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22/03/2013

Fidelity launches EM corporate debt fund

P { margin-bottom: 0.08in; } Andrei Gorodilov has been placed by Fidelity Worldwide Investments with responsibility for managing the new Emerging Market Corporate Debt fund, a sub-fund of the Luxembourg Sicav Fidelity Funds.The portfolio will be invested in 150 to 200 bonds issued by businesses domiciled in emerging countries such as Russia, Mexico, Turkey, Brazil, South Korea, Indonesia and China. The benchmark index is the JP Morgan Corporate Emerging Market Broad Diversified Index (JPM CEMBI Broad Diversified Index).Minimal subscription for A-class shares is USD2,500, or USD50 per month, while it is USD1m for Y-class shares. Commissions are 1.2% for A shares and 0.6% for Y shares.
22/03/2013

Société Générale SS adds to Luxembourg product range for hedge funds

Societe Generale Securities Services (SGSS) has created a centre of expertise in Luxembourg for alternative funds, which provides specific experience in private equity, real estate and tangible assets. «Institutional investors or other professionals who manage these funds, such as family offices or wealth managers, now have a single point of entry to SGSS’ entire range of accounting, trustee, fund domiciliation, fund administration, transfer agent and registrar services», according to a press statement. This centre of expertise dedicated to alternative funds ensures that investors benefit from specialist knowledge of the specific constraints of these asset classes. A team of specialists from SGSS Luxembourg accompanies clients throughout their investments and provides all the securities services which conform to the international regulations applicable to this category of fund.
22/03/2013

Allfunds is still the largest European platform

P { margin-bottom: 0.08in; } As of 30 September 2012, European platforms had intermediated assets of EUR958bn, compared with EUR740bn as of the end of 2011. The Spanish-Italian firm Allfunds remains the largest European platform, with EUR80bn, compared with EUR55bn, due to inflows of EUR25bn, which accounted for 10% of total sales of funds sold in Europe in 2012, according to statistics from The Platforum, relayed by Funds People.In northern European countries, Fidelity is the leader, with EUR61bn, due to its FundsNetwork platform in the United Kingdom and FIL Fondsbank in Germany.The other major European players, in order, are Cofunds, Fund Channel, State Street and UBS.
22/03/2013

Rajaratnam’s younger brother charged

The younger brother of Raj Rajaratnam, the convicted co-founder of Galleon Group, was charged with conspiracy and securities fraud for his alleged role in an insider trading scheme that toppled the hedge fund, according to the Financial Times.Rengan Rajaratnam was charged with allegedly trading ahead of corporate transactions that generated USD1.2m in gains for him and Galleon.
22/03/2013

Union Investment acquires a Holiday Inn under construction in Frankfurt

P { margin-bottom: 0.08in; } Talanx Immobilienmanagement GmbH/A+S Rückverischerung has sold a Holiday Inn building project (249 rooms) in Frankfurt, slated for completion in first quarter 2015, for an undisclosed amount to Union Investment Real Estate, for its open-ended real estate fund UniImmo: Deutschland. The property will be constructed by the Austrian firm UBM Realitätsentwicklung, which will then manage it.
22/03/2013

ETF Securities lists gold ETC in Frankfurt

P { margin-bottom: 0.08in; } As planned (see Newsmanagers of 21 March), the British firm ETFS Hedged Metal Securities Limited has listed a physical gold ETC for trading on the ETC segment of the Xetra electonic platform, Deutsche Börse reports.The ETFS EUR Daily Hedged Physical Gold becomes the 270th ETC to be listed in Frankfurt. The product replicates the MS Long Gold Euro Hedged Index, and is hedged for currency risks in euros. Name: ETFS EUR Daily Hedged Physical GoldISIN code: DE000A1RX996TER: 0.39%
22/03/2013

European Parliament votes to cap fund managers' bonuses

Investment fund managers’ bonuses must be capped, their salaries must be linked to their funds’ performance said Economic and Monetary Affairs Committee MEPs in a draft law voted on Thursday. Individual investors’ money must also be better protected, they added. «The UCITS bonus cap will help strengthen investor protection and reduce risky speculation. It will also complement the recently-adopted EU rules capping bankers’ bonuses, ensuring these rules cannot be circumvented and providing for a level playing field» said lead MEP Sven Giegold. The European Parliament plenary will vote in April on whether to give a mandate for three-party negotiations with EU member states and the European Commission.
22/03/2013

Access Capital plans to focus on Europe and Australia

P { margin-bottom: 0.08in; } The Wall Street Journal reports that the Australian firm Access Capital Advisers, a private investor in infrastructure with assets of USD10bn, is closing down its New York office next week. The two partners based in New York will be transferred, one to the Philippines, and the other to London, from where he will continue to manage the firm’s four properties in the United States, including a toll road in Texas.Interim CEO Graham Matthews explains that an expected wave of privatisations did not take place. That is the reason that Access Capital is now seeking to increase its position in growth markets in Europe and Australia.
22/03/2013

Private Client Resources signs a partnership with HFR

P { margin-bottom: 0.08in; } The wealth management service provider Private Client Resources (PCR) has signed a strategic agreement with the hedge fund index and research provider Hedge Fund Research (HFR). Through the partnership, PCR will achieve greater transparency about hedge fund investments, and in particular will have access to details of the underlying assets in their portfolios.
22/03/2013

Assets at LBBW Asset Management double in 2012

P { margin-bottom: 0.08in; } Achim Koch, chairman of the board at LBBW Asset Management, the asset management affiliate of the Landesbank Baden-Württemberg (LBBW), has announced in an interview with the Börsen-Zeitung that assets more than doubled last year, to EUR48bn as of the end of December, compared with EUR21.5bn at the end of 2011, and that net inflows have totalled EUR22.7bn.This rise is the result of a new unit which was opened in April, for proprietary portfolio management for insurers, which brought in EUR19bn. In January 2013, LBBW AM posted a further EUR165m in net subscriptions.Assets as of the end of December included EUR4.5bn in open-ended funds, and EUR23.3bn in institutional funds. The insurance unit had a total of EUR20.2bn in assets under management in 10 mandates.
22/03/2013

Wide dispersion of performance for EME funds

P { margin-bottom: 0.08in; } A study by the Berlin-based agency Scope Ratings has found a very wide range of results for emerging market equity funds, depending on differences between global regions and different managers in the emerging market categories for Europe (38 funds), Asia (3 funds) and Latin America (15 funds), over ten years.Overall, Latin American emerging market equity funds have an average performance of 498.3% for the period, putting them ahead of emerging Europe and Asia equity funds, with respective gains of 208.1% and 196.7%.In terms of maximum drawdown, Latin American emerging market equity funds show the best results, with -54.9% over ten years, followed by emerging Asia equity funds (-59.8%) and their European counterparts (-71.8%).The table below presents the best and worst three funds in each category.
22/03/2013

Euro zone mutual funds post EUR54bn in inflows in January

P { margin-bottom: 0.08in; } Assets in shares in non-money market mutual funds in the euro zone were up to EUR6.622trn as of January 2013, from EUR6.560trn in December 2012, according to statistics from the European Central Bank. This increase of EUR62bn is largely due to net issues. In the same period, assets in shares in money market mutual funds in the euro zone declined to EUR895bn, from EUR911bn. Net subscription to non-money market mutual funds in the euro zone totalled EUR54bn in January 2013, while net redemptions from money market mutual funds totalled EUR3bn. In terms of ventilation by investment strategy, the annual pace of growth for shares in bond funds came to 11.9% in January 2013, and net subscriptions totalled EUR19bn. For equity funds, the annual growth rate was 1.2%, and net subscriptions totalled EUR15bn. For mixed funds, the growth rate was 5.1%, and net subscriptions totalled EUR19bn.
22/03/2013

Credit Suisse Real Estate Fund Global distributes its first dividend

P { margin-bottom: 0.08in; } Credit Suisse Real Estate Fund Global, the largest Swiss publicly-traded real estate fund, which allows investors to place their investments in a diversified, international real estate portfolio, has been fully invested since last summer. On 28 March, it will distribute its first dividend to shareholders. The net distribution rate is 1.7%, of CHF1.80 per share, finews reports. The publicly-traded fund may then undertake a capital increase in the second half of 2013, Credit Suisse has announced.
22/03/2013

Sabadell launches a guaranty fund linked to the Euro Stoxx 50

P { margin-bottom: 0.08in; } With the Sabadell BS Garantía Extra 12 (ES0175090002), Sabadell Inversión has launched a guaranteed fund for a period of four years and three months (31 July 2017), which will allow subscribers to receive a return at maturity, in addition to initial capital, corresponding to 60% of gains on the Euro Stoxx 50 index.Subscriptions are open until 3 May, and investors will receive an immediate return of 3% at the time of subscription, “as a reward for their trust.”Front-end fee will be 5% from 6 May 2013, and there will be a penalty of 5% for withdrawal between 35 April 2013 and 30 July 2017. Management commission is set at 1.60%.
22/03/2013

Record inflows to BSI

P { margin-bottom: 0.08in; } BSI, a Ticino-based affiliate of the Generali group, last year posted net inflows of CHF7.5bn, Agefi Switzerland reports. Assets under management rose 11%, to CHF86.3bn. Net profits rose 22%, to CHF71m. This means that Generali’s declared intentions to sell its affiliate had little effect on the confidence of clients.
22/03/2013

Germans don't want RDR-like fee structure

P { margin-bottom: 0.08in; } A survey by TNS Infratest on behalf of Axa Investment Managers Germany has found that as of the end of 2012, one third of Germans were in favour of commissions to reward independent financial advisers, compared with over 50% two years previously.Meanwhile, 42% of respondents say they prefer the traditional commission system, in which the adviser received a commission from the fund at the time of subscription.
22/03/2013

M&G welcomes 2013 budget options for asset management

P { margin-bottom: 0.08in; } The budget presented on 20 March by Chancellor of the Exchequer George Osborne has been received positively by M&G Investments, as the British government is pledging to preserve the status of the United Kingdom as a global leader in investment management.The measures announced include a tax reduction for British mutual funds, a consultation on additional fiscal and regulatory changes, and a commitment to launch a complete international marketing campaign to support the British asset management sector.According to the budget document accompanying the Chanellor’s presentation, the British asset management sector contributes about 1% of the country’s GDP. It has lost ground in recent years compared with other countries, particularly Luxembourg and Ireland, as a preferred country for fund domiciles.
22/03/2013

BT recruits a new CEO from ICI

P { margin-bottom: 0.08in; } The British pension fund for the BT group, the BT Pension Scheme, with assets under management of about GBP38bn, has announced the appointment of Eileen Haughet as chief executive officer. Haughey, who had previously worked for the chemical group ICI, will begin in her new role this summer.
22/03/2013

Jupiter CEO positive on employee shareholding

P { margin-bottom: 0.08in; } The CEO of Jupiter, Edward Bonham Carter, has announced at an event for private clients that employee shareholding is a part of remuneration, and is viewed positively by employees, Investment Week reports. Employee shareholding, which accounts for about 35% of capital in Jupiter shares, has been subject to a three-year lock-in, which will be ending in three months. Bonham Carter predicts that employees will remain as shareholders.
22/03/2013

Threadneedle promotes Nick Ring to head of distribution

P { margin-bottom: 0.08in; } Nick Ring was on 21 March promoted to the position of head of distribution, effective immediately, replacing Campbell Fleming, who on 1 March became CEO, and had served in the role in the interim since December 2009, when Christian Pellis left the firm for LGT Capital Management (he has since moved on to Amundi). As head of distribution, Ring has also been appointed to the company’s business executive committee, and will report to Fleming. Ring joined Threadneedle in 2008 as global head of product, with responsibility for the product development, product management and investment specialist functions. Prior to joining Threadneedle he spent nine years at Northern Trust where he held several senior roles including Head of Wealth Management. He has also worked at KPMG, Gartmore and Prudential.
22/03/2013

Société Générale SS développe son offre au Luxembourg pour les fonds alternatifs

Société Générale Securities Services (SGSS) a créé au Luxembourg un pôle d’expertise réservé aux fonds alternatifs, fournissant une expérience particulière dans le capital investissement, l’immobilier et les actifs tangibles. «Les investisseurs institutionnels, ou autres professionnels (par exemple family office, gestionnaires de fortune) qui gèrent ces fonds, disposent désormais d’un point d’entrée unique leur offrant l’ensemble des services de comptabilité, de banque dépositaire, de domiciliation de fonds, d’administration de fonds, d’agent de transfert et de tenue de registres», souligne un communiqué de SGSS.. Ce pôle d’expertise dédié aux fonds alternatifs assure aux investisseurs un accompagnement adapté aux contraintes spécifiques de ces classes d’actifs. Une équipe de spécialistes de SGSS Luxembourg accompagne les clients tout au long de leurs investissements et leur apporte l’ensemble des services titres en conformité avec les réglementations internationales qui s’appliquent à cette catégorie de fonds.
22/03/2013
Fonds

Fidelity lance un fonds de dette corporate émergente

Andrei Gorodilov a été chargé par Fidelity Worldwide Investments de gérer le nouveau Emerging Market Corporate Debt fund, compartiment de la sicav luxembourgeoise Fidelity Funds.Le portefeuille sera investi dans 150 à 200 obligations émises par des entreprises domiciliées dans des pays émergents comme la Russie, le Mexique, la Turquie, le Brésil, la Corée du Sud, l’Indonésie et la Chine. L’indice de référence est le JP Morgan Corporate Emerging Market Bond Broad Diversified Index (JPM CEMBI Broad Diversified Index).La souscription minimale pour la classe A est de 2.500 dollars ou de 50 dollars par mois et de 1 million de dollars pour la classe de parts Y. Les taux de commission sont de 1,2 % pour les parts A et de 0,6 % pour les parts Y.
Fonds
22/03/2013

Sanction de 100.000 euros à l’encontre de 123 Venture

La Commission des sanctions de l’Autorité des marchés financiers a infligé une sanction pécuniaire de 100.000 euros à l’encontre de 123 Venture. Il était reproché à la société de n’avoir pas respecté son obligation de gestion au bénéfice exclusif de l’intérêt des porteurs de parts de fonds d’investissement de proximité (FIP) dédiés au développement de parcs éoliens. L’AMF a souligné une procédure de prévention et de gestion des conflits d’intérêt relativement sommaire. «Il est reconnu qu’à aucun moment nos décisions de gestion ont eu des conséquences négatives pour les clients des FIP Energies Nouvelles et que, ni la société de gestion, ni ses équipes n’ont tiré un bénéfice de ces décisions», réagit Olivier Goy, PDG de 123 Venture.
22/03/2013

La surperformance des gérants actions françaises se poursuit

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de février 2013. Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique, ainsi que du rendement depuis un an.

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