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06/11/2013

BlackRock recrute une grosse pointure chez Credit Suisse

Regional head investment & portfolio management Asia Pacific et country head asset management Singapore chez Credit Suisse Asset Management, André Bantli a rejoint BlackRock comme patron de la distribution retail pour la Suisse, rapporte finews.ch.Basé à Zurich, André Bantli travaillera en étroite coopération avec Roger Stüber, senior client relationship manager, qui demeure responsable des grands comptes de particuliers, et sera subordonné à Martin Gut, country head Switzerland.
06/11/2013
Fonds

Mirabaud lance son fonds d’obligations convertibles mondiales

Comme annoncé il y a quatre mois (lire Newsmanagers du 29 juin), Mirabaud a annoncé le 5 novembre le lancement de son fonds coordonné Mirabaud-Convertible Bonds Global, qui avait été créé sous forme d’un fonds en incubation voici quelques mois.Ce produit est géré par Renaud Martin, responsable des obligations convertibles, et Nicolas Crémieux, gérant de portefeuille senior ayant rejoint Mirabaud Asset Management cet été en provenance de Dexia AM.Le fonds Mirabaud – Convertible Bonds Global, qui a obtenu l’agrément de la CSSF luxembourgeoise début septembre, vise à saisir «les meilleures opportunités de l’univers mondial des obligations convertibles, en particulier celles émises aux Etats-Unis, en Europe mais aussi de manière opportuniste dans le reste du monde, y compris dans les marchés émergents», selon un communiqué. Il complète le Mirabaud - Convertible Bonds Europe lancé début décembre 2012, qui affiche un encours de 220 millions d’euros.
Fonds
06/11/2013

UCITS hedge funds remained in positive territory in October

At a time when they lost an average of 0.40% in August, before gaining 0.65% in September, UCITS hedge funds in October have posted returns of 1.18%, meaning that their gains since the beginning of the year total 3.20%, according to the UCITS Alternative index calculated by the Swiss firm Alix Capital.UCITS funds of hedge funds, for their par, posted gains of 0.86% in October and 3.38% for the first ten months of the year.In October, only two strategies out of eleven showed losses: commodities (-0.46%) and volatility (-0.43%). The largest gains were for CTA (+2.20%) and long/short equity (1.85%).Commodities and volatility are also the two strategies with the heaviest losses since the beginning of the year, with -3.64% and -3.77%, respectively, while the FX strategy shows losses of 3.26%. The three best results were for long/short equity (+8.94%), multi-strategy (+3.71%), and event-driven (_3.44%).
06/11/2013

UBS Global AM reopens Emerging Markets Bonds 2017 USD

Until 15 November, subscriptions for US dollar shares in the UBS Emerging Markets Bonds 2017 USD fund will be reopened by UBS Global Asset Management, so satisfy high demand on the part of clients. The objective is to limit additional assets to USD100m, compared with the USD231m collected in the two weeks following the launch of the fund on 21 October, Funds People reports.The fund is a buy & hold product which invests primarily in emerging market government debt in US dollars. Maturity is set for August 2017.
06/11/2013

Deloitte and Etops launch service platform for asset managers

Deloitte, a consulting and audit firm, and Etops, a specialised middle and back office service provider, have decided to launch a new platform to integrally address the current and future challenges for asset managers. With the new platform, called Assetbox, the two partners offer a range of services, enabling asset managers to master regulation, risk, operations, tax, compliance and reporting requirements as well as improving performance, distribution, and cost efficiency.
06/11/2013

amLeague : la gestion active se fait mieux respecter à l'international

Avec des marchés d’actions toujours bien orientés, le mois d’octobre à été de nouveau profitable à la gestion active. Mais bien que sur les trois mandats actions «full invested», aucun portefeuille n’ait enregistré de pertes et que les gains des meilleurs sont sensiblement plus élevés que ceux des indices de référence, on notera que ces derniers ont été, somme toute, difficiles à battre. Ainsi, seuls quatre gérants sur dix-huit y sont parvenus dans le mandat actions «zone euro» (5,38% pour l’Eurostoxx NR), huit sur vingt-deux au sein du mandat Europe (3,93 % pour le Stoxx 600 NR) et cinq sur douze dans le cadre du mandat «Global Equities» (3,46 % pour le Stoxx 1800 NR). Il s’agit donc dans ce dernier cas de la plus forte proportion de gérants actifs battant le marché. D’autre part, à quelques exceptions près, les gérants «value» auront une nouvelle fois dominé les débats. Mais des différences sont perceptibles en bas de tableau par rapport au mois précédent. Les «quants» n’occupent plus systématiquement les dernières places, certains - comme Vivienne Investissement dans le mandat Actions Europe figurant même parmi les meilleurs.
06/11/2013

Singapore funds increase exposure to Europe

The two Singapore sovereign wealth funds, Temasek and GIC Private, have quietly increased their exposure to Europe, and especially the United Kingdom, this year, the Financial Times reports. Last month, the GIC sovereign wealth fund bought a 28.5% stake in the British firm Rothesay Life. It also increased its stake in Royal Mail to slightly over 4%. Earlier, Temasek bought a small stake (less than 1%) in Lloyds Banking Group. In August, GIC was in negotiations to acquire half of Broadgate in the City of London.
06/11/2013

Sovereign fund transparency progressing slowly

The most recent rankings of sovereign funds on the basis of transparency remained highly stable in third quarter compared with the previous quarter, according to the transparency index Linaburg-Maduell, from the SWF Institute. The top of the rankings continue to be occupied by 10 sovereign funds, which have scored the highest possible rating of 10. These are followed by 10 sovereign funds with a score of 9, one more fund than in the rankings for second quarter, due to the addition to the list of the Alabama Trust Fund. The most recent rankings gained five new entrants, bringing the total number of sovereign funds reviewed for transparency to 51 from 46 previously. Aside from the Alabama Trust Fund, the other new entrants do not necessarily score well, as the Oman Investment Fund has a rating of only 4, like the Mexican oil fund (Oil Revenues Stabilization Fund of Mexico).
06/11/2013

City Financial builds presence in bonds

The independent asset management firm City Financial has recruited Philip Lee with immediate effect as global bond manager in its bond team. He will work in close collaboration with Graham Glass, principal manager of the City Financial Defensive Global Bond Fund. Lee previously worked at Asset Risk Consultants, an independent investment advising firm, where he had been associate director.
06/11/2013

Structured products are better regulated in Germany from 1 November

The German association of promoters of structured products (DDV) has passed a new code of conduct which is much stricter than the last one. The new code, which came into force on 1 November, though voluntary, includes much stricter regulations than the previous one, with a particular insistence on the notion of transparency. “In addition to the transparency of products, the transparency of costs now plays a central role in good conduct. Structured products now have a lead time in terms of cost transparency. No other sector is as open with its clients,” says Hartmut Knüppel, CEO and member of the board at the professional association.
06/11/2013

Head of institutional sales for German-speaking Switzerland at Lyxor joins Bluebay

finews.ch reports that David Keel has left his position as director of institutional sales at Lyxor Asset Management in German-speaking Switzerland after only 10 months, to join the UK-based Bluebay Asset Management as head of sales for Switzerland. He will be responsible for the acquisition and management of institutional clients.Before being recruited by Lyxor, Keel had worked at Barclays Capital Fund Solutions.
06/11/2013

Assets of US clients at Pictet total USD3.6bn

Assets under management for US clients of Pictet total USD3.6bn, Bertrand Demole, one of the top managers of the Swiss private bank, has told the Jerusalem Post.Demole also states that Pictet would not like to develop through external growth operations. “We have engaged in an organic growth process and we have never planned a merger or an acquisition in our history,” he says.
06/11/2013

BlackRock recruits big name from Credit Suisse

André Bantli, regional head of investment & portfolio management Asia Pacific and country head asset management Singapore at Credit Suisse Asset Management, has joined BlackRock as head of retail distribution for Switzerland, finews.ch reports.Bantli will be based in Zurich, and will work in close collaboration with Roger Stüber, senior client relationship manager, who remains head of key retail accounts, and will report to Martin Gut, country head Switzerland.
06/11/2013

Julius Baer plans to merge Infidar and WM Partners

The private bank Julius Ber is planning to merge its external investment advising partner Infidar and WM Partners. The market will thus see the creation of a new giant in wealth management, according to the website “Inside Paradeplatz.”A spokesperson for Julius Baer has confirmed that the firm is “in advanced negotiations” with WM Partners with the intention of merging the two businesses. Further information will be provided only when the deal has been completed.
06/11/2013

Daniel Vaquero promoted to CIO of Popular Banca Privada

Daniel Vaquero, director of fixed income management, has been promoted to chief investment officer at Popular Banca Privada. He will be replaced in the position he is leaving by Ángel Pérez Carretero, who joins from Allianz Popular AM, Funds People reports.The asset management affiliate of the private bank from Banco Popular has 11 people, led by Jordi Padilla, and has assets of EUR1.25bn, which represents an increase of 15% since the beginning of the year. Overall, assets at Popular Banca Privada total EUR5.1bn.
06/11/2013

Fonds Advice updates transparency ratings

The Cologne-based ratings agency Fonds Advise has published its new list of transparency ratings for 3,099 funds from 69 asset management firms in 12 countries as of 31 October.The four funds with the near-maximal rating of 1- are four German-registered ETFs of the iShares brand from BlackRock. Among the asset management firms whose transparency rating has improved are one Luxembourg-registered fund (Postbank Dynamik Vision) from DWS (now rated 2+), and several Irish funds from GAM Fund Management Ltd (now rated 3), as well as a number of Luxembourg funds from Aberdeen Global (3+).Among the transparency ratings downgrades are several products from the Austrian firm Spängler IQAM Invest, Irish funds from Putnam Investments, and the Pioneer Investments Euro Geldmarkt fund from Pioneer Germany.
06/11/2013

Edhec Risk Institute and Efama oppose on ESMA guidelines

According to a press release from Edhec-Risk Institute dated November 5th, EFAMA, the European Fund and Asset Management Association recently ventured that the European Securities and Markets Authority (ESMA) had exceeded its powers and mandate by issuing “quasi-regulation (...) on topics which were not previously regulated at EU level.” The representative body for the European investment management industry specifically targeted the ESMA Guidelines on ETFs and other UCITS issues and its provisions in terms of securities lending, collateral management, or the use of financial indicesEDHEC-Risk Institute, which, like EFAMA, has contributed to the consultation process that led to these guidelines , takes exception to this language and interpretation and wishes to underline the considerable investor protection and competition advances introduced by ESMA, notably with respect to the mitigation of counterparty risk and the quality and transparency of financial indices.EDHEC-Risk Institute «calls upon European lawmakers to transpose the advances pioneered by ESMA in the UCITS space to other Packaged Retail Investment Products so as to promote high uniform standards of investor protection and reduce opportunities for regulatory arbitrage within the EU. EDHEC-Risk Institute also encourages worldwide authorities reviewing the regulation of financial indices and benchmarks to adopt standards of transparency on par with those of the ESMA guidelines to establish the necessary conditions for the sustainable growth of an industry that can play a major role in enhancing investor welfare», the release says.
06/11/2013

WisdomTree buys license for Bloomberg dollar index

According to Index Universe, Bloomberg has sold the license for its US dollar index to WisdomTree Investments, a provider of “fundamental” ETFs.The new index aims to fill the gap in the static US dollar index, which is weighted at 50% for the euro/dollar rate. The ten currencies represented in the index onclude more currencies, such as the Chinese currency, the South Korean won, the Mexican peso and the Australian dollar.The ticker code for the new index is BBDXY, while the total return version is available as BBDXT, and the inverse version is under the ticker BBCXI. Rebalancing will be carried out once per year, on the basis of data from the Federal Reserve and the Bank of International Settlements (BIS).
06/11/2013

Two US boutiques merge

The US boutiques Argent Wealth Management and Pillar Financial Advisors, specialised in wealth management and both based in Massachusetts, have announced that they are merging, effective from 1 November. The new entity born of the merger, Argent Wealth Management LLC, will have assets under management of USD1.2bn, with similar contributions from each of the two firms.
06/11/2013

New head for FI at Vanguard

Robert F. Auwaerter, principal and head of the fixed income group, has announced intentions to retire in March 2014, after 23 years at Vanguard. He will be replaced by Gregory Davis, who will be responsible for USD750bn in bond assets from the asset management firm based in Valley Forge, Pennsylvania, including USD450bn in actively-managed assets, and USD300bn in tracker funds and ETFs.Davis is currently CIO for the Asia-Pacific region and director at Vanguard Investments Australia, after having been a senior portfolio manager and head of bond indexing for the fixed income group, where he was responsible for about USD200bn in tracker products. He joined Vanguard in 1999.
06/11/2013

Paulson's bets in asset management pay off

The Recovery fund from Paulson & Co (USD2.3bn) has made 40% since the beginning of 2013, due to its investments in banks, insurers and also asset management firms, Financial Times fund management reports. Paulson & Co is interested in private equity firms, particularly Blackstone and Apollo Global Management. One of the major reasons for this interest is that private equity managers can charge performance commissions on top of management fees again.
06/11/2013

Russell Investments reorganizes following departure of Faisal Rahman

Russell Investments has replcated the managers of its Russell OpenWorld fund range, following the departure of Taisal Rahman, Fnancial News reports. Keith Brakeball will take over the OpenWorld US Credit fund, and Adam Babson will take over the OpenWorld Global Listed Infrastructure. Ronnie Sable will manage the OpenWorld Europe Focus Equity, and James Mitchell will be responsible for the OpenWorld Euro Credit. Lastly, Lee Kayser will handle the OpenWorld Commodities Long Neutral Strategy, as Phill Hoffman will be responsible for the Global High Dividend Equity fund.
06/11/2013

Ignis AM signs distribution partnership with Tyndall AM

Ignis Asset Management and Tyndall Investment Management Limited (Tyndall AM) have formed a strategic alliance in Australia. Under the terms of the agreement, Ignis will sub-advise investment strategies exclusively with Tyndall AM into the institutional market in Australia.Initially, Tyndall AM will offer Ignis’ Absolute Return Government Bond strategy and Liability Driven Investment (LDI) solutions to institutional investors. Tyndall AM may also consider other Ignis investment strategies, such as emerging market debt, as part of its multi- manager and World Series Fund platform offerings in future.Tyndall AM, based in Sydney, manages approximately GBP13.9 billion of assets on behalf of institutional, insurance and private wealth clients in Australia. It is part of Nikko AM, an independent fund manager in Asia headquartered in Japan.
06/11/2013

Acatis forms partnership with Mars AM

The German asset management firm Acatis, which a few months ago opened a sales office in Paris (see Newsmanagers of 29 March 2013), has decided to participate in the development of a new asset management firm, with the purchase of a 30% stake in the capital of the young business Mars Asset Management.The newcomer in the field of asset management in Germany is an independent asset management firm founded in Spring 2013 by four asset management professionals: Volker Kurr, Jens Kummer, Andreas Bichler and Damian Krzizok. It offers multi-asset class portfolio management, manager selection and geographical allocation as part of equity management.As part of the strategic partnership, Mars AM will provide Acatis with anvestment advising for its Acatis 5 Sterne-Universal fund, which assigns a lot of importance to geographical allocation. Acatis will however not distribute funds from Mars AM, whose range includes the open-ended fund Mars 10, aimed at institutional investors.
06/11/2013

Four managers found AR boutique

Four former fund managers from the asset management firm MEAG (Munich Re group) have decided to create a boutique specialised in absolute returns, Citywire reports. The new entity, entitled Skalis, which will be based near Munich, has not yet received clearance from the supervisory authorities. The initiative follows the departure last month of the bond manager Ingmar Przewlocka, with three other colleagues, Jens Bies, Andreas Grassl and Marc Decker, to found the new firm. Grassl and Decker also worked at MEAG while Bies comes from Deka Asset Management. The four partners are planning to launch a strategy which will be inspired by the MEAG Eurorent fund, and which will invest primarily in European bonds, but which may also be exposed to equities and may introduce derivatives.
06/11/2013

Philipp Lehner leaves BlackRock for ACM Bernstein

From 1 January, Philipp Lehner will join ACM Bernstein, and will leave the institutional sales team at BlackRock in Germany. He joined the group in 2001, at the time Merrill Lynch Investment Managers, Das Investment reports. He will remain based in Munich.The process to replace Lehner has already commenced, says Markus Taubert, who leads BlackRock institutional distribution in Munich.
06/11/2013

Equities still highly popular in the UK in September

Equities were the most popular asset class in the United Kingdom in September for the sixth consecutive month. Retail net inflows totalled GBP1.3bn in the month, bringing the total for third quarter to GBP3.8bn. Inflows to bond funds totalled GBP99m, compared with an average of GBP55m in the past twelve months. Inflows to mixed funds totalled GBP375m, compared with an average of USD335m over twelve months.
06/11/2013

BlueBay AM recruits new COO

BlueBay Asset Management has appointed Luc Leclercq as chief operating officer (COO).Previously, Leclercq worked at State Street where he was senior vice president and responsible for middle office client relations with a focus on asset management.
06/11/2013

Franklin Templeton launches first ETF

On 7 November, Franklin Templeton will launch the Franklin Short Duration U.S. Government ETF, its first ETF. According to Index Universe, it will be an actively-managed fund of bond ETFs, whose ticker code witll be FTSD. The total expense ratio is announced at 0.30%.The portfolio will be focused on Treasurys, with a maximal maturity of three years.
06/11/2013

Cohen & Steers plans to create ETFs

The real estate specialist Cohen & Steers Capital Management has submitted license applications to the SEC for index-based and actively-managed ETFs, Index Universe reports.The first product will be an index-based ETF replicating the in-house index Cohen & Steers Realty Majors Index, which will thus be focused on global REITs.For actively-managed products, the license application does not include a real product, but does mention the possibility of launching several funds, including products based on US and international equities, as well as currencies. These funds may use short-selling strategies.

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