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26/10/2010

Pimco has nearly doubled its market share in bond funds

p { margin-bottom: 0.08in; } Diversified funds, and especially bond funds, are the big winners in terms of net subscriptions on the German market in the first eight months of the year. According to the Kommalpha agency, assets in bond funds increased by EUR11.1bn in the period under review, of which EUR1.8bn was due to market effects. Pimco Europe alone managed to attract over EUR11.75bn, which gives it a market share of 18%, virtually double what it had at the end of 2009.In the rankings of net inflows for all categories combined in January-August, the next three after Pimco Europe are db x-trackers (the ETF specialist firm of the Deutsche Bank group) with EUR1.89bn, Franklin Templeton IF, with EUR1.75bn, and Allianz Global Investors, with EUR1.69bn.
26/10/2010

SEC questions Warren Buffett

p { margin-bottom: 0.08in; } L’Echo reports that the Securities and Exchange Commission (SEC) in second quarter questioned Berkshire Hathaway in order to establish why Warren Buffett’s holding company had not reported significant depreciations of its stakes in Kraft and US Bancorp (EUR1.33bn) on its books for over one year.
26/10/2010

Net profits of CHF1.66bn for UBS in third quarter

UBS has reported net profits of CHF1.664bn for third quarter, compared with CHF2bn in second quarter, and losses of CHF564m in third quarter 2009, the bank announced on 26 October in a statement. In the nine months of 2010, UBS has earned net profits of CHF5.871bn, following losses of CHF3.94bn between January and September of last year.Pre-tax profits for the Wealth Management unit totalled CHF492m, compared with losses of CHF67m in second quarter. Net inflows to Wealth Management & Swiss Bank totalled CHF0.9bn, following outflows of CHF5.5bn one quarter previously.Pre-tax profits for Wealth Management Americas totalled CHF47m, compared with losses of CHF67m in second quarter. Net inflows totalled CHF0.3bn, following outflows of CHF2.6bn.Pre-tax profits for Global Asset Management totalled CHF114m, compared with CHF117m in second quarter. Earnings totalled CHF473m, compared with CHF533m in second quarter, due to a decline in management commissions due to a deline in average invested assets and a reduction in commissions for Global Real Estate. Net inflows were zero in third quarter, after inflows of CHF3.4bn in second quarter.
26/10/2010

La Commerzbank lance un fonds sur le marché chinois

Selon Fund Strategy, Commerzbank Corporates & Markets (C&M) a lancé un fonds d’actions chinoises par le biais d’une co-entreprise avec la société de gestion basée à Pékin China Asset Management (ChinaAMC).Géré par Michael Wen et Edward Wang, le Commerzbank China Volatility fund est une sicav luxembourgeoise conforme au format Ucits qui investit dans trente à soixante sociétés chinoises. ChinaAMC est l’un des grands groupes chinois de gestion d’actifs, avec des actifs sous gestion de 45 milliards de dollars.
26/10/2010

Javier Mazzaredo takes over as head of Santander private bank

p { margin-bottom: 0.08in; } The director for international affairs at Santander Asset Management, Javier Mazzaredo, has been appointed as director of the private bank for the Santander network in Spain. He will report to Alberto Ridaura, head of the Patrimonios division. Private banking activities are aimed at clients with financial savings of over EUR500,000. It now has over 26,700 clients, while Santander Wealth aims at the client segment with over EUR10m.
26/10/2010

Ex-Goldman Polytechnique graduate launches a hedge fund

p { margin-bottom: 0.08in; } Pierre-Henri Flamand, former co-head of the Principal Strategies trading team at Goldman Sachs, will next week launch his own hedge fund in London. The Polytechnique alumnus is said by sources familiar with the matter to have already received commitments for over USD1bn from institutional investors, the Wall Street Journal reports. The other former co-head of Principal Strategies, Morgan Sze, is also preparing to launch a hedge fund early next year, but in Hong Kong; it will be a fund specialised in Asia. 13 other former Principal Strategies employees are said to be going with him.
26/10/2010

Polar to launch an emerging markets fund

Polar Capital is going to add an income fund to its recently launched global emerging markets range, says Investment Week. The fund will be run by the three managers the firm poached from Axa Framlington in July: William Calvert, Ming Kemp and Neil Denman.
26/10/2010

Azimut launches a green private equity fund

p { margin-bottom: 0.08in; } The Italian independent asset management firm Azimut has made its debut in private equity with the launch of a renewable energies private equity fund, Il Sole – 24 Ore reports. The fund will initially have EUR100-150m in dedicated investments from professional investors. For the project, Azimut will create an ad-hoc company, which will be 60% controlled by a group of private equity managers.
26/10/2010

db x-trackers launches two corporate bond funds in Frankfurt

p { margin-bottom: 0.08in; } The XTF segment of the Xetra electronic trading platform now includes 739 ETF funds, as db x-trackers on 25 October listed two new Luxembourg-registered products: the db x-trackers II iBoxx® € Liquid Corporate 100 Financials Sub-Index Total Return ETF (LU0484968812) and the db x-trackers II iBoxx® € Liquid Corporate 100 Non-Financials Sub-Index Total Return ETF (LU0484968655). They are corporate bond funds, with fees of 0.20% each.
26/10/2010

HSBC releases GIF Global Macro II in Germany

p { margin-bottom: 0.08in; } HSBC Global Asset Management (Deutschland) on 25 October announced that it has released its daily liqudity newcits fund GIF Global Macro II (see Newsmanagers of 6 October) in Germany. The fund aims for returns 1,200 basis points higher than the Euribor 1 month, with maximal volatility of 15%, double that of the fund launched in June 2007, the GIF Global Macro.
26/10/2010

Amundi launches its first absolute return UCITS III product

Amundi has announced the launch of Amundi Funds Multimanagers Long/Short Equity, a sub-fund of the Luxembourg SICAV Amundi Funds. The sub-fund invests in UCITS III funds using long/short and/or equities arbitrage strategies, as well as volatility management. Amundi wanted to offer investors access to these sophisticated management strategies, which had previously been the reserve of hedge funds, from within a product compliant with the European UCITS III directive. Amundi Funds Multimanagers Long/Short Equity aims to offer absolute returns equivalent to the Eonia+5% per year, with an annualised ex-post volatility objective of less than 8%.Amundi Funds Multimanagers Long/Short Equity is managed by Amundi Alternative Investments according to a disciplined and rigorous process.Main characteristics Class (C) Class (I) Class S* (S)Management firm Amundi Luxembourg S.A.Management objective Eonia + 5% minus management feesMinimum investment duration 4 yearsISIN codes LU0487547670 (Capitalisation) LU0487547753 (Distribution)Minimal subscription none USD500,000 noneMaximum front-end fee 4.50% 2.50% 3%Maximum annual management commission 1.30% 0.99% 1.50%Maximal indirect management commission 2.65% 2.65% 2.65% Maximum annual administrative commission 0.30% 0.15% 0.30%Performance commission 20% above Eonia +5% per year minus commissionMaximum conversion commission 1%Maximum redemption commission none
26/10/2010

BarCap launches a UCITS-compliant hedge fund

p { margin-bottom: 0.08in; } Hedge Week reports that Barclays Capital has decided to launch a UCITS III format hedge fund, the Hedge Fund Replicator Fund, which offers transparent exposure to hedge fund strategies. The benchmark index is the Long Barclays Alternatives Replicator (LBAR). The SICAV fund, domiciled in Luxembourg, will be managed by Barclays Capital Fund Solutions.
26/10/2010

Are sustainable development funds really sustainable?

A recent, but as yet unpublished, research by the University of Zurich measured the sustainability of large sustainable funds with the help of the RepRisk-Index (RRI), and compared their RRI scores with those of traditional equity funds, writes the Financial Times Fund Management. The scores of both categories are almost identical, showing that sustainable funds are not more sustainable than any other equity fund.
26/10/2010

Bank of Nova Scotia acquires a wealth management firm

p { margin-bottom: 0.08in; } Agefi reports that the third-largest bank in Canada has completed its acquisition of the wealth management firm WaterStreet Group, for an undisclosed amount. The acquisition will allow Bank of Nova Scotia to develop its range of services for the ultra high net worth segment, the newspaper says.
26/10/2010

Man launches a fund of funds in Italy

Man Investments has been granted a sales license in Italy for the Man Long/Short Europe, a new UCITS III-compliant fund of funds which focuses on long/short equities strategy.The fund allows Italian investors access to European managers specialised in this alternative strategy, within a UCITS III-compliant vehicle. The portfolio, managed by the Man long/short equities team, is composed of 8 to 12 managers, selected from a total universe of over 300 funds.Minimal investment for retail shares is EUR1,000.
26/10/2010

Russell launches a new international index

p { margin-bottom: 0.08in; } Russell Investments has launched a new international index, which offers institutional investors increased flexibility in the management of their mandates. The Russell World Cap Index brings together the Russell 3000 and Russell Global indices, excluding US large caps. It currently includes 5,193 equities, about 93% of which are drawn from the Russell Global Index. In a growing global economy, institutional investors are seeking wider exposure to new investment opportunties worldwide.
26/10/2010

Silk Invest releases frontier markets equities fund

p { margin-bottom: 0.08in; } The London management boutique Silk Invest has launched a UCITS-compliant fund dedicated to frontier markets in the Middle East and North Africa region and Sub-Saharan and Sub-Caspian Africa, entitled Road Frontiers Fund (see Newsmanagers of 26 May). The product is registered in Luxembourg, with R and I share classes in US dollars and euros, and management commissions of 2% and 1.50%, respectively. Performance commission for the product in US dollars is set at 20% for all returns exceeding a hurdle rate of 4%.
26/10/2010

Bain Capital pourrait introduire FCI en Bourse

Le groupe américain de capital-investissement envisage «sérieusement» d’introduire en Bourse l’ancienne filiale de connectique du français Areva, a rapporté Reuters de source proche du dossier. Goldman Sachs a été mandatée pour étudier le dossier, a-t-on indiqué, en précisant que l’opération pourrait se faire en 2011. Bain Capital a tâté le terrain en vue d’une vente de FCI, mais s’est finalement décidé à mettre l’entreprise en Bourse pour profiter de la hausse récente de certains groupes du même secteur sur les marchés financiers, ont précisé plusieurs sources. Bain Capital et Goldman Sachs n’ont pas souhaité commenter ces informations. Selon son site internet, FCI, cinquième fabricant mondial de connecteurs électroniques, comptait 12.000 employés en 2009, pour un chiffre d’affaires de 935 millions d’euros. Bain Capital a acheté la société à Areva en 2005 pour une valeur d’entreprise d’un milliard d’euros environ.
26/10/2010

Warren Buffett peaufine sa succession

Berkshire Hathaway a fait part de l’arrivée de Todd Combs, gérant spécialiste du secteur financier en provenance du hedge fund Castle Point Capital, afin de prendre en charge «une part significative» du portefeuille d’investissement du groupe dirigé par Warren Buffett depuis 1965.
26/10/2010

Qualium Investissement cède sa participation dans Nutrial

La filiale du secteur concurrentiel de la Caisse des Dépôts a cédé sa participation dans la holding française exploitant les marques Banania et Benco au Groupe Krüger et à Céréa Mezzanine (au capital depuis 2007). Le management de l’entreprise reste également présent à ce nouveau tour de table.
26/10/2010

Le Brésil ne prévoit pas de taxer le marché obligataire domestique

Selon le ministre des Finances, Guido Mantega, le gouvernement brésilien ne compte pas réinstaurer une taxe sur les plus-values portant sur les détentions par des investisseurs étrangers d’obligations locales. Il pense au contraire que la cession d’obligations libellées en monnaie locale devrait permettre de réduire l’afflux massif de dollars dans le pays.
26/10/2010

Le dollar baisse encore malgré le G20

Le G20 Finance n’a pas réussi à enrayer le repli du dollar en dépit des engagements, plus significatifs que de coutume, pris le week-end dernier.
26/10/2010

Un milliard de dollars pour un nouveau hedge fund

Le quotidien assure que Pierre-Henri Flamand, co-responsable du trading pour compte propre de Goldman Sachs au moment de son départ de la banque américaine en mai dernier, devrait concrétiser à Londres la semaine prochaine le plus important lancement mondial d’un hedge fund cette année. Sur la base d’engagements de la part d’investisseurs institutionnels américains par le biais de fonds de fonds, le gérant pourrait lever plus d’un milliard de dollars. Il pourrait compter 14 gérants début 2011. L’autre responsable du trading chez Goldman Sachs, Morgan Sze, devrait à son tour tenter l’aventure de son propre fonds en début d’année prochaine.
26/10/2010

Les banques rendent le label Step plus souple

Avec la bénédiction de la BCE, les professionnels de la dette court terme ont signé une nouvelle convention qui offrira plus de souplesse d’utilisation aux émetteurs. L’encours de papier court labellisé Step en Europe atteignait 409 milliards d’euros à fin septembre.

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