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04/04/2011

Sanlam withdraws an international equities mandate from Pictet

Investment Week reports that Sanlam Universal Funds has transferred the management of its Global Equity fund from Pictet, and awarded it to Centre Asset Management. The US-based consulting firm Centre Asset Management will now take over management of the GBP8bn fund domiciled in Dublin, which Pictet has managed for the past 5 years.
04/04/2011

Korean pension fund NPS appoints transition managers

The South Korean government pension fund National Pension Service (NPS), with USD283bn in assets under management, has appointed BlackRock, Credit Suisse and Nomura as transition managers, Asian Investor reports. The decision of the government fund last month is an instance of a growing trend in Asia to make more regular use of providers of transition services. Transition management for sell-side establishments involves helping buy-side firms to “transition” their portfolios following any of a variety of events (acquisitions, changes to management, or management strategy). NPS will pay relatively high costs for transition management, as a part of its move to outsource its investments. Assets under management at NPS are expected to increase 6% this year, to about USD300bn, of which 30% will be outsourced. Total assets outsourced will include 90% of equities and 60% of bonds. On the domestic market, the percentages are 55% and 8.5%, respectively.
04/04/2011

Eaton Vance acquires Pelican Investment Management

The wealth management advising firm Pelican Investment Management (USD500m in assets advised) has been acquired for an undisclosed sum by Eaton Vance Investment Counsel, or EVIC (USD4bn in assets).The heads of Pelican, Anthony Pell, David Callard (the two founders) and John Paolella, will join EVIC with their team.Pelican, founded in 2001, and EVIC, founded in 1924, are both active in the high net worth private investor niche.
04/04/2011

iShares launches two new ETFs on NYSE Arca

iShares is launching two new ETFs on NYSE Arca: iShares MSCI China and iShares High Dividend Equity. The first of these funds will allow investors 85% exposure to the largest capitalisations on the Chinese equities market. The second will provide investment in high-quality equities from companies that pay high dividends. The ETF is based on the Morningstar Dividend Yield Focus Index.
04/04/2011

Blackstone to unload its infrastructure fund

In two years, Blackstone has managed to raise about USD350m for its first global infrastructure fund, well below the planned USD2bn, and has further reduced the carried interest fee from 15% to 10%, and cut the management commission, the Wall Street Journal reports, citing Financial News.In these conditions, the private equity investor is going to inject USD50m in seed capital into the fund, and place it in the hands of Blackstone CEOs Michael Dorrell and Trent Vichie, who will relaunch the fund in May. Blackstone will also refer infrastructure deals to the fund, provide back office, and appoint directors for its investment committee.According to sources familiar with the matter, Blackstone was concerned that the fund would be too small to generate adequate revenues for the group.
04/04/2011

Inverseguros liquidates its real estate fund

The real estate fund Segurfondo Inversión will be liquidated by Inverseguros, which on 1 April notified the CNMV that, two years after permission was issued to suspend redemptions from the fund (3 April 2009), it is not in a position to amass sufficient liquidity to pay back investors who want to withdraw from the fund. In agreement with the depositary bank, Segurfondos has therefore decided to liquidate the fund. One month after the publication of the decision in the official bulletin (Boletín Oficial del Estado), in order to allow time for any potential legal filings, Inverseguros will undertake to divide the assets in the fund between subscribers. Participations which remain unclaimed after three months will be transferred to the Caja General de Depósitos, where they will be held in the name of the shareholder. During the liquidation period, Inverseguros will maintain the reduced commission regime which was in force during the redemption suspension period. Assets under management represent EUR492m, of which 62% are in residential and 27% in office properties. The fund has about 500 subscribers, of whom 86.7% are institutional investors.
04/04/2011

Money market funds return to net subscriptions

According to Ahorro Corporación, Spanish equities funds have seen slight net outflows of EUR100m in March, while money market funds have posted their first net subscriptions since October 2009, at EUR200m, Cinco Días reports.The newspaper also reports that assets in the real estate fund Caixa Catalunya Proprietat, whose liquidity window opened on Friday, have fallen 17.7% in one year, and 32.2% since 2008. Its cumulate returns since launch in 2006 come to 4.29%, despite a loss of 4.78% in 2010. Caixa Catalunya points out that it is the only fund in its category not to have required assistance from its depositary bank.
04/04/2011

Spanish funds collected a net total of EUR320m in January-March

Last month, net subscriptions to Spanish securities funds totalled EUR712m, the highest amount since March 2006, the Spanish association of management funds Inverco has announced. Since the beginning of the year, net subscriptions have totalled EUR320m, while net inflows in February were the first following 16 consecutive months of net outflows (November 2009-January 2011). Assets as of the end of March totalled slightly over EUR139.95bn, which represents an increase of EUR870m, or 0.6%, in one month. Inverco says that assets under management have increased by more than EUR1.94bn since 1 January. In March, Santander Asset Management and InverCaixa Gestión posted the largest net subscriptions, at EUR511m and EUR506.55m, respectively. However, Ahorro Corporación Gestión and Caixa Catalunya Gestión have seen net outflows of EUR106.94m and EUR181.49m, respectively.
04/04/2011

Luis Pérez Box promoted at Banif

Following the transfer of José María Martínez-Sanjuán to Santander Asset Management (see Newsmanagers of 16 March), Banif has appointed Luis Pérez Box, who had been a member of the third-party fund analysis team since 2007, as head of fund and alternative investment analysis. He had previously spent his entire career at BBVA Gestión.
04/04/2011

Head of marketing at Ignis joins Ardevora

The head of marketing at Ignis Asset Management, Rob Page, is leaving the firm to join his former colleagues at Liontrust, Jeremy Lang and William Pattison, at Ardevora Asset Management. He will be a partner at the firm, which was launched in January 2010. James Senior, assistant head of marketing at Ignis, will replace Page.
04/04/2011

Assets up at LVAM

LV= (Liverpool Victoria Friendly Society) on 31 March announced that its profits totalled Gbp21.3m in 2010, compared with losses of GBP172.2m in 2009. In the past year, assets increased by 13%, to GBP8bn as of the end of December, up from GBP7.1bn.
04/04/2011

Andrew McCaffery rejoins Aberdeen

Andrew McCaffery, a founding member of Alignment Investors, a division of BlueCrest, is returning to Aberdeen Asset Management, a firm he left in 2008, as head of absolute return strategies. He will return as head of institutional hedge funds, and will belong to the fund of hedge fund management team (over GBP4bn in assets), alongside Graham Duce and Aidan Kearney, the British management firm announced on 31 March. McCaffery will report to Anne Richards, CIO and head of alternative investment strategies.
04/04/2011

Blackstone scinde son fonds mondial d’infrastructures

La société de private equity américaine envisage la scission de son fonds mondial d’infrastructures, selon le quotidien qui cite des sources proches du projet. Blackstone a levé par l’intermédiaire de ce fonds 350 millions de dollars au cours des deux dernières années, contre un objectif initial de 2 milliards de dollars.
04/04/2011

Le FMI active le fonds de crise

Le Fonds monétaire international a activé vendredi comme prévu un fonds de crise de 581 milliards de dollars avec le soutien des Etats membres. Ces nouveaux accords d’emprunt (NAE) avaient été développés en 2009 après un appel du G20. «Les montants disponibles pour le FMI via les mécanismes multilatéraux d’emprunt ont été multipliés au total par dix depuis 2009 (...)», a précisé le ministère français de l’Economie et des Finances.
04/04/2011

L'AMF alerte sur les émissions obligataires destinées au grand public

Le régulateur attire l’attention des investisseurs non professionnels sur les risques liés aux émissions obligataires de PME. L’AMF rappelle que la rémunération «qui peut sembler attractive» doit être rapprochée du risque de crédit, et invite à surveiller le risque de très faible liquidité de l’obligation.

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