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25/03/2013

Assets under management at LLB up 3.7%

P { margin-bottom: 0.08in; } Assets under management by the Liechtensteinische Landesbank (LLB) rose 3.7% in 2012, to a total of CHF49.9bn, compared with CHF48.1bn as of the end of December 2011. Inflows were satisfactory on the bank’s traditional markets: Liechtenstein, Switzerland, Austria, Central and Eastern Europe, and the Middle and Near East, but activities on other markets saw outflows of CHF392m. Consolidated profits totalled CHF97.9m, a spectacular increase compared with the previous year, when they totalled only CHF15.4m. This development is largely due to a steep fall in spending, which was down 7.3% to CHF298.1m.
25/03/2013

Ed Meier leaves Schroders for Old Mutual

P { margin-bottom: 0.08in; } The UK equity fund manager Ed Meier will be leaving Schoders to join Richard Buton and Errol Francis at Old Mutual, Fundweb reports. Buxton resigned form his position as director of UK equities recently. He had spent 12 years at the firm. Meier will join Old Mutual in mid-June, and will report to Buxton.
25/03/2013

iShares launches target-date bond ETF

P { margin-bottom: 0.08in; } BlackRock has announced that it has listed a target-date bond ETF for trading on NYSE Arca, the iShares 2018 S&P AMT-Free Municipal Series ETF (ticker: MUAG), which comes as an addition to the iShares 2013-2017 Muni Series range, launched in 2010.The portfolio is invested in a basket of municipal bonds that are exempt from AMT tax, which are investment grade and cannot be redeemed before maturity in 2018. The fund replicates the evolution of the S&P AMT-Free Municipal Series 2018 Index. The TER is set at 0.30%.
25/03/2013

WisdomTree preparing low-vol Brazil ETF

P { margin-bottom: 0.08in; } On 19 March, WisdomTree Trust filed an N-1 A license application for the WisdomTree Brazil Low Volatility Equity Fund, an ETF which will replicate a house index of the 50 best-rated Brazilian companies for three factors: volatility track record, returns on owners’ equity (ROE) and return on assets (ROA). The basic universe includes all companies listed in Brazil and included in the BM&FBOVESPA index.To date, WisdomTree has not yet announced the TER or ticker for the product.
25/03/2013

Van Eck proposes high-yield ETF

P { margin-bottom: 0.08in; } On 22 March, Van Eck Global announced that the Market Vectors Treasury-Hedged High Yield Bond ETF (ticker: THHY), an ETF whose objective is to combine potential earnings from high-yield corporate bonds with a way to hedge for currency risks by shorting Treasury notes, has been admitted to trading on NYSE Arca.The fund replicates the performance of the Market Vectors® U.S. Treasury-Hedged High Yield Bond Index (MVTHHY), before fees and expenses.The total expense ratio is capped to 0.50% until 1 September 2014.
25/03/2013

Aquantum launches AR fund with Universal

P { margin-bottom: 0.08in; } Munich-based quantitative asset management firm Aquantum has retained Frankfurt-based Universal-Investment for the launch of the Luxembourg-registered absolute return fund Aquantum – Global Systematic, which relies on the expertise of Aquantum in the area of systematic strategies on managed futures. The investment process is designed so that the fund dcan make profits as well during times of steep rises or declines as on markets with no clear trends.The portfolio for the new fund is widely diversified over 50 futures markets, in the equity, bond, currency, credit and volatility asset classes, and various periods and trading systems. So far, the portfolio is not invested in commodities. The portfolio is managed so as to achieve a volatility objective of 12%. In addition, before each order is executed, the management team runs the planned deal through a risk management filter.CharacteristicsName: Aquantum – Global SystematicISIN codes:LU0821053013 (P/retail share class)LU0821053443 (I/institutional share classes)Front-end fee: 3% (P share class)Management commissions:2.34% (P share class)1.80% (I share class)Performance commission: 20% with high watermark
25/03/2013

Sparinvest releases an emerging market equity fund in Germany

P { margin-bottom: 0.08in; } BaFin has issued a sales license for Germany to the Sparinvest Emerging Markets Value sub-fund of the Luxembourg Sicav of the Danish firm Sparinvest (see Newsmanagers of 3 May 2012). The fund, launched on 1 June 2012, is invested in equities listed on emerging markets, companies that are headquartered in emerging countries, or businesses who realise a large part of their activities in these countries.
25/03/2013

Inflows to equities slowed by fears over Cyprus

Fears that a bailout package for Cyprus that called for a one-off levy on existing depositors might prompt bank customers in Spain, Italy and Portugal to head for the exits gave investors and markets pause for thought in mid-March. Flows into EPFR Global-tracked Equity Funds slipped to less than a fifth of the previous week’s level.Overall, EPFR Global-tracked Equity Funds took in a net USD2.5 billion during the week ending March 20 as they extended their longest inflow streak in over a decade. US Equity Funds took in over USD2 billion.Japan Equity Funds extended their recent run as the latest inflows pushed the year-to-date total past the USD7.5 billion mark and kept this fund group on track for its biggest quarterly inflow since 4Q05. Bond Funds took in USD3.68 billion while Money Market Funds posted outflows for the eighth time in the past 10 weeks as their flows follow a pattern remarkably similar to the one they established between 4Q11 and 2Q12.
25/03/2013

Apollo acquires Bankia automotive lending unit

P { margin-bottom: 0.08in; } The US private equity investor Apollo Global Management on Friday bought FinanMadrid, the unit of the nationalised Spanish bank Bankia dedicated to lending for the purchase of automobiles and consumer credit, for an undisclosed amount, Handelsblatt reports. Apollo says the transaction includes a portfolio of over 18,000 client accounts, and EUR873m of loans.
25/03/2013

Nelson Peltz increases stake in Pepsico

P { margin-bottom: 0.08in; } The Wall Street Journal reports that, according to the London Daily Telegraph, Trian Management Fund, the activist fund managed by Nelson Peltz, has acquired further shares in Pepsico (Pepsi-Cola, Lay’s), whose shares gained 3% on Friday. According to market rumours, Trian may use its stake, as well as the stake it holds in Mondelez (Cadbury ,Trident) to require PepsiCo to spin off a beverages entity and a separate snacks company, which it would then merge with Mondelez, or else that the firm break up and merge.For its part, the hedge fund manager Relational Investors also owns a stake in Pepsico since last year, and has already requested that the less profitable beverages unit be spun off.
25/03/2013

Ken Leech to become CIO fo Wamco again in 2014

P { margin-bottom: 0.08in; } According to a message to clients sent Tursday by CEO James Hirschmann, Steve Walsh, CIO of Wamco (USD461.9bn in assets as of the end of December) will be retiring in March 2014, Reuters reports, as relayed by Mutual Fund Wire. Walsh has been CIO since 2008; his successor will be Ken Leech, who becomes co-CIO of Wamco. Leech had previously been CIO of the Legg Mason affiliate from 1998 to 2008. He is currently chairman of the global strategy committee for bond portfolios.
25/03/2013

Nuveen: Net outflows and a decline in assets in 2012

P { margin-bottom: 0.08in; } Due to institutional withdrawals of USD16.75bn, Nuveen Investments in 2012 underwent net redemptions of USD14.24bn, compared with net subscriptions of USD13.83bn in 2011. Structured products, however, generated USD4.94bn in net inflows last year, compared with USD1.48bn in 2011.As of 31 December, total assets came to USD218.55bn, compared with USD220.1bn one year previously.
25/03/2013

Hedge funds have a record start to the year

P { margin-bottom: 0.08in; } First quarter 2013 will go down in history as one of the best ever for some hedge funds, despite ongoing concerns on the economic front, the Financial Times reports. Some are even predicting that it may bring a return to grace for the sector. For example, Lansdowne Partners, the largest equity hedge fund in Europe, has seen a 7.75% increase for its flagship fund in the first two months of the year. The flagship fund by Crispin Odey, head of Odey Asset Management, has gained 11% this year.
25/03/2013

William Blair sets up shop in Frankfurt

P { margin-bottom: 0.08in; } The US group William Blair (investment banking and asset management) has announced that it has opened a new office in continental Europe, in Frankfurt. The new office will initially focus on investment banking activities.The office employs five experienced bankers led by Philipp Mohr, managing director, global head of industrials. Mohr had most recently been global head of M&A at Commerzbank.
25/03/2013

Evelyn Muth leaves Oddo Germany after 10 months

P { margin-bottom: 0.08in; } Evelyn Muth, who joined Oddo Asset Management in May 2012, to direct the activities of the French firm in German and Austria, is leaving the firm, Fondsprofessionell reports. The separation is said to be due to differences of opinion as to ways to develop the brand in the markets concerned. The duties of Muth (who spent 17 years at Fidelity Germany, until the end of 2011) will provisionally be handled from Paris until a successor can be found.
25/03/2013

Managers of guaranty funds slash commissions

P { margin-bottom: 0.08in; } Cotizalia reports that since the beginning of the year, 37 Spanish guaranty funds have lowered their management commissions, which currently stand at an average of 1.35%, a level which is closer to actively-managed products. In addition, several guaranty fund managers are now offering 1% to 2% rewards on sums transferred in fund trades.The turbulence is due to the fact that market conditions are currently unfavourable for guaranty funds. Those with a large proportion of equities have seen net outflows of EUR401m in the first two months of the year.
25/03/2013

Class action lawsuit against Smith Barney

P { margin-bottom: 0.08in; } Mutual Fund Wire relays reports in Bloomberg that Manhattan US District Judge William Pauley has admitted a lawsuit filed by a group of investors in mutual funds against the providers Smith Barney Fund Management and Citigroup Global Markets as eligible for hearing. The plaintiffs claim that they suffered damages between 11 September, 2000 and 24 June, 2004, due to a system of kickbakcs by which Citigroup pocketed savings on commissions instead of passing them on to Smith Barney clients.
25/03/2013

Bonuses: UK managers would be hit hardest in Europe by far

P { margin-bottom: 0.08in; } If remuneration rules passed by the monetary affairs committee (ECON) of the European Parliament on 21 March were applied as they are to managers of UCITS-compliant mutual funds, UK asset management firms would be disproportionately affected by rules limiting bonuses, as bonuses at these firms tend to represent a larger percentage of remuneration, says Jon Terry, a partner in the reward team at PricewaterhouseCoopers (PwC).The specialist claims that many British asset management firms would be obliged to completely overhaul the way in which they pay their fund managers and management personnel, due to the large proportion of remuneration which would be affected by the new rules. In fact, says Terry, asset management firms are said to be concerned by the fact that the monetary affairs commission is proposing a much more explicit definition of the individuals subject to the rules than the one which is applicable to banks or hedge fund managers. If the proposals are passed in their initial form, it would significantly increase the number of people affected by the new rules in senior management, as well as front, middle and back offices.
25/03/2013

Blackstone et Carl Icahn sur les rangs pour Dell

Dell fait l’objet d’offres concurrentes à la suite de l’accord passé le mois dernier entre son fondateur Michael Dell et le fonds de capital investissement Silver Lake en vue de le retirer de la cote. Réunis au sein d’un consortium, ils proposent de racheter le groupe texan pour 24,4 milliards de dollars, soit 13,65 dollars par action. Mais Blackstone Group, conseillé par Morgan Stanley, a soumis une offre provisoire avant la date limite de samedi, a rapporté Bloomberg de source proche du dossier. Celle-ci s'élèverait à 14,25 dollars par action en numéraire. L’investisseur Carl Icahn semble également de la partie avec une offre à 15 dollars par action qui repose sur une recapitalisation avec effet de levier comprenant un plafond de 58% sur le niveau de cash utilisé dans l’opération. L’action Dell a clôturé à 14,14 dollars vendredi. Dell et Blackstone se sont refusés à tout commentaire.
25/03/2013

Niveau record pour le yuan

La devise chinoise s’est renforcée à une parité dépassant le seuil des 6,21 contre dollar pour la première fois depuis 19 ans, après que la Banque Populaire de Chine a fixé la parité fixe quotidienne en hausse de 0,03%, à 6,2692. Le yuan gagnait ainsi 0,03% cette nuit pour atteindre 6,2104 à Shanghai, alors qu’à Hong Kong la devise restait stable à 6,2035.
25/03/2013

Invesco et Schroders favorisés par Londres

Les propositions incluses dans le budget britannique favorisant fiscalement le secteur de la gestion de fonds sont positives pour le crédit des sociétés britanniques de gestion d’actifs exposées sur des produits nécessitant une forte expertise d’investissement et très présentes sur le territoire du Royaume-Uni, selon Moody’s. L’agence de notation évoque notamment Invesco et Schroders qui pourraient bénéficier d’une amélioration de la perspective sur leurs notes.
25/03/2013

Le Sénat renforce les pouvoirs de l'AMF

Les sénateurs, qui ont adopté le projet vendredi soir, ont souhaité anticiper de nombreuses dispositions des législations européennes en discussion.
25/03/2013

Le Frob sollicite des conseils

Le fonds de soutien aux banques espagnoles aurait engagé McKinsey et la banque d’investissement Nomura International pour le conseiller afin d’adopter une stratégie de long terme dans la gestion de ses actifs toxiques hérités des banques nationalisées du pays, indique le journal de sources proches du dossier. Une mesure qui fait suite aux difficultés rencontrés par le Frob pour céder ses actifs.
25/03/2013

Axa Real Estate délaisse la France

Le numéro un européen de la gestion immobilière réduit la voilure en France. Axa Real Estate, à la tête d’un portefeuille d’actifs valorisés à 42 milliards d’euros, dont près d’un tiers en France, entend réduire cette dernière part d’ici à deux ans, et se trouve déjà en négociations pour céder certains immeubles. C’est ce que confie au quotidien son directeur général Pierre Vaquier, pour qui «les fondamentaux de l’économie sont faibles». Le dirigeant assure que la France «devient une économie de milieu de tableau», notamment par manque de réformes en comparaison de ce qui s’est fait ailleurs en Europe. Axa Real Estate privilégie l’Allemagne, le Royaume-Uni ou les pays scandinaves.
25/03/2013

Le Japon cherche le rendement à l'étranger

Le fonds de pension public japonais envisage d’investir une part plus importante de ses actifs dans des actions étrangères, ainsi que dans des projets d’infrastructures, indique le journal qui ne cite pas ses sources. Pour l’heure, les obligations japonaises représentent 67% du portefeuille du fonds, qui doit céder 6.400 milliards de yens d’actifs cette année pour procéder aux paiements des retraites.

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