in Source. Others are expected to follow. “We have capital available to carry out strategic acquisitions which make sense, but we need to be very disciplined,” says Kranefuss. The other objective for the director is to develop Source in the United States. The firm has already appliced to launch products listed in the United States this year.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } JP Morgan Asset Management (JP Morgan AM) is preparing a new wave of activities with insurers at a time when these clients are seeking to outsource their investments in areas such as infrastructure, private equity and real estate, eFinancial News reports. The US asset management firm last year saw a lot of its new business coming from insurance companies in the United States, Taiwan, South Korea and Japan. It is now expecting to gain business with European insurers, particularly in Italy, Switzerland and Germany.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Things are going well for F&C Investments (F&C). The British asset management firm has won a USD446m mandate from the Eastern European Fund Board following the departure of the current manager, Nevsky Capital, which has “resigned” with effect from 30 April 2014, F&C announced on 10 March. The British asset management firm will therefore assume the management of the Eastern European Fund, a UCITS investment vehicle based in Dublin with USD466m in assets as of 3 March 2014. The objective for the fund remains unchanged: to increase capital by investing in companies which are listed in Eastern Europe, or in companies with a significant exposure in the region. F&C has also announced plans to introduce a “highly competitive” institutional share class for existing clients and new clients without a performance fee.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Peter Mann, currently vice president of Old Mutual Wealth, has announced his departure from the firm after twelve years of collaboration, Citywire reports. He had served as vice president since October 2013. Although Mann will remain at the firm until mid-year, he will not be replaced, Old Mutual Wealth reports.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } As announced earlier this year, the Geneva-based asset management firm Argos Investment Managers is hoping to develop in Europe, especially in France and the United Kingdom. With this in mind, Argos IM has recruited Nick Hamwee as head of British activities. He claims in Investment Europe that “the turnover of bonds to equities begun in 2013 is favourable to asset management boutiques.” According to Investment Eirope, Argos Investment Managers has assets under management of EUR320m.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Simon Ellis, former managing director of Legal & General Investments, has joined HSBC Global Asset Management (HSBC GAM) in the newly-created role of global head of client segments, FT Adviser reports. His mission will be to oversee the development of a large part of the clients of HSBC GAM, including pension funds and sovereign funds. Ellis left L&G Investments in January last year after three years at the firm. In his career, he has also served in senior roles at Fidelity, Axa Investment Managers and Henderson.
Variable annuity net new sales will reach USD22 billion by 2018, a 57% increase from 2012 levels, according to Cerulli Associates,Net new variable annuity sales plummeted in 2012 to just USD14 billion. However, as interest rates stabilize, Cerulli envisions legacy variable annuity providers and new entrants, including nontraditional players, to join the marketplace.
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Legal & General Investment Management is planning to launch an ETF activity, Financial Times fund management reports. Ali Toutounchi, managing director of index-based funds at L&G estimates that ETFs would strengthen the range from LGIM for other investors. “That would give us access to a totally different market: fund managers, hedge funds, traders...” He also claims that this would allow for easier access to the retail market.
BNP Paribas Investment Partners (BNPP IP) has hired Colin Graham as CIO and head of TAA & research in its MultiAsset Solutions (MAS) team. He joins BNPP IP from BlackRock (formerly Merrill Lynch Investment Managers), where he was co head of the Global Multi Asset Strategies team.Colin Graham is based in London and reports to Charles Janssen, head of Multi Asset Solutions. In his role he leads the MAS team’s strategists, economists and analysts and has overall responsibility for the tactical asset allocation process.BNP Paribas Investment Partners’ Multi Asset Solutions team offers a broad range of multi asset expertise including balanced portfolios, multi management, absolute return, liability driven strategies, risk overlay and fiduciary management. The team manages EUR 53 billion (as at 31.12.13) of client assets and consists of over 50 investment professionals based in Amsterdam, Brussels, Hong Kong, London and Paris.
Julius Baer complète son offre de services dans le private banking avec le lancement de la plateforme de négoce en ligne en temps réel «Julius Baer Market Link», selon un communiqué publié le 10 mars. Soit sur le Web soit en tant que version mobile, les clients privés actifs enregistrés en Suisse et orientés négoce ont désormais tous les principaux marchés financiers à portée de main. «Julius Baer est le premier groupe de private banking qui combine la sécurité et le service du private banking traditionnel avec une plate-forme de négoce professionnelle», selon le communiqué .En complément et séparément du service e-banking, qui se focalise sur les paiements et les transactions en espèces de faible fréquence, Julius Baer Market Link est une plate-forme de négoce «execution-only» avec plus de 20.000 instruments dans toutes les classes d’actifs, y compris les actions, les devises, les métaux précieux et les marchandises sur différentes bourses du monde.La plate-forme peut être utilisée aisément depuis tout appareil. Les clients peuvent négocier de façon mobile en tout lieu et à tout moment en s’enregistrant simplement sur leur PC, tablette ou smartphone. Outre une évaluation du portefeuille en temps réel, des données de marché et des flux d’informations, la plate-forme de négoce permet d’accéder directement à des outils d’analyse de premier ordre et de placer des appels de marge pour toutes les classes d’actifs. Cette technologie novatrice, sûre et ultramoderne est complétée par un centre de service dédié situé en Suisse, qui aide les clients de la Banque à résoudre toutes les questions en lien avec la plate-forme durant les heures de bureau élargies.