Through platforms launched by brokers, investors can now avoid lock-up periods for hedge funds, Financial Times Fund Management reports. These markets allow investors to either sell shares in hedge funds directly, or sell the returns on their investments in hedge funds via derivative contracts. FT fm cites Tullett Prebon and Wake2o among the platforms that allow this.

The Geneva-based firm Pictet last week opened a representative office in Tel Aviv with two members, and has founded a wealth management affiliate in Israel, Pictet Wealth Management Israel Ltd., to serve local clients, as Israeli clients had previously been served from Switzerland.Pictet has also applied for a license as a foreign financial services provider, to be allowed to serve certain Israeli clients directly from Geneva.The Swiss group has had a commercial partnership since 2010 with Itay Strum Plenum for institutional clients and fund distribution.

Adam Smears (ex head of research at Old Mutual Global Investors) and Kevin Dockrell (ex Towers Watson) are joining Russell Investments in London. Smears will be the head of a nine-member bond management team in London, New York, Toronto, Seattle and Sydney.

Ahead of the introduction of RDR regulations in the United Kingdom, BNY Mellon is proposing to merge several funds of its Insight range (GBP187bn in assets as of 30 September) at the extraordinary general shareholders’ meetings for the products on 21 December. If the mergers are approved, they will be effective from 9 February 2013.The Investment Diversified High Income, Insight Investment Wealth Builder Balanced and Insight Investment Diversified Dynamic Return funds will be merged to create the Insight Global Multi-Strategy fund, which will be managed by Steve Waddington. Waddington will also be manager of the new Insight Global Absolute Return fund, which will absorb the Insight Investment Diversified Target Return fund.The Insight Investment Monthly Income Bond fund will be merged into the new Insight Strategic Bond fund, managed by Adam Mossakowski, with the assistance of Peter Bentley, while the Insight Invetsment Sterling Corporate Bond Fund will be merged into the new Insight Inflation-Linked Corporate Bond Fund, managed by David Hooker and Adam Mossakowski.Tim Rees will be manager of the new Insight Equity Income Booster Fund and Insight Equity Income fund, which will receive the Insight Investment UK Equity Income Booster fund and Insight Investment Monthly Income fund, for the former, and the Insight Investment UK Dynamic Managed fund and Insight Investment Equity High Income fund, for the latter.BNY Mellon also states that, for Absolute Insight (NURS), the authorised corporate director (ACD) will change, from Insight Investment Funds Management Limited to BNY Mellon Fund Managers Limited, which is also the ACD for the BNY Mellon Investment Funds range.

Investment Week understands that Henderson Global Investors (GBP63bn in assets) is preparing to announce another round of job cuts by the end of the year. The British asset management firm is also planning to close or merge several funds which are not part of its “core” product range due to the introduction of RDR regulations. The emphasis will be placed on actively-managed funds, including absolute return funds.

Assets under management at Aberdeen increased 10% in the period ending on 30 September to a total of GBP187.2bn, compared with GBP169.9bn as of the end of September 2011, according to a statement released on 26 November. Gross inflows for the period totalled GBP36bn, of which 36% were in continental Europe, and 23% in the United Kingdom, compared with GBP43bn the previous year, but the year ended with evenly balanced net inflows, while it had seen a net outflow of GBP1.7bn in the year to 30 September 2011.

db-X funds, Deutsche Bank’s structured funds division, has launched a fund that gives investors US dividend-focused exposure using its proprietary CROCI® stock selection methodology, according to a press released published on November 26. The DB Platinum CROCI® US Dividends Fund provides returns linked to the CROCI® US Dividends-Net Return Index, which aims to identify shares in the S&P 500 with above-average and sustainable dividend yields. The launch comes on the back of the launch of the DB Platinum CROCI® Global Dividends fund, which has amassed USD85m in assets in less than three months.

The French financial market regulator, the Autorité des marchés financiers (AMF), has integrated guidelines from the European securities market authority (ESMA) on some aspects of the MiFID directive, including requirements for compliance verification functions (ESMA/2012/388), given in position number 2012-17, applicable from 28 January 2013. ESMA issued guidelines on the functioning of the Financial Market Instruments directive (2004/39/CE) and its application directive (2006/73/CE0. The guidelines clarify the requirements associated with the compliance verification function. They are applicable to investment service providers when they provide investment services and associated services. The AMF position provides more detailed guidelines for: responsibilities associated with the compliance verification function (evaluation of non-compliance risks, establishment of a control programme, content of compliance reports, training of personnel); organisational requirements of the function (resources, experience and expertise, permanence, independence, and outsourcing) terms for evaluation of the function by the regulator.

BlackRock has closed the BSF Emerging Markets Extension, a sub-fund of its Luxembourg Sicav BlackRock Strategic Fund (BSF), only 9 months after its launch. The asset management firm explains that the closure is due to a lack of interest on the part of investors. Since its launch, the product has never had over USD50m in assets, Fundweb notes. The BSF Emerging Markets Extension, BlackRock Asia Extension fund are not expexcted to meet with the same fate, the article adds.

US pension funds are in highly disparate financial situations, according to a study published by Morningstar on 26 November. Wisconsin has the most solid pension fund, with a coverage rate of 99.8%, while liability per resident is USD23. Illinois has one of the worst statistics, with a coverage rate of only 43.4%, and a liability of USD6,505 per resident. Only seven states have a coverage rate of 90% or more, while 21 states have coverage rates below 70%.

As of the end of October, market effects represented a gain of 12% for US equity funds, and of 8% for bond funds, bringing total assets up USD1trn since the beginning of the year, Strategic Insight estimates.With the addition of net subscriptions, which are expected to total USD400bn for the year, 2012 is expected to be a very good year for the mutual fund sector, just behind 2009, when assets under management increased by USD2trn.

Crispin Odey, the founder of Odey Asset Management, and Pierre Lagrange, co-founder and manager at GLG, have both joined the ranks of the wealthiest hedge fund managers, according to rankings by the Sunday Times, covering the London market, including 650 funds with assets under management of GBP250bn. With wealth estimated at GBP455m, Odey and his wife take seventh place in the Sunday Times Rich List of the 50 most wealthy managers. Lagrange takes 41st place, with wealth estimated at GBP120m. Alan Howard (Brevan Howard) tops the rankings, with wealth estimated at GBP1.4bn, followed by Daid Harding (Winton Capital Management) with GBP900m, and Alexander Knaster (Pamplona Capital Management( with GBP885m.

After the Multi-Asset Strategy and Strategic Bond funds, Newscape Capital Group has launched the Newscape Dynamic Rates and Currency Fund. The UCITS-compliant product is managed by Philippe Bonnefoy, chairman & CIO. The objective is to earn performance of 12-15% per year, with ex ante annual volatility of about 10%.The portfolio will be invested in currencies and fixed income from OECD countries. It will have daily liquidity, and will be available in share classes denominated in euros, pounds sterling, Swiss francs, and US dollars.The fund will be managed with a detailed analytical process based on exclusive quantitative models, to identify investment opportunities which offer the highest odds of generating high risk-adjusted returns.CharacteristicsName: Newscape Dynamic Rates & Currency FundISIN codes:Class B Acc CHF: IE00B87DYY93Class B Acc EUR: IE00B5WCFL43Class B Acc GBP: IE00B7VKGW14Class B Acc USD: IE00B3W1MJ42Front-end fee: 5% maximumManagement commission: 1.75%Performance commission: 20% of performance exceeding the hurdle rate (Libor 3 month, USD) with high watermark

According to sources familiar with the matter, the US hedge fund management firm Paulson & Co has increased its stake in the Spanish blood derivatives specialist Grifols by 1.3 percentage points to 4% of capital, Cotizalia reports. Its exposure to the business now totals USD390m.

With the Unifond Bolsa Garantizado 2016-I, Unicaja has launched a guaranteed fund maturing on 25 January 2016, which also guarantees 100% of gains on the Spanish Ibex 35 index, or a coupon of 18% if on any day the Ibex reaches or exceeds 150% of its initial value, Expansión reports.Minimal subscription is EUR300.

GBM AM (EUR4.3bn in assets), the asset management affiliate of GBM Grupo Bursátil Mexicano, has for the first time registered investment funds in Spain, Funds People reports. Distribution will be provided in the country by Inversis Banco.The emblematic product of the range is the UCITS-compliant Sicav Mexican Fund, launched in December 2011, which invests primarily in equities and bonds from Mexiccan businesses with solid balance sheets. The fund has gained 19.17% since its launch.

Since 26 November, Euronext Amsterdam has admitted a further ETF from ThinkCapital ETFs NV, bringing the number of funds of this type listed on the European markets of NYSE Euronext to 588.CharacteristicsName: TciAATISIN code: NL0010273801Benchmark index: iBoxx Gov AAA-AA 1-5 IndexTER: 0.15%

The CNMV on 23 November granted a sales license for the latest fund from Banco Popular Gestión, Eurovalor Ahorro Garantizado VII, a bond product created on 8 November, which will mature on 21 March 2016.On that date, redemption will be 111.06% of the initial net asset value as of 1 February 2013, for A shares (institutional), an annual return of 3.40%, and 110.6% for B shares, or 3.10% per year.CharacteristicsName: Eurovalur Ahorro Garantizado VIIA shares:Minimal subscription: EUR60,000Front-end fee: 5%Early withdrawal penalty: 5%Management commission: 1.02%B shares:Minimal subscription: EUR600Front-end fee: 5%Early withdrawal penalty: 5%Management commission: 1.32%

Market Vectors Index Solutions has introduced the Market Vectors Hedge Fund Beta Indices, a set of four regional and two global indices of Long/Short Equity hedge funds. The regional Long/Short Equity indices cover Developed Asia, Emerging Markets, North America and Western Europe. The global indices cover Global Long/Short Equity and Global Event Long/Short Equity. Each index seeks to capture the systematic returns (beta) of hedge funds with similar investment styles that invest in the same asset classes and same geographic markets. Market Vectors Hedge Fund Beta Indices employ a patented rating and ranking system that filters out funds with low beta as compared to their hedge fund peer group, enhancing the indices’ risk-adjusted returns. Each index is constructed using transparent, liquid ETFs to produce hedge fund-style returns. Market Vectors Asia (Developed) Long/Short Equity Hedge Fund Beta Index (MVLSDA) Number of components: 4 Top 3 components: SPDR Barclays Capital 1-3 Month T-Bill (59.83%), iShares MSCI Taiwan ETF (16.77%), iShares MSCI, Japan ETF (11.77). Market Vectors EM Long/Short Equity Hedge Fund Beta Index (MVLSEM) Number of component: 5 Top 3 components: SPDR Barclays Capital 1-3 Month T-Bill (57.54%), Vanguard MSCI EM ETF (33.00%), Vanguard MSCI EAFE ETF (7.69%). Market Vectors Global Event Long/Short Equity Hedge Fund Beta Index (MVEVEQ) Number of components: 4 Top 3 components: SPDR Barclays Capital 1-3 Month T-Bill (74.46%), SPDR S&P 500 ETF (25.32%), Vanguard MSCI EM ETF (1.61%). Market Vectors Global Long/Short Equity Hedge Fund Beta Index (MVLSGL) Number of components: 5 Top 3 components: SPDR Barclays Capital 1-3 Month T-Bill (64.27%), SPDR S&P 500 ETF (32.84%), Vanguard MSCI EM ETF (6.23%). Market Vectors North America Long/Short Equity Hedge Fund Beta Index (MVLSNA) Number of components: 7 Top 3 components: SPDR Barclays Capital 1-3 Month T-Bill (62.78%), iShares S&P 500 Growth ETF (29.34%), iShares Russell 2000 Growth ETF (15.48%).

Selon nos informations, la CNBF a retenu trois gérants d’OPCVM toutes classes d’actifs (actions, obligations, diversifié, performance absolue, alternatif), afin d’améliorer le rendement de la gestion adossée au passif. Le montant global du mandat est estimé à 400 millions d’euros environ. Les trois lauréats sont : Generali Investments Europe Natixis Multimanager Rothschild & Cie Gestion (stand by)

The Luxembourg regulator has published a circular which ends the use of promoters, companies which were used to guarantee the financial stability of UCITS products, Financial Times Fund Management reports, citing an article in Ignites. The asset management firm will now serve in this role, and will now be responsible for proving that it has a solid basis, by April 2013. The article reports that they will be required to increase personnel to achieve this.

“In retail in the Europe, Middle East, and Africa region, BlackRock has posted net inflows since the beginning of the year of over USD2bn, and assets total about USD140bn,” Alex Hoctor-Duncan, head of retail for Europe, Africa & the Middle East at BlackRock, has told Newsmanagers during a visit to Paris.When asked about the introduction of the Retail Distribution Review at the beginning of 2013 in the United Kingdom, the head of retail distribution at BlackRock claims that “RDR will introduce a dislocation in the distribution chain. The British regulator intended with this regulation to require high-quality advising alongside high transparency of commissions. We will know what the real outcome is at the end of 2013. At any rate, BlackRock is ready for RDR, and we always respect regulations. We have share classes that comply with RDR, and we have already informed our clients about this.”However, personally Hoctor-Duncan is concerned that “with this new regime, British savings investors will ultimately stop savings. Do they know where to go to get advice? We have a role to play to make sure that savings investors meet ‘good’ advisers. Our clients are on a long-term adventure, and they need to be able to build up retirement income using the services of a specialist they trust to do that.”

European money market funds are reallocating their portfolios towards longer-dated assets issued by highly-rated supranationals, government agencies, sovereigns and corporates, while maintaining high overnight liquidity, Fitch Ratings says in its newly-published sector update. However, MMFs’ strong demand for such assets is still far from being satisfied given limited short-term market supply. The average portfolio allocation to quasi-sovereigns reached 10% at end-October, versus less than 2% before August 2011, the most largely held entities being Erste Abwicklungsanstalt, FMS Wertmanagement, KfW, CDC, CADES, ACOSS, the European Investment Bank and the European Financial Stability Facility / European Stability Mechanism. Money market funds still retain a large exposure to the banking sector (77%), albeit slightly reduced from a year before (82%).

Scott Kalb, chief investment officer and deputy CEO of the Korean sovereign fund, is primarily interested in large, well-established hedge funds. In an interview with Opalesque TV, Kalb claims that hedge fund firms of a considerable size are better equipped to provide the services sovereign funds demand. “Some think that small hedge fund managers are more agile and can earn better returns, but I think that in the hedge fund universe, it is not just about returns. Returns are a requirement of their own, and that’s the reason you go into hedge funds, but alongside that, there are a lot of points to consider, including the quality of the platform, the teams, infrastructure. To invest in a hedge fund manager, you have to have a solid team you can trust in front of you,” Kalb explains. The head of the Korean fund also estimates that larger hedge funds will have more means to meet the long-term objectives of a sovereign fund, over several decades.

The private equity fund dedicated to financial services BlackFin Capital Partners on 26 November announced that it has acquired a minority stake in the Cirus group, alongside management and employees, and is also continuing to manage the UI Gestion fund, which it began to manage in 2008. The Cyrus group, founded in 1989, is the French leader in independent wealth management advising, with assets of EUR1.7bn in financial assets from 2,300 families. The Cyrus Group, structured around its three complementary operational units (wealth management, real estate, and asset management), and its eight local offices (Paris, Lyon, Dijon, Bourdeaux, Caen, Lille, Reims, Nantes), offers its clients wealth management advising as well as financial and real estate investment solutions to meet their needs.

Assénagon Credit Management, a new affiliate of Assénagon Asset Management founded on 20 January (see Newsmanagers of 7 February), a credit specialist with EUR1.9bn in assets, is changing its name with immediate effect, to become Xaia Investment. The partnership ended in June, by common agreement.The three MDs of the firm, Ulrich von Altenstadt, Jochen Felsenheimer and Wolfgang Klopfer, will remain as heads of the business, in which they are now the full owners. They will retain the nine employees of the business.The three open-ended funds will change names from 1 January 2013, with the prefix Xaia replacing Assénagon, but the funds will continue to be administered by Universal-Investment. The new names will be Xaia Credit Basis (ISIN LU0418282348), Xaia Credit Basis II (LU0462885483) and Xaia Credit Debt Capital (LU0644385733).In the future, Xaia will focus on a cross-asset management approach, and develop market neutral products.

The French asset management firm OFI Asset Management has formed a partnership with the European third party marketer Accelerando Associates to distribute its funds to institutional investors in Germany and other German-speaking countries. Initially, the French asset management firm will sell two of its funds in the German-speaking countries: OFI Risk Arbitrages and OFI Risk Arb Absolu, UCITS-compliant products whose assets under management are over EUR300m. They are expected to receive sales licenses for Germany in first quarter 2013. Other management themes, such as inflation and convertible bonds, are expected to be highlighted as part of the partnership, a press statement says. The project is part of an international development strategy at OFI AM which was announced by its CEO, Gérard Bourret, in May.

Avec le Unifond Bolsa Garantizado 2016-I, Unicaja vient de lancer un fonds garanti au 25 janvier 2016 qui promet en outre 100 % de la hausse de l’indice espagnol Ibex 35 ou bien un coupon de 18 % si un jour donné l’Ibex atteint ou franchit la barre des 150 % de la valeur initiale, rapporte Expansión.La souscription miniale est de 300 euros.

Filiale de gestion d’actifs de GBM Grupo Bursátil Mexicano, GBM AM (4,3 milliards d’euros d’encours) vient d’enregistrer pour la première fois des fonds d’investissement en Espagne, rapporte Funds People. La distribution sera assurée dans ce pays par Inversis Banco.Le produit emblématique de la gamme est la sicav coordonnée Mexican Fund lancée en décembre 2011 qui investit principalement en actions et en obligations de sociétés mexicaines aux bilans solides. Ce fonds a gagné 19,17 % depuis son lancement .

A fin octobre, l’effet de marché a représenté un gain de 12 % pour les mutual funds d’actions américains et de 8 % pour ceux d’obligations, ce qui a accru l’encours total de 1.000 milliards de dollars depuis le début de l’année, estime Strategic Insight.Si l’on ajoute à cela des souscriptions nettes qui devraient atteindre environ 400 milliards de dollars sur l’ensemble de l’année, 2012 devrait être un très bon exercice pour le secteur des mutual funds, juste derrière 2009, où l’augmentation des actifs gérés avait représenté 2.000 milliards de dollars.