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01/03/2011
Fonds

Londres cote cinq ETF supplémentaires

Depuis le 24 février, le London Stock Exchange (LSE) cote quatre ETF supplémentaires de Credit Suisse. Un seul, le Global Alternative Energy, est à réplication synthétique tandis que les trois autres (Fed Funds Effective Rate, Eonia et MSCI World) sont des produits à réplication physique.Par ailleurs, Pimco (groupe Allianz Global Investors) a fait admettre à la négociation l’ETF de droit irlandais PIMCO Euro Enhanced Short Maturity Source ETF (IE00B5ZR2157). Il s’agit du premier ETF à gestion active inscrit à la cote du LSE.
Fonds
01/03/2011
Fonds

F&C lance un fonds absolute return

F&C va lancer un fonds à performance absolue sur l’Europe, qui sera géré par Randeep Grewal, recruté récemment par la société de gestion britannique, indique Investmentweek. Le fonds Thames River European Absolute Return sera commercialisé à partir du premier mars et aura une enveloppe OPCVM III Oeic, avec une domiciliation à Dublin. Le gérant choisira 10 thèmes d’investissement porteurs et sélectionnera une à trois valeurs par thème.
Fonds
01/03/2011

First State recrute chez Macquarie pour son pôle immobilier

Marco Van Bussel a rejoint fin janvier l'équipe de gestion de valeurs immobilières mondiales (13 personnes) de First State Investments (UK) en tant que gérant de portefeuille. Il gérait auparavant des mandats focalisés sur les valeurs immobilières européennes chez Macquarie Fund Management à Londres. Basé également dans cette ville pour First State, il sera plus spécialement chargé des valeurs immobilières d’Europe continentale et du Royaume-Uni. Il est subordonné à Andrew Nicholas, head of global property securities.
01/03/2011
Fonds

"Soft close" du fonds émergent de Baillie Gifford

La société de gestion ecossaise Baillie Gifford a décidé de procéder à la fermeture provisoire aux nouveaux investisseurs de son fonds marchés émergents. Ce «soft close» interviendra le 6 avril, précise fundstrategy. Le fonds Emerging Markets Growth, qui a récemment franchi la barrière du milliard de livres d’encours, est géré par Richard Sneller. Selon le gérant, la liquidité est devenu un réel problème, poussant l'équipe de gestion à prendre des participations significatives dans des entreprises de plus petite taille.
Fonds
01/03/2011

Un trio de gérants actions rejoint SWIP

Les gérants actions Stephen Corr et James Kinghorn rejoindront l'équipe actions internationales de Scottish Widows Investment Partnership (SWIP) dirigée par Mike McNaught-Davis respectivement le 3 mars et le 14 mars. Cette équipe a déjà été renforcée le 4 janvier avec l’arrivée de Craig Bonthron qui gérait précédemment le Global Water Fund chez Kleinwort Benson et qui sera chargé de la gestion des produits éthiques et environnementaux sous les ordres de Johnny Russell.Stephen Corr travaillait précédemment chez BlackRock où il était director et gérant de portefeuille. James Kinghorn était gérant senior pour les actions nord-américaines et latino-américaines au Scottish Investment Trust.
01/03/2011

iShares lance des ETF répliquant des indices de développement durable DJSI

BlackRock Advisors (UK) Ltd a annoncé le 28 février l’admission à la cote du London Stock Exchange (LSE) des deux ETF coordonnés de développement durable utilisant comme support des indices Dow Jones Sustainability Indices (DJSI) élaborés par le suisse SAM Sustainable Asset Management (groupe Robeco). Il s’agit de produits de droit irlandais à réplication physique qui sont des compartiments de la sicav iShares II plc.Le fonds «mondial», iShares Dow Jones Global Sustainability Screened (IGSC, IE00B57X3V84), réplique l’indice Dow Jones sustainability Word Enlarged index ex alcohol, tobacco, gambling, armament & firearms and adult entertainment. Il est chargé à 0,60 %.La variante européenne de produit excluant des secteurs «sensibles», le iShares Dow Jones Europe Sustainability Screened fund (IESE, IE00B52VJ196), réplique l’indice DJSE avec les mêmes exclusions sectorielles (alcool, tabac, jeux de hasard, armes et matériel de guerre et «distractions d’adultes»). La commission de gestion se situe à 0,45 %. iShares propose déjà un ETF «développement durable» sur Borsa Italiana, le iShares Euro Stoxx Sustainability 40
01/03/2011
Fonds

Pimco lance un fonds obligataire de rendement

Selon Investment Week, Pimco vient de lancer un fonds obligataire de rendement dont les allocations les plus importantes seront dédiées aux ABS (Asset backed securities), RMBS (Residential mortgage-backed security) et CMBS (Commercial mortgage backed security).Le Select UK Income bond Fund est un véhicule coordonné qui sera piloté par Mike Amey et qui vise une performance brute de 5% par an. Le fonds investira en priorité dans des actifs britanniques notés en catégorie d’investissement. Environ 50% de l’allocation est dédiée aux ABS et aux MBS, 30% au crédit en catégorie d’investissement (surtout britannique), 10% au high yield et 10% à la dette émergente.
Fonds
01/03/2011
Fonds

Aberdeen lance un fonds obligations asiatiques à durations courtes

Aberdeen Asset Management lance le Aberdeen Global – Asian Local Currency Short Duration Bond Fund, un fonds offrant une exposition aux obligations asiatiques à maturités courtes en devises locales. Domicilié au Luxembourg, le produit est géré par l’équipe obligataire asiatique de la société de gestion basée à Singapour qui représente plus de 6,4 milliards de dollars d’actifs. Le fonds sera investi principalement dans les obligations souveraines de dix pays d’Asie différents (hors Japon) ayant une duration de moins de 1,65 année. La notation de crédit moyenne sera de A-. L’indice sera l’iBoxx – Asie souveraine hors Japon 1-3 ans.
Fonds
01/03/2011
Fonds

Report d'échéance pour la liquidation des fonds EMIF

Faute de quorum lors de l’assemblée générale extraordinaire (AGE) du 23 février (lire notre article du 8 février), le délai de rachat des parts des fonds de la gamme EMIF se trouve prorogé jusqu'à la tenue de la seconde AGE, le 30 mars 2011, a annoncé KBC Asset Management.
Fonds
01/03/2011

Aberdeen launches an Asian short-term bond fund

Aberdeen Asset Management has created a fund providing dedicated exposure to local currency short duration Asian bonds.The Aberdeen Global – Asian Local Currency Short Duration Bond Fund is domiciled in Luxembourg and managed by Aberdeen’s Asian Fixed Income team in Singapore which manages over USD6.4 billion in assets.The fund will invest mostly in sovereign bonds, across as many as ten different countries in Asia ex-Japan, with an expected initial duration of less than 1.65 years (making it relatively insulated from current inflation threats). The average credit rating will be A-minus. The benchmark will be the iBoxx – Asia ex Japan sovereign 1-3 years index.
01/03/2011

BlackRock releases BGF European Income fund in Spain

p { margin-bottom: 0.08in; } The BGF European Income sub-fund of the Luxembourg Sicav BlackRock Global Funds (61 funds) has been issued a sales license for Spain by the CNMV, Funds People reports. The product, which aims for average annual returns of at least 110% of the MSCI Europe index, is managed by Andreas Zoellinger and Alice Gaskell. It invests at least 70% of its portfolio (40-70 positions) with a bottom-up approach in businesses domiciled in Europe or which realise most of their activities on the continent.
01/03/2011

Three equities managers join SWIP

p { margin-bottom: 0.08in; } The equities managers Stephen Corr and James Kinghorn will join the international equities team at Scottish Widows Investment Partnership (SWIP), led by Mike McNaught-Davis, on 3 March and 14 March, respectively. The team on 4 January already gained Craig Bonthron, who previously managed the Global Water Fund at Kleinwort Benson, and who will be in charge of the management of ethical and environmental products, under Johnny Russell. Corr previously worked at BlackRock, where he was director and portfolio manager. Kinghorn was senior manager for North American and Latin American equities at Scottish Investment Trust.
01/03/2011

Assets under management up to GBP4.5bn at SWIP in 2010

p { margin-bottom: 0.08in; } Assets under management at Scottish Widows Investment Partnership (SWIP) as of 31 December totalled GBP146.2bn, compared with GBP141.7bn as of the end of December 2009. Gross inflows totalled GBP3.1bn.
01/03/2011

iShares launches ETFs replicating DJSI sustainable development indices

p { margin-bottom: 0.08in; } BlackRock Advisors (UK) Ltd on 28 February announced the admission to trading on the London Stock Exchange (LSE) of two UCITS-compliant sustainable development ETFs, using the Dow Jones Sustainability Indixes (DJSI0 from the Swiss firm SAM Sustainable Asset Management (Robeco group) as underlying.These physical replication products are registered in Ireland, as sub-funds of the Sicav iShares II plc.The “global” fund, iShares Dow Jones Global Sustainability Screened (IGSC, IE00B57X3V84), replicates the Dow Jones Sustainability World Enlarged index ex alcohol, tobacco, gambling, armament & firearms and adult entertainment. It charges 0.60%.The European version of the product excluding “sensitive” sectors, the iShares Dow Jones Europe Sustainability Screened fund (IESE, IE00B52VJ196), replicates the DJSE index with the same sectoral exclusions (tobacco, alcohol, gambling, armaments & firearms, and adult entertainment). The management commission is 0.45%.
01/03/2011

Soft close for Baillie Gifford emerging markets fund

p { margin-bottom: 0.08in; } The Scottish asset management firm Baillie Gifford has decided to announce a provisional closure to new investors of its emerging markets fund. The soft close will take place on 6 April, fundstrategy reports. The Emerging Markets Growth fund, which recently topped GBP1bn in assets, is managed by Richard Sneller. The manager says that liquidity has become a real problem for the fund, driving the management team to take significant stakes in increasingly small businesses.
01/03/2011

F&C launches an absolute return fund

p { margin-bottom: 0.08in; } F&C will launch an absolute return fund focused on Europe, which will be managed by Randeep Grewal, who has recently been recruited by the British asset management firm, Investment Week reports. The Thames River European Absolute Return fund will be available from 1 March, and will be offered as a UCITS III-compliant OEIC vehicle, domiciled in Dublin. The manager will select 10 promising investment themes, and three positions per theme.
01/03/2011

First State recruits a manager from Macquarie for its real estate unit

p { margin-bottom: 0.08in; } Marco Van Bussel at the end of January joined the 13-member global real estate securities management team at First State Investments (UK) as a portfolio manager. He was previously in charge of mandates focused on European real estate securities at Macquarie Fund Management in London. Van Bussel will continue to be based in London with First State, and will be in charge of continental European and UK real estate securities. He will report to Andrew Nicholas, head of global property securities.
01/03/2011

Pimco launches a high yield bond fund

p { margin-bottom: 0.08in; } Investment Week reports that Pimco has launched a high yield bond fund, whose largest allocations will be dedicated to ABS, RMBS and CMBS. The Select UK Income Bond Fund is a UCITS-compliant vehicle, which will be managed by Mike Amey, and which will aim for gross returns of 5% per year. The fund will invest as a top priority in investment grade rated British assets. About 50% of the allocation is dedicated to ABS and MBS, 30% to investment grade credit (largely from the UK), 10% to high yield, and 10% to emerging markets debt.
01/03/2011

London lists five more ETFs

p { margin-bottom: 0.08in; } Since 24 February, the listings of the London Stock Exchange (LSE) include four more ETF funds from Credit Suisse. Only one of these, the Global Alternative Energy, is a synthetic replication fund, while the other three (Fed Funds Effective Rate, Eonia and MSCI World) are physical replication products.Pimco (Allianz Global Investors group) has also listed the Irish-registered ETF PIMCO Euro Enhanced Short Maturity Source ETF (IE00B5ZR2157). This is the first actively-managed ETF to be listed on the LSE.
01/03/2011

China's CCBI AM launches an RMB bond fund

p { margin-bottom: 0.08in; } Asian Investor reports that CCB International Asset Management, part of China Construction Bank International in Hong Kong, has launched a bond fund denominated in renminbi. The fund will invest as its top priority in instruments denominated in renminbi issued in Hong Kong, and will not include synthetic bonds or structured products.
01/03/2011

IntReal joins BVI

p { margin-bottom: 0.08in; } The German BVI association of asset management firms on 28 February announced that it has admitted IntReal International Real Estate Kapitalanlagegessellschaft mbH, a wholly-owned subsidiar of Warbirg-Henderson KAG, which manages five open-ended real estate funds with assets of EUR228.5m as of the end of 2010, as a new member. The executive board at the firm consists of Eitel Coridaß, Henning Klöppelt, Detlef Mertens and Michael Schneider.With this new member, the BVI now has 83 “full” members, of whom 65 have the status of KAG, 12 asset management firms, and 6 holding companies, which manage a total of over EUR1.8trn in open-ended funds, institutional funds and mandates.
01/03/2011

Sarasin recruits for German private bank

p { margin-bottom: 0.08in; } From 1 March, Wulf Matthias, a board member at Credit Suisse Deutschland, will join Banque Sarasin in Frankfurt, to serve ultra-high net worth individuals (UHNWI) and family offices in Germany. Matthias will report directly to Frank Niehage, chairman of the board at Banque Sarasin.The Swiss private bank has had a branch in Nuremberg since October 2009. It recently announced that it is the largest foreign financial services provider in Germany to become profitable less than three years after receiving a full banking license for the country.
01/03/2011

Mitigated success for Italian Fund Hub

p { margin-bottom: 0.08in; } The Italian Fund Hub, an internet platform which is intended to bring together data on funds from asset management firms members of Assogestioni, the Italian association of asset managers, has been a mitigated success, Plus, the money supplement of Il Sole – 24 Ore reports. Of 74 financial groups registered with the association, only 18 have released information on the site so far, though among them are the major players in the sector: Eurizon Capital, Generali, Pioneer, Allianz and Mediolanum. The cost of the service is not prohibitive: from EUR1,440 to EUR7,200 per year. The idea is to offer investors a single location where information on funds from various asset management firms can be found.
01/03/2011

DJ CS hedge fund index up 0.69% in January

p { margin-bottom: 0.08in; } The Dow Jones Credit Suisse hedge fund index rose 0.69% in January, with positive results for six strategies out of ten. The best-performing sector was convertibles arbitrage, with gains of 2.16% for the month, followed by event-driven strategies (1.80%) and equity market neutral (1.79%). However, dedicated short bias and global macro lost 0.83% and 0.77%, respectively.
01/03/2011

Bellevue registers nine funds in Spain

p { margin-bottom: 0.08in; } On 25 February, the CNMV issued registrations for nine funds launched by the Swiss management firm Bellevue Asset Management, an affiliate of Bellevue Group. Sales in Spain will be conducted by Banco Inversis.The funds, all sub-funds of the group’s Luxembourg Sicav, are the following: BB African Opportunities, BB Biotech, BB Entrepreneur Europe, BB European Opportunities, BB Global Macro, BB Healthcare, BB Meditech, BB Selection and BB Silk Road Opportunities.
01/03/2011

Lower correlations will be good for long/short equities strategies

p { margin-bottom: 0.08in; } Long/short equities strategies are expected to benefit from lower levels of correlation between securities, according to fund of hedge fund managers surveyed by Standard & Poor’s Fund Services. As correlation falls, fund of fund managers say in the most recent survey by Standard & Poor’s, hedge funds may generate alpha due to the dispersion between sectors and businesses. Funds of funds finished 2010 in a good position, with gains of 3.5% in fourth quarter, and returns of 5% for the year, according to statistics from HFN.
01/03/2011

BlackRock and NTR launch a new investment platform

p { margin-bottom: 0.08in; } BlackRock and the Ireland-based NTR group on 28 February announced that they have signed a strategic agreement to launch a new investment platform specialised in renewable energies.Partners at NTR will join the BlackRock Alternative Investors (BAI) investment platform, which currently manages more than USD110bn in assets in various alternative strategies. As a part of the partnership, NTR will provide market analysis to the investment team, and will have an economic interest in some of the products of the new investment platform. The CEO of NTR, Jim Barry, will serve as chief investment officer of the new BAI unit, and will be in charge of developing the platform.
01/03/2011

Madoff claims his fraud started out legal

Bernard Madoff has claimed in a series of taped phone calls with a reporter for New York magazine that his Ponzi scheme, in which investors lost USD65bn, started off as a legitimate business that earned 15 per cent annual returns through much of the 1980s, according to the Financial Times. He said that he started defrauding investors in the early 1990s when a period of low market volatility made it hard for his strategy to work. “I thought I could extricate myself after a short period of time. But I just couldn’t,” he said.
01/03/2011

M&G releases an inflation-linked corporate bond fund in Germany

p { margin-bottom: 0.08in; } The British asset management firm M&G Investments is now offering the new M&G European Inflation Corporate Bond Fund, managed by Jim Leaviss and Ben Lord, which invests in investment grade corporate bonds, with the objective of generating performance at least equivalent to the European inflation rate, for sale in Germany, Das Investment reports.

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