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17/09/2009

Julius Baer imports a Japanese equities fund

The Luxembourg fund Julius Baer Japan Stock Fund, whose assets currently total about EUR140m, is now on sale on the British market. Currently, the quantitative allocation (100 positions) represents about 55% of the portfolio, while the “conviction” portion of the fund, a “diamond pool” of 20-30 positions, makes up the remaining 45%.
17/09/2009

db x-trackers lists four new strategy ETF products

The XTF segment of the Xzetra electronic trading platform from Deutsche Börse now includes 485 products: db x-trackers (Deutsche Bank) has admitted four new strategy ETFs to trading, all of them Luxembourg-registered “short” products based on sub-indexes of the Dow Jones Stoxx 600 index, whose management commission is set at 0.5%. The new products include the db x-trackers DJ Stoxx 600 Basic Resources Short Daily Etf, which replicates the Dow Jones Stoxx 600 Basic Resources Short Index, and the db x-trackers DJ Stoxx 600 Industrial Goods Short Daily ETF, based on the Dow Jones Stoxx 600 Industrial Goods Short Index. The db x-trackers DJ Stoxx 600 Utilities Short Daily ETF and db x-trackers DJ Stoxx 600 Insurance Short Daily ETF funds track the Dow Jones Stoxx 600 Utilities Short and Dow Jones Stoxx 600 Insurance Short indexes, respectively.
17/09/2009

BlackRock opens office in Santiago

Armando Senra, CEO of BlackRock for the Iberian peninsula and Latin America, has announced to Economia y Negocios Online, as relayed by Funds People, that the US-based asset management firm will open an office in Chile, which will be a “spearhead” for institutional activities in Peru and Colombia, as well as distribution in Argentina and Uruguay. BlackRock will also benefit from the structure which Barclays Global Investors (BGI) has in Chile, where its iShares ETF range of products is already available.
17/09/2009

Assets at M&B Capital Partners down 80%

The Madoff scandal is estimated to have cost M&B Capital Advisers about 80% of its capital, Expansión reports. The firm is directed by Javier Botín (son of the chairman of Santander) and Guillermo Morenés (his son-in-law). Currently, M&B has only about EUR200m in assets, as two of its largest hedge funds, Tukan and Summa, are in liquidation, while two others, LIF US Equities and Landmark, have suffered losses due to the Madoff fraud case. But the firm’s other funds show returns of about 10% since the beginning of the year. M&B has reduced its personnel by 25%, and has not been selling products to institutional investors for a year now.
17/09/2009

Laven Partners to provide managed accounts

According to exclusive reports in HFM Week, UK-based investment management consultant Laven Partners will provide managed account services to family offices, institutional investors and wealth managers. Laven will provide assistance to clients in the selection of managers and congoing risk evaluation. The firm, founded by CEO Jérôme de Lavenère Lussan, already offers operational due diligence as a part of their research on behalf of clients seeking to invest in hedge funds. The new activity will be directed by Robert Mirsky, former partner and co-leader of the European hedge fund division at Ernst & Young.
17/09/2009

Barclays undertakes far-reaching restructuring of its credit portfolio

On Wednesday, Barclays PLC announced the sale to the Protium fund from the management firm C12 Capital Management of USD12.3bn in credits. The bank is lending USD12.6bn for 10 years (at a rate of the US Libor plus 275 basis points) to the new fund, specially created to acquire assets of this type, and which will receive USD250m from its managing partners, Stephen King (who previously was director of the principal mortgage trading group at Barclays Capital), and Michael Keeley (member of the management committee at Barclays Cap for European financial institutions). The loan is being issued against assets which have been transferred to Protium by Barclays, which financial sector observers suggest might be toxic assets inherited from Lehman Brothers. This theoretical cleansing of the credit portfolio involves USD8.2bn in structured credit insured by credit resellers and monoliners (USD3.6bn in guaranteed credit from resellers by fair value, and USD4.6bn from monoliners), USD2.3bn in RMBS and other ABS, and USD1.8bn in residential mortgage loans. Barclays states that due to regulatory considerations, the assets will continue to weigh on its balance sheet, meaning that the transaction will not reduce its need for regulatory capital requirements. The transaction will, however, limit the potential impact of short-term fluctuations in the value of assets or possible downgrades of the ratings of credit resellers.
17/09/2009

Axa unites its wealth management activities

Axa Winterthur Wealth Management, Axa Distribution Services, with its Elevate wrap, Architas Multi-Manager and Axa Wealth International are now adopting the single name Axa Wealth, under the direction of Mike Kelland as CEO, Money Marketing reports. The new structure will make it possible to eliminate redundant wealth management products and services, as well as to simplify the IT infrastructure. The reorganisation will not lead to any layoffs over and above the 350 which Axa announced at the beginning of the year. As a part of this process, 34 business development consultants will be brought together as a part of a team of specialists focused on distribution and platforms.
17/09/2009

MAS may toughen hedge fund regulations

The central bank of Singapore, the Monetary Authority of Singapore (MAS), has held a consultation with local hedge fund managers over a potential reinforcement of regulations applicable to the “exempt” sector. Funds are not currently required to have a full capital market license when they have less than 30 financially qualified investors, the Financial Times reports. Professionals estimate that managing a hedge fund in Singapore costs half as much as it does in Hong Kong and only a third of what it would cost in London. The MAS, which is clearly responding to international pressure to toughen its regulations, states that as of the end of 2008, there were 350 hedge funds in Singapore, with assets of about USD42bn.
17/09/2009

BlackRock cuts management fees for several funds

The BlackRock group has decided to reduce management fees for several of its funds. From 9 October, management fees for two European equities funds, BGF Emerging Europe Fund and BGF European Opportunities Fund, one Japanese equities fund, BGF Japan Small * MidCap Opportunities Fund, and three sector funds, BGF World Financials Fund, BGF World Healthscience Fund, and BGF World Technology Fund, have been lowered by 25 basis points. Investors in the Emerging Europe Fund will pay an annual commission of 1.75%, down from 2% perviously. For other funds, management commissions are reduced from 1.75% to 1.5%. Why has BlackRock made this decision? Were these funds too expensive compared with those charged by its competitors? According to Andrea Vigano, head of retail distribution for Europe, the move is “a commercial gesture to ensure the continued good performance of our products.” Last year, BlackRock lowered management commissions by 15 basis points on some bond funds.
17/09/2009

EI encourages businesses to court long-term investors

The EuropeanIssuers (EI) association, led by Jacques Schraven, which represents 9,200 listed firms in Europe, estimates that on average, European long-term institutional investors have only about 25% of their portfolios invested in equities, compared with 45% before the financial crisis of August 2007, the Financial Times reports. Businesses need to improve their communications aimed at these institutional investors, who have turned to government bonds because they lacked a channel of direct communication channel between businesses and their shareholders, as banks serve as intermediaries when trades are set up. The intermediation process should therefore be simplified, and loyalty dividends should potentially be paid to longstanding shareholders, as some corporates are doing in France.
17/09/2009

British authorities consdier new financial instrument

L’Agefi reports, citing the Daily Telegraph, that the British government has asked its advisors to consider a new alternative financial instrument which would help establishments to increase their tier 1 capital levels. The new type of asset would be a mandatory convertible note, which would pay interest, and whose conversion into ordinary shares would occur whenever tier 1 capital at a firm falls below predefined levels.
16/09/2009

SWIP replaces head of UK equities

Peter Cockburn, investment director UK equities, will serve as the interim head of UK equities at Scottish Widows Investment Partnership (SWIP) following the resignation of Robert Waugh, Investment Week reports. The UK equities team at SWIP includes 13 people. The SWIP Absolute Return UK Equity fund, which was managed by Waugh directly, will be taken over by James Clunie.
16/09/2009

Saxo Banque signs up with B*Capital as partner for online trading platform

The investment and online trading bank Saxo Banque announced on 15 September that it has signed a white-label partnership agreement with the stock market firm of the BNP Paribas group, B*Capital. B*Capital has selected the French Saxo Banque to provide online trading of currencies, CFDs and futures contracts to its private investors. “CFD and Forex will allow our qualified clients to invest in leveraged and coverage instruments, despite the current volatility of the markets. B*capital will also offer them a direct relation with a team of market professionals to help them to manage their risks and assist them in short-term anticipation techniques, with independent and transparent information,” explains Philippe Nahum, CEO of B*capital.
16/09/2009

Romain Boscher promoted at Groupama AM

Romain Boscher has been appointed as director of management at Groupama Asset Management. He will also serve as deputy CEO of the firm, and as a member of the board of directors, following the departure of Roland Lescure, who has joined the Caisse de dépôt et placement du Québec. Boscher, who arrived at Groupama Asset Management in 2000, had been head of the European and International Equities department since 2005.
16/09/2009

Berkeley endowment creates fund management affiliate

The board of trustees of the University of California, Berkeley Foundation endowment on Tuesday announced the creation of an affiliate to manage its funds. Previously, its assets of USD738m (as of 30 June) were managed by a volunteer investment committee. Now, the assets will be managed by professionals, who will be overseen by a five-member board of directors with profound knowledge of the financial sector and capital markets. The board will be chaired by Janet McKinley, who has previously served as chairman of the Income Fund of America and as director of Capital Research and Management Co. John Austin Saviano has been appointed as president and CEO of the new structure. He was previously a senior consultant at Cambridge Associates. His base salary, which is fixed for a three-year term, will be USD270,000 per year.
16/09/2009

Van Kampen would be ideal for Aberdeen

Morgan Stanley’s Van Kampen Investments would make an ideal acquisition target for Aberdeen, say US analysts cited by Ignites Europe. The UK fund firm is on the hunt for a US asset manager.
16/09/2009

SGSS awarded six new mandates

Société Générale Securities Services (SGSS) announced on 15 September that it has been awarded five new mandates for its depository banking, fund administration and global custody activities, as well as a new mandate to value complex products. The mandates the firm has been awarded come from: EDF, for EUR400m, for depository and fund administration services; ST Microelectronics and Vallourec, for EUR1bn and EUR120m, respectively, for global custody services; Blackfin, for EUR300m, for depository services, fund administration and transfer agency; Peregrine Derivatuives for derivatives settlement; and lastly, Aktia Bank for asset servicing on OTC and structures products. As of the end of 2009, SGSS provided custodial services for EUR2.906trn in assets under management, a 15% increase compared with December 2008, and administered EUR423bn in assets. SGSS thus strengthens its position as the 2nd largest European custodian and the 6th largest worldwide. Since the beginning of 2009, SGSS has also strengthened its position as a major provider of middle office and valuation services for structured products and OTC, with the valuation of 20,000 positions on complex products.
16/09/2009

Former head of alternative management at SocGen launches Nexar Capital

According to the Financial Times, Arié Assayag, the head of SocGen’s alternative asset management team, has set up Nexar Capital, a new hedge fund business, along with other former bankers from SocGen and with the backing of an American private equity firm, Aquiline Partners, founded by Jeffrey Greenberg. The firm will be based in Paris, with an office in New York. The FT reports, citing people familiar with the situation, that Nexar will be looking for opportunities to acquire fund of funds businesses, and aims to raise USD10bn in AUM within 5 years.
16/09/2009

Agicam methodically advances in SRI management

Of roughly EUR12bn in assets which it manages for the AG2R La Mondiale group and financial supports for employee savings, Agicam has about EUR600m in SRI assets, or 5% of the total, while the average is 1% for institutionals. This also, says Philippe Dutertre, chairman of the board at Agicam, represents about 4% of institutional assets in socially responsible from all French institutionals. The management firm is constructing an SRI team consisting of five managers/financial analysts and three senior SRI analysts to be part of a single board. Its services have also developed EthisScreeninG, an exclusive tool which provides analysis of risks and positive points in ESG management, and is constructing a database of businesses and sectors of activity. The SRI unit of Agicam posted approximately EUR100m in net subscriptions in 2008, and the firm is planning for EUR150m in 2009 and EUR250m next year. For the beginning of December, the management firm is planning to launch a fund of SRI mandates, with allocations to aggregate, government bonds and credit, in partnership with Mercer. Agicam is also planning an SRI fund of funds, in partnership with Altedia.
16/09/2009

Gabelli on the defensive

Gabelli analysts’ choice for the Focus Five, a portfolio of 5 stocks which are rotated every three months, included more defensive companies on August 1, due to market uncertainty. The five picks are Coca-Cola, Hansen Natural, Scana, Walgreen, and Waste Management.
16/09/2009

Un hotel tombe dans l'escarcelle d'Invesco Real Estate

Invesco Real Estate annonce l’acquisition d’un premier hotel aux Pays-Bas afin d'étoffer le portefeuille de son fonds constitué d’actifs de cette nature. Composé de 216 chambres, le Novotel World Forum qui se situe à l’intérieur du Forum Convention Centre de La Haye a été acheté à TCN, une société de promotion immobilière hollandaise. Avec le groupe Accor comme locataire, l’acquisition s’est faite à partir d’un rendement brut supérieur à 8,5% et une valorisation de 25millions d’euros environ.
16/09/2009
Fonds

Coba lance un fonds immobilier avec BDO Stoy Hayward

Coba Asset Management a annoncé le lancement d’un fonds immobilier «strategic income» britannique d’une durée de 7 ans visant une performance de 10 %. Ce produit, géré par Graham Gould et conseillé par Roger Carey (ancien CEO de Slough Estates) ainsi que par Philip Ingman (fondateur d’Ingman-Jones) affiche un droit d’entrée de 5 % maximum. La souscription minimale est fixée à 100.000 livres. Le partenaire de Coba Asset Management pour ce fonds est BDO Stoy Hayward Investment Management.La commission de gestion se situe à 1 % et le gestionnaire facturera une commission de 20 % sur la performance excédant le taux butoir (hurdle rate) de 10 %.
Fonds
16/09/2009

SWIP change de patron pour les actions britanniques

Peter Cockburn, investment director UK equities, va assurer l’intérim du poste de head of UK equities chez Scottish Widows Investment Partnership (SWIP) suite à la démission de Robert Waugh, rapporte Investment Week. L'équipe actions britanniques de SWIP compte 13 personnes. Le fonds SWIP Absolute Return UK Equity que gérait Robert Waugh en direct sera pris en charge par James Clunie.
16/09/2009
Fonds

"Soft closing" pour un fonds de Cazenove

Le gestionnaire britannique Cazenove a annoncé que son fonds Absolute UK Dynamic, dont l’encours a été plafonné à 130 millions de livres, a drainé 123 millions de livres en une semaine et fait donc l’objet d’un «soft-closing», avec arrêt des souscriptions pour toutes les classes de parts, rapporte Investment Week.
Fonds
16/09/2009
Fonds

Le déficit des fonds de pension a doublé

Selon un rapport de Pension Capital Strategies et de Cazenove, le déficit de couverture des fonds de pension des sociétés du FTSE 250 a doublé à 12 milliards de livres durant les douze mois à fin juin. Et le trou aurait été encore plus important si le rendement des obligations d’entreprises n’avait pas augmenté grâce à la pénurie de crédit. Si l’on avait pris comme base de calcul pour les engagements le taux des emprunts d’Etat britannique (gilts) comme le fait le Pension protection Fund, le déficit serait de 80 milliards de livres contre 55 milliards, rapporte le Financial Times. Globalement, les fonds ont augmenté leur exposition aux obligations à 49 % de l’encours contre 42 % l’an dernier. D’autre part, l'étude montre que sur 250 sociétés, seules 92 pratiquent encore les prestations définies (defined benefits) et 20 à peine offrent toujours cette formule à un grand nombre de salariés. Le rapport fait aussi ressortir que 27 des fonds ont des engagements de retraites plus élevés que la capitalisation boursière de l’entreprise.
Fonds

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