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06/03/2013

La collecte de Royal London AM fait un bond de 66% en 2012

Royal London Asset Management (RLAM) a annoncé le 5 mars une collecte de 2,3 milliards de livres au titre de l’exercice 2012, en progression de 66% d’une année sur l’autre. La collecte dans les fonds obligataires a représenté 88% du total, précise la société de gestion dans un communiqué.A fin décembre, les actifs sous gestion de RLAM s'élevaient à 47,6 milliards de livres, en hausse de 8% par rapport à fin décembre 2011.
06/03/2013
Fonds

Nord LB AM lance un fonds pour les institutionnels ecclésiaux

Conjointement avec la coopérative de crédit évangélique (EKK), Nord LB Asset Management a lancé le 1er mars un fonds destiné aux investisseurs institutionnels du monde ecclésial, le KVV-Fonds - EKK pour lequel la souscription minimale est fixée à 100.000 euros.L’essentiel du portefeuille sera constitué d’obligations libellées en euros émises par les plus grandes signatures tandis que l’allocation aux actions est plafonnée à 20 %. L'équipe d’investissement peut aussi investir en fonds immobiliers offerts au public et en fonds de performance absolue coordonnés.CaractéristiquesDénomination : KVV-Fonds - EKKCode Isin : DE000A1J3WM7Commission de gestion : 0,35 %
Fonds
06/03/2013
Fonds

Allianz restreint l'accès à un fonds RMB onshore

Allianz Global Investors a décidé de restreindre l’accès des investisseurs à son fonds Allianz Renminbi Fixed Income Onshore peu de temps après son lancement en raison de l’appétit croissant des investisseurs pour cette stratégie, rapporte Citywire.Le fonds domicilié au Luxembourg avait été lancé le 31 janvier dernier. Il avait été présenté comme le premier fonds de ce type à proposer un accès au marché du renminbi onshore et la possibilité d’investir directement dans les obligations souveraines chinoises. A fin février, les actifs du fonds s'élevaient à près de 34 millions d’euros. Selon un porte-parole d’Allianz GI, «la demande a été telle que le fonds a été soft closé début février, quelques jours seulement après son lancement le 31 janvier, les actifs ayant atteint le quota autorisé par les régulateurs chinois». Le fonds Onshore RMB vient s’ajouter à deux autres fonds, Allianz Renminbi Fixed Income (Offshore) et Allianz Renminbi Currency. Le fonds Offshore, lancé en juin 2011, avait été fermé en août 2011 après une collecte de 450 millions d’euros en l’espace de deux mois. Il a été rouvert en août 2012.
Fonds
06/03/2013
Fonds

Cazenove lance un fonds multi-classes d'actifs

Cazenove Capital vient de lancer un fonds multi-classe d’actifs pour répondre à la demande de ses clients, rapporte Fundweb.Le Cazenove Multi-Asset fund a été lancé le 28 février dernier. Il permet d’accéder, par le biais d’un véhicule offshore, à la stratégie utilisée dans le Diversity fund, dont les actifs sous gestion s'élèvent à 1,1 milliard de livres. Selon un porte-parole de Cazenove, «le nouveau fonds n’est pas identique au Diversity fund mais il est géré par les mêmes personnes et il met en œuvre une approche multi-classes d’actifs».
Fonds
06/03/2013

Le patron de Lansdowne Partners sur le départ

Sir Paul Ruddock, patron et co-fondateur de la société de gestion alternative Lansdowne Partners, devrait démissionner de ses fonctions en juin prochain.Le financier britannique souhaite abandonner le secteur de la gestion d’actifs pour se consacrer à ses activités philanthropiques. Les actifs sous gestion de Lansdowne, désormais à la recherche d’un successeur, s'élèvent à environ 12,4 milliards de livres après avoir culminé il y a deux ans à 16 milliards de livres. Son fonds phare, le Developed Markets fund, a dégagé l’an dernier une performance de 18% et affiche depuis le début de l’année une progression de 7,6%.
06/03/2013
Fonds

Les 20 principaux hedge funds gagnent moins qu’avant

Les 20 principaux hedge funds dans le monde ont dégagé 32,4 milliards de dollars pour leurs investisseurs l’an dernier, soit moins d’un cinquième que les 172 milliards de dollars produits par le secteur dans son ensemble, rapporte le Financial Times, citant les chiffres de LCH Investments (groupe Edmond de Rothschild). Par le passé, les 20 principaux hedge funds gagnaient près de la moitié des profits totaux du secteur.
Fonds
06/03/2013

M&G Investments s'implante à Genève

Présent depuis sept ans sur le marché suisse, M&G Investments s’implante à Genève et renforce son équipe locale par l’engagement d’une nouvelle collaboratrice, rapporte L’Agefi suisse. M&G Investments entend ainsi répondre à la demande croissante de sa clientèle en Suisse romande. Valentine Bugeja a été nommée responsable des ventes pour le développement des segments family offices et gérants de fortune indépendants en Suisse romande. Elle est entrée en fonction en février 2013.
06/03/2013
Fonds

L'indice Morningstar des hedge funds progresse de 1,9% en janvier

L’indice des hedge funds de Morningstar, le Morninstar MSCI Composite Hedge Fund Index, a progressé de 1,9% au mois de janvier et affiche un gain de 6,3% sur les douze derniers mois. Pratiquement toutes les composantes de l’indice son restées orientées à la hausse en janvier, à l’exception des stratégies short bias et systematic trading.Parmi les résultats notables du mois, le Morningstar MSCI Small Cap Hedge Fund Index a enregistré une performance de 3,9% et le Morningstar MSCI Emerging Markets Hedge Fund Index affiche un gain de 3%.
Fonds
06/03/2013

Mini-remaniement au fonds souverain de Singapour

Le fonds souverain de Singapour GIC, dont les actifs sous gestion s'élèvent à quelque 220 milliards de dollars, a annoncé la nomination de Jeffrey Jaensubhakij en tant que responsable de ses activités de gestion d’actifs logées dans GIC Asset Management.Il prend la succession de Lim Chow Kiat, nommé le mois dernier chief investment officer pour le groupe. Jeffrey Jaensubhakij va en conséquence abandonner ses fonctions actuelles en Europe et quitter Londres pour s’installer à Singapour. Il devrait prendre ses nouvelles fonctions le 1er avril.
06/03/2013

Progression de 5,4% des encours du groupe BPER

Les actifs sous gestion du groupe Banque Privée Edmond de Rothschild (groupe BPER) ont progressé l’an dernier de 5,4% à 101,6 milliards de francs suisses. La collecte nette s’est élevée à 2,5 milliards de francs suisses, précise un commmuniqué de groupe.Le bénéfice net a toutefois chuté à 66,4 millions de francs contre 125,1 millions de francs en 2011. Cette baisse s’explique notamment «par la diminution de la rémunération des dépôts, une moindre activité de la clientèle, une évolution défavorable de l’asset mix et une contribution amoindrie de l’activité des fonds qui ont lourdement pesé sur nos revenus». Le groupe a en outre dû compter avec des coûts de restructuration exceptionnels, ainsi que des investissements importants pour la mise en place de la plate-forme de Hong Kong et pour la modernisation des système d’information.Le groupe souligne qu’il est engagé dans la mise en œuvre d’un plan stratégique qui s’articule autour d’un certain nombre d’actions prioritaires, «telles que la capitalisation autour d’une marque forte Edmond de Rothschild et la confirmation de l’engagement sur les métiers de la banque privée et de la gestion d’actifs, en Europe et à l’international, de façon volontariste et pragmatique».
06/03/2013

Un nouveau patron pour la plate-forme opaque d'UBS

Richard Semark devrait prendre la direction de la plate-forme MTF d’UBS, UBS MTF, l’un des «dark pools» les plus importants du marché européen, rapporte le Financial Times.Richard Semark prend la succession de Robert Barnes, qui serait sur le point de quitter ses fonctions après plus de dix-huit ans au sein du groupe. UBS s’est refusé à tout commentaire sur ces informations.
06/03/2013

Slight dip in City bonuses in 2012

P { margin-bottom: 0.08in; } The average amount paid in bonuses in the finance sector in the United Kingdom fell 2% last year compared with the previous year, the most recent eFinancialCareers survey has revealed, at a time when the City is preparing to fight limits on bonuses for bankers planned by the European Union in court. The decline, which remains moderate, compared with a 36% decline on Wall Street, is due more to staff cuts than to cuts to bonuses, the finance job offer website remarks. The 2% figure conceals significant disparities, however. Front office employees still receive bonuses nearly four times larger than their back-office colleagues, and their bonuses rose by 15% this year. Middle office saw the largest reduction to their bonuses: -25% compared with the previous year. Buy side professionals, meanwhile, do better than their sell-side colleagues: their average bonuses in 2012 rose 13% compared with the previous year. The number who received no bonus rose from 10% in 2011 to 13% in 2012. While average bonuses paid in 2012 fell, satisfaction with bonuses increased slightly: of 606 finance professionals surveyed, 4 out of 10 (40%) say they are satisfied with their bonsues, compared with 36% in 2011. A slightly larger number of respondents has declared that the bonuses they received “met their expectations” in 2012, more than in 2011 (38% compared with 36%). However, a significant percentage remain disssatisfied: nearly half (45%) are disappointed, and a similar percentage (44%) say that their bonuses to not meet their expectations.
06/03/2013

Personnel change at Singapore sovereign fund

P { margin-bottom: 0.08in; } The Singapore sovereign fund GIC, whose assets under management total about USD230bn, has announced the appointment of Jeffrey Jaensubjakij as head of asset management activities at GIC Asset Management. He succeeds Lim Chow Kiat, who last month was appointed as chief investment officer for the group. Jaensubhakij will leave his current position in Europe, and will transfer from London to Singapore. He will begin in his new role on 1 April.
06/03/2013

BlackRock offers EM long/short strategy

P { margin-bottom: 0.08in; } At the end of 2012, BlackRock launched an absolute return fund which deploys a long/short strategy on emerging market equities, the Emerging Markets Absolute Return sub-fund of its BlackRock Strategic Funds Sicav. The Luxembourg-registered product uses top-down and bottom-up approaches to achieve a net exposure to -10% to +20% to the market, with 20 to 35 positions, as well for long and for short.CharacteristicsName: BlackRock Strategic Funds Emerging Markets Absolute ReturnISIN code: LU0852332542Management commission: 1%Performance commission: 20%Hurdle rate: Libor 3-month
06/03/2013

FBI helps SEC to combat high-frequency trading abuses

P { margin-bottom: 0.08in; }A:link { } The FBI has teamed up with a new unit at the Securities and Exchange Commission (SEC), Quantitative Analytics Unit, which examines hedge funds and other companies that use transaction strategies with algorithms, the Financial Times reports. The structure seeks to identify abuses which may result from the emergence of high-frequency trading companies and the use of dark pools.
06/03/2013

Lyxor registers MTS Spain govies ETF in Spain

P { margin-bottom: 0.08in; }A:link { } According to reports in Funds People, Lyxor Asset Management is said to have already submitted an application for a license to sell the Lyxor ETF MTS Spain Government Bond All-Maturity in Spain, following its recent introduction on Euronext Paris. The product, investing in Spanish government debt, is aimed at investors betting on convergence of the spread in returns between Spanish public debt and German bunds. It is the second ETF which the French asset management firm has listed in Spain since the beginning of the year; the first was the Lyxor ETF MSCI ACWI Gold.
06/03/2013

Union acquires hotel in Barcelona

P { margin-bottom: 0.08in; } The German firm Union Investment Real Estate (UIRE) has acquired the four-star Barceló Raval hotel in Barcelona (186 rooms), which is leased for a renewable 20-year term to the third-largest Spanish hotel chain, Barceló, for EUR37m. The property will be added to the portfolio of the open-ended real estate fund UniImmo: Europa.The hotel portfolio of UIRE, which already includes the Barceló hotel in Hamburg, covers 22 properties, and has a volume of EUR1.7bn, of which EUR400m have been invested in the past three years.
06/03/2013

Nord LB AM launches fund for ecclesiastical institutions

P { margin-bottom: 0.08in; }A:link { } In conjunction with the evangelical credit cooperative (EKK), Nord LB Asset Management on 1 March launched a fund aimed at institutional investors in the religious world, the KVV-Fonds – EKK, for which the minimal subscription is set at EUR100,000.Most of the portfolio will be composed of bonds denominated in euros from the largest issuers, while allocation to equities is limited to 20%. The investment team may also invest in open-ended real estate funds and in UCITS-compliant absolute return funds.CharacteristicsName: KVV-Fonds – EKKISIN code: DE000A1J3WM7Management commission: 0.35%
06/03/2013

Allianz restricts access to onshore RMB fund

P { margin-bottom: 0.08in; } Allianz Global Investors has decided to restrict investors’ access to its Allianz Renminbi Fixed Income Onshore fund, shortly after its launch, due to the growing interest of investors in this strategy, Citywire reports. The Luxembourg-domiciled fund was launched on 31 January this year. It was presented as the first fund of its type to offer access to the onshore renminbi market, and a way to invest directly in Chinese government bonds. At the end of February, assets in the fund totalled nearly EUR34m. According to a spokesperson for Allianz GI, “demand was such that the fund was soft closed in early February, only a few days after its launch on 31 January, as the assets had reached the quota authorised by Chinese regulators.” The Onshore RMB fund is the sister produt of two other funds, Allianz Renminbi Fixed Income (Offshore) and Allianz Renminbi Currency. The Offshore fund, launched in June 2011, was closed in August 2011, after inflows of EUR450m in two months’ time. It was reopened in August 2012.
06/03/2013

Vanguard limits access to two funds and slashes TER for eight ETFs

P { margin-bottom: 0.08in; } Subscriptions to the diversified fund Vanguard Wellington TM Fund (USD68bn) and the municipal bond fund Vanguard Intermediate-Term Tax-Exempt Fund (USD39bn) have been closed to new clients since 28 February, including financial advisers and institutional investors. Vanguard is seeking to slow the pace of subscriptions, which continue to be possible for these two categories of clients so long as they have already purchased shares in the fund. For the moment, retail investors can continue to subscribe for new shares, and open new accounts for the two products.Vanguard has also announced a new round of cuts to the total expense ratios (TER) for its ETF products. Eight funds are included, in addition to the emerging market fund Vanguard FTSE Emerging Markets Index ETF (VWO), for which the cut was previously announced (see Newsmanagers of 4 March).This time, the eight funds concerned are as follows, according to Mutual Fund Wire and Index Universe:Reductions of 0.03 percentage points:FTSE All-World ex-US, to 0.15%FTSE All-World ex-US Small-Cap, to 0.25%Global ex-US Real Estate, to 0.32%High Dividend Yield, to 0.10%Reductions of 0.02 percentage pointsMSCI Europe, to 0.12%MSCI Pacific, to 0.12%Total International Stock, to 0.16%Total World Stock, to 0.19%
06/03/2013

William Blair releases EM small cap fund

P { margin-bottom: 0.08in; } The US firm William Blair has launched an emerging market small cap fund to exploit growth shares from emerging countries.The William Blair Emerging Market Small Cap Fund, which comes as an addition to the Sicav range, will invest in 80 to 120 companies whose market capitalisation is below USD5bn. The fund may invest both in emerging and in frontier markets.The fund will be co-managed by Todd McClone and Jeff Urbina.
06/03/2013

Marshall Wace and GaveKal end joint venture

P { margin-bottom: 0.08in; } The hedge fund firm Marshall Wace and the Asian financial group GaveKal Holdings have decided to dissolve their joint venture, founded in June 2008, Financial News reports. The two parties found that there was a lack of synergy. Marshall Wace will absorb the long/short funds from the joint venture, and GaveKal will take over management of the long-only funds.
06/03/2013

World's 20 largest hedge funds making less than before

P { margin-bottom: 0.08in; }A:link { } The 20 largest hedge funds in the world made USD32.4bn for their investiors last year, less than one fifth of the USD172bn the industry made overall, the Financial Times reports, citing figures from LCH Investments (Edmond de Rothschild group). In the past, the 20 largest hedge funds made nearly half of all the profits in the industry.
06/03/2013

Morningstar hedge fund index up 1.9% in January

P { margin-bottom: 0.08in; } The Morningstar hedge fund index, the Morningstar MSCI Composite Hedge Fund Index, gained 1.9% in the month of January, and has gained 6.3% in the past twelve months. Virtually all components of the index remained positively oriented in January, exepting short bias and systematic trading strategies. Among the notable results of the month, the Morningstar MSCI Small Cap Hedge Fund Index posted gains of 3.9%, and the Morningstar MSCI Emerging Markets Hedge Fund Index has gained 3%.
06/03/2013

UCITS-compliant hedge fund returns down in February

P { margin-bottom: 0.08in; } According to statistics from the Swiss firm Alix Capital, UCITS-compliant hedge funds in February posted average returns of 0.14%, compared with 1.03% in January, or 1.17% since the beginning of the year. UCITS-compliant funds of hedge funds had 0.23%, compared with 1.31% the previous month, for a total of 1.54% for the first two months.Three strategies showed losses in February: CTA (-0.80%), commodities (-0.40%), and event-driven (-0.04%). The strongest gains were for FX (+0.56%) and long/short equity (+0.40%)As of the end of February, total assets in UCITS-compliant hedge funds totalled EUR143bn, for the 870 funds of the UCITS Alternative Index, compared with EUR141bn for 880 products as of the end of January.
06/03/2013

AUM at BPER group up 5.4%

P { margin-bottom: 0.08in; }A:link { } Assets under management at the Banque Privée Edmond de Rothschild group (BPER group) last year rose 5.4% to CHF101.6bn. Net inflows totalled CHF2.5bn, a press release says.Net profits, however, rell to CHF66.4m, compared with CHF125.1m in 2011. This decline is largely due “to a decline in returns on savings, reduced client activity, an unfavourable evolution of the asset mix, and a reduced contribution from fund activities, which weighed heavily on our revenues.” The group was also obliged to bear one-time restructuring costs, as well as significant investment to establish a platform in Hong Kong and to modernise IT systems.The group emphasizes that it has pledged to deploy a strategic plan that will be focused on a number of priority actions, “such as capitalisation around a strong Edmond de Rotschild brand, and confirmation of engagement in the private banking and asset management professions, in Europe and internationally, voluntaristicly and pragmatically.”
06/03/2013

M&G Investments opens an office in Geneva

P { margin-bottom: 0.08in; }A:link { } M&G Investments, which has been present on the Swiss market for seven years, has opened an office in Geneva, and is adding to its local team with the recruitment of a new employee, Agefi Switzerland reports. M&G Investments is hoping to meet growing demand on the part of its clients in French-speaking Switzerland. Valentine Bugeja has been appointed as head of sales for development of the family office and independent financial adviser segments in French-speaking Switzerland. She began in her new role in February 2013.
06/03/2013

New head for dark pool at UBS

P { margin-bottom: 0.08in; } Richard Semark is expected to become head of the UBS MTF platform, one of the largest dark pools in Europe, the Financial Times reports. Semark succeeds Robert Barnes, who is reported to be preparing to leave his position after more than 18 years at the group. UBS has declined to comment on the reports.
06/03/2013

Allianz GI distances itself from equities and bonds

P { margin-bottom: 0.08in; } Elizabeth Corley, CEO of Allianz Global Investors, is pessimistic about equities and bonds, Financial Times Fund Management reports this week. The affiliate of the German firm is encouraging invetors to focus on other aset classes, such as convertible bonds, index products, commodities and infrastructure. AGI has also created a renewables team, and is planning to launch a fund dedicated to this theme covering Europe, and potentially other developed countries. Corley also thinks that Asian high yield bonds denominated in local currencies offer “real opportunities.”
06/03/2013

Temasek buys Repsol's own shares

P { margin-bottom: 0.08in; } The CNMV on 4 March published a notification from the oil firm Repsol stating that the Singapore sovereign wealth fund Temasek (EUR115bn in assets) has acquired the remainder of the Spanish group’s holding in its own shares, equivalent to 5.04% of capital, for EUR1.036bn (64.7 million shares, at EUR16.01 each). Temasek now has a 6.3% stake in Repsol.

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