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11/09/2012

SWIP crée le poste de head of global aggregate fixed income

Calum Smith, qui était en dernier lieu director et senior fixed income strategist chez BlackRock, rejoint Scottish Widows Investment Partnership (SWIP) à Edimbourg au poste nouvellement créé de head of global aggregate au sein du pôle de gestion obligataire. Il est subordonné à Graeme Caughey, global head of rates. Il sera chargé de piloter la stratégie et la performance des produits obligataires de SWIP «global aggregate» destinés au retail ainsi qu’aux institutionnels.
11/09/2012
Fonds

Algebris lance un fonds long only

Algebris Investments a confirmé le lancement de son fonds Algebris Financial Credit Ucits, spécialisé dans des titres de dette et instruments financiers émis par les grandes banques à l’échelle mondiale, rapporte le site italien Bluerating. Premier fonds long only de la société de gestion alternative, le nouveau produit sera investi dans des obligations hybrides subordonnées Tier 1 et Tier 2, des obligations CoCo, des actions préférentielles et obligations senior. Le rendement attendu est compris entre 6 % et 10 %.
Fonds
11/09/2012
Fonds

Wells Fargo ferme un fonds aux nouveaux investisseurs

En raison de l’ampleur des souscriptions, Wells Fargo Asset Management va fermer le 21 septembre son fonds US All Cap Growth aux nouveaux investisseurs, parce que le volume des rentrées limite l’efficacité de l’allocation de l’équipe de gestion aux petites capitalisations, rapporte Investment Europe. Le fonds a attiré 550 millions de dollars depuis le début de l’année.En substitution, Wells Fargo AM proposera aux clients d’acquérir des parts du fonds US Premier Growth, qui est géré par la même équipe, mais positionné uniquement sur les moyennes et grandes capitalisations.Les deux fonds sont des compartiments de la sicav luxembourgeoise de Wells Fargo, Worldwide Fund.
Fonds
11/09/2012

Aquila Capital et ECPI coopèrent dans l'ESG

Aquila Capital a signé un accord de coopération avec le groupe italien ECPI, qui lui fournira des données extra-financières pour ses investissements dans le domaine agricole. Les deux sociétés travailleront ensemble dans la mise en place de critères ESG dans les produits d’Aquila Capital et au respect de ces critères.
11/09/2012
Fonds

Swiss & Global lance un fonds d'obligations émergentes

Avec le fonds de droit luxembourgeois JB Emerging Markets Corporate Bond Fund, conforme à la directive OPCVM IV, Swiss & Global Asset Management vient d'élargir (le 28 août) sa gamme de fonds d’obligations émergentes avec un produit de dette d’entreprises qui offrent des rendements supérieurs et de meilleurs fondamentaux que les titres comparables des pays industrialisés.Le nouveau fonds mise sur une combinaison des approches macro-économique (top-down) et de sélection de valeurs (bottom-up) ; il est géré par Enzo Puntillo (head of fixed income emerging markets et co-gérant du JB Emerging Markets Corporate Bond Fund), Dorthe Fredsgaard Nielsen et Tania Minella.CaractéristiquesDénomination : Julius Baer Multibond – Emerging Markets Corporate Bond FundCode Isin: LU0784392382Indice de référence : JPM Corporate Em. Markets Bond Index DiversifiedCommission de gestion : 1,20 %
Fonds
11/09/2012

BlackRock souffre de la concurrence de Vanguard

La concurrence tarifaire féroce menée par Vanguard a permis à ses ETF d’attirer des souscriptions nettes de 37,8 milliards de dollars sur les 8 premiers mois de cette année à l’échelle mondiale, et de dépasser BlackRock (35,3 milliards de dollars), observe le Financial Times Fund Management, citant les statistiques d’ETFGI. Pour les ETF où BlackRock et Vanguard sont en concurrence frontale, Vanguard a capté 71 % des nouvelles souscriptions entre juillet 2009 et juillet 2012, contre 21 % seulement pour BlackRock, selon Bernstein. «BlackRock a perdu des parts de marché pour tous les produits pour lesquels Vanguard a un substitut proche», analyse Luke Montgomery, analyste chez Bernstein.
11/09/2012
Fonds

Le capital investissement alternatif séduit en France

L’Agefi rapporte que le fonds Idinvest vient de réaliser le premier bouclage (closing) de son fonds dédié aux transactions secondaires et focalisé sur des sociétés européennes de petite et moyenne taille, pour un montant de 100 millions d’euros. Idinvest a investi 50 millions d’euros à travers cinq transactions secondaires dont la décote moyenne à l’acquisition tournait autour de 23%.Sur un autre segment, Capzanine a annoncé la finalisation du premier closing de son fonds mezzanine, pour 200 millions d’euros. Il devrait être bouclé autour de 250 millions d’euros d’ici la fin de l’année.
Fonds
11/09/2012

Paulson réduit les pertes de ses fonds en août

En août, le Gold Fund de John Paulson a gagné 11 %, ce qui réduit ses pertes depuis le début de l’année à 15 %, d’après Bloomberg cité par Investment Week. Les fonds Paulson Advantage et Paulson Enhanced ont également gagné du terrain.
11/09/2012

Öhman Fonder recrute un responsable taux

La société de gestion suédoise Öhman Fonder a recruté Sven Elowson en tant que responsable de la gestion taux et crédit. L’intéressé travaillait précédemment chez Swedbank où il était head of treasury investment. Il a aussi été chez DnBNOR Asset Management, Skandia et Carlson Investment Management.
11/09/2012

ETF Securities admitted to SIX Swiss Exchange as a new ETF issuer

SIX Swiss Exchange on 11 September announced that it is integrating ETF Securities as a new issuer of Exchange Traded Funds. The provider of products, founded in 2003, is based in London. That year, it gained international notoriety by creating the first ETP to replicate physical gold worldwide. Since 2008, ETF Securities has also launched ETFs, and is one of the top European issuers of exchange-traded prodcuts (ETP). According to Alain Picard, Head Product Management at SIX Swiss Exchange, “the eight new ETFs traded on SIX Swiss Exchange provide an attractive complement to the existing range of exchange-traded funds. Our ETF segment now includes 880 listed products.”
11/09/2012

BlackRock suffers due to competition from Vanguard

A ferocious price war led by Vanguard has allowed its ETFs to attract net inflows of USD37.8bn in the first 8 months of this year worldwide, and to overtake BlackRock (USD35.3bn), Financial Times Fund Management observes, citing statistics from EFFGI. For ETFs where BlackRock and Vanguard are in competition, Vanguard has captured 71% of new business between July 2009 and July 2012, compared with only 21% for BlackRock, Bernstein says. “BlackRock lost market share for all products for which Vanguard has a similar substitute», says Luke Montgomery, an analyst at Bernstein.
11/09/2012

Money market fund consolidation has a silver lining for investors

The financial crisis of 2008 and the evolution of the regulatory environment have accelerated consolidation in the money market fund sector in the past few years, particularly in Europe. Overall, this consolidation trend has positive aspects for investors in money market funds, as it does for managers of the funds, the financial ratings agency Moody’s finds in a study published on 10 September. Moody’s predicts that this consolidation trend will continue as mergers and acquisitions of fund managers continue, due to considerations related to economies of scale, a low interest rate environment which bites into commissions, tougher regulations, and rationalisations of product lines which may lead some players to abandon this segment of activity.
11/09/2012

Assets in underperforming funds total nearly GBP33bn

Nearly GBP33bn in assets in the UK are invested in underperforming funds, according to the most recent survey by Chelsea Financial Services, Fund Web reports. The number of underperforming funds has increased from 84 at the last survey in February this year to 130 funds. Among the most underperforming funds highlighted by Chelsea Financial Services are UBS UK Smaller Companies (GBP12m in assets), Allianz Global Eco Trends (GBP8m), Neptine Japan Opportunities (GBP102m), Standard Life Investments UK Opportunities (GBP137m), and JPM Cautious Total Return (GBP426m).
11/09/2012

Performance fees do not guarantee higher returns

On average, 62.1% of absolute return funds on sale in the United Kingdom which charge performance fees delivered positive 12-month rolling returns, which is lower than the percentage of funds which charge no performance fees which have posted positive returns (63.5%), a recent Lipper survey finds.Taking into account the fact that some funds have been in existence longer than others, the result is 67% for funds with performance fees, and 67.5% for funds which do not charge performance commissions.This finding may go to explain why the use of performance commissions by British funds (unit trusts and OEIC) have been on a falling trend since 2004, when the practice was once again allowed.In Lipper’s 2007 survey, 34 funds had adopted a performance fee structure, a number that had risen to 81 funds in our 2010 analysis, a 138% rise that showed a clear acceleration of interest. But the number of funds with these fees today actually stands at 80 – just 3% of the entire UK funds universe. This reflects not only a slowing of funds being launched with performance fees, but also the closure (or merger) of funds and the removal of performance fees. The result is that, while 112 funds had performance commissions at one time or another in their history, the total is currently 28.6% lower than that level.
11/09/2012

Barings prepares a bond fund denominated in Chinese offshore yuan

Pending permission from the regulator, the British asset management firm Baring Asset Management on 10 September announced that it is planning to launch the Baring China Bond Fund, which will be managed in Hong Kong by Sean Chang, head of Asian debt, who has recently been recruited from HSBC Global Asset Management (see Newsmanagers of 3 May). The fund will invest in debt instruments related to China and denominated in offshore yuan (CNH).
11/09/2012

Ashburton launches an Indian equity fund

The asset management firm Ashburton, based in Jersey, on 10 September launched a fund dedicated to Indian equities, Indian Equity Opportunities, which will be managed by the Asian equity specialist Jonathan Schiessl, Fund Web reports. The open-ended fund, domiciled on the island of Mauritius, will invest primarily in Indian companies, or companies which are active in other markets, but which derive a significant proportion of their growth from the Indian market. The minimal investment is USD100,000.
11/09/2012

Algebris launches a long-only fund

Algebris Investments has confirmed the launch of its Algebris Financial Credit Ucits fund, specialised in debt securities and financial instruments issued by major banks worldwide, the Italian website Blueating reports. The product is the first long-only fund from the alternative management firm, and will invest in Tier 1 and Tier2 hybrid subordinate bonds, CoCo bonds, preferential equities and senior bonds, the expected total return is from 6% to 10%.
11/09/2012

GLG offers RDR-compatible shares

Like many other asset management firms, GLG will be introducing 0.75% shares with no trail commission and platform fee for 11 of its funds domiciled in the United Kingdom, Investment Week reports.British retail investors will also have access to institutional share classes in UCITS-compliant funds from GLG and Man Group domiciled in Luxembourg from next year.
11/09/2012

BIS creates a Libor working group

The Bank for International Settlements (BIS) has decided to create a working group to examine Libor, following the discovery of several manipulations of inter-bank lending rates, particularly the Euribor and Libor rates, it has announced in a brief statement released on 10 September. “The governors of the BIS have agreed to create a group of top heads to examine the case and to consult the market to contribute to the debate coordinated by the Financial Stability council,” Mervyn King, governor of the Bank of England (BoE), says in the statement. The Libor scandal broke on 27 June, when the British bank Barclays revealed that it would pay about EUR360m to settle investigations by British and American regulators over a scandal involving manipulation of the British Libor and European Euribor inter-bank lending rates. Since then, the Libor scandal has widened to include other banks, and investigations have been opened in several countries. In the United States, the state of New York has subpoenaed seven banks, including JPMorgan Chase and Barclays, as part of their investigations of manipulations of the interest rates that make up the Libor. Citi, UBS, HSBC, RBS and Deutsche Bank are also among the banks that prosecutors in the two states have contacted for documents in their investigaton. The European Commission, meanwhile, on 5 September launched a consultation to determine whether it need to legislate on the composition of indices used as a basis for contracts, including financial contracts, in the wake of the Libor scandal.
11/09/2012

Principal launches a US equity fund

Principal Global Investors has announced the launch of a US value equity fund, which aims to single out the best opportunities in the large cap sector in the country, Citywire reports. The Edge Equity Income fund, registered in Dublin, will be managed by the group’s US affiliate, Edge Asset Management, and at that firm by Dan Coleman and David Simpson.
11/09/2012

Paulson bounces back

In August, the Gold Fund by John Paulson gained 11%, which has reduced losses since the beginning of the year to 15%, according to Bloomberg, cited by Investment Week. The Paulson Advantage and Paulson Enhanced fund have also gained ground.
11/09/2012

Strong inflows to ETPs in August

In August, ETF/ETPs worldwide posted net subscriptions of USD12.1bn, compared with USD5.3bn in the corresponding month of last year, according to statistics from the BlackRock Institute, bringing the total in January-August to USD139.9bn, while asstes as of 31 August totalled USD1.763trn. According to ETFGI, the research agency founded by Deborah Fuhr, net inflows in the first eight months of the year and assets under management at the end of the period totalled USD143bn and USD1.762trn, respectively (see Newsmanagers of 7 September).The BlackRock statistics also show that net subscriptions were strongest in the United States (USD5.5bn in August, and USD98bn in January-August), and in Europe (USD4.4bn and USD15.4bn). By product category, net inflows in the first eight months of the year totalled USD50.8bn for bond products, USD54.8bn for equities from developed countries (of which only USD1.7bn went to European equity products), USD22.7bn for emerging market equities, and USD8.7bn for commodity ETPs.The ETPs which posted the strongest net subscriptions in the first eight months of the year were the Vanguard MSCI Emerging Markets fund (USD9.79bn), the iShares iBoxx $ Investment Grade Corporate Bond (USD5.75bn), and the iShares iBoxx $ High Yield Corporate Bond fund (USD4.92bn). The fourth fund is the Huatai-Pinebridge CSI fund (USD3.98bn for January-July).
11/09/2012

Aquila Capital and ECPI cooperate in ESG strategies

Aquila Capital has signed a cooperation agreement with the Italian group ECPI, which will provide extra-financial data for its investments in agriculture. The two firms will work together to determine environmental, social and governance (ESG) criteria for products from Aquila Capital and adherence to these criteria.
11/09/2012

Real estate managers steer clear of European periphery

The major real estate asset managers worldwide are increasingly excluding the peripheral European countries from their pan-European funds, the Financial Times reports. Groups like Fidelity Worldwide Investment and Standard Life Investments are creating funds which avoid Spain, Ireland, Italy, Portugal and Greece. The withdrawal of institutional investors will be particularly painful for Spanish and Irish real estate markets, the FT observes.
11/09/2012

Pioneer recruits a head from Union Investment

Franz Feldmann, head of product development at Union Investment, on 10 September joined Pioneer Investments KAG in Munich as head of product management & marketing, Fondsprofessionell reports.
11/09/2012

Popular Gestión absorbs funds from Allianz Gestión

As a part of the strategic alliance signed between Banco Popular and Allianz (see Newsmanagers of 25 March 2011), Popular Gestión (EUR5.885bn in assets as of the end of August) has absorbed the seven funds from Allianz Gestión (EUR52m), Funds People reports.The Allianz Selección Moderado, Allianz Selección Emprendedor, Allianz Selección Bolsa and Allianz Mixtofunds are absorbed into the Cartera Gestión Equilibrada fund from Popular Gestión, while the Allianz Renta Fija Ahorro, Allianz RF Corto Euroland and Allianz Selección Conservadora funds are absorbed into the Eurovalor Conservador Dinámico.
11/09/2012

Equity funds suffer outflows of nearly USD10bn

With key European Central Bank and US Federal Reserve meeting ahead, investors remained defensive in the first five days of September. EPFR global-tracked equity funds surrendered a net USD9.9 billion during the week ending Sept. 5, with emerging markets equity funds accounting for USD1.8 billion of that total, and US equity funds posted outflows of over USD8bn, due to redemptions from large cap ETFs. Government bond funds underwent redemptions totalling over USD1bn, for all maturities. However, high yield bond funds attracted about USD1.6bn. Bond funds overall poasted inflows of USD3.19bn in the week to 5 September. EPFR Global reports that emerging market bond funds have seen inflows of over USD32bn since the beginning of the year. Money market funds finished the week to 5 September with net inflows of USD4.6bn. Commodity funds posted inflows of over USD1bn for the third consecutive week.
11/09/2012
Gestion d'actifs

La MAIF envisage de diversifier son portefeuille d'obligations à l'international

Benoit Jullien, directeur des investissements et des placements de la Maif dans un article paru dans Option Finance numéro 1187 : Fin 2011, nous détenions encore 4% de dettes périphériques au sein de nos placements obligataires, à l’heure actuelle, elles ne représentent que 1,5%. Nous avons en effet décidé de nous désengager des obligations d'États périphériques tant que vous n’avons pas de signaux de sortie de crise de zone euro. Nous avons mis en place une gestion plus dynamique de nos portefeuilles de taux en révisant régulièrement nos expositions tactiques en fonction des valorisations observées sur chaque type d’obligations (taux fixe, indexées inflation, secteurs, émetteurs...). Nous envisageons de diversifier notre portefeuille d’obligations à l’international et en particulier vers la dette émergente libellée en devises locales qui reste encore bien rémunérée, commente Benoît Jullien. Nous avons également étudié l’opportunité de revenir sur le marché du high yield, mais nous considérons qu’une grande partie du potentiel de valorisation est épuisée à court terme et nous nous attendons à ce que les taux de défaut progressent dans le futur.
Gestion d'actifs
11/09/2012

SWIP creates a position for head of global aggregate fixed income

Calum Smith, who had most recently been director and senior fixed income strategist at BlackRock, is joining Scottish Widows Investment Partnership (SWIP) in Edinburgh in the newly-created position of head of global aggregate in the fixed income management unit. He will report to Graeme Caughey, global head of rates. He will be in charge of strategy and performance for global aggregate bond products from SWIP aimed at retail and institutional investors.
11/09/2012

Trial of former UBS trader begins

The trial of a former UBS trader accused of causing losses of USD2.25bn, Kweku Adoboli, began on Monday with jury selection, the Financial Times reports. The 32-year-old man has pleaded not guilty to charges of unauthorised trading. He faces up to 10 years in prison.

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