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27/04/2010

Legg Mason releases Permal absolute return fund

The CNMV has registered the Legg Mason Permal Global Absolute fund, which aims for returns of 8-10% per year over a 3-5 year cycle (see Newsmanagers of 27 January). The Irish-registered fund, which complies with the UCITS III directive, covers several asset classes. It is denominated in US dollars, and has share classes in Euros, pounds Sterling, Canadian dollars, and Japanese yen.
27/04/2010

Tiburon Partners launches a UCITS III fund

Fund Strategy reports that Tiburon Partners, the investment boutique specialised in Asia, is planning to launch a long/short equities fund next month dedicated to Asia ex Japan. The Tiburon Taurus fund will be a UCITS III version of an existing Asian hedge fund, the Tiburon Tiger fund. The new fund will be managed by Mark Fleming and Mark Martyrossian, who already manage the Tiburon Tiger. The fund will be listed on the Irish stock market.
27/04/2010

Rydex/SGI to liquidate 12 leveraged ETFs

The trustee board of Rydex/SGI (USD7bn in assets under management) on Friday approved the decision to liquidate 12 of the 14 long and short leveraged ETFs of the range on 12 May. These funds represent assets totalling USD129m. The move aims to concentrate the range of 40 ETPs on products most in demand at a time when Guggenheim Parrtners is buying Security Benefit Corp, of which Rydex/SGI is an affiliate (see Newsmanagers of 17 February). Among the funds to be liquidated are the Rydex 2x Russell 2000, the Rydex 2x S&P MidCap 400, the Rydex Inverse 2x Russell 2000 and the Rydex Inverse 2x S&P MidCap 400.
27/04/2010

BlackRock and Vanguard battle for emerging markets ETF assets

The iShares MSCI Emerging Markets Index Fund ETF from BlackRock and the Vanguard Emerging Markets ETF are the fourth- and fifth-largest ETFs in the United States, respectively, with assets of USD36bn and USD24bn, the Wall Street Journal reports. They are based on the same benchmark index, the MSCI Emerging Markets. The Vanguard product is less expensive, with a management commission of 0.27%, compared with 0.72% for the iShares fund. But the latter fund, launched in 2003, has weekly trading volume of 346.9 million shares, compared with 55.5 million for the Vanguard fund, launched in March 2005. Some analysts says that the difference in fees is the reason that the iShares ETF has seen net outflows in January-March of USD4.36bn, while the competing Vanguard fund has seen net subscriptions of USD2.91bn. This is an intriguing situation, since ordinarily, the first mover has the advantage since investors prefer the more liquid fund which has the lowest transaction costs.
27/04/2010

LGT Capital Partners launched its first UCITS-compliant FoHF

The Crown Managed Futures UCITS Fund, launched on 4 May, will be the first fund of hedge funds compliant with the UCITS III directive from LGT Capital Parners (USD18bn in assets). The Irish-registered product replicates the Crown Managed Futures fund (USD670m), Hedge Funds Review reports. Minimal subscription for the product, which invests in hedge funds active in the areas of commodities, equities, bonds, and currencies, will be USD10,000, EUR10,000, or GBP10,000. Exposure will be determined by an index of 15 managed accounts. Hedge Week reports that the Crown Managed Futures fund, launched in 2000, has posted average annual returns of 10.5%, compared with losses of 2.1% for its benchmark index, the MSCI World. LGT CP will charge a management commission of 1.5%, and a performance commission of 7.5%. The product, which offers weekly liquidity, will also charge a swap/structuring fee of 0.7%. Shares will be available in US dollars, Euros or pounds Sterling.
27/04/2010

Aviva Investors appoints a CEO of commercial development for Europe

Aviva Investors today announced the appointment of Ted Potter as CEO for commercial development in Europe. This is a newly-created position, the management firm states. Potter will begin in his new position in June, and will be based at the Aviva Investors headquarters in London. He will report to Erich Gerth, executive director and global CEO for commercial development, and will be in charge of commercial development teams in Europe. Véronique Cherret, head of institutional clients for Europe, and Gabriele Miodini, head of financial institutions, will report to him. Potter previously worked for Pinebridge Investments, formerly known as AIG Investments, where he was head of commercial development activities for the group in Europe. He also served as director of operations at Bedford Oak Advisors, an alternative management partner firm, and spent six years at Goldman Sachs Asset Management in New York, where he held several positions of responsibility related to commercial development.
27/04/2010

Stoxx launches an index of European Christian shares

On Monday, Stoxx Ltd, a joint venture of Deutsche Börse and the Swiss stock exchange SIX, announced the launch of the Stoxx European Christian Index, which reflects the performance of companies selected from the Stoxx Europe 600 index on the basis of the values and principles of the Christian religion. It will serve as a benchmark for its actively-managed funds, ETFs and other investment products. Stoxx has formed an independent committee to define, create and deploy selection criteria, in order to guarantee the quality of the index and respect for methodology. The committee includes representatives of Christian Brothers Investment Services, Inc. (CBIS), which directs the project, the Vatican, the Missionary International Service News Agency (MISNA), academics and investment professionals. The index will exclude businesses which do not satisfy predetermined levels of tolerance for certain areas of activity such as pornography, strategic and non-strategic weapons, birth control and gambling. Weighting of businesses in the STOXX Europe Christian Index, which is calculated in Euros and US dollars, will be based on the free-float, with a limit of 20% for each share. It will be updated every June and December. Stoxx has backtested the index to 31 December 2004.
27/04/2010

Private equity: market activity stagnates in first quarter

The number of transactions completed in first quarter in Europe totalled 235, compared with 226 in the previous quarter, according to the private equity barometer “unquote,” published by Private Equity Insight in partnership with Candover. The value of these transactions still represents a 2.6% increase compared with the previous quarter, at EUR10.5bn compared with EUR10.3bn. But compared with first quarter 2009, activities represent nearly triple the investment value. In the buy-out sector, the number of transactions is down 12% at 69, ending three consecutive quarters of growth, but the cumulative value of transactions totalled EUR9.2bn for the quarter, a record level equalling the previous record set in third quarter 2009.
27/04/2010

Frankfurt Trust changes names of ten funds

In order to make the names of its fund products more uniform, and to make the themes on which funds are basedmore transparent, Frankfurt Trust has decided to change the names often of its funds from 1 May. They are as follows:ISINFormer nameNew nameDE000A0D95R8BHF SustainSelect FTFT Navigator SustainabilityDE0009770206FT Accugeld FT AccuGeldDE0008478082FT AccuzinsFT AccuZinsDE0008478041FT Amerika Dynamik FondsFT AmerikaDynamikDE0008478181FT Europa Dynamik Fonds FT EuropaDynamikDE0009772988FT Global Dynamik FondsFT GlobalDynamikDE0005317416FT HighDividendFT Global HighDividend DE0008478009FT InterspezialFT InterSpezialDE0008478033FT Nippon Dynamik FondsFT NipponDynamikDE0009770230FT US-Dollar Plus FT DollarGeld
27/04/2010

Deka Immobilien invests in Bremen

Deka Immobilian has acquired the Daimler Plant Consolidation Centre (PCC, 102,000 square metres), located in Bremen, for its sectoral fund WestInvest TargetSelect Logistics fund. The investment represents EUR34m. The WestInvest TargetSelect Logistics is an open-ended real estate fund reserved for institutional investors.
27/04/2010

Fund manager reimburses subscribers out of his own pocket

Olaf-Johannes Eick, manager of several funds launched by the Swiss firm Multi-Invest with Sal. Oppemheim, has bought back a packet of shares from the funds he manages (Multi-Invest OP and Multi-Invest Spezial OP) in the British firm Petrocapital Resources (PCR), whose value has fallen to USD0.14 per share, down from USD0.81 at the time he bought them, Wirtschaftswoche reports. The manager personally bought up the shares, at a cost of about EUR10m, because he did not want subscribers to be penalised by his error in judgement.
27/04/2010

German government preparing new regulations for real estate funds

The Börsen-Zeitung reports that the German federal finance ministry is currently putting the final touches on a new regulation to address liquidity problems being faced by open-ended real estate funds. It would impose a minimal investment period of two years and advance notice periods for redemption demands of 6 to 24 months. The shorter the advance notice period, the more liquidity the fund would be required to have. In addition, the German government is planning to introduce a more flexible procedure to the liquidation of open-ended real estate funds which are not able to provide the liquidity required to permit investors to exit from the fund.
27/04/2010

Ingrid Szeiler takes over as head of RVV

From 1 May, Ingrid Szeiler will become a member of the board and CEO of Raiffeisen Vermögensverwaltungsbank AG (RVV), an affiliate of Raiffeisen Capital Management (RCM) specialised in high net worth retail investors. Since 1999, Szeiler has been head of asset allocation and multi-asset class strategies at RCM. She replaces Georg-Viktor Dax, who is leaving the Raiffeisen Zentralbank (RZB) group. The other board member at RVV is Mathias Bauer, CEO of RCM.
27/04/2010

Investors prefer passive strategies, according to BlackRock

BlackRock has reported net profits for first quarter of USD423m, of USD2.17 per share, compared with USD84m, or USD0.67 per share one year previously. Operating margins came out to 32.8%, including the impact of the cost of the integration of BGI before taxes (USD52m). Excluding costs related to the acqusition of BGI, net profits totalled USD469m, of USD2.40 per share, compared with USD110m or USD0.18 per share. Assets under management increased by USD17.6bn in first quarter, to USD3.36trn. During the quarter, net outflows (short-term products) totalled USD39.6bn, while net inflows to long-term products (equities, bonds, alternative investments and multi-asset) totalled USD8.9bn. In the equities asset class, assets under management as of the end of the quarter totalled USD1.58trn, an increase of USD46.5bn since the end of the year. Investors placed USD4.6bn in tracker funds and USD900m in active equities strategies. But quantitative funds saw a net outflow of USD8.8bn. In fixed income, assets under management increased by USD3.6bn to USD1.06trn. Net inflows to tracker products and ETFs totalled USD13.6bn, while actively-managed bond funds saw a net outflow of USD14.4bn. Performance commissions totalled USD50m in first quarter, compared with USD125m in fourth quarter 2009.
27/04/2010

Russell Investments builds presence in institutional management

Russell Investments has announced the appointment of Penny Zuckerwise as CEO Americas Institutional. Zuckerwise, previously president and CEO of the management firm Utendahl Capital Management, will join Russell Investments on 3 May. She will report to the president and CEO of Russell, Andrew Doman, and will join the executive board at the firm. The development of institutional activities at Russell will be accompanied by the recruitment of 30 staff in the areas of advising, product development and risk management.
27/04/2010

Ameriprise profit up 65% in Q1

On Monday, Ameriprise Financial declared net profits for first quarter of USD214m, compared with USD138m for January-March 2009, which represents an increase of 65%. Assets as of 31 March were up 31% in one year, to USD332bn, largely due to positive market effects and net subscriptions of USD2.5bn for wrap activities, which have reached record volumes of USD100bn. In the United States, the asset management division saw net redemptions of USD0.9bn in retail, and net subscriptions of USD0.1bn in institutional, despite negative synergies of USD0.6bn related to the acquisition of Columbia Management. Elsewhere in the world, retail asset management saw net inflows of USD1.3bn, offset by outflows of USD1.3bn from the institutional operation.
27/04/2010

Lehman Brothers-Barclays lawsuit hearings to begin this week

A lawsuit pitting the US bank Lehman Brothers against its acquirer, the British banking group Barclays, began yesterday in New York, Les Echos reports. Depositories in the liquidation process and a group of Lehman creditors are hoping to recuperate USD11bn (EUR8.2bn). They are hoping to demonstrate that Barclays got away with a good deal at the time, particularly as they were able to pocket additional capital gains of at least USD5bn, without having to inform the authorities, the newspaper reports.
27/04/2010

Soros recruits a manager from Cazenove

Citywire reports that Neil Pegrum, manager of the Cazenove UK Dynamic fund, has left Cazenove Capital to join Soros Fund Management. Paul Marriage, who worked with Pegrum for several years, and Julie Dean, will take over the responsibilities formerly assigned to Pegrum.
27/04/2010

Blackstone calls off bid for RBS bank branches

The investment firm Blackstone and the Wellcome Trust foundation have called off their joint bid to acquire the 318 bank branches put up for sale by the Royal Bank of Scotland, Les Echos reports. Four potential buyers are still in the running: Santander, BBVA, National Australia Bank, and Virgin Money.
27/04/2010

Invesco Perpetual recruits a CIO

Invesco Perpetual has recruited Nick Mustoe as CIO. From 7 June, he will work alongside the current CIO, Bob Yerbury, who will be retiring at the end of this year. Mustoe has 25 years of experience in management. He was previously CIO of Pictet Asset Management and Hermes Pensions Management.
27/04/2010

Amundi launches 14 ETF funds on Swiss stock market

Amundi ETF on 26 April announced the launch of 14 ETFs on the SIX Swiss Exchange, of which seven are new to Switzerland. The listing of the 14 ETFs on the SIX Swiss Exchange has been divided into two stages. On 13 April 2010, ten ETF funds were listed, including five equities ETFs, four of which are regional and one of them covers emerging markets, and one of which is new to Europe: the Amundi ETF MSCI Europe Ex Switzerland. In addition, two bond ETFs were released, one of which replicates the evolution of an index of Euro zone government bonds with the full range of maturities, while the other provides exposure to about 40 corporate bonds which offer good liquidity and a credit rating higher than or equal to BBB- according to the ratings agency S&P. Two leveraged ETFs have also been released, of which one is new, covering the SIX Swiss Exchange, and 1 is a short ETF. “These ETF funds allow investors to double their positions or to hedge themselves with short positions on specific markets,” the management firm says. The benchmark index is the Dow Jones Euro Stoxx 50. Finally, the last group of funds to be listed on the SIX Swiss Exchange on 27 April will include four new commodities ETFs which allow investors exposure to the major commodities segments (soft commodities, precious and industrial metals, and energy), within a UCITS III regulatory environment. “The selection of available products will be extended in the next few weeks with several more listings on the SIX Swiss Exchange,” Amundi ETF announces in a statement.
27/04/2010

ASB proposes a compromise between declaration and banking secrecy

Les Echos reports, citing a document predicting the evolution of the Swiss financial market from now until 2015, that the Swiss bankers association (ASB) is hoping to set out a procedure for declaration of undeclared foreign assets in order to legalise the money now held in Swiss banks while preserving banking secrecy.
26/04/2010

Nomination chez Henderson Global Investors

Selon Funds Europe, Henderson Global Investors vient de nommer Joost Wijstma au poste de directeur des affaires institutionnelles pour le Benelux. Il sera basé à Amsterdam. Joost Wijstma rapportera à David Morley, directeur des ventes institutionnelles, et localement à Steven De Vries, directeur des ventes de fonds pour le nord de l’Europe. L’objectif de la société de gestion est d'élargir la distribution de ses fonds investis en obligations à revenu fixe, en actions, en immobilier et en stratégies alternatives à destination des fonds de pension d’Europe continentale et des compagnies d’assurance.Auparavant, Joost Wijstma dirigeait l'équipe de vente néerlandaise de Franklin Templeton.
26/04/2010
Fonds

Fortes pertes pour le RREEF America REIT III

La Deutsche Bank a reconnu avoir pris dès 2009 des mesures de restructuration pour le fonds immobillier America REIT III de sa filiale RREEF (2,6 milliards de dollars). Sa participation dans le fonds est de 10 %, le reliquat a été apporté par des investisseurs institutionnels, notamment des fonds de pension américains, précise Die Welt. Le RREEF America REIT III est investi dans des REIT ainsi que dans 92 immeubles situés dans les grandes villes américaines. Il aurait perdu 65 % de sa valeur.
Fonds
26/04/2010

BlackRock pourrait collecter plus de 200 milliards de dollars par an

Dans un entretien à Bloomberg, le président de BlackRock, Robert Kapito, estime que la collecte annuelle pourrait s'établir en moyenne à plus de 200 milliards de dollars au cours des cinq prochaines années suite à l’acquisition de BGI (Barclays Global Investors).La collecte nette de BlackRock, qui gère quelque 3.350 milliards de dollars, pourrait progresser de 5% à 6%, sans tenir compte de l’effet marché. Au 21 janvier, la collecte s'élevait à 38 milliards de dollars.

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