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21/06/2011

Departures from Fidelity UK

Fidelity has confirmed the departure of several members of its UK teams, including the director of products for the team responsible for UK equities, Peter Hicks, FundWeb reports. In the interim, from early July, the responsibilities will be handled by William Russell.
21/06/2011

ISS supports LSE-TMX merger

Institutional Shareholder Services (ISS) is recommending that shareholders in the London Stock Exchange (LSE) vote in favour of a merger with TMX, the operator of the Toronto Stock Exchange, the Wall Street Journal reports. The independent shareholder advisory firm has, however, not yet issued a recommendation for TMX shareholders, who are facing two rival offers, one from LSE and one from Maple Group Acquisition Corp.ISS is the second agency to recommend approval for the LSE-TMX merger, following Glass Lewis & Co, a independent advisory agency serving institutional investors, which considers the LSE offer “superior” to the Maple Group offer for TMX shareholders.Glass Lewis is an indirect affiliate of the Ontario Teachers’ Pension Plan Board, one of the founders and backers of Maple.
21/06/2011

UK pension funds switching asset managers

According to an annual survey by Financial Times fund management, several major asset management firms have seen a collapse in their assets managed for UK pension funds in the past three years. This is particularly true of Alliance Bernstein, Axa IM, Scottish Widows IP, Goldman Sachs AM, Aberdeen AM and Henderson GI. In the meantime, other asset managers have gained market share in this segment: Insight IM, Legal & General IM and BlackRock.
21/06/2011

Skandia Global Funds recrute Susana García

Le britannique Skandia Global Funds a annoncé avoir embauché comme marketing executive Susana García, qui sera chargée de soutenir depuis Londres l'équipe de Skandia Investment Group pour l’Espagne et l’Amérique latine. Elle était auparavant responsable du marketing pour l’Espagne et le Portugal chez American Express Funds, précise Funds People.Susana García fera équipe avec Mercedes Azpiroz et Pilar Bravo et elle sera chargée aussi du développement des activités marketing pour l’Espagne et l’Amérique latine.
21/06/2011

Schroders recruits a former UBS GAM head

Schroders has appointed Bob Jolly to a new role on its fixed income team as head of global macro based in London. He joins from UBS Global Asset Management where he was head of global sovereign, currency and UK fixed income portfolio management.Bob Jolly, who joins in September, will also take on lead portfolio management responsibility for a number of macro and multi-sector portfolios managed by a team of ten in London. Current mandates include aggregate, sovereign and absolute return strategies with nearly USD15 billion of assets under management. He will also work with regional portfolio managers in Asia and the US to further develop Schroders’ global macro investment framework.
21/06/2011

AFIC modernises governance

Members of the French association of capital investors (AFIC) have massively voted to modernise the governance of the association at its general assembly, held on 15 June. The professional association says in a statement release on 20 June that it is “adopting an exemplary and modern governance for itself, which is more formally regulated and which clarifies the role and missions of each individual. The reforms also aim to strengthen the stability, transparency, effectiveness and representativeness of the association, as well as to open its environment further.” Meanwhile, AFIC has also strengthened its deontology code, clarifying rules and procedural points based on them.In order to improve continuity in the association’s representation, in particular to government entities, social partners and economic decision-makers, the term of AFIC’s chairman has been lengthened from one to two years. Following the reforms, Hervé Schricke (chairman of the board at XAnge Private Equity and XAnge Capital) was re-elected for a two-year term as chairman of the AFIC board of directors.
21/06/2011

LBB-Invest teams up with Pall Mall to advise institutional investors

The German affiliate of the London-based Pall Mall Investment Management (PMIM) has signed a partnership with the Berlin-based asset management firm LBB-Invest to advise institutional clients in the areas of asset allocation and risk management. PMIM becomes the exclusive partner of LBB-Invest.The range of services will be based on the Risk@Work method, developed by PMIM three years ago. The objective is both to preserve the portfolio in periods of falling markets, and to ensure a high participation rate in rising markets. The method is based on the determination of a value at risk factor which is appropriate for portfolios with risk budgets. The two partners say that unlike methods adopted by many competitors, Risk@Work takes into account the differences in liquidity between various asset classes.
21/06/2011

High yield bond funds deserted by investors

Troubles related to Greek debt have exacerbated the risk aversion of investors, who in mid-June pulled out of the high yield bond sector, in favour of funds dedicated to US equities.In the week to 15 June, high yield bond funds suffered a record net outflow of USD2.09bn, according to the most recent weekly statistics from EPFR Global. Bond funds overall still showed a net inflow of USD679m in the week under review.Equities funds attracted over USD6bn, while inflows to a group of US ETF funds, stimulated by a series of options which matured on 17 June, more than compensated for redemptions from the major groups of equities funds. Funds dedicated to European equities finished the week with outflows of USD741m.Money market funds also saw their largest outflows in over four months.In terms of sectors, funds dedicated to health and biotechnologies continued to post subscriptions, putting inflows since the beginning of the year at over USD3bn.
21/06/2011

Collateral: a new challenge for hedge funds

According to a survey undertaken by service provider Algorithmics and consultant Chromozome, covering 80 buy-side companies (asset management firms, hedge funds, and pension funds), entitled “Collateral Management for the Buy Side: Emerging Challenges and Best Practices in a Changing Regulatory Environment,” rising costs for collateral management related to settlement requirements for over-the-counter derivative trades on both sides of the Atlantic could drive hedge funds to make less use of, or no longer to trade, OTC products.The study, published on 20 June, finds that 54% of respondents currently make margin calls only on a weekly basis. Where new regulations are in place, central counterparty clearing houses (CCP) may make daily margin calls, and even intra-day calls. In other words, hedge funds need to adapt their infrastructure to these new requirements, which also imply an increase in collateral levels.Andrew Aziz, executive vice president of the Risk Solutions unit at Algorithmics, says that buy-side professionals are facing an interesting evolution. “For the first time, they are subject to the same risk and operational requirements as their sell-side counterparts, due to regulatory requirements.”
21/06/2011

Concentration expected in wealth management, according to PwC

According to the Wealth Management Report 2011 from PricewaterhouseCoopers (PwC), cited by the Börsen-Zeitung, 30% of 275 directors of banks and financial sector groups in 67 countries are expecting a major concentration movement in the wealth management sector in the next two years. The movement will be a delayed result of the financial crisis, particularly of toughening regulations with financial implications for businesses in the sector. However, the profitability of wealth management operations is expected to increase.
21/06/2011

Carolyn Clancy promoted to executive vice president of FundsNetwork

Fidelity has promoted Carolyn Clancy to become director of its mutual fund supermarket operation. Mutual Fund Wire reports that Clancy was appointed as executive vice president of FundsNetwork about a month ago. She replaces Paul Riley, who has left the group to join Bank of America Merrill Lynch.
21/06/2011

RBC Wealth Management number one in North America for customer satisfaction

According to the ninth annual customer satisfaction study by J.D. Power & Associates (“2011 U.S. Full Service Investor Satisfaction Study,”) covering 4,200 investors who use an advisor, RBS Wealth Management, the wealth management unit of the Canadian bank Royal Bank of Canada, has received the highest satisfaction score from its clients. On the basis of seven major criteria (advising, performance, information, product offerings, fees and commissions, website and problem resolution,) RBC scored a total of 814 points on a scale of 1 to 1,000, putting it ahead of Charles Schwab (805 points) and Fidelity Investments (796 points). The study also reveals that clients are increasingly using the Internet. 59% of investors have consulted the website of their management firm in the past twelve months, compared with 52% in 2009, and 51% of investors exchanged email with their advisor in 2011, compared with 19% in 2008. Among the investors who had viewed the website of their firm, clients aged over 64 averaged over 35 visits per year, compared with 23 visits per year for the 45-64 year-old age group, and only 12 visits per year for those aged under 45. The study also reveals that 85% of clients had either never heard of or had never understood the difference between the ssuitability tandard, which requires that the adviser offer investments adapted to the client’s profile, and the fiduciary standard, which requires the advisor to act in the best interest of clients and to disclose any conflicts of interest.
21/06/2011

Somangest retains Investeam for distribution for some of its funds

The French asset management firm Somangest has awarded a contract for distribution of some of its funds via distribution platforms and independent financial advisers (IFA) to the third-party marketing firm Investeam. The two funds included in the deal are Somactiv and Sominter.
21/06/2011

Less than half of managers invest in the funds they manage

According to statistics from Morningstar compiled by InvestmentNews, only 40% of managers invest in their own funds, and of that 40%, 60% are equities managers.Morningstar has established that the more a manager invests in his own fund, the better the fund performs. For funds in which the manager has over USD1m invested, the average rating is 3.5 stars and the average tenure for the manager in charge of the fund is over 12 years.At the other end of the spectrum, funds in which the manager does not invest or invests a small amount have an average rating of 2.9 stars, and the average tenure for managers in charge of the funds is 4.6 years.Most asset management firms have no formal rules about whether managers are required to invest in their own funds. But Royce & Associates (Legg Mason group) requires that its lead managers invest at least USD1m in their funds, while co-managers are required to invest at least USD500,000.However, at Vanguard, the manager is not at all invested in 84 out of 114 funds.
21/06/2011

Fidelity hopes to build a presence in Brazil

Funds People reports that Fidelity International has decided to send its head of sales for Spain and Portugal, Pablo Anabitarte, to São Paulo, as head of development for Brazil. He will be assisted by other partners at Fidelity, which is not currently present elsewhere in Latin America, aside from Chile (where it has USD8.66bn in assets).Anabitarte will be transferred to Brazil from 1 July, and will be replaced on the executive board of the Madrid office by Domingo Barros and Martina Álvarez.
21/06/2011

London & Regional acquires FCC headquarters

Cotizalia reports that the British asset management firm London & Regional (EUR9bn in assets) has obtained an exclusive right to acquire the headquarters of Spain’s FCC in Madrid and Barcelona. The sale would total EUR60-70m, and FCC would receive a 20-year lease as a part of the sale and leaseback operation. The acquisition would be London & Regional’s first investment in the currently depressed Spanish market.
21/06/2011

NYSE Euronext bond platform gets AMF approval

NYSE Euronext on 20 June announced that the launch of the first multilateral trading facility (MTF) for corporate bonds in Europe is slated for 11 July, as the project has received approval from the French financial market regulator, the Autorité des marchés financiers (AMF). The platform, which will be known as NYSE BondMatch, and will be based in Paris, was promoted in 2010 by the Comité Cassiopée, which led the French initiative for a platform of this type, to improve the liquidity and transparency of the secondary credit market, in which 90% of transactions are made in opaque over-the-counter trades. NYSE BondMatch will allow professional investors to trade over 1,800 corporate, financial and real estate sector bonds, via a transparent order book, which will accept only firm orders. The new European trading platform will charge competitive prices, and will improve not only the transparency and liquidity of the market by being open to all buy-side and sell-side participants, but will also offer required post-market services through LCH.Clearnet SA, a clearing-house that has ties to the largest European central securities depositories (CSD), and international central securities depositories (ICSD) for settlement and clearance.
21/06/2011
Gestion d'actifs

La Caisse d'Epargne Loire Drôme Ardèche évalue les impacts de Bâle III du point de vue de la liquidité

Si la CELDA (Caisse d’Epargne Loire Drôme Ardèche) n’intègre pas encore Bâle IIII dans sa gestion au quotidien par contre, la caisse commence à en évaluer les impacts notamment du point de vue de la liquidité. Ainsi, la nouvelle notion de réserve de liquidité va inciter encore plus qu’aujourd’hui, la caisse à aller rechercher de l’actif d’excellente qualité, en quantité importante noté AA ou AAA, notamment des souverains. Ce process porte en lui une remise en question complète de la gestion de portefeuille de la caisse qui n’est pas tournée aujourd’hui, vers du AAA mais plutôt vers du BBB. Bien entendu, la CELDA travaille dans un cadre d’investissement existant mais moins contraignant et la notion de notation qui avait jusqu'à présent, moins d’importance en France, devient prégnante avec les notions de LCR et de NSFR introduites par Bâle III. Si la nouvelle règlementation n’interdit pas d’investir sur du BBB, elle le rend beaucoup moins intéressant puisqu’il n’entre pas dans le coefficient de la nouvelle LCR. La caisse aura donc plutôt intérêt à aller chercher de la liquidité règlementaire donc des titres qui constituent l’actif liquide. Aujourd’hui pour la Caisse régionale, il n’est pas question d’arbitrer mais d’examiner les leviers à la fois financiers et commerciaux pour se constituer des ressources stables. La caisse admet qu’en termes de rentabilité et même de répartition du risque, faire en sorte que tous les investisseurs aillent vers les mêmes émetteurs n’est pas très efficace d’autant plus que le financement des entreprises risque d’en pâtir car les titres achetés constitueront soit, de la liquidité mais au détriment des corporates.
Gestion d'actifs
21/06/2011

Skandia Global Funds recrute Susana García

Le britannique Skandia Global Funds a annoncé avoir embauché comme marketing executive Susana García, qui sera chargée de soutenir depuis Londres l'équipe de Skandia Investment Group pour l’Espagne et l’Amérique latine. Elle était auparavant responsable du marketing pour l’Espagne et le Portugal chez American Express Funds, précise Funds People.Susana García fera équipe avec Mercedes Azpiroz et Pilar Bravo et elle sera chargée aussi du développement des activités marketing pour l’Espagne et l’Amérique latine.
21/06/2011
Fonds

Des fonds de Prudential vont être absorbés par des fonds M&G

Le Corporate Bond trust de Prudential, dont les encours s'élèvent à 783 millions de livres, a été fusionné le 20 juin avec le M&G Corporate Bond fund, dont les encours totalisent 4,1 milliards de livres, rapporte Investment Week. Autrement dit, le fonds géré par richard Woolnough pèse désormais près de 5 milliards de dollars.Un autre fonds de Prudential, le North American Trust (60 millions de livres), sera intégré dans le M&G American fund (2,3 milliards de livres). En outre, le Managed trust (278 millions de livres) fusionnera avec le M&G Managed fund (717 millions de livres) tandis que le European Trust (90 millions de livres) sera absorbé par le M&G Pan European fund (175 millions de livres).
Fonds
21/06/2011
Fonds

Mouvements chez Fidelity outre-Manche

Fidelity a confirmé le départ de plusieurs membres des équipes outre-Manche, notamment le directeur produits de l'équipe responsable des actions britanniques, Peter Hicks, rapporte FundWeb. L’intérim, à compter de début juillet, sera assuré par William Russell.
Fonds
21/06/2011

Les fonds de pension britanniques changent de gérants

Selon un sondage annuel du Financial Times fund management, plusieurs grandes maisons de gestion ont vu leurs encours gérés pour le compte de fonds de pension britanniques chuter ces trois dernières années. C’est notamment le cas d’Alliance Bernstein, Axa IM, Scottish Widows IP, Goldman Sachs AM, Aberdeen AM et Henderson GI. En revanche, d’autres sociétés de gestion ont gagné des parts de marché sur ce segment : Insight IM, Legal & General IM et BlackRock.
21/06/2011
Fonds

Skandia mise sur deux gérants français pour le European Best Ideas

Lee Freeman-Shor, gérant chez Skandia Investment Group (SIG), vient d’ajouter Marc Renaud de Mandarine Gestion et Cédric de Fonclare de Jupiter AM à la liste des gérants du fonds Skandia European Best Ideas Fund (EBI).Ces deux gérants français rejoignent ainsi leur compatriote Damien Lanternier de La Financière de l’Echiquier dans le cercle restreint des gérants mandatés pour gérer EBI qui compte dorénavant dix professionnels, avec la sortie de Tobias Klien de First Private. Lee Freeman-Shor considère d’ailleurs que dix mandats est une limite maximale de diversification à ne pas dépasser, afin de conserver une gestion suffisamment active et continuer à générer de la sur-performance.Marc Renaud et Cédric de Fonclare figuraient déjà dans l’équipe «de réserve» du fonds EBI.
Fonds
21/06/2011

Schroders recrute un ancien d’UBS GAM

Schroders vient de recruter Bob Jolly dans son équipe «fixed income» en tant que responsable du Global Macro à Londres, un poste nouvellement créé. L’intéressé vient d’UBS Global Asset Management où il était responsable de la gestion de portefeuilles souverains, devises et obligataires britanniques (head of global sovereign, currency and UK fixed income portfolio management). Chez Schroders, où il arrivera en septembre, Bob Jolly deviendra le gérant principal de plusieurs portefeuilles macro et multi-secteurs gérés par une équipe de dix personnes à Londres. Les mandats actuels incluent également des stratégies obligations souveraines et à rendement absolu représentant environ 15 milliards de dollars. Bob Jolly travaillera aussi avec des gérants de portefeuilles régionaux en Asie et aux Etats-Unis pour développer le segment global macro.
21/06/2011
Fonds

Ignis fait enregistrer en Espagne l'Argonaut European Alpha Fund

La CNMV a délivré le 10 juin son agrément de commercialisation en Espagne aux parts en euros du fonds d’actions britannique Ignis Argonaut Alpha Fund (416 millions d’euros) qui est géré par Barry Norris et Oliver Russ d’Argonaut Capital Partners. Ces parts (*) seront commercialisées par RBC Dexia Investor Services España. Elles ont aussi obtenu leur agrément de commercialisation pour l’Allemagne et l’Autriche. Ignis prévoit également de faire enregistrer ces parts du fonds en France, en Italie (pour les institutionnels seulement) et en Suisse.(*) GB00B42LLR21 (A) et GB00B44P9H80 (I)
Fonds
21/06/2011

London & Regional acquiert les sièges de FCC

Selon Cotizalia, le gestionnaire britannique London & Regional (9 milliards d’euros d’encours) a obtenu l’exclusivité pour l’acquisition des sièges de l’espagnol FCC à Madrid et Barcelone. La transaction porterait sur 60-70 millions d’euros et FCC bénéficiera d’un bail de 20 ans dans le cadre de cette opération de sale-and-leaseback. Ce serait le premier investissement de London & Regional sur un marché espagnol, actuellement déprimé.
21/06/2011
Fonds

Frankfurt Trust lance un fonds sur la consommation dans les pays émergents

La société de gestion de la BHF-Bank, Frankfurt Trust, a annoncé le 20 juin le lancement du fonds luxembourgeois FT Emerging ConsumerDemand disponible en parts P (retail) et I (institutionnelles), qui est géré par Thierry Misamer de Frankfurt Trust et Tillo Wannow, de BHF Trust.Pour profiter de la croissance des marchés émergents, ce fonds investira dans des sociétés du secteur des biens de consommation. Initialement, le portefeuille de 40 lignes sera réparti en deux moitiés, l’une pour les biens de consommation courante et l’autre pour les biens de consommation discrétionnaire. Les actions seront choisies parmi les sociétés des pays émergents ainsi que dans des entreprises de pays développés réalisant plus de 30 % de leur chiffre d’affaires dans les pays émergents. CaractéristiquesDénomination : FT Emerging ConsumerDemandCodes Isin : Classe P : LU0632979331/Classe I : LU0632979174Droit d’entrée : Classe P : 5 %/Classe I : pour l’instant pas de droit d’entréeCommission de gestion : Classe P : 1,50 %/Classe I : 0,74 %Commission de banque dépositaire : 0,04 % (classes P et I)Souscription minimale initialeClasse P : 2.500 eurosSouscription classe I : minimum 250.000 euros
Fonds
21/06/2011

LBB-Invest s'allie à Pall Mall pour conseiller les investisseurs institutionnels

La filiale allemande du londonien Pall Mall Investment Management (PMIM) a signé avec le berlinois LBB-Invest une alliance dans le domaine du conseil à la clientèle institutionnelle dans les domaines de l’allocation d’actifs et de la gestion du risque. PMIM devient le partenaire exclusif de LBB-Invest.L’offre de services reposera sur la méthode Risk@Work développée par PMIM voici trois ans. L’objectif est à la fois de préserver le portefeuille en période de baisse des marchés et d’assurer un taux de participation élevé en cas de hausse. La méthode repose sur la détermination d’un facteur de capital à risque approprié pour les portefeuilles assortis d’un budget de risque. Et contrairement aux méthodes adoptées par nombre de concurrents, Risk@Work prend en compte les différences de liquidité entre les différentes classes d’actifs.

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