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25/10/2011

Clariden Leu registers two funds in Spain

At the request of the Swiss asset management firm Clariden Leu (Credit Suisse group), the CNMV has registered the UCITS-compliant funds Clariden Leu (Lux) I- Global Convertible Bond Fund and Clariden Leu (Luc) I Global High Yield Bond Fund, which are managed by Oaktree Capital Management, a Clariden Leu Partner, for sale in Spain, Funds People reports.The products offer daily liquidity and have assets of USD350m and USD320m, respectively, with share classes in euros.
25/10/2011

SG Private Banking appoints an executive

Société Générale Private Banking on 24 October announced the appointment of Paul Vaillancourt as Chief Executive Officer at Canadian Wealth Management (CWM Group Inc.), its wealth management affiliate in Canada. In his new role, Vaillancourt will aim to continue development of wealth management activities for the private bank in Canada. He will also retain his role as Chief Investment Officer, which he had held at CWM Group since 2010. Assets under management at Société Générale Private Banking totalled EUR84.2bn as of the end of June 2011. CWM Group, based in Calgary, has 30 employees.
25/10/2011

Caceis contracted to manage benefits for Guaranteed Fund

The Fonds de Garantie, an indemisation entity which fulfils missions in the national public interest, has contracted Caceis for the valuation and institutional accounting of its two funds, FGAO and FGTI, Caceis announced in a statement on 24 October. “This choice is the product of a longstanding partnership of confidence between the Fonds de Garantie and Caceis, which is its primary custodian,” Caceis says in a statement. Assets under custody at Caceis total EUR1.2bn for the FGAO and EUR800m for the FGTI fund. Caceis also provides custody, valuation and legal support for three Sicav funds from the Fonds de Garantie, and middle office for two self-managed Sicav funds.
25/10/2011

Edram recruits in Paris for German sales team

The Paris-based client service team at Edmond de Rothschild Asset Management (Edram), led by Benoît Durand, has taken on a ninth colleague in the person of Johannes Berghoff. Berghoff will be in charge of international clients and particularly of distribution partners and German-speaking clients.The new client relationship manager had previously been at BNP Paribas Securities Services, as a specialist in international development and sales of financial reporting.
25/10/2011

BNP Paribas Real Estate teams up with Verianos

The small Frankfurt-based boutique Verianos has teamed up with BNP Paribas Real Estate to launch the institutional real estate fund VREF II - France, which will aim to invest EUR500m in French real estate, the Börsen-Zeitung reports.Verianos is responsible for the design of the fund and subscriptions, while its partner will handle activities in France, including acquisitions of properties, project development, and property management.
25/10/2011

DWS Invest offers shares in Top Dividend fund denominated in Swiss francs

With the CH2H (LU0616864012) share class, which charges total fees of 1.50%, and the CH4H (LU0616864285) share class, whose management commission totals 0.75%, DWS Schweiz on 21 October opened access to the DWS Top Dividend LC fund (LU0507265923), a product denominated in euros, to Swiss investors. The LC share class as of the end of September had assets of EUR402m.The fund is managed by Thomas Schüssler, with the assistance of Oliver Pfeil. The dividend return objective is 4-4.5% per year. The benchmark index is the MSCI World High Dividend Yield (RI).Harald Reczek, CEO at DWS Schweiz, points out that the DWS Invest fund has an asymetrical risk/return profile, and that in falling markets, the defensive product reduces losses by about two thirds, while allowing investments to participate in upward movements on equity markets.
25/10/2011

Plusieurs nouveaux ETF chez iShares

iShares vient d’annoncer plusieurs lancements de produits aux Etats-Unis. Le premier, iShares Emerging Markets Local Currency Bond Fund, permet un accès aux obligations des pays émergents libellées en monnaie locale. A cela s’ajoutent quatre ETF pour aider les investisseurs à gérer le risque de leur portefeuille en limitant la volatilité. Il s’agit de : iShares MSCI Emerging Markets Minimum Volatility Index Fund, iShares MSCI EAFE Minimum Volatility Index Fund, iShares MSCI USA Minimum Volatility Index Fund et iShares All Country World Minimum Volatility Index Fund.
25/10/2011

Two UK asset managers to open doors in Asia

M&G Investments (GBP300bn in assets under management) is reportedly about to open an office in Asia, probably in Hong Kong, Asian Investor reports. A head from Prudential, the parent company of M&G, has confirmed that staff is being transferred to Asia, without giving details of the size of the move or the projected time frame. Legal & General Investment Management (GBP320bn in assets under management) is also reported to have plans to set up shop in Asia, but has not yet settled on Hong Kong or Singapore. Heads at the two firms have spent time in Hong Kong and Singapore in the past few weeks in order to get a closer look at what is needed to enter the Asian market.
25/10/2011

Julius Baer recruits a CEO for North Asia

On 19 April 2012, Kaven Leung will join the Swiss firm Julius Baer as CEO North Asia, deputy CEO Asia and CEO for the Hong Kong branch. He will take over the responsibilities currently held for the interim by Thomas Meier in addition to his responsibilities as CEO Asia. Laung is currently a partner and co-head of the private wealth management activity for Asia ex Japan at Goldman Sachs.
25/10/2011

Asset management creates 83,000 jobs in France

In France, third-party asset management generates a total of 83,000 jobs, according to a study entitled “Jobs in third-party management,” from the French financial management association (AFG).In addition to the 15,000 jobs directly at private asset management firms (SGP), each position at these structures “supports five more jobs in the professional ecosystem,” the AFG points out. Private asset management firms are also the source of nearly 11,000 further jobs at providers.Product distribution, particularly for mutual funds, “represents by far the largest source of jobs resulting from revenues generated by SGPs,” creating the equivalent of 48,300 full-time jobs, the study finds.Lastly, SGP activities create at least 9,000 jobs in the associated professions, the AFG notes, such as depository/custodians (3,750 jobs), accounting professions (1,250) and brokers (4,000).With 600 asset management firms and more than 11,000 investment funds, the third-party management profession has over EUR2,65trn in assets under management in France, of which EUR1.5trn are invested in French and foreign funds, and EUR1.15trn in the form of live asset mandates, the AFG adds.The study also treats the demographic structure of the third-party management industry in France (type, structure by age, level of education), and reviews the various professions and functions which make up the management value chain.
25/10/2011

Credit Suisse to simplify ETFs

Credit Suisse Asset Management is going to convert four of its ETFs based on swaps to physical replication, according to Financial Times Fund Management. The firm is also planning to transform other products where possible.
25/10/2011

Gamax goes prospecting in the UK and Scandinavia

The Luxembourg-based Gamax Management is planning to appoint a representative by the end of the year in the United Kingdom, and is hoping to find a partner in Scandinavia in first quarter 2012.The affiliate of the Italian Mediolanum group now manages about EUR500m in assets, and offers funds managed by DJE Kapital for sale in Germany and Austria. Since the beginning this year, Gamax has also entered the Italian and Spanish markets.In the United Kingdom and Scandinavia, Gamax is planning to target primarily institutional clients.
25/10/2011

Santander recovers only 10% of its investment in Madoff

According to a notification to the CNMV, Santander has recuperated EUR248m of its total exposure of EUR2.33bn to funds managed by Bernard Madoff via the Optimal Strategic US Equity fund, Expansión reports. Of this total, EUR2.11bn correspond to investments made by institutional investors, while the remaining EUR320m are in private banking client portfolios.
25/10/2011

iShares launches an equity ETF

On 21 October, iShares added the UCITS-compliant iShares MSCI ACWI (all country world index) ETF to trading on the London Stock Exchange. The fund invests in shares in companies from 24 developed countries and 21 emerging markets.The physical replication product is registered in Ireland.CharacteristicsName: iShares MSCI ACWI (SSAC)ISIN code: IE00B6R52259TER: 0.60%
25/10/2011

Vanguard releases GBP-denominated shares in two SRI funds

The UCITS-compliant SRI funds Vanguard SRI Global Stock Fund and Vanguard SRI European Stock Fund now offer shares denominated in pounds Sterling, so that the product range from Vanguard Asset Management in the United Kingdom now includes 21 products, including products domiciled in the United Kingdom and Ireland.The Vanguard SRI Global Stock Fund, an Irish-registered product, replicates the evolution of the FTSE All-World Developed Index; it charges fees of 0.40%.For its part, the Vanguard SRI European Stock Fund, which is also domiciled in Ireland, aims to reproduce the performance of the FTSE All-World Developed Europe Index. Its TER is 0.35%.The two funds exclude shares in firms which violate the principles of the United Nations Global Compact in the areas of human rights, labour standards, environmental protection and ethics and corruption. The management team also bans firms from the equity portfolio which are involved in the manufacture of anti-personnel weapons, nuclear arms, or cluster bombs. Weighting is optimised in order to preserve the fundamental risk profile of their benchmark indices.
25/10/2011

RWC Partners converts Pilgrim hedge fund to UCITS format

RWC Partners will convert its British hedge fund Pilgrim into a UCITS-compliant product, which will be more easily available to British investors. On 29 October, the Cayman Islands-registered fund will be redomiciled in Luxembourg, and made a sub-fund of the RWC Sicav. The Pilgrim fund earned returns of 2.5% for the year to 30 September, compared with a loss of 4.4% for the FTSE All Share index. Since its launch in October 2000, the performance has totalled about 99%, compared with 24% for the benchmark index. After its converion, the fund will become known as RWC UK Pilgrim, with assets under management of GBP22m.
25/10/2011

Neil Wilkinson joins Royal London AM

Royal London Asset Management has recruited Neil Wilkinson to take over as manager of the Royal London European Growth Fund, whose assets under management total slightly over GBP550m. Wilkinson, previously of Hermes Fund Managers, succeeds, Kevin Lilley, who has moved to Old Mutual Asset Managers to manage a European equity fund (Old Mutual European equity fund).
25/10/2011

Three former Brevan Howard traders team up

Three former traders from Brevan Howard Asset Management are planning to launch a natural resources hedge fund in early 2012, according to reports in Financial News. They are Tim White, Carl Linderum and Ben Belldegrun.
25/10/2011

Paul Feeney joins Old Mutual

The former global head of international distribution at BNY Mellon Asset Management, Paul Feeney, will join Old Mutual in early January, where he will replace Bob Head as CEO of asset management in the Long Term Savings (LTS) division, Investment Week reports.In his new role, he will serve as head of asset management for Skandia Investment Group (SIG) and Old Mutual Investment Group South Africa, as well as Nordic asset management.Feeney will report to Paul Hanratty, CEO of the LTS division.
25/10/2011

Axa IM launches a dividend fund

Axa Investment Managers has announced the launch of Axa WF Framlington Global High Income, an equity fund designed to capture opportunities from high quality companies with strong dividend yields and structural growth. The fund is managed by Anu Narula, portfolio manager, Axa Framlington.The fund targets between 1.5-2.5 times the dividend yield of the MSCI AC World index. The manager has the ability to further enhance the yield through the implementation of an option overlay strategy. Axa WF Framlington Global High Income which launched on 31 August 2011 is UCITS III compliant and domiciled in Luxembourg. The fund has both retail and institutional share classes with no minimum investment into the retail share class and EUR5 million into the institutional share class. The fund is not currently registered for sale in any other jurisdiction other than Luxembourg but Axa IM is considering registration across a number of countries in Europe.
25/10/2011

ECM launches a high yield bond fund

European Credit Management, the specialist fixed income asset manager, has launched the ECM High Yield Fund, the objective of which is to provide investors with consistent annual returns of 8-10 % p.a. (net of fees) through a combination of current income and capital appreciation. The ECM High Yield Fund, a Luxembourg registered UCITS IV compliant SICAV, will invest in high yield bonds and related products. It will be managed by Andre Mazzella, lead portfolio manager. He will be supported by Henry Craik-White, high yield analyst.The ECM High Yield Fund will have a European focus, though it will also invest on a global basis.
25/10/2011

La gestion d’actifs en Asie, un univers prometteur

Selon un rapport publié par Citigroup et Mirae Asset Global Investments sur la base des données de Cerulli Associates, le volume d’actifs du secteur de la gestion d’actifs en Asie hors Japon pourrait bien doubler à 4.000 milliards de dollars d’ici 2015. Grâce à la richesse grandissante de la zone, à l’intérêt grandissant des investisseurs internationaux et à l’émergence de nouvelles poches d’actifs issues des fonds d’assurance et de retraite. Les gérants asiatiques vont qui plus est partir à la conquête du monde, selon un promoteur du rapport.
25/10/2011

L'économie européenne est menacée de rechute

L’indice des directeurs d’achat pour le mois d’octobre correspond à une baisse d’activité de 0,3 % du PIB. Le repli devrait être particulièrement marqué en Italie, en Espagne et en Irlande. Dans ce contexte, une baisse des taux de la BCE devient plus probable.

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