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19/10/2009

DundeeWealth launches first products on US market

One of Canada’s largest independent wealth-management firms, DundeeWealth, is launching its first mutual funds in the U.S. The six new funds are: Dynamic Infrastructure Fund, Dynamic Gold & Precious Metals Fund, Dynamic U.S. Growth Fund, Dynamic Discovery Fund, Dynamic Contrarian Advantage Fund and Dynamic Energy Income Fund.
19/10/2009

UBS 'gives away' identities of US clients to tax authorities

UBS has issued a warning to those of its US clients in danger of figuring in a list of 4,450 cases which the bank will be required to hand over to the US tax authorities, in a registered letter which is clearly marked with the name of the sender. As the US postal service is a government entity, the IRS will have no difficulty in obtaining the names of these parties without waiting for official disclosure, the weekly newsmagazine Sonntag reports. The lawyer for several of these clients, Andreas Rüd, estimates that UBS acted deliberately, and is planning to file suit against the Swiss bank.
19/10/2009

US consumer lending eats into Bank of America profits

Bank of America (BoA) has posted a net loss of USD1bn for third quarter, Agefi reports, compared with profits of USD1.18bn one year previously. The results come despite the fact that net banking profits increased by 32%, to USD26bn, as a result of the integration of Merrill Lynch and Countrywide. The degradation of BoA’s retail lending and credit card activities are primarily responsible for this counterperformance, although the bank is a leader in these markets in the United States.
16/10/2009

CS/Tremont index performs better than expected

The Credit Suisse/Tremont hedge fund index has ultimately posted growth of 3.04% for September, compared with 1,53% in August. This brings gains in third quarter to 7.27%, its best result in twelve years, and returns of 14.97% since the beginning of the year. These figures are better than predicted recently (see Newsmanagers of 9 October), as CS/Tremont estimated on the basis of results published by 65% of the funds in the index that performance in September would total 2.67%, bringing results for third quarter to 14.56%.
16/10/2009

Japanese investors regain appetite for funds

Net inflows into mutual funds by Japanese investors have jumped 27% to Y2,159.5bn between April and September, according to data from Japan’s Investment Trust Association cited by the Financial Times. The most popular mutual funds are those focused on emerging stocks, government bonds, and overseas real estate investment trusts.
16/10/2009

Sun Capital proposes downsizing of largest fund

The private equity firm Sun Capital Partners has offered its investors to reduce the size of its USD6bn flagship fund by USD1bn, due to “difficult and unprecedented times,” liquidity and allocation issues, the Wall Street Journal reports. The move will cost the private equity firm, based in Boca Raton, Florida, up to USD50m in missed management fees, and potentially millions of dollars in incentive fees.
16/10/2009

German foundations withstand crisis

According to statistics from the German federation of charities (Bundesverband Deutscher Stiftungen), at the beginning of this year Germany had 16,406 foundations, managing wealth of more than EUR100bn. In the course of the year 2008 alone, 1,020 new foundations were founded. This trend highlights the growing interest of high net worth private individuals and businesses in foundations. The crisis has not spared foundations, however. The five largest foundations in Germany, including Robert Bosch, Dietmar Hopp and Volkswagen, saw a decline of 7% in their assets in one year, to a total of about EUR15bn.
16/10/2009

Bons résultats pour SEB AM

Au 30 septembre, l’encours de l’allemand SEB Asset Management affichait une augmentation de 1,5 % à 16,6 milliards d’euros, a indiqué jeudi Barbara Knoflach, président du directoire.La gestion actions a bénéficié d’un effet de marché positif qui a permis à son encours de gonfler de 24,2 % et de compenser les remboursements nets de 5,6 % accusés par la gestin obligataire. Pour le multi-classes d’actifs et pour l’immobilier, l’encours a progressé respectivement de 1,6 % et de 1,2 %. L’encours de la gestion immobilières a augmenté de 630 millions d’euros sur les douze derniers mois, à 1,9 milliard d’euros.SEB AM annonce par ailleurs le lancement d’une nouvelle classe de parts pour les investisseurs professionnels à compter du 1er décembre.
16/10/2009

Frankfurt Trust reorganizes its product range

Karl Stäcker, chairman of the board of directors at Frankfurt-Trust, the management firm from BHF-Bank (Sal. Oppenheim group), has announced that the funds of the product range from the firm will now be divided into four segments, with names to make them more easily identifiable to investors. The FT Select line will be composed of bricks corresponding to money markets, equities, and bond asset classes, allowing subscribers to give their portfolio the desired structure depending on their opinion of how the market will develop. The FT Comfort line will include funds of funds and actively-managed diversified funds, with wealth management products appropriate for a period of savings. The two remaining lines will be available only through some distribution channels. FT Exclusiv funds include products managed on behalf of insurers and other financial service providers, while the FT Partner line includes funds for which Frankfurt trust acts as an executor for external wealth managers in charge of investment policy and client relationship management.
16/10/2009

New head of Netherlands client service at SEI

The fiduciary management services provider SEI announced on 15 October that it has appointed Alexander van Aken as director of client services for the Netherlands. Before joining SEI, van Aken spent nine years at Fortis Investments, most recently as head of Investment Specialist Solutions.
16/10/2009

Union launches a guaranteed commodities fund

Since Thursday, Union Investment has been offering the Luxembourg-registered guaranteed fund UniGarant: Commodities (2016) for sale in Germany. The product is a guaranteed commodities fund which allows the subscriber to participate in the quarterly performance of an international index of commodities hedged for currency risks, or a basket of indices covering soft commodities, energy, precious metals and industrial metals. The fund will invest in bonds and derivatives. The fund will be launched on 16 December 2009 and subscriptions will be open until 11 December. The product will mature on 23 September 2016. Union Investment claims a place as the leading German provider of guaranteed funds, with a market share of 38.4% as of the end of August. The manager currently offers 40 funds with total assets of over EUR8.5bn. Characteristics Name: UniGarant: Commodities (2016) ISIN: LU0445091720 Maturity: 23/09/2016 Initial value per share: EUR104 Front-end fee: 4% Management commission: 1% Penalty for early withdrawal: 2%, paid to the fund
16/10/2009

European funds are too small

The financial crisis has revealed the structural weaknesses of the European investment fund market, according to Achim Küssner, director of Schroders for Germany, cited by the Frankfurter Allgemeine Zeitung. In the United States, there are 8,000 funds, with average assets of EUR850m, while in Europe there are 26,000 funds, with an average volume of only EUR117m, which has a negative effect on profitability.
16/10/2009

New head for international activities at BNY Mellon

BNY Mellon International Operations has appointed Jim McEleney as chief executive, according to Asian Investor. McEleney, who will succeed Sheena Wilson, is responsible for all operational services for international activities at BNY Mellon, including asset management, wealth management, financial markets and cash management services. McEleney, who will be based in Puna, India, will also join the operational committee for Asia-Pacific. He will report directly to Don Monks, vice-chairman of BNY Mellon, and Frank Dittrich, executive vice-president of BNY Mellon. Wilson will now be based in London, where she will be responsible for international talent management.
16/10/2009

John Flint becomes director of asset management at HSBC

HSBC has appointed John Flint as global head of asset management, Money Marketing reports. Flint succeeds Mark McCombe, who is moving to HSBC Hong Kong. The two appointments will be effective from January 2010. Flint is currently group treasurer at HSBC and deputy head of global markets. He is also head of global markets for Europe, the Middle East and Africa.
16/10/2009

Former Stanford employees under scrutiny

Ralph Janvey, the receiver appointed by US courts to marshal the assets of Stanford Financial Group, is targeting two former employees of the company’s investment advisory unit, the Financial Times reports. The two men, Christopher Aitken and Stephen Thacker, received USD8.7m and USD2.6m, respectively, for three months of work. The payments were made three months before the fraud was discovered.
16/10/2009

Schwab served a Wells notice by the SEC

Directors of the San Francisco-based firm Schwab announced on 14 October that they had received a Wells notice from the Securities and Exchange Commission (SEC) for two of its bond funds, the Schwab YieldPlus Fund and the Schwab Total Bond Market Fund. The notice informs the recipients that the SEC is planning to file suit against Schwab Investments, Charles Schwab Investment Management, Charles Schwab & Co and the directors of the funds for possible violations of securities regulations.
16/10/2009

Consolidation in fund industry continues in third quarter

In third quarter, consolidation in the fund industry has continued, with a further contraction in the number of funds domiciled in Europe, as the number of fund closures has exceeded the number of new funds launched for the first time since the beginning of the crisis. From a universe of 38,238 funds covered by Morningstar as of 1 January 2009, approximately 2,968 funds have been closed down, while only 1,560 new funds have been launched. At the current rate of contraction, 3,957 funds would be closed by the end of the year, while the number of launches would come to 2,080, corresponding to a net total of 1,877 closures, or about 5% of the universe of funds domiciled in Europe. Morningstar points out that emerging markets have once again earned exceptional returns. Turkish equities finished the quarter with returns of 28.5%, compared with 26.3% on average for Russian equities and 25.7% for Poland. Among developed European countries, Austrian equities have earned 24.5%, compared with 22.7% for Belgium and 22.3% for the Netherlands. Swiss equities, the category with the worst performance in second quarter, earned returns in third quarter of 17.45, more in line with overall returns for the quarter. In the United Kingdom, the depreciation of the pound has dragged down the performance of British equities. British small caps nonetheless earned returns of 14.6% for the quarter, while large caps have earned 12.5%.
16/10/2009

FSA warns of cost of hedge fund directive

EU pension funds stand to see their returns dip by EUR1.4bn each year – equivalent to 0.05 per cent of annual returns – if the new EU rules for hedge funds drive non-EU alternative funds out of Europe, according to a study prepared by the consultancy Charles River Associates and commissioned by the Financial Services Authority.
16/10/2009

Madoff: Luxalpha general assembly postponed

Les Echos reports that an extraordinary general assembly of shareholders in the Luxalpha Sicav, which was scheduled for Monday, 19 October in Luxembourg, has been postponed due to demonstrations planned to coincide with the meeting of European agriculture ministers in the Grand Duchy. Due to fears that access to the place where the assembly was to be held may be disrupted, the liquidators of the fund involved in the network of fraud orchestrated by the US financier Bernard Madoff preferred not to run the risk and have postponed the meeting to a later date. When the Sicav, most of whose investors were French, went into liquidation, it was required that a general assembly be held before 31 October.
16/10/2009

Trading books: owners' equity requirements nearly tripled

The Basel Committee on 15 October published the results of its impact study of trading books at banks. The primary finding of the study, which covered 43 banks in 10 countries, is that owners’ equity requirements would increase by 223.7% for trading books, with a median of 102%. the Basel committee finds that there is a wide variance in results, however. Three developments explain this sharp increase: the introduction of an added charge for risk, modifications to value-at-risk (VaR) method, and lastly, handling of securitisations and particularly exposure to resale of securitisations. Toughened management of trading books will result in a total increase in tier 1 owners’ equity at banks totalling an average of 11.5%, with a median of 3.2%. The new rules will come into force by 31 december 2010, at the latest.
16/10/2009

Un nouveau responsable clientèle chez SEI aux Pays-Bas

Le fournisseur de services de gestion fiduciaire SEI a annoncé le 15 octobre la nomination d’Alexander van Aken au poste de directeur du service clients pour les Pays-Bas. Avant de rejoindre SEI, Alexander van Aken a passé neuf ans chez Fortis Investments, dernièrement en tant que responsable Investment Specialist Solutions.
16/10/2009

Bons résultats pour SEB AM

Au 30 septembre, l’encours de l’allemand SEB Asset Management affichait une augmentation de 1,5 % à 16,6 milliards d’euros, a indiqué jeudi Barbara Knoflach, président du directoire. La progression est attribuable à un effet de marché positif de 626 millions d’euros, qui a été amputé par des remboursements nets de 387 millions d’euros.La gestion actions a bénéficié d’un effet de marché positif qui a permis à son encours de gonfler de 24,2 % et de compenser les remboursements nets de 5,6 % accusés par la gestin obligataire. Pour le multi-classes d’actifs et pour l’immobilier, l’encours a progressé respectivement de 1,6 % et de 1,2 %. L’encours de la gestion immobilières a augmenté de 630 millions d’euros sur les douze derniers mois, à 1,9 milliard d’euros.SEB AM annonce par ailleurs le lancement d’une nouvelle classe de parts pour les investisseurs professionnels à compter du 1er décembre.

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