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29/11/2012

Daiwa Global Asset Services becomes SuMi Trust

Sumitomo Mitsui Trust Bank Limited (SMTB) has completed its acquisition of the Global Asset Services division of Daiwa. The activity now acquired by SMTB has been renamed at SuMi Trust Global Asset Services. It includes the fund administration activities of Daiwa, as well as the UCITS fund management firm and the custody, trustee and authorised corporate director entities. The acquisition will allow SMTB to develop its activities in alternative management services.
29/11/2012

Outflows from Italian funds in October

Open-ended funds on sale in Italy have posted net redemptions in October of EUR635m, ending several months of inflows, including +EUR1.4bn in September, according to Assogestioni, the Italian asset management association. Outflows were driven by money market funds, which saw outflows of EUR1.3bn. Equity and hedge funds also show outflows, with redemptions totalling EUR446m and EUR339m, respectively. However, bond funds show inflows of EUR1.1bn, flexible funds EUR278m, and balanced funds EUR60m. In terms of domicile, foreign-registered funds have continued to post inflows (EUR280m), while funds based in Italy show outflows (-EUR915m). With the addition of closed funds and mandated management, the Italian asset management industry in October posted net redemptions of EUR1.9bn. As of the end of October, total assets were EUR1.182trn, compared with EUR992bn as of the end of September. This increase of EUR189bn is largely related to the effects of a reorganisation of the asset management firm of the Generali group, Assogestioni states.
29/11/2012

BlackRock at a turning point

BlackRock is at a turning point, the Financial Times argues in a long article dedicated to its founder and CEO, Larry Fink. “BlackRock’s size and power has not received much attention from the public or regulators, but that could change. Some analysts suspect that, BlackRock will be considered a “systemically important financial institution” – a designation that brings with it capital requirements and tighter regulatory scrutiny. And after a period of rapid expansion, marked by a number of acquisitions, it appears to many investors that the firm’s growth rate is going to slow,” the FT writes.
29/11/2012

SAC to face fraud charges

SAC Capital will face civil charges of fraud from the Securities and Exchange Commission in what authorities are calling the largest insider trading scandal ever, the Financial Times reports. The hedge fund firm, with USD14bn in assets, held a 20-minute telephone conference with its investors on Wednesday. Steven Cohen, founder of the firm, spoke briefly and stated that he was confident that the firm acted appropriately.
29/11/2012

Legg Mason releases Brandywide fund in Spain

Javier Mallo, co-head of sales at Legg Mason Global AM in Spain, has announced that the group is releasing the bond sub-fund Legg Mason Brandywine Global Opportunistic Fixed Income of the Irish Sicav Legg Mason Global Funds in the country.The product is managed by David Hoffman and Stephen S. Smith at Brandywine Global (USD30bn in assets), an affiliate of Legg Mason based in Philadelphia.
29/11/2012

Mirabaud launches emerging market fund in Spain

Expansión reports that Mirabaud Asset Management has released its Luxembourg-registered emerging market equity fund Mirabaud Equities Global Emerging Markets, founded in July, for sale in Spain.
29/11/2012

Bankia will not sell its asset management affiliates

The asset sale plan negotiated with the European Union by the Spanish firm Bankia includes EUR90bn in the first five years. But, Funds People states, this does not involve either the asset management firm Bankia Fondos (EUR5.51bn in AUM), nor the pension fund management firm Bankia Pensiones (EUR4.17bn), as these affiliates are considered strategic, as are the private banking and retail banking operations.
29/11/2012

200 “black swans” among US firms

GMI Ratings, which claims to be the global leader in research into environmental, social and governance (ESG) and accounting risks affecting the results of publicly-traded firms, has published its first “list of black swan risks,” which identifies 200 North American firms which are running the highest risk of a significant fall in their share prices in the next six months.Based on a proprietary scientific accounting model from GMI Ratings (AGR), the list includes firms with the lowest ratings and market capitalisations of USD750m to USD100bn. AGR ratings reflect the entirety of financial reports from businesses; the lowest ratings identify firms whose financial reports reveal “highly aggressive” accounting practices which considerably increase investment risks.Among the 50 companies most exposed to a potential accident, the best-known in Europe are AOL, Dynegy, BNY Mellon, Hewlett-Packard, Harley-Davidson, Northern Trust, Caterpillar, Marathon Oil and McCormick.
29/11/2012

Northern Trust recruits a new head for Asia-Pacific

Bo Kratz has joined the Northern Trust group as head of asset management for the Asia-Pacific ex Japan region, Asian Investor reports. Kratz zucceeds Kevin Hardy, who has joined BlackRock. Kratz will be based in Hong Kong, and will lead a team that manages about USD50bn in assets for sovereign funds, pension funds and businesses in the region. Kratz previously worked (until January 2011) for the alternative asset management firm Permal as head of the Hong Kong, Singapore and Tokyo offices.
29/11/2012

BNP Paribas SS recruits in Asia-Pacific

BNP Paribas Securities Services has announced the appointment of Madhu Gayer as head of Investment Reporting and Performance (IRP) for the Asia-Pacific region, a newly-created position in Singapore. Gayer, who had previously worked at Northern Trust, will report to Mostapha Tahiri, head of the asset and fund services unit for Aia, and Nicolas Le Clech, global head of IRP.
29/11/2012

Assets in ETFs based on FTSE EPRA/Nareit up 90% in one year

Footsie announces that the global assets in exchange traded funds (ETFs) linked to benchmark FTSE EPRA/NAREIT real estate stock indices have jumped by over 90% in the past year to USD 7.1 billion. Investors have been attracted into these tracker funds by high yields, quality diversified real estate exposure in a tradable form and the outperformance oflisted real estate relative to general equities indices. ETFs tracing the index series are currently available via HSBC, Blackrock iShares, Deutsche Bank,Lyxor, First Trust and EasyETF.Since October 2011, the FTSE EPRA/NAREIT Global Total Return Index of developed market real estate stocks has rallied 26% in euro terms (17% in US dollars).
29/11/2012

Schroders launches Global Macro Bond fund in France

Schroders is launching the Schroder GAIA Global Macro Bond fund in France, its new fund managed by the team led by Bob Jolly, a specialist in global macro fixed income strategies. The global, flexible product “aims to deploy uncorrelated strategies on currency, government and corporate bonds markets. It aims to earn annual returns of Libor +8% in an annual volatility range of 6% to 12%,” a statement released on Wednesday says. Schroder GAIA Global Macro Bond is the latest product on the Schroder GAIA alternative platform, a Sicav specialised in liquid alternative strategies, adapted to the UCITS IV format. The range, launched in November 2009, now has four strategies, with assets under management of EUR1.3bn as of 31 October 2012. Two of these strategies involve external hedge fund managers (Schroder GAIA CQS Credit and Schroder GAIA Egerton Equity), while the other two are based on internal expertise. A fifth fund, launched with Sloane Robinson, was liquidated due to poor returns on the part of the manager. Other funds will be released on the platform in 2013, probably three of them, Eric Bertrand, director of Schroder GAIA, announced a few days ago. It states, however, that the objective is not to launch funds in all directions, but to have a few products which can rapidly achieve large size.
29/11/2012

Union Investment acquires logistical property

Union Investment Real Estate (UIRE) has acquired the “multicube rhein-neckar” logistical property in Heddesheim, which will be completed next month, from Phoenix 2010 GbR, for its open-ended real estate fund UniImmo: Europa. The sale price has not been disclosed.The multicube rhein-neckar is already wholly leased to the storage specialist pfenning Logistik.
29/11/2012

iShares lists four more ETFs in Frankfurt

Deutsche Börse has announced that it has admitted four new German-registered ETFs of the iShares brand (BlackRock group) to trading on the XTF segment of its Xetra electronic trading platform. They are three bond funds and one equity product, bringing the total number of ETFs listed on Xetra to 1,009. CharacteristicsName: iShares Global Government AAA-AA Capped BondISIN: DE000A1J7CM0TER: 0.20%Benchmark: Barclays Global Government AAA-AA Capped Bond IndexName: iShares Global Corporate BondISIN: DE000A1J7CK4TER: 0.20%Benchmark: Barclays Global Aggregate Corporate Bond IndexName: iShares Barclays Capital Euro Corporate Bond Interest Rate HedgedISIN: DE000A1J7CL2TER: 0.25%Benchmark: Barclays Capital EUR Corporate Interest Rate Hedged IndexName: iShares MSCI Mexico IMI CappedISIN: DE000A1J7CN8TER: 0.65%Benchmark: MSCI Mexico IMI Capped Index
29/11/2012

Monega releases non-agricultural commodity fund

The Cologne-based Monega KAG, an asset management firm of the DEVK Versicherungen insurance group, has announced the launch of the German-registered fund Monega Rohstoffe, designed mainly for retail clients. As its German name indicates, the product is a commodity fund, which will invest at least 51% of its assets in commodity funds, commodity indices, commodity ETFs and ETCs, and shares in companies whose primary activities are related to commodities. The rules, however, exclude any investment in agricultural commodities.The manager, Dirk Viebahn, may weather periods of economic slump by adopting positions of up to 49% on bonds, bank savings or money market assets.CharacteristicsName: Monega RohstoffeISIN code: DE000A0YJUM2Front-end fee: 4%Management commission: 1.2%Depository banking commission: 0.039%
29/11/2012

DF Deutsche Forfait preparing “trade-finance” fund

Having observed that a growing number of investors is taking an interest in debt related to foreign trade, since government bonds are no longer paying high returns, the Cologne-based DF Deutsche Forfait has announced plans to launch a “trade-finance” fund in 2013, which will offer an attractive risk/return profile.The product will be primarily aimed at “small” institutionals and family offices which do not have the adequate internal expertise to acquire debt related to external commerce directly.DF recruited a specialist team in third quarter 2012, and the first product will be released in second quarter next year.
29/11/2012

ETF Securities to launch non-soft commodity product

Fondsprofessionell reports that ETF Securities has taken into account criticisms of its investments in soft commodities and livestock: on 29 November, the British firm is launching the ETFS Ex-Agriculture and Livestock DJ-UBSCI (acronym: OOEC) on the German market. The UCITS-compliant ETC, which excludes agriculture and livestock, will replicate the DJ-UBSCISM ex-Agriculture and Livestock index via total return swaps.
29/11/2012

Head of DNB AM leaves firm

The head of institutional management at the Swedish firm DNB Asset Management has resigned, Realtid.se reports.
29/11/2012

Fidelity quitte le marché indien

Le groupe américain Fidelity vient de céder ses activités de mutual funds en Inde à L&T Finance Ltd, une filiale du groupe Larsen & Toubro, rapporte MutualFundWire Les activités indiennes de Fidelity sont restées déficitaires chaque année depuis leur lancement en 2004, selon MutualFundWire.Selon une publication indienne, The Business Standard, il s’agit de l’une des plus grosses transactions récentes du secteur des mutual funds sur le marché indien.
29/11/2012

Michel Péretié fait son retour dans une société de gestion alternative

Michel Péretié, l’ancien directeur général de la banque de financement et d’investissement de la Société Générale, refait surface près d’un an après avoir quitté la banque en tant que partenaire et co-directeur général de RiverRock European Capital Partners, une société de gestion alternative."RiverRock est une entreprise d’investissement indépendante qui offre des solutions innovatives en dette et fonds propres à des petites et moyennes entreprises à travers l’Europe», peut-on lire sur leur site Internet. La société, fondée en 2009, est dirigée par le professeur Roland Berger (président) et Florian Lahnstein (directeur général).Michel Péretié «aura pour mission de développer une division de courtage et de conseil au sein de la société et d’assister l’équipe existante dans le développement de la gestion alternative», précise un communiqué.Avant la Société Générale, Michel Péretié était président et directeur général de Bear, Stearns International Limited. Il a débuté sa carrière à Paribas et au moment de son départ il était le responsable mondial des taux, changes et dérivés de BNP Paribas.
29/11/2012

Liontrust recrute un dirigeant pour sa nouvelle division crédit

Michael Mabbutt de Thames River va rejoindre Liontrust en janvier 2013 pour diriger la nouvelle division crédit de la société de gestion, rapporte Investment Week. Il gérera aussi le nouveau fonds Global Strategic Bond.Michael Mabbutt est consulting partner chez Thames River Capital et il était précédemment responsable de la division crédit globale de Thames River.
29/11/2012

Deux recrutements chez Vanguard au Royaume-Uni

Le britannique Vanguard Asset Management a annoncé mercredi le recrutement de Carole Costello comme head of consultant relationships et de Kerry Drew comme consultant relations director, avec effet immédiat.La première était consultant relation manager chez Aviva Investors tandis que la seconde était également consultant relations manager, mais chez Legal and General Investment Management (LGIM).
29/11/2012

SocGen Private Banking Hambros renforce ses équipes

Samik Mukherjee, l’un des directeurs du bureau de Coutts sur Fleet Street, a été recruté comme banquier privé senior par Societe Générale Private Banking Hambros où il sera chargé de recruter et de suivre des clients haut de gamme basé dans la City de Londres.D’autre part, Paul Stappard, qui possède la qualification niveau 6 RDR, devient gérant de portefeuille senior.Enfin, Louisa Mannooch, private client solicitor chez Speechy Bircham depuis six ans, rejoint en tant que membre de l'équipe de wealth planning.
29/11/2012

Schroders va changer de directeur financier

Le 28 novembre, Schroders a annoncé que Kevin Parry a décidé de démissionner de ses fonctions de directeur financier et d’administrateur avec effet au 5 mai 2013, après l’achèvement du rapport annuel 2012. Le board a choisi pour le remplacer à cette date Richard Keers, qui est actuellement associé chez PricewaterhouseCoopers (PwC) où il a été global relationship partner chargé du compte Schroders de 2006 à 2010.
29/11/2012
Fonds

DF Deutsche Forfait prépare un fonds de "trade-finance"

Constatant qu’un nombre croissant d’investisseurs s’intéressent aux créances liées au commerce extérieur parce que les obligations souveraines ne sont plus rémunératrices, le colonais DF Deutsche Forfait a annoncé son intention de lancer en 2013 un fonds dit de «trade-finance» qui offrira un profil de rendement/risque attrayant.Ce produit s’adressera en priorité aux «petits» institutionnels et aux family offices qui ne disposent pas en interne de compétences suffisantes pour acquérir en directe des créances liées au commerce extérieur.DF a recruté une équipe spécialisée au troisième trimestre 2012 et le premier produit devrait voir le jour au deuxième trimestre de l’an prochain.
Fonds
29/11/2012
Fonds

ETF Securities propose un produit commodities non-agricole

Selon Fondsprofessionell, ETF Securities tient compte des critiques contre les investissements dans les matières premières agricoles et le bétail sur pied : le 29 novembre, le britannique lance sur le marché allemand le ETFS Ex-Agriculture and Livestock DJ-UBSCI (acronyme : OOEC).Cet ETC coordonné qui exclut l’agriculture et le bétail répliquera au moyen de total return swaps le sous-indice DJ-UBSCISM ex-Agriculture and Livestock.
Fonds
29/11/2012
Fonds

iShares fait coter quatre ETF supplémentaires à Francfort

La Deutsche Börse a annoncé avoir admis à la négociation sur le segment XTF de sa plate-forme électronique Xetra quatre nouveaux ETF de droit allemand de la marque iShares (groupe BlackRock). Il s’agit de trois fonds obligataires et d’un produit actions. Cela porte à 1009 le nombre d’ETF cotés sur Xetra.CaractéristiquesDénomination : iShares Global Government AAA-AA Capped BondISIN: DE000A1J7CM0TFE: 0,20 %Benchmark: Barclays Global Government AAA-AA Capped Bond IndexDénomination : iShares Global Corporate BondISIN: DE000A1J7CK4TFE: 0,20 %Benchmark: Barclays Global Aggregate Corporate Bond IndexDénomination : iShares Barclays Capital Euro Corporate Bond Interest Rate HedgedISIN: DE000A1J7CL2TFE : 0,25 ProzentBenchmark: Barclays Capital EUR Corporate Interest Rate Hedged IndexDénomination : iShares MSCI Mexico IMI CappedISIN: DE000A1J7CN8TFE : 0,65 ProzentBenchmark: MSCI Mexico IMI Capped Index
Fonds
29/11/2012
Fonds

Union Investment acquiert un actif logistique

Pour son fonds immobilier offert au public UniImmo: Europa, Union Investment Real Estate (UIRE) vient d’acquérir auprès de Phoenix 2010 GbR l’ensemble logistique de 128.000 mètres carrés «multicube rhein-neckar» à Heddesheim, qui sera achevé le mois prochain. Le montant de la transaction n’a pas été divulgué.Le multicube rhein-neckar est déjà loué en totalité au spécialiste du stockage pfenning Logistik.
Fonds
29/11/2012
Fonds

Monega crée un fonds matières premières sans agriculture

Le colonais Monega KAG, société de gestion du groupe d’assurances DEVK Versicherungen, annonce le lancement du fonds de droit allemand Monega Rohstoffe conçu pour une clientèle de particuliers. Comme son nom allemand l’indique, il s’agit d’un fonds de matières premières qui devra être investi au moins à 51 % en fonds de matières premières, en indices de matières premières, en ETF de matières premières et en ETC ainsi qu’en actions de sociétés dont l’activité principale est liée aux matières premières. Les statuts excluent cependant tout investissement dans des matières premières agricoles.Par ailleurs, le gérant Dirk Viebahn peut amortir les périodes de faible conjoncture en se positionnant jusqu'à 49 % en obligations, dépôts bancaires ou titres monétaires.CaractéristiquesDénomination : Monega RohstoffeCode Isin : DE000A0YJUM2Droit d’entrée : 4 %Commission de gestion : 1,2 %Commission de banque dépositaire : 0,039 %
Fonds
29/11/2012

Risques ESG : GMI Ratings identifie deux cents "cygnes noirs"

GMI Ratings, qui se veut le leader mondial de la recherche sur les risques environnementaux, sociaux, de gouvernance (ESG) et comptables affectant les résultats de sociétés cotées, vient de publier sa première “liste des risques cygnes noirs”, identifiant 200 sociétés nord-américaines exposées au plus haut risque de chute importante du cours de leur action dans les six prochains mois.Se fondant sur le modèle comptable scientifique propre à GMI Ratings (AGR), la liste comprend des sociétés aux notes les plus basses et aux capitalisations boursières entre 750 millions de dollars et 100 milliards de dollars. Les notes AGR reflètent l’intégrité globale des rapports financiers des sociétés ; les notes les plus basses identifient des sociétés dont les résultats financiers publiés révèlent des pratiques comptables «très agressives» qui augmentent considérablement le risque d’investissement.Parmi les cinquante sociétés les plus exposées à un accident potentiel, les plus connues en Europe sont AOL, Dynegy, BNY Mellon, Hewlett-Packard, Harley-Davidson, Northern Trust, Caterpillar, Marathon Oil et McCormick.

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