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25/03/2013

Evelyn Muth quitte Oddo Allemagne au bout de 10 mois

Arrivée en mai 2012 pour diriger les activités du français Oddo Asset Management en Allemagne et en Autriche, Evelyn Muth est sur le départ, rapporte Fondsprofessionell. La séparation serait due à des divergences d’appréciation sur la manière de développer la marque sur les marchés concernés.Provisoirement, les attributions d’Evelyn Muth (qui avait passé 17 ans chez Fidelity Allemagne jusqu'à fin 2011) seront assurées à partir de Paris jusqu'à ce qu’un successeur ait été trouvé.
25/03/2013

William Blair s'installe à Francfort

Le groupe américain William Blair (banque d’investissement et gestion d’actifs) a annoncé l’ouverture d’un nouveau bureau en Europe continentale, à Francfort. Dans un premier temps, cette nouvelle implantation se focalisera sur l’activité de banque d’investissement.Le bureau emploie une équipe de cinq banquiers chevronnés dirigée par Philipp Mohr, managing director, global head of industrials. L’intéressé était en dernier lieu global head of M&A de la Commerzbank.
25/03/2013
Fonds

Aquantum lance un fonds de performance absolue avec Universal

Le gestionnaire quantitatif munichois Aquantum a confié au francfortois Universal-Investment le lancement du fonds luxembourgeois de performance absolue Aquantum - Global Systematic, qui utilise l’expertise d’Aquantum dans le domaine des stratégies systématiques sur les managed futures. Le processus d’investissement est conçu de telle sorte que le fonds produira des rendements élevés seulement durant les fortes hausses ou fortes baisses mais également sur des marchés avec une tendance peu marquée.Le portefeuille du nouveau fonds est largement diversifié sur une cinquantaine de marchés de futures,sur les classes d’actifs actions, devises, obligataire, crédit et volatilité sur des périodes et des systèmes de négoce différents. Pour l’instant, le portefeuille n’est pas investi en matières premières. Le portefeuille est piloté de manière à atteindre un objectif de volatilité de 12 %. De plus, avant l’exécution de chaque ordre, l'équipe de gestion passe l’opération projetée à un filtre de gestion du risque.CaractéristiquesDénomination : Aquantum – Global SystematicCodes Isin :LU0821053013 (parts P/retail)LU0821053443 (parts I/institutionnels)Droit d’entrée : 3 % (parts P)Commissions de gestion :2,34 % (parts P)1,80 % (parts I)Commission de performance : 20 %, avec high watermark.
Fonds
25/03/2013
Fonds

La collecte actions freinée par les inquiétudes sur Chypre

Les inquiétudes suscitées par la déconfiture chypriote ont freiné la collecte actions, les fonds d’actions européennes enregistrant des rachats massifs durant la semaine au 20 mars.Selon les statistiques communiquées par EPFR Global, les fonds d’actions dans leur ensemble ont malgré tout enregistré une collecte nette de 2,5 milliards de dollars, les seuls fonds d’actions américaines ayant drainé un peu plus de 2 milliards de dollars, surtout sur les petites et moyennes capitalisations. Les fonds obligataires ont terminé la semaine sous revue sur une collecte nette de 3,68 milliards de dollars tandis que les fonds monétaires subissaient des rachats pour la huitième fois au cours des dix dernières semaines. EPFR Global relève que les fonds d’actions japonaises continuent d’attirer des flux, la collecte totale depuis le début de l’année s’inscrivant désormais à plus de 7,5 milliards de dollars.
Fonds
25/03/2013
Fonds

Petercam lance son fonds de dette émergente ISR

Ayant obtenu l’agrément de la CSSF luxembourgeoise, le belge Petercam a pu annoncer le lancement officiel du compartiment SRI Emerging Market bond fund de sa sicav luxembourgeoise Petercam L Bonds (lire Newsmanagers du 21 janvier). Le nouveau produit, qui est un fonds ISR purement d’obligations d’Etat de pays émergents en monnaies fortes et en devises locales, est disponible en quatre classes de parts, dont deux de capitalisation et deux de distribution.Le rendement à échéance se situe à 6 % pour le portefeuille initial, sans préjudice pour la qualité, puisque 60 % des titres en portefeuille seront de qualité investissement.CaractéristiquesDénomination : Petercam L Bonds, SRI Emerging Market BondCodes Isin :LU0907927171 Retail distributionLU0907927338 Retail capitalisationLU0907927841 Institutionnel distributionLU0907928062 Institutionnel capitalisationCommissions de gestion Retail : 1 %Institutionnel : 0,50 %
Fonds
25/03/2013

Class action lawsuit against Smith Barney

P { margin-bottom: 0.08in; } Mutual Fund Wire relays reports in Bloomberg that Manhattan US District Judge William Pauley has admitted a lawsuit filed by a group of investors in mutual funds against the providers Smith Barney Fund Management and Citigroup Global Markets as eligible for hearing. The plaintiffs claim that they suffered damages between 11 September, 2000 and 24 June, 2004, due to a system of kickbakcs by which Citigroup pocketed savings on commissions instead of passing them on to Smith Barney clients.
25/03/2013

Managers of guaranty funds slash commissions

P { margin-bottom: 0.08in; } Cotizalia reports that since the beginning of the year, 37 Spanish guaranty funds have lowered their management commissions, which currently stand at an average of 1.35%, a level which is closer to actively-managed products. In addition, several guaranty fund managers are now offering 1% to 2% rewards on sums transferred in fund trades.The turbulence is due to the fact that market conditions are currently unfavourable for guaranty funds. Those with a large proportion of equities have seen net outflows of EUR401m in the first two months of the year.
25/03/2013

Bonuses: UK managers would be hit hardest in Europe by far

P { margin-bottom: 0.08in; } If remuneration rules passed by the monetary affairs committee (ECON) of the European Parliament on 21 March were applied as they are to managers of UCITS-compliant mutual funds, UK asset management firms would be disproportionately affected by rules limiting bonuses, as bonuses at these firms tend to represent a larger percentage of remuneration, says Jon Terry, a partner in the reward team at PricewaterhouseCoopers (PwC).The specialist claims that many British asset management firms would be obliged to completely overhaul the way in which they pay their fund managers and management personnel, due to the large proportion of remuneration which would be affected by the new rules. In fact, says Terry, asset management firms are said to be concerned by the fact that the monetary affairs commission is proposing a much more explicit definition of the individuals subject to the rules than the one which is applicable to banks or hedge fund managers. If the proposals are passed in their initial form, it would significantly increase the number of people affected by the new rules in senior management, as well as front, middle and back offices.
25/03/2013

Petercam launches SRI EMD fund

P { margin-bottom: 0.08in; } The Belgisn firm Petercam, having received a license from Luxembourg’s CSSF, has announced the official launch of the SRI Emerging Market bond fund, a sub-fund of its Petercam L Bonds Sicav (see Newsmanagers of 21 January). The new product, which is an SRI fund investing purely in government bonds from emerging countries denominated in hard and local currencies, is available in four share classes, two of which are capitalisation, and two distribution.Returns at maturity are 6% for the initial portfolio, with no compromise in quality, as 60% of the securities in the portfolio are investment grade.CharacteristicsName: Petercam L Bonds, SRI Emerging Market BondISIN codes:LU0907927171 Retail distributionLU0907927338 Retail capitalisationLU0907927841 Institutional distributionLU0907928062 Institutional capitalisationManagement commissionsRetail: 1%Institutional: 0.50%
25/03/2013

"Les hedge funds devraient tirer leur épingle du jeu dans un scénario de remontée des taux"

Le suisse Unigestion, qui gère 1,8 milliard d’euros en hedge funds sur un encours total de plus de 10 milliards d’euros, estime que cette gestion a encore toute sa place surtout pour ceux qui veulent se protéger d’une remontée des taux d’intérêt. Dans un entretien à Newsmanagers, Fiona Frick, CEO de la société de gestion suisse, donne sa vision de ce marché. Elle fait aussi le point sur sa société et le secteur de la gestion d’actifs dans son ensemble.
25/03/2013

“Hedge funds will do well as interest rates rise”

The Swiss firm Unigestion, which has EUR1.8bn in assets under management in hedge funds, out of total assets of EUR10bn, claims that this type of management still has a place for those who are seeking to protect themselves from rising interest rates. In an interview with Newsmanagers, Fiona Frick, CEO of the Swiss asset management firm, describes her vision of the market. She also gives an overview of her firm and the asset management industry overall.
25/03/2013

iShares launches target-date bond ETF

P { margin-bottom: 0.08in; } BlackRock has announced that it has listed a target-date bond ETF for trading on NYSE Arca, the iShares 2018 S&P AMT-Free Municipal Series ETF (ticker: MUAG), which comes as an addition to the iShares 2013-2017 Muni Series range, launched in 2010.The portfolio is invested in a basket of municipal bonds that are exempt from AMT tax, which are investment grade and cannot be redeemed before maturity in 2018. The fund replicates the evolution of the S&P AMT-Free Municipal Series 2018 Index. The TER is set at 0.30%.
25/03/2013

WisdomTree preparing low-vol Brazil ETF

P { margin-bottom: 0.08in; } On 19 March, WisdomTree Trust filed an N-1 A license application for the WisdomTree Brazil Low Volatility Equity Fund, an ETF which will replicate a house index of the 50 best-rated Brazilian companies for three factors: volatility track record, returns on owners’ equity (ROE) and return on assets (ROA). The basic universe includes all companies listed in Brazil and included in the BM&FBOVESPA index.To date, WisdomTree has not yet announced the TER or ticker for the product.
25/03/2013

Van Eck proposes high-yield ETF

P { margin-bottom: 0.08in; } On 22 March, Van Eck Global announced that the Market Vectors Treasury-Hedged High Yield Bond ETF (ticker: THHY), an ETF whose objective is to combine potential earnings from high-yield corporate bonds with a way to hedge for currency risks by shorting Treasury notes, has been admitted to trading on NYSE Arca.The fund replicates the performance of the Market Vectors® U.S. Treasury-Hedged High Yield Bond Index (MVTHHY), before fees and expenses.The total expense ratio is capped to 0.50% until 1 September 2014.
25/03/2013

Aquantum launches AR fund with Universal

P { margin-bottom: 0.08in; } Munich-based quantitative asset management firm Aquantum has retained Frankfurt-based Universal-Investment for the launch of the Luxembourg-registered absolute return fund Aquantum – Global Systematic, which relies on the expertise of Aquantum in the area of systematic strategies on managed futures. The investment process is designed so that the fund dcan make profits as well during times of steep rises or declines as on markets with no clear trends.The portfolio for the new fund is widely diversified over 50 futures markets, in the equity, bond, currency, credit and volatility asset classes, and various periods and trading systems. So far, the portfolio is not invested in commodities. The portfolio is managed so as to achieve a volatility objective of 12%. In addition, before each order is executed, the management team runs the planned deal through a risk management filter.CharacteristicsName: Aquantum – Global SystematicISIN codes:LU0821053013 (P/retail share class)LU0821053443 (I/institutional share classes)Front-end fee: 3% (P share class)Management commissions:2.34% (P share class)1.80% (I share class)Performance commission: 20% with high watermark
25/03/2013

Sparinvest releases an emerging market equity fund in Germany

P { margin-bottom: 0.08in; } BaFin has issued a sales license for Germany to the Sparinvest Emerging Markets Value sub-fund of the Luxembourg Sicav of the Danish firm Sparinvest (see Newsmanagers of 3 May 2012). The fund, launched on 1 June 2012, is invested in equities listed on emerging markets, companies that are headquartered in emerging countries, or businesses who realise a large part of their activities in these countries.
25/03/2013

Nuveen: Net outflows and a decline in assets in 2012

P { margin-bottom: 0.08in; } Due to institutional withdrawals of USD16.75bn, Nuveen Investments in 2012 underwent net redemptions of USD14.24bn, compared with net subscriptions of USD13.83bn in 2011. Structured products, however, generated USD4.94bn in net inflows last year, compared with USD1.48bn in 2011.As of 31 December, total assets came to USD218.55bn, compared with USD220.1bn one year previously.
25/03/2013

William Blair sets up shop in Frankfurt

P { margin-bottom: 0.08in; } The US group William Blair (investment banking and asset management) has announced that it has opened a new office in continental Europe, in Frankfurt. The new office will initially focus on investment banking activities.The office employs five experienced bankers led by Philipp Mohr, managing director, global head of industrials. Mohr had most recently been global head of M&A at Commerzbank.
25/03/2013

Evelyn Muth leaves Oddo Germany after 10 months

P { margin-bottom: 0.08in; } Evelyn Muth, who joined Oddo Asset Management in May 2012, to direct the activities of the French firm in German and Austria, is leaving the firm, Fondsprofessionell reports. The separation is said to be due to differences of opinion as to ways to develop the brand in the markets concerned. The duties of Muth (who spent 17 years at Fidelity Germany, until the end of 2011) will provisionally be handled from Paris until a successor can be found.
25/03/2013

Hedge funds have a record start to the year

P { margin-bottom: 0.08in; } First quarter 2013 will go down in history as one of the best ever for some hedge funds, despite ongoing concerns on the economic front, the Financial Times reports. Some are even predicting that it may bring a return to grace for the sector. For example, Lansdowne Partners, the largest equity hedge fund in Europe, has seen a 7.75% increase for its flagship fund in the first two months of the year. The flagship fund by Crispin Odey, head of Odey Asset Management, has gained 11% this year.
25/03/2013

Inflows to equities slowed by fears over Cyprus

Fears that a bailout package for Cyprus that called for a one-off levy on existing depositors might prompt bank customers in Spain, Italy and Portugal to head for the exits gave investors and markets pause for thought in mid-March. Flows into EPFR Global-tracked Equity Funds slipped to less than a fifth of the previous week’s level.Overall, EPFR Global-tracked Equity Funds took in a net USD2.5 billion during the week ending March 20 as they extended their longest inflow streak in over a decade. US Equity Funds took in over USD2 billion.Japan Equity Funds extended their recent run as the latest inflows pushed the year-to-date total past the USD7.5 billion mark and kept this fund group on track for its biggest quarterly inflow since 4Q05. Bond Funds took in USD3.68 billion while Money Market Funds posted outflows for the eighth time in the past 10 weeks as their flows follow a pattern remarkably similar to the one they established between 4Q11 and 2Q12.
25/03/2013

Apollo acquires Bankia automotive lending unit

P { margin-bottom: 0.08in; } The US private equity investor Apollo Global Management on Friday bought FinanMadrid, the unit of the nationalised Spanish bank Bankia dedicated to lending for the purchase of automobiles and consumer credit, for an undisclosed amount, Handelsblatt reports. Apollo says the transaction includes a portfolio of over 18,000 client accounts, and EUR873m of loans.
25/03/2013

Nelson Peltz increases stake in Pepsico

P { margin-bottom: 0.08in; } The Wall Street Journal reports that, according to the London Daily Telegraph, Trian Management Fund, the activist fund managed by Nelson Peltz, has acquired further shares in Pepsico (Pepsi-Cola, Lay’s), whose shares gained 3% on Friday. According to market rumours, Trian may use its stake, as well as the stake it holds in Mondelez (Cadbury ,Trident) to require PepsiCo to spin off a beverages entity and a separate snacks company, which it would then merge with Mondelez, or else that the firm break up and merge.For its part, the hedge fund manager Relational Investors also owns a stake in Pepsico since last year, and has already requested that the less profitable beverages unit be spun off.
25/03/2013

Ken Leech to become CIO fo Wamco again in 2014

P { margin-bottom: 0.08in; } According to a message to clients sent Tursday by CEO James Hirschmann, Steve Walsh, CIO of Wamco (USD461.9bn in assets as of the end of December) will be retiring in March 2014, Reuters reports, as relayed by Mutual Fund Wire. Walsh has been CIO since 2008; his successor will be Ken Leech, who becomes co-CIO of Wamco. Leech had previously been CIO of the Legg Mason affiliate from 1998 to 2008. He is currently chairman of the global strategy committee for bond portfolios.
25/03/2013

First State recruits for infrastructure

P { margin-bottom: 0.08in; } Pablo Cohen, associate director at the Australian firm Access Capital Advisers, has been recruited by First State Investment as a senior analyst in its infrastructure team.
25/03/2013

Operating profits down at Ignis AM

P { margin-bottom: 0.08in; } The British asset management firm Ignis Asset Management has reported a decline of 6% for 2012 to its operating profits, to GBP43m, from GBP46m the previus year, according to a statement released on 22 March. Assets under management at the firm fell 6.6% to GBP66bn, from GBP70.7bn as of the end of 2011. Ignis states that its operating profits were affected largely by a decline in performance commissions generated by one of its joint ventures, and a renegotiation of its joint venture agreements. The statement adds that administrative back office functions at Ignis have been outsourced to HSBC.
25/03/2013

Schroders confirms talks to acquire Cazenove Capital

P { margin-bottom: 0.08in; } The UK asset management firm Schroders, which had GBP212bn in assets under management as of the end of 2012, on Friday confirmed in a statement to the markets that «it is in discussions regarding a possible cash offer, with loan note alternative, for the entire issued ordinary share capital of Cazenove Capital.» The latter firm is an independent asset management firm based in London, with GBP18.7bn in assets under management, GBP12.9bn of it in wealth management, and GBP5.8bn in funds (as of the end of February). By regulation, Schroders will have until 5 p.m. on 19 April 2013 to announce either a firm intention to make an offer for Cazenove Capital or that it does not intend to make an offer for Cazenove Capital. This deadline will only be extended with the consent of the Takeover Panel in accordance with the Code on Takeovers and Mergers.
25/03/2013

Assets under management at LLB up 3.7%

P { margin-bottom: 0.08in; } Assets under management by the Liechtensteinische Landesbank (LLB) rose 3.7% in 2012, to a total of CHF49.9bn, compared with CHF48.1bn as of the end of December 2011. Inflows were satisfactory on the bank’s traditional markets: Liechtenstein, Switzerland, Austria, Central and Eastern Europe, and the Middle and Near East, but activities on other markets saw outflows of CHF392m. Consolidated profits totalled CHF97.9m, a spectacular increase compared with the previous year, when they totalled only CHF15.4m. This development is largely due to a steep fall in spending, which was down 7.3% to CHF298.1m.
25/03/2013

Ed Meier leaves Schroders for Old Mutual

P { margin-bottom: 0.08in; } The UK equity fund manager Ed Meier will be leaving Schoders to join Richard Buton and Errol Francis at Old Mutual, Fundweb reports. Buxton resigned form his position as director of UK equities recently. He had spent 12 years at the firm. Meier will join Old Mutual in mid-June, and will report to Buxton.
25/03/2013

Blackstone et Carl Icahn sur les rangs pour Dell

Dell fait l’objet d’offres concurrentes à la suite de l’accord passé le mois dernier entre son fondateur Michael Dell et le fonds de capital investissement Silver Lake en vue de le retirer de la cote. Réunis au sein d’un consortium, ils proposent de racheter le groupe texan pour 24,4 milliards de dollars, soit 13,65 dollars par action. Mais Blackstone Group, conseillé par Morgan Stanley, a soumis une offre provisoire avant la date limite de samedi, a rapporté Bloomberg de source proche du dossier. Celle-ci s'élèverait à 14,25 dollars par action en numéraire. L’investisseur Carl Icahn semble également de la partie avec une offre à 15 dollars par action qui repose sur une recapitalisation avec effet de levier comprenant un plafond de 58% sur le niveau de cash utilisé dans l’opération. L’action Dell a clôturé à 14,14 dollars vendredi. Dell et Blackstone se sont refusés à tout commentaire.

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