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13/10/2010

Aberdeen promotes Graham Duce and Adrian Kearney

p { margin-bottom: 0.08in; } Following the announcement of the appointment of Michiel Timmerman, who was CIO, multi-manager investments, Aberdeen Asset Management has promoted Graham Duce and Aidan Kearney, formerly of Credit Suisse Asset Management, who joined the firm in 2009, as co-heads of multi-manager investments in the alternative investment strategies division of the group. They will head up a team of 40 investment professionals, managing assets of GBP13.5bn in long-only multi-management and hedge funds. In other words, Aberdeen is merging the long-only and fund of hedge fund activities of Credit Suisse and RBS. Previously, Duce and Kearney were co-heads of the multi-management activity, which they brought to the firm from Credit Suisse; now, they are also in charge of fund of hedge fund portfolios acquired from RBS Asset Management since the beginning of this year. They will continue to report to Anne Richards, head of alternative investment strategies and CIO of Aberdeen AM.
13/10/2010

Prudential and Schroders recruit new heads of sales in Asia

p { margin-bottom: 0.08in; } Asian Investor reports that Beonca Yip is leaving Lyxor Asset Management to join Prudential AM as regional head of retail distribution. Sophina Hui, previously at Amundi AM, has joined Schroder Investment Management as head of institutional clients in Hong Kong.
13/10/2010

Currency effects help Invesco's AUM to top USD600bn

p { margin-bottom: 0.08in; } As of the end of September, assets at Invesco Ltd totalled USD604.5bn, up 5.4% compared with USD573.8bn as of the end of August. The increase is primarily due to performance and currency effects, as the depreciation of the US dollar contributed USD4.5bn to assets under management. In addition, the US management firm says, long-term funds have posted net subscriptions, due to ETF/UIT and other passively-managed products. In September, Invesco concluded its sale of Echo Point Investment Management to Old Mutual, which resulted in a decline of USD1.5bn in equity assets. Assets in ETF/UIT and passive products increased to USD89.9bn as of 30 September, compared with USD79.3bn one month earlier.
13/10/2010

Van Eck builds presence in Europe

p { margin-bottom: 0.08in; } The US asset management firm Van Eck has announced the full-time recruitment of Mark Miller. He was previously an external consultant in the area of energies. Uwe Eberle was also recruited in September to direct the new Swiss offices of Van Eck. In addition, Manuela Joly and Philipp Schlegel joined Van Eck on 1 October, and will be in charge of developing the management firm’s presence in the European institutional market.
13/10/2010

Permal Group adds to sales team

p { margin-bottom: 0.08in; } Permal Group has recruited Marilyn Schaja as head of the sales team for Permal Americas. She will join the product sales team for the region but will also develop new products for the US onshore market. Previously, Schaja was director of client relations at Ivy Asset Management.
13/10/2010

Lombard Odier recruits a head from Selectium Europe

p { margin-bottom: 0.08in; } Lombard Odier Investment Managers has added to its team dedicated to hedge funds with the recruitment of Marc Bataillon, who joins the firm with his team from Selection Europe. He will be in charge of European equities. Bataillon has several years of experience in long/short European equities management, Hedge Week reports.
13/10/2010

Syz & Co appoints Xavier Guillon as CEO of Oyster Funds

The Swiss banking groupSyz & Co on Tuesday announced the appointment of Xavier Guillonas CEO of its Oyster Funds investment fund division. He replacesAlain Mudie, who becomes head of the new Syz Fund Research division,a long-only fund analysis and manager selection service (see articlein this issue of Newsmanagers).Guillon, who joined Syz& Co 3 years ago, was previously head of services to independentmanagers at the banking group, a position which he will retain.Before that, he spent 14 years in New York and London at theBrown Brothers Harriman private bank, where he was head of the salesteam covering institutional clients.Among Guillon’sobjectives is the development of new markets, especially in Asia.p { margin-bottom: 0.08in; }
13/10/2010

Syz & Co launches a fund analysis and manager selection service

p { margin-bottom: 0.08in; } The Swiss banking group Syz & Co on Tuesday, 12 October announced the launch of Syz Fund Research, a long-only fund analysis and manager selection service. The service will be headed by Alan Mudie, previously CEO of the Oyster Funds division, and former head of the Swiss activities of FundQuest (BNP Paribas group). SYZ Fund Research is a complement to the external manager selection and control activity for the bank’s fund family. For asset classes which are considered essential (European equities, global equities, asset allocation, absolute return, bonds), the banking group has developed its own expertise. However, the management of other asset classes is outsourced to external managers, making it possible to offer third-party funds to private banking clients and independent managers. A dedicated team in the Oyster division of the firm selects the managers. Due to its good results, it is now becoming a service in its own right, and will have its responsibilities extended. Syz Fund Research will also be responsible for detecting the winning trends of tomorrow, in order to create innovative new investment funds. The appointment of Mudie as head of the service means that he will be replaced as CEO by Xavier Guillon.
13/10/2010

Partnership between ABN Amro Private Banking and Lyxor AM

p { margin-bottom: 0.08in; } ABN Amro Private Banking and Lyxor Asset Management have concluded a partnership, by the terms of which ABN Amro will offer its clients a wide selection of Lyxor hedge funds, Hedgeweek reports. ABN Amro Private Banking will offer a selection of multi-management products, both offshore and in UCITS III-compliant formats, in the European Union. It is also offering an actively-managed portfolio which includes single strategy, single manager funds and multi-management single manager funds which can be used on a thematic basis. The products are available to clients of ABN Amro Private Banking in Belgium, Germany, France, Switzerland, Luxembourg, Hong Kong, Singapore and the Netherlands.
13/10/2010

Thomson Reuters signs up to UN PRI

p { margin-bottom: 0.08in; } Thomson Reuters announced on 12 October that it has signed the United Nations Principles for Responsible Investment (UN PRI). The decision is a sign of the group’s engagement in responsible practices based on ESG criteria, Thomson Reuters says in a statement.
13/10/2010

Hedge funds developing in Asia and Brazil

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Asian and Latin American cities are catching up with London and New York as locations for the world’s biggest hedge funds, writes the Financial Times. São Paulo and Rio de Janeiro are now home to five hedge fund managers each managing more than USD1bn – compared with one 12 months ago, data @font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } by Hedge Fund Intelligence due to be released on Wednesday will show. Hong Kong and Singapore welcome 15 billion-dollar fund managers, from 10 at the beginning of 2010.
13/10/2010

Good month for hedge funds in September

Hedge funds were positive for the third consecutive month in September, up 3.45%. The Eurekahedge Hedge Fund Index advanced to a healthy 5.15% year-to-date return, after witnessing its best September on record. The MSCI World Index also posted strong gains of 6.75% for the month. All regions and strategies posted positive returns in September. Greater China hedge funds gained 7.02% during the month.
13/10/2010

KanAm grundinvest reduces distribution by half

p { margin-bottom: 0.08in; } For the fiscal year ending on 30 June 2010, KanAm has paid shareholders in its open-ended real estate fund KanAm grundinvest a dividend of EUR1.25 per share, compared with EUR2.50 per share for the fiscal year ending on 30 June 2009 (see Newsmanagers of 30 September 2009). The performance of the fund has fallen to 1.1% from 5%, but the occupancy rate has improved to 99.2%, from 98.6% one year earlier. The Munich-based management firm says that about 40% of leases on properties in the fund mature in 2019 or later, while only 4.8% will end in 2011.
13/10/2010

ComStage launches four bund future ETFs

p { margin-bottom: 0.08in; } On 12 October, ComStage (Commerzbank group) listed four Luxembourg-registered ETFs on the XTF segment fo the Xetra electronic platform in Frankfurt which use the bund future as underlying, and strategy indices developed by Commerzbank on the contract. All of the new products carry a management commission of 0.20%. The funds are the ComStage ETF Commerzbank Bund-Future TR (LU0508799334), ComStage ETF Commerzbank Bund-Future Leveraged TR (LU0530118024), ComStage ETF Commerzbank Bund-Future Short TR (LU0530119774) and ComStage ETF Commerzbank Bund-Future Double Short TR (LU0530124006).
13/10/2010

Johannes Führ launches an SMB bond fund with AmpegaGerling

p { margin-bottom: 0.08in; } The Swiss asset management firm Johannes Führ Vermögensverwaltungs AG (Basel) has contracted the German firm AmpegaGerling Investment GmbH to create the Johannes Führ Mittelstands-Retenfonds AMI, a German-registered fund of bonds from small and mid-sized businesses, launched on 12 October. The objective is to capture the high returns which SMBs are required to offer in order to procure financing. The portfolio will include only up to 20% bonds which are not rated, and each position will be limited to 1% of assets. The valuation of the solvency of the issuing businesses is undertaken through an exclusive computer-assisted analysis program at Johannes Führ, which covers 300 businesses. To avoid all currency risks, the manager will invest only in bonds denominated in Euros. Characteristics Name: Johannes Führ Mittelstands-Rentenfonds AMIISIN code: DE000A0YAYG5 (P shares)DE000A0YAYH3 (I shares)Front-end fee: 3%Management commission: 1.15%Minimal subscription: EUR500
13/10/2010

Morgan Stanley P2 Value fund on razor's edge

p { margin-bottom: 0.08in; } Reporting on the troubles for open-ended real estate funds in Germany, the Wall Street Journal states that the two products for which the situation is most critical are DEGI Europa, as Aberdeen, which acquired DEGI, no longer has the natural sales outlet of the Dresdner Bank network, and the Morgan Stanley P2 Value. The newspaper reports that according to financial industry sources, the real estate funds of funds Allianz Premium Immobilien and DJE Real Estate hold 15% of P2 Value’s AUM, and would like to redeem their investments as soon as possible, which could endanger the survival of the fund.
13/10/2010

Madoff's last home has been sold

According to the Wall Street Journal, a Palm Beach home, in Florida, owned by Bernard Madoff’s wife, Ruth, has been sold in the USD5 million range, people familiar with the deal said.It was the last Madoff home on the market. The money will be used to repay investors victimized by Madoff’s Ponzi scheme.@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; }
13/10/2010

French asset managers mobilise for passage of UCITS IV directive

p { margin-bottom: 0.08in; } According to a study by the Euroland Consulting agency on behalf of AFG, the association of French asset managers, asset management firms are highly favourable to the new UCITS IV directive, and are actively mobilising to fully benefit from it. The study surveyed 68 asset managers representing 90% of mutual fund assets. The study finds that the vast majority of asset management firms are internationally oriented, and that many others are planning to go abroad. The study identifies two groups of fund management companies: on the one hand, those which are already international and which rely on product passports to export their products, for whom the directive will bring a reduction of costs which is considered highly attractive, and on the other hand, asset management firms which are not or not highly present on international markets, to whom the directive offers the opportunity to develop internationally without the high structuring or legal costs. The new product passport is popular as it will make the export of French funds to the rest of Europe much easier, while the management firm passport will allow the management of funds based abroad, closer to clients, from France. Asset managers with experience in French master-feeder funds are planning to make full use of the UCITS-compliant master-feeder scheme, pending a clarification of the fiscal terms. In the criteria for domicile of feeder and other master funds, demand and proximity to clients remain highly important. Cross-border fund mergers are still perceived as complex and are not considered a priority. Lastly, the Key Investor Information Document (KIID) is perceived as a good information document, but the cost of putting it in place will have to be borne.
13/10/2010

Quant funds thriving in current market environment

Trend followers, including Winton Capital, BlueCrest and Man Group, have seen two months of peer-beating performance numbers for their flagship quant funds and are on course for a third strong month on the back of sustained moves in the world’s currency and bond markets, says the Financial Times. Man Group’s AHL – at USD21bn – is already up about 8.22 per cent so far this month, according to a person familiar with its performance.
13/10/2010

Savings investors pull out of HQ funds

p { margin-bottom: 0.08in; } Funds from HQ Fonder have seen net redemptions of SEK2.7bn in September, following outflows of SEK968m in August, according to Dagens Nyheter. The asset management firm is an affiliate of the Swedish bank HQ Bank, which was in enforced liquidation, and which has since been bought by Carnegie. In September, HQ Fonder managed SEK26bn in assets, of which SEK23.3bn were in equities funds.
13/10/2010

Foreign asset managers take advantage of Spanish fund crisis

p { margin-bottom: 0.08in; } As the asset management sector in Spain is rapidly losing assets, foreign funds are gaining ground and resisting the crisis in Spain, overcoming obstacles such as competition from savings accounts, Cinco Días reports. Since the beginning of the year, foreign management firms have launched 103 funds, compared with 54 in the corresponding period of last year. They now account for 21% of Spanish funds by volume, compared with 14% in 2007. In 2009, assets under management increased 38% compared with 2008, and in the first half of 2010, they increased another 28% compared with the end of 2009, while assets in Spanish funds fell 3% in 2009 and 11% as of the end of June.
13/10/2010

France actively exporting funds to Spain

p { margin-bottom: 0.08in; } In an article on the superiority of foreign management firms to Spanish firms, Cinco Días reveals that French firms were the most active this year. The number of French funds on the Spanish market has increased from 122 in 2007 to 201 currently. Lyxor (Société Générale) has released 11 ETF funds on the Spanish market since the beginning of the year, compared with 3 on the same date last year. Axa has launched three funds and decided to distribute them through Allfunds Bank, Banco Inversis and Catalunya Caixa, as well as through Axa Ibercapital. Saint-Honoré has released 13 funds via Allfunds, compared with 7 last year. LFP has launched three funds.
13/10/2010

Bestinver ranks second in the world for performance, after HMG Finance

p { margin-bottom: 0.08in; } Expansión reports that according to Citywire rankings, Bestinver (EUR4.4bn), the asset management affiliate of the Spanish Acciona group, is the world’s second-best asset management firm in terms of performance, largely thanks to its Bestinver Internacional fund, which has earned 33.5% since the collapse of Lehman (15 September 2008). The number one is HMG Finance – Globetrotter, which gained 44.7%.
13/10/2010

Real estate funds of funds obliged to liquidate their positions

p { margin-bottom: 0.08in; } The recently-passed bill regulating open-ended real estate funds is slated to come into force at the start of 2011. But the legislation is flawed, as the government forgot to make real estate funds of funds subject to the same terms as real estate funds, Handelsblatt reports. This means that funds of funds may have to redeem their shares on a daily basis, though they would be invested in real estate funds which would lock in their money for at least two years. Some real estate funds of funds are therefore beginning to liquidate their positions in order to remain sufficiently liquid.
12/10/2010

Promotion pour Robin Parbrook chez Schroders

Déjà responsable du Schroder ISF Asian Total Return, Robin Parbrook a été nommé avec effet immédiat gérant du compartiment Schroder ISF Pacific Equity (598,2 millions de dollars fin août, LU0248184466) en remplacement de Manish Bhatia. Depuis son lancement en 2007, l’Asian Total Return a généré une performance de 34,9 % contre 18,6 % pour son indice de référence, le MSCI AC Asia Pacific ex Japan.L’ISF Pacific Equity affiche pour sa part au 8 octobre une performance de 24,60 % depuis le lancement le 22 mars 2006.Robin Parbrook, basé à Hong-Kong, restera subordonné à Louisa Lo, responsable des actions asiatiques, hors Japon (head of equities Asia ex Japan). En dehors de la gestion du Asian Total Return et du Pacific Equity, Robin Parbrook sera appelé à jouer un rôle plus actif dans la gestion d’autres fonds d’actions asiatiques et à exercer un rôle de direction à l'échelon régional. Il devra notamment veiller à ce que les bureaux d’investissement de Schroders en Corée, à Taïwan et en Indonésie mettent bien en œuvre les méthodes d’investissement du groupe.
12/10/2010
Fonds

Les fonds fermés font mieux que les fonds ouverts

Les trusts d’investissement britanniques font mieux que les fonds ouverts dans sept des huit secteurs répertoriés par l’Association britannique de la gestion (IMA) sur une période de dix ans, selon une étude réalisée par Winterflood Securities, rapporte FundstrategyC’est seulement au Japon que l’on observe une sous-performance des fonds fermés par rapport aux fonds ouverts. L'étude montre néanmoins que les fonds fermés sont généralement plus efficaces.
Fonds
12/10/2010

Deutsche Bank PWM recrute une grosse pointure chez Lombard Odier

Le 8 octobre, Deutsche Bank Private Wealth Management (PWM) a annoncé le recrutement d’Arnaud Apffel comme managing director et head of global investment solutions pour l’Europe, le Moyen-Orient et l’Afrique (EMEA en anglais). L’intéressé était jusqu'à présent co-head of private banking investment services et head de la division grands comptes (key clients) chez Lombard Odier. Arnaud Apffel est basé à Genève et subordonné parallèlement à Marco Bizzozero, head of private wealth management EMEA et CEO de Deutsche Bank (Suisse), et à Kevin Lecocq, head of global investment solutions pour la division PWM de la Deutsche Bank.
12/10/2010
Fonds

Barclays Capital boucle un nouveau fonds dédié aux infrastructures

Barclays Capital a annoncé lundi 11 octobre avoir bouclé son sixième fonds dédié aux infrastructures, à l’issue d’une levée de capitaux de 645 millions de livres (737 millions d’euros), rapporte l’Agefi. Barclays Integrated Infrastructure Fund sera fidèle au thème de l’infrastructure sociale, en partenariat avec pouvoirs publics et industriels. Il est notamment question de constructions et de gestions d'écoles ou d’hôpitaux.
Fonds
12/10/2010

F&C recrute une gérante de Henderson

F&C Investments vient de recruter Alice Evans de Henderson Global Investors pour co-gérer son fonds Stewardship International (310 millions de livres) aux côtés de Sophie Horsfall, rapporte Responsible Investor. L’intéressée rejoindra F&C en novembre.
12/10/2010

Sally Tennant devient CEO de Kleinwort Benson

Le 11 octobre, Kleinwort Benson Bank, qui appartient au capital-investisseur RHJ International après avoir été dans le giron de la Commerzbank et de la Dresdner Bank, a annoncé la nomination de Sally Tennant comme CEO à compter de la mi-janvier 2011 et sous réserve de l’accord du régulateur. Elle était jusqu'à présent CEO de la banque privée de Lombard Odier à Londres et remplacera Robert Taylor, qui était en poste depuis 2004 et qui a «l’intention de faire une pause».A cette occasion, Kleinwort Benson indique que l’acquisition de KBC Asset Management Ltd (Dublin) a été bouclée le 11 octobre et que la société de gestion est rebaptisée Kleinwort Benson Investors Dublin Limited. Cette transaction porte les encours sous gestion à plus de 10 milliards d’euros.

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