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02/04/2013

Head of SAC Capital buys a Picasso for USD155m

P { margin-bottom: 0.08in; }A:link { } Two weeks after SAC Capital settled two insider cases with the SEC for USD616m, the billionaire Steven Cohen, head of the asset management firm, has bought himself a Picasso painting for USD155m, Forbes reports. The artwork was purchased from the billionaire Steve Wynn.
02/04/2013

Acatis Invest gets a sales representative in Paris

P { margin-bottom: 0.08in; }A:link { } Acatis Investment has announced the recruitment in mid-March of Marie Ballorain for the position of director of development for France and Belgum. The German asset management firm did not yet have an official representative office, but it is planning to open one this autumn. Ballorain had previously been senior relationship manager at Sparinvest in Paris, from 2006 to 2013.Acatis Investment had EUR1.75bn in assets under management as of the end of February 2013. The range on sale in France includes four products: Acatis Aktien Global Funds UI, an international equity fund with EUR290m in assets, Acatis Gané Value Event Fonds, a mixed balanced fund combining value and event-driven management (EUR467m in assets), Acatis IfK Value Renten UI, an international value bond fund (EUR187m in assets) and Acatis Aktien Deutschland ELM, a fund of German value equities, with EUR83m in assets.
02/04/2013

ERAFP awards management mandates for multi-asset funds of funds

P { margin-bottom: 0.08in; }A:link { } The French public pension fund Etablissement de retraite additionnelle de la fonction publique (ERAFP) has awarded one active and two stand-by management mandates for multi-asset funds of funds as part of a policy to extend its investment universe, in line with the five values of the SRI charter. In July 2012, ERAFP launched a restricted request for proposals, for management of a multi-asset SRI fund of funds. Following the selection process, the ERAFP has decided to award the active mandate to Amundi. The additional managers are BNP Paribas Asset Management and Neuflize OBC Investissements. Following a fundamental approach, unconstrained by a benchmark, the management firm will construct its portfolio in line with a rigorous asset allocation and fund selection process, which will include respect for the SRI framework of ERAFP. The mandated firm will seek to maximise returns while limiting losses on the portfolio over a one-year period, through management of the risk budget. The sums invested for a one-year period may be on the order of EUR150m, and may rise to about EUR300m in three years’ time, the ERAFP says in a statement. The initial duration of the contract is four years, with a means for ERAFP to reduce the length of the contract for two successive periods of two years each.
02/04/2013

Dexia AM reshuffles its emerging market debt team

P { margin-bottom: 0.08in; }A:link { } Dexia Asset Management has announced two internal promotions in its emerging market debt team, following the departure of the head of the unit, Luc d’Hooge, for Vontobel, Citywire Global reports. Leen Clijsters, who has been at Dexia for 30 years, becomes head of two funds previously overseen by d’Hooge (Dexia Bonds Emerging Markets and Dexia Bonds Emerging Debt Local Currencies). At the same time, Isabelle Rome becomes head of the emerging market debt team. She had previously been co-head of the credit team.
02/04/2013

UBS GAM launches two funds of solid major corporations

P { margin-bottom: 0.08in; }A:link { } On 25 january, UBS Global Asset Management launched two Luxembourg-registered funds specialising in equities in solid firms able to profit from growth both in developed and emerging countries, the UBS Western Winners Equity Fund and UBS Solid Consumer Brands Fund. The first will focus on major international businesses, while the second will focus on consumers’ preference for established brands.The UBS Western Winners Equity Fund is managed by Nick Irish, and its portfolio will include 40 positions, in Western businesses with a strong presence in emerging markets. Alexander Gabiati, for his part, manages the 30-40 positions in the UBS Solid Consumer Brands Fund, which invests in businesses in the consumer goods sector with brands that enjoy strong reputations and whose business models appear solid. CharacteristicsName: UBS Western Winners Equity Fund ISIN code: LU0859500539Management commision: 0.95%Name: UBS Solid Consumer Brands FundISIN code: LU0859451659Management commission: 1.50%
02/04/2013

Investors reduce exposure to Europe

P { margin-bottom: 0.08in; }A:link { } Uncertainty related to chaotic Italian elections and a bailout of the Cypriot banking sector have driven investors to reduce their engagements in funds exposed to Europe in the final days of March. Equity funds, money market funds and European bond funds have seen significant redemptions in the week to 28 March, as have emerging Europe and Russian equity funds, according to statistics released by SPFR Global.However, US equity funds have continued to post inflows, and for the first time since January, inflows to actively-managed funds have exceeded those to ETFs. Japanese equity funds have continued to attract investors, while inflows have for the first time toppe USD2bn in the space of a single week.Equity funds overall have posted net inflows of USD1.9bn, while bond funds have finished the week with net inflows of USD3.72bn. Money market funds have finished the week with losses, due to net outflows of USD9.3bn from European money market funds.For bonds, US funds took the lion’s share, but high yield bond funds finished the week with inflows of nearly USD1bn, while bank loan debt funds posted subscriptions totalling USD1bn for the eighth consecutive week.
02/04/2013

Assénagon launches a corporate bond fund

P { margin-bottom: 0.08in; }A:link { } The new fund from the Munich-absed firm Assénagon Asset Management (which manages ETF portfolios for Source), Assénagon Credit Selection, is an institutional, Luxembourg-registered, UCITS-compliant fund, which aims to generate revenues from interest 3.5 percentage points higher than the Euribor 3-month, while avoiding currency and interest rate risks.The new product is managed by Michael Hünseler, CEO of Assénagon since 1 August 2012 (and formerly of Bayerische HypoVereinsbank, of the Unicredit group, and of Deka), and the fund will start up with assets of over EUR100m.The portfolio is invested largely in corporate bonds and CDS. In order to avoid concentration risks, the fund uses no benchmark index, and is focused on issuers rated at least B- (Fitch and S&P) or B3 (Moody’s). Currently, the fund is primarily allocated to positions on European industrials.CharacteristicsName: Assénagon Credit SelectionISIN code: LU0890803710Front-end fee: maximum 2.5% for P (retail) share classManagement commission:0.70% (I, industrial, share class)1.20% (P share class)Performance commission: 15% of performance exceeding the hurdle rate (Euribor 3 month) + 350 basis points per year.
02/04/2013

Maximum draw-down for absolute return funds declines with age

P { margin-bottom: 0.08in; }A:link { } Over five years of crisis, the 498 UCITS-compliant absolute return funds on sale in Germany (including 210 hedge funds) as of the end of December have posted average gains of 0.78% per year, compared with losses of 2.89% for the HFR Global Hedge Funds Index, and of 9.74% for Euro Stoxx 50 return funds, the Frankfurt-based asset management firm Lupus alpha reports.Only 64.9% of these funds, with assets as of the end of December representing EUR95.9bn, show positive returns, compared with 58.8% as of 30 June 2012. Lupus alpha has extended its analysis this year to include all absolute return funds, including hedge funds, as soon as they come into compliance with UCITS III (see Newsmanagers of 13 February 2012).Of 168 absolute return funds analysed over five years, only 34% show a positive Sharpe ratio over five years, and they range from 1.48 to -1.61.The average maximum draw-down (MDD) for the period under review (2008-2012) comes out to 14.22% also with a wide range form -0.31% to -87.6%. The study also finds that the verage MDD for funds whose track record is 0 to 3 years long stands at 5.65%, while it is 4.59% for those with 3-5 years in existence. For funds over 5 years old, the average MDD is only 3.19%.
02/04/2013

Amin Snehal leaves Theleme Partners

P { margin-bottom: 0.08in; }A:link { } One of the largest new hedge funds created since the 2008 crisis, Theleme Partners, has lost its second in command. Amin Snehal, former head of US research at TCI, has decided to leave the firm to found his own investment firm, FTfm reports. Theleme Partners was founded by Snehal and the Frenchman Patrick Degorce, a former partner at TCI, following their departure from the activist firm led by Chris Hohn in 2009. Theleme Partners last year earned returns of 20%, compared with an average of less than 7% for hedge funds overall.
02/04/2013

Credit Suisse sells off JO Hambro

P { margin-bottom: 0.08in; }A:link { } The financial holding company Utilico, whose headquarters are located in Bermuda, has acquired the British firm JO Hambro (CHF5.5bn in assets) from Credit Suisse, finews.ch reports, relaying information in Citywire.JO Hambro Investment Management was acquired by the Swiss group in 2000. It has 100 employees, including 20 portfolio managers.
02/04/2013

New head for Asia appointed at Martin Currie IM

P { margin-bottom: 0.08in; }A:link { } Martin Currie Investment Management has appointed Andrew Graham as head for Asia, following the previously announced departure of Jason McCay. McCay will be leaving his position during summer 2013, to “take a significant career break,” after 15 years at Martin Currie. Graham is co-manager with McCay of Martin Currie’s two Asian strategies. McCay will be replaced at the helm of the two funds by chief investment officer Paul Danes.
02/04/2013

New head for Southern Europe at Fidelity

P { margin-bottom: 0.08in; } Paolo Federici, country manager for Italy at Fidelity, has been appointed as head for Southern Europe and Latin America at the US asset management firm, Bluerating reports. He will be responsible for Spain, Portugal, Turkey, Greece, Israel and South America, in addition to Italy. Last year, assets under management by Fidelity in Italy increased by about USD3bn.
02/04/2013

Spanish funds attract EUR3.7bn in assets in January-March

P { margin-bottom: 0.08in; }A:link { } According to statistics from the Inverco association of Spanish asset management firms, Spanish securities funds in first quarter posted net subscriptions of EUR3.72bn, (including EUR1.05bn in March), the highest level since 2006, which has brought total assets back up to EUR128.257bn, EUR1.5bn, or 1.2% higher than as of the end of February.This confirms previous estimates by VDOS (see Newsmanagers of 28 March), according to which Spanish funds in first quarter overall took in more assets than they lost in all of 2012: overall, assets increased over the three-month period by EUR5.935bn, EUR526m more than their decline for the whole of last year.This return of funds to investors’ good graces is certainly related to a Bank of Spain regulation to limit on returns on bank deposits to 1.75% for one year, 2.25% over two years, and 2.75% for longer periods.
02/04/2013

Dexia AM registers Global Opportunities fund in Spain

P { margin-bottom: 0.08in; }A:link { } The CNMV has issued a sales license for Spain to the UCITS-compliant hedge fund Dexia Global Opportunities, launched slightly over two years ago (see Newsmanagers of 11 March 2011), in Spain, Funds People reports. The objective is to outperform the capitalised Eonia over a recommended investment duration of three years, regardless of market conditions.
02/04/2013

Natixis GAM launches a multi-strategy fund

P { margin-bottom: 0.08in; }A:link { } Natixis Global Asset Management has launched the Aurora Horizons Fund, a dynamic asset allocation fund investing in multiple alternative strategies, Hedgeweek reports. The fund, managed by Aurora Investment Management, is a diversification tool for use within a traditional long-only portfolio investing in equities and bonds.
02/04/2013

Eaton Vance breaks new ground with EMTFs

Eaton Vance announced that it has filed an application with the U.S. Securities and Exchange Commission (SEC) seeking exemptive relief to permit the offering of exchange-traded managed funds (ETMFs), a proposed new type of open-end fund designed to bring the cost and tax efficiencies and shareholder protections of the exchange-traded fund (ETF) structure to active investment strategies, while maintaining the confidentiality of current portfolio trading information.The promoter seeks to launch a family of ETMFs that mirror existing Eaton Vance mutual funds and to license the underlying technology to other fund groups through its subsidiary Navigate Fund Solutions. Navigate FS and Eaton Vance expect ETMFs to reliably generate 50 basis points or more of improved annual returns versus similar mutual funds across a range of strategies, reflecting lower operating expenses and reduced flow-related trading costs in the ETMF structure.ETMFs would trade on an exchange at prices directly linked to the fund’s next-determined daily net asset value (NAV). Because ETMFs would provide market makers with opportunities to earn reliable arbitrage profits without intraday hedging of their inventory positions, they can be expected to trade at consistently tight spreads to NAV in the absence of full holdings disclosure. By removing the requirement for daily portfolio transparency, ETMFs can enable investors to access a broad range of active strategies through a vehicle that provides the investor benefits of an exchange-traded fund.
02/04/2013

SAC Capital: SEC investigation moves higher up the ranks

P { margin-bottom: 0.08in; }A:link { } On Friday, before sunrise, FBI agents arrested hedge fund manager Michael Steinberg, one of the closest collaborators of Steven A. Cohen, founder and head of SAC Capital Management. He is being charged with five criminal counts of securities fraud, including insider trading of shares in Dell and Nvidia, when he was employed by Sigma Capital Management (an affiliate of SAC Capital).Steinberg is also named in a civil suit filed by the SEC. He has been released on bail of USD3m.
02/04/2013

Assénagon lance un fonds d'obligations d'entreprises

Le nouveau fonds du munichois Assénagon Asset M anagement (qui gère les portefeuilles des ETDF de Source), Assenagon Credit Selectionn est un produit coordonné institutionnel de droit luxembourgeois, le Assénago Credit Selection, un fonds d’obligations d’entreprises qui vise à générer des recettes d’intérêts de 3,5 points de pourcentage supérieurs à l’Euribor 3 mois, tout en shuntang les risque de taux et de change.Le nouveau produit est géré par Michael Hünseler, directeur général d’Assénagon depuis le 1er août 2012 (c’est un ancien de la Bayrische HypoVereinsbank, du groupe UniCredit, et de Deka) et le fonds démarre avec un encours de plus de 100 millions d’euros.Le portefeuille est principalement investi en obligations d’entreprises et en CDS. Afin d'éviter les risques de concentration, le fonds n’utilise aucun indice de référence et se focalise sur des émetteurs notés au moins B- (Fitch et S&P) ou B3 (Moody’s). Actuellement, le fonds est alloué principalement à des lignes industrielles européennes.CaractéristiquesDénomination Assénagon Credit SelectionCode Isin : LU0890803710Droit d’entrée : 2,5 % maximu pour les parts P (particuliers)Commission de gestion:0,70 % (parts I institutionnelles)1,20 % (parts P)Commission de performance : 15 % de la surperformance par rapport au taux butoir (Euribor 3 mois) + 350 points de base par an.
02/04/2013
Fonds

Les hedge funds asiatiques démarrent 2013 sur les chapeaux de roue

Les hedge funds spécialisés sur la région Asie-Pacifique ont enregistré des performances de 3,97% en janvier et de 2,18% en février, selon des chiffres communiqués par Preqin dans son dernier Hedge Fund Spotlight. Les hedge funds nord-américains et européens ont progressé de seulement 0,61% en janvier et de 1,24% en février. Sur douze mois, les hedge funds asiatiques affichent un gain de 10,71% contre 9,37% pour les hedge funds dédiés à l’Amérique du Nord et 6,88% pour les hedge funds européens. Sur toutes les stratégies et l’ensemble des zones, la performance des hedge funds est tombée à 0,39% en février contre 2,47% en janvier.
Fonds
02/04/2013

Nomination d'un nouveau patron pour l'Asie chez Martin Currie IM

Martin Currie Investment Management vient de nommer Andrew Graham au poste de responsable pour l’Asie après le départ annoncé de Jason McCay.Jason McCay devrait quitter ses fonctions dans le courant de l'été 2013 pour «faire un break de carrière significatif» après quinze années passées chez Martin Currie.Andrew Graham cogère avec Jason McCay les deux stratégies asiatiques de Martin Currie. Jason McCay sera remplacé sur ces deux fonds par le directeur des investissements Paul Danes.
02/04/2013

Le Nasdaq rachète la plate-forme spécialisée eSpeed

La plateforme boursière Nasdaq OMX a annoncé le 1er avril le rachat à BGC Partners de sa concurrente eSpeed, spécialisée dans le courtage de bons du Trésor, pour 750 millions de dollars en numéraire plus des émissions d’actions.Le rachat d’eSpeed donne au Nasdaq «un point d’entrée solide sur le marché obligataire électronique des bons du Trésor, l’un des marchés les plus importants et liquides du monde», indique le Nasdaq dans un communiqué. La transaction «devrait être positive pour les résultats du groupe d’ici douze mois après sa finalisation, hors coûts de transaction, et devrait générer des rendements sur investissement significatifs», ajoute-t-il.
02/04/2013

Le patron de SAC Capital s'achète un Picasso pour 155 millions de dollars

Deux semaines après que SAC Capital a réglé à la SEC 616 millions de dollars pour deux affaires de délits d’initiés, le milliardaire Steven Cohen, le patron de la société de gestion, vient de s’offrir un tableau de Picasso pour 155 millions de dollars, rapporte Forbes. L’oeuvre a été rachetée au milliardaire Steve Wynn.
02/04/2013
Fonds

Natixis GAM lance un fonds multistratégie

Natixis Global Asset Management vient de lancer le Aurora Horizons Fund, un mutual fund d’allocation dynamique investi dans des stratégies alternatives multiples, rapporte Hedgeweek.Le fonds, géré par Aurora Investment Management, se présente comme un outil de diversification au sein portefeuille long only traditionnel investi en actions et en obligations.
Fonds
02/04/2013
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Sentinel nomme de nouveaux gérants pour ses fonds

Sentinel a promu de nouveaux cadres au poste de gérants de fonds. Jason Doiron devient gérant principal du Sentinel Conservative Strategies Fund. Il travaillait au sein de l'équipe de gestion du fonds depuis 2009. Jason Wulff sera le nouveau gérant principal de Sentinel Growth Leaders Fund en collaboration avec Hilary Roper.
Fonds
02/04/2013
Fonds

Eaton Vance innove dans l'univers des ETF

Désireux d’importer le coût, l’efficacité fiscale et la protection de l’actionnaire tout en préservant la confidentialité sur le négoce propres aux ETF dans des stratégies d’investissement actif, Eaton Vance vient de solliciter de la SEC, le 28 mars, une dispense pour pouvoir lancer des exchange-traded managed funds (ETMF).Ces ETMF seraient traités sur une Bourse à des cours directement liés à la valeur liquidative journalière suivante (next-determined NAV). Dans la mesure où ces EMTF permettent d’offrir aux teneurs de marché des bénéfices sur l’arbitrage sans obligation de couvrir leurs positions de stock, on peut escompter que ces nouveaux produits se traiteront à des spreads considérablement plus serrés par rapport à la valeur liquidative, puisqu’il ne sera pas exigé de dévoiler en totalité toutes les lignes en portefeuille.Dans ce contexte, Eaton Vance envisage de lancer une gamme d’ETMF qui répliqueront des mutual funds existants de sa gamme. Le groupe commercialisera également des licences à d’autres sociétés de gestion au travers de sa filiale Navigate Fund solutions et utilisera également les ressources commerciales Nasdaq Stock Market et de BNY Mellon pour distribuer ces produits.Navigate FS et Eaton Vance comptent que les ETMF généreront une performance d’au moins 50 points de base par rapport aux mutual funds similaires, grâce à des frais d’exploitation inférieurs et à des coûts de transactions inférieurs liés aux flux. «D’autre part», précise Stephen W. Clarke, president de Navigate Fund Solutions, «les remboursements en numéraire permettront aux EMTF d’atteindre des niveaux d’efficience fiscale similaires à ceux des ETF».
Fonds
02/04/2013

"Il faut plus que jamais poursuivre dans la voie de l'investissement responsable"

Ecofi Investissements et sa maison mère le Crédit Coopératif tranchent dans le paysage français par leur engagement sans faille en faveur de l’investissement responsable. Dans un entretien à Newsmanagers, Christophe Couturier, directeur général d’Ecofi Investissements explique les problématiques propres à ce type d'investissement et les défis d’un établissement engagé dans l’économie sociale.
02/04/2013
Fonds

Les fonds espagnols drainent 3,7 milliards d’euros en janvier-mars

Selon les statistiques de l’association espagnole Inverco des sociétés de gestion, les fonds espagnols de valeurs mobilières ont enregistré pour le premier trimestre des souscriptions nettes de 3,72 milliards d’euros (dont 1,05 milliard en mars), soit le montant le plus élevé depuis 2006, ce qui a permis de faire remonter l’encours total à 128.257 millions d’euros, soit 1,5 milliard ou 1,2 % de plus qu’à fin février.Cela confirme des estimations antérieures de VDOS (lire Newsmanagers du 28 mars), selon lesquelles les fonds espagnols ont récupéré sur l’ensemble du premier trimestre plus d’actifs qu’ils n’en ont perdu sur l’ensemble de 2012 : au total, l’encours a augmenté sur les trois mois de 5.935 millions d’euros, soit 526 millions de plus que la baisse de l’an dernier.Le regain de faveur dont bénéficient les fonds est certainement lié au plafonnement de la rémunération des dépôts par les banques à 1,75 % sur un an, 2,25 % sur deux ans et 2,75 % pour les échéances plus longues.
Fonds
02/04/2013
Fonds

Dexia AM fait enregistrer le Global Opportunities en Espagne

La CNMV a délivré un agrément de commercialisation en Espagne au fonds alternatif coordonné Dexia Global Opportunities lancé voici un peu plus de deux ans (lire Newsmanagers du 11 mars 2011), rapporte Funds People. L’objectif est de surperformer l’Eonia capitalisé sur un horizon d’investissement recommandé de trois ans, quelles que soient les conditions de marché.
Fonds
02/04/2013
Fonds

Assénagon lance un fonds d'obligations d'entreprises

Le nouveau fonds du munichois Assénagon Asset Management (qui gère les portefeuilles des ETF de Source), Assenagon Credit Selectionn est un produit coordonné institutionnel de droit luxembourgeois, le Assénagon Credit Selection, un fonds d’obligations d’entreprises qui vise à générer des recettes d’intérêts de 3,5 points de pourcentage supérieurs à l’Euribor 3 mois, tout en shuntang les risque de taux et de change.Le nouveau produit est géré par Michael Hünseler, directeur général d’Assénagon depuis le 1er août 2012 (c’est un ancien de la Bayrische HypoVereinsbank, du groupe UniCredit, et de Deka) et le fonds démarre avec un encours de plus de 100 millions d’euros.Le portefeuille est principalement investi en obligations d’entreprises et en CDS. Afin d'éviter les risques de concentration, le fonds n’utilise aucun indice de référence et se focalise sur des émetteurs notés au moins B- (Fitch et S&P) ou B3 (Moody’s). Actuellement, le fonds est alloué principalement à des lignes industrielles européennes.CaractéristiquesDénomination Assénagon Credit SelectionCode Isin : LU0890803710Droit d’entrée : 2,5 % maximu pour les parts P (particuliers)Commission de gestion: 0,70 % (parts I institutionnelles)/1,20 % (parts P)Commission de performance : 15 % de la surperformance par rapport au taux butoir (Euribor 3 mois) + 350 points de base par an.
Fonds
02/04/2013
Fonds

Amin Snehal quitte Theleme Partners

L’un des plus gros nouveaux hedge funds créés après la crise de 2008, Theleme Partners, vient de perdre son numéro deux. Amin Snehal, l’ancien patron de la recherche américaine chez TCI, a décidé de quitter la société pour créer sa propre structure d’investissement, rapporte FTfm.Theleme Partners a été créé par Amin Snehal et le Français Patrick Degorce, ancien associé chez TCI, après leur départ en 2009 de la firme activiste dirigée par Chris Hohn. Theleme Partners a dégagé l’an dernier une performance de 20% contre une moyenne de moins de 7% pour l’ensemble des hedge funds.
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