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19/09/2012

CM-CIC Securities and EFA create Global Distribution Solution

CM-CIC Securities and European Fund Administration (EFA), a specialist in administrative management and accounting for investment vehicles on the Luxembourg fund administration market, have teamed up to create the Global Distribution Solution. The objective for the partnership is to offer support services for international distribution of French-registered mutual funds, a statement says. Global Distribution Solution, which is operating in a context of gradual rollout of the UCITS IV directive, will allow client asset management firms of CM-CIC Securities or EFA to strengthen their European visibility and sell their French funds abroad. Global Distribution Solution will also give French asset management firms a way to distribute their funds in more than 50 countries in Europe, Latin America and Asia, via a Luxembourg transfer agent and registrar platform combined with the services of a French paying agent.
19/09/2012

US “fiscal cliff” replaces EU sovereign risk as top global concern

On average, the 253 panelists with USD681bn of AUM participating in the Bank of America Merrill Lynch fund manager survey from 7 September to 13 September now consider the U.S. “fiscal cliff” to be the top tail risk, replacing the EU sovereign debt crisis at the greatest threat... and the upcoming election is putting these fears into sharper focus.Asset allocators have taken an overweight position in eurozone equities for the first time since February 2011. And as Europe becomes less unloved, investors appear to be moderating their bullish view of U.S. equities and have turned more bearish on Japan.
19/09/2012

State Street targets operational needs of management boutiques

State Street Corporation has announced the launch of a range of investment operation services, aimed at small and mid-sized asset management firms. These services include transaction management, account maintenance, transaction processing for the firm, data management, bank reconciliation, establishment of prices and transmission of information. State Street says there is a real need for assistance from asset management boutiques, which need operational assistance. In a recent State Street survey of more tan 160 asset management boutiques worldwide undertaken by the Economist Intelligence Unit (EIU), one third of managers say they need to improve their operational and IT strucures, while 21% say these structures which could be improved may prevent them from achieving strategic objectives in the next two years. 42% of boutiques surveyed estimate that achieving critical mass for their internal systems is a major challenge in terms of data management, while 22% of them claim that they need to improve their gathering and reporting of regulatory data. The survey has been released as the latest Vision publication from State Street, entitled “Empowering Boutiques: The Rise of the Specialist Manager,” and is available as an attachment.
19/09/2012

Sloane Robinson CIO takes a break

Sloane Robinson, a hedge fund whose assets have fallen by more than 80% since 2008, has announced to its investors that Richard Chenevix-Trench is planning to resign from his position as chief investment officer, Financial News reports. He will be taking a six-month break. Ed Butchart, head of risk strategy, will become CIO in his absence.
19/09/2012

Nelson Peltz wants to dismantle Legg Mason

The troubles are not over for Legg Mason, following the recent resignation of its CEO, Mark Fetting: Mutual Fund Wire reports that, according to the Baltimore Sun, Nelson Peltz, the activist shareholder who founded the alternative asset management firm Trian Fund Management, and who owns 10.9% of Legg Mason, is planning to dismantle the group and sell off or spin off some of its nine asset management affiliates, including Western Asset Management. The departure of Fetting leaves the way open for Peltz to take control of Legg Mason.
19/09/2012

Head of SRI has left Financière de l'Echiquier

According to information received by Newsmanagers, Marie-Ange Verdickt has left Financière de l’Echiquier, the Paris-based asset management firm where she had served as director of research and socially responsible investment (SRI). Her departure from the firm came at the end of June. Verdickt left Financière de l’Echiquier in order to pursue new professional projects, the asset management firm says. Verdickt has been replaced in her position by Marie-Christine Korniloff, former deputy director of sustainable development at the BPCE group.
19/09/2012

Janus recruits for credit research team

Janus Capital Group Inc. announced three appointments that enhance the fundamental research capabilities of its fixed income investment team. Janus manages approximately USD29 billion in global fixed income and multi-asset strategies for institutional and intermediary clients globally, up from $7.8 billion just four years ago.Craig Klein has joined Janus’ fixed income investment team as a Global Credit Analyst. Prior to joining Janus, Klein served as executive director in the Special Situations Group at UBS Securities. Jason Brooks has been appointed Global Securitized Products Analyst, a new position on the fixed income team. Prior to joining Janus, Brooks served as director of commercial mortgage-backed securities research at TIAA-CREF and in mortgage research roles at both TIAA-CREF and Gramercy Capital Corp. Corinna Lyon has joined Janus’ fixed income team as a Portfolio Information Analyst, a new position, in which she is a member of the risk team that developed and continually enhances Quantum, Janus’ proprietary risk management system. Lyon also focuses on client portfolio reporting. She formerly served as a Project Communications Specialist on Janus’ sales and marketing team.
19/09/2012

Alix Capital launches six new investable alternative UCITS indices

Geneva-based Alix Capital, provider of the UCITS Alternatives Index family of indices, on Tuesday announced the launch of six new single strategy UAIX indices, expanding its range to 11. The UAIX indices are constructed following a proprietary systematic model developed by Alix Capital with the aim of outperforming the respective UCITS Alternative Index benchmark.The new indices are as follows: * UAIX Emerging Markets *UAIX Event Driven * UAIX Equity Market Neutral * UAIX FX * UAIX Macro* UAIX Multi-StrategyAccording to Alix Capital’s release, UAIX indices comprise six to 15 UCITS hedge funds selected from the UCITS alternatives hedge fund universe using Alix Capital’s proprietary model, and are rebalanced quarterly. In order to be included, constituent funds have to be part of the UCITS Alternative Index broad universe, have at least EUR30m in AUM and be open to new investments. UAIX indices are built using a UCITS compliant methodology, are investable and offer weekly pricing.The UAIX indices may be licensed by financial institutions for the creation of index based financial products.
19/09/2012

Stoxx releases north of 1,200 new indices

Zurich-based Stoxx Limited, on September 18th announced the expansion of the Stoxx Global Index family with the launch of more than 1,200 supersector, size, regional and total market indices covering global equity markets. Furthermore, the STOXX China A-shares Total Market, STOXX China B-shares Total Market, STOXX China H-shares Total Market, STOXX China Red Chips Total Market indices were also released on Tuesday.The Stoxx Global Index family consists of total market, broad and blue-chip indices for the regions Americas, Europe, Asia, and Pacific, and sub-regions Latin America and BRIC (Brazil, Russia, India and China), as well as global markets. All broad regional indices, as well as a number of country indices, can also be broken down into a comprehensive set of supersector indices. Furthermore, a large number of regional indices that exclude certain supersectors, regions or countries is available, the company said in a press release.
19/09/2012

Threadneedle releases a multi-asset class absolute return fund

Threadneedle Investments (Threadneedle) has launched the Threadneedle (Lux) Multi Asset Target Alpha Fund managed by Head of Multi Asset Allocation Toby Nangle, with Head of Interest Rates and Currency Matthew Cobon as Deputy Manager. The fund is a mixed asset absolute return fund offering global exposure across a range of asset classes with the aim of producing positive returns in all market environments. The fund will use active allocation decisions with an unconstrained, high conviction, flexible approach to exploit pricing differences between asset classes whilst seeking to contain downside risks. The fund will invest in traditional securities like equities, bonds and currencies worldwide and may also gain indirect exposure to commodities, property or other assets through other funds or by using derivatives. It will also have the ability to make use of short selling and leverage. The fund’s target return is 3 month USD LIBOR + 5% per annum. The fund also aims to reduce downside risk and control volatility to an absolute target of 6-10% annualised. The fund has been registered for public offer with immediate effect in Austria, France, Germany, Luxembourg, The Netherlands, Spain, Sweden, Switzerland and the UK. Approval is pending in other jurisdictions.
19/09/2012

EUR33bn in net inflows to euro zone mutual funds in July

In July 2012, securities issued by non-money market mutual funds in the euro zone were EUR201bn higher than in June 2012. This development is largely due to an increase in the value of securities, according to monthly statistics from the European Central Bank.Assets in shares issued by non-money market mutual funds in the euro zone were up to EUR6.267trn in July 2012, from EUR6.065trn in June 2012. In the same period, assets in securities issued by money market mutual funds in the euro zone fell to EUR965bn from EUR969bn.Net subscriptions to shares in non-money market mutual funds in the euro zone totalled EUR33bn in July 2012, while money market mutual funds posted net redemptions totalling EUR15bn.The annual growth rate for issues of non-money market mutual funds in the euro zone, calculated on the basis of net subscriptions, was 0.6% in July 2012. For money market mutual funds, the annual variation rate came to 4.3%.
19/09/2012

Nordea va lancer un fonds avec Jeff Gundlach

Nordea Asset Management va lancer la semaine prochaine un fonds obligataire coordonné à rendement absolu qui sera géré par Jeffrey Gundlach, selon les informations de Citywire Global. Le gérant, qui pilotera le produit depuis Los Angeles, est le fondateur et le CIO de la société américaine DoubleLine (il était précédemment chez TCW, ndlr.).
19/09/2012

Haspa launches a forex fund focused on non-euro securities

The Hamburg-based savings bank Hamburger Sparkasse, or Haspa, has joined forces with Universal-Investment to launch the Währungsfonds UI, a currency fund investing in government and corporate bonds as well as covered bonds (Pfandbriefe) from countries that do not belong to the euro zone, and which satisfy the Maastricht criteria (maximal debt to GDP ratio of 60%, budget deficit of 3%), unlike the countries of the euro zone.These investment-grade securities will be denominated in eight to ten currencies. Exposure will be actively-managed. Initially, the fund is invested in Norwegian and Swedish kroner, Chinese yuan and Australian, New Zealand and Canadian dollars. Maturities are short to medium, in order to avoid solvency and interest rate risks.CharacteristicsName: Währungsfonds UIISIN code: DE000A1JZLD5 (retail shares)Front-end fee: 2.5% maximumManagement commission: currently 1%
19/09/2012

Hauck & Aufhäuser launches an absolute return fund

The Munich-based Hauck & Aufhäuser Asset Management, aimed primarily at institutional investors, has launched the absolute return fund H&A Absolut Return Global, whose portfolio will be constructed on the basis of independent and quantitative strategies, and which will invest in global equity markets, government bonds and commodities, and which uses liquid instruments such as ETFs and futures.The Luxembourg-registered product has been developed with the US partner DPT Capital Management, led by professor John Mulvey of Princeton University, the CEO of H&A AM, Wolfgang Kirschner has announced. The fund is availabe in three share classes: B (LU0762080348), C I (LU0762088838) and C II (LU0762092947).
19/09/2012

Lyxor AM extends its ARMA range

Lyxor AM has announced the launch of the Lyxor Quantitative Fund ARMA 8, which stands for Absolute Return Multi Assets 8, a new absolute return fund which will be based on an actively-managed long-only diversified strategy, and which uses the investment process for the Lyxor Quantitative Fund – Absolute Return Multi Assets (ARMA) fund. The objective for the fund is to offer returns of 6% to 10% above the Eonia each year, with an average annualised volatility level of under 8%, a statement says. The ARMA 8 strategy pursues a more ambitious performance objective than the ARMA fund, with a higher risk budget. For its part, the ARMA fund offers annualised performance of 2.9%, with volatility of 2.4% since its inception in May 2010.
19/09/2012

Virtu Financial buys Nyenburgh Holding

On September 14th, Virtu Financial announced it has acquired the European ETF Market Maker assets of Netherlands-based Nyenburgh Holding B.V. Terms of the transaction were not disclosed.Nyenburgh currently acts as official market maker for multiple ETF issuers and provides liquidity to many brokers and professional investors across Europe. Virtu is a registered investment firm and maintains direct membership in most European exchanges and multilateral trading facilities including LSE, NYSE Euronext, NASDAQ OMX, Xetra, SIX Swiss, Borsa Italiana, BATS/Chi-X Europe, Turquoise, Eurex, and NYSE Liffe.
19/09/2012

SLI appoints a head of global equities

Standard Life Investments has promoted Mikhail Zverev as head of global equities. Zverevhas been manager of the Global Equity Unconstrained fund from the Scottish asset management firm since July 2010. He joined the business in 2007, after working at First State Investments, Schroder Salmon Smith Barney (Citigroup) and Trigon Capital.
19/09/2012

RWC takes over Hermes activist funds

The three investment teams responsible for managing the three Hermes Focus Funds will join RWC on 1st October. The teams of twelve investment and support staff currently manage assets in excess of USD800m for a range of institutional clients. The Focus Funds, which use a «constructive activist» approach to investing, will continue to be managed by the investment teams in their roles at RWC and will be re-named the RWC Focus Funds. The heads of the investment teams will become Partners of RWC.The funds are the European Focus Fund, managed by Maarten Wildschut and Petteri Soininen, the Specialist UK Focus Fund, managed by Paul Harrison, Nigel Davies and Phil Harris, the Japan Stewardship Fund managed in collaboration with Nissay Asset Management advised by Corinna Arnold and Michael Connors. This deal expands the offer of RWC which is already responsible for USD4.1bn of assets and manages a range of active equity and bond strategies for institutional and intermediary clients. Saker Nusseibeh, chief executive officer and head of investment, Hermes Fund Manager, said: “It is now important to concentrate our business on the areas where our core strengths most clearly meet investor demand, which is why we have sold the Focus Funds business to RWC. Whilst we believe in activist funds, this business provides niche strategies and no longer fits with our core offerings.
19/09/2012

Safra controls 94.5% of voting rights at Sarasin

According to finews.ch, more than 80% of retail shareholders in the Basel-based Bank Sarasin have redeemed their registered shares as part of a takeover bid by JSH, an affiliate of the Brazilian firm Safra. Combined with the shares that firm already controlled, Safra now owns 90.5% of capital and 94.5% of voting rights in Sarasin.
19/09/2012

Nordea AM to launch a strategy managed by Jeffrey Gundlach

Nordea Asset Management is to launch a US bond strategy which will be managed by Jeffrey Gundlach, founder and CEO of DoubleLine, and previously CIO of TCW, a US asset management firm which has recently been sold to Carlyle by Société Générale. The product will replicate the DoubleLine Total Return Bond strategy, whose assets under management total over USD30bn. According to Citywire Global, it will be integrated into a UCITS-compliant fund. DoubleLine, founded in 2009 and owned by its employees, many of whom come from TCW, now manages over USD40bn in various investment strategies, mortgage-backed securities (MBS), and private or government bonds issued by developed and emerging countries, US government bonds, including Treasury bonds and bonds issued by other Federal agencies, commodities and equities. The managers at DoubleLine have been working together for an average of more than 17 years.
19/09/2012
Fonds

Nordea va lancer un fonds avec Jeff Gundlach

Nordea Asset Management va lancer la semaine prochaine un fonds obligataire coordonné à rendement absolu qui sera géré par Jeffrey Gundlach, selon les informations de Citywire Global. Le gérant, qui pilotera le produit depuis Los Angeles, est le fondateur et le CIO de la société américaine DoubleLine (il était précédemment chez TCW, ndlr.).
Fonds
19/09/2012
Fonds

Collecte nette de 33 milliards pour les OPCVM de la zone euro en juillet

En juillet 2012, l’encours de titres émis par les OPCVM non monétaires de la zone euro était supérieur de 201 milliards d’euros à celui enregistré en juin 2012, évolution qui s’explique essentiellement par une augmentation de la valeur des titres, selon les statistiques mensuelles communiquées par la Banque centrale européenne.L’encours de titres émis par les OPCVM non monétaires de la zone euro est ressorti en hausse à 6267 milliards d’euros en juillet 2012, contre 6065 milliards en juin 2012. Sur la même période, l’encours des titres émis par les OPCVM monétaires de la zone euro a diminué, revenant de 969 milliards d’euros à 965 milliards.Les souscriptions nettes de titres d’OPCVM non monétaires de la zone euro sont ressorties à 33milliards d’euros en juillet 2012, tandis que les OPCVM monétaires ont enregistré des rachats nets, à hauteur de 15 milliards.Le taux de croissance annuel des émissions de titres d’OPCVM non monétaires de la zone euro, calculé sur la base des souscriptions nettes, s’est inscrit à 0,6% en juillet 2012. S’agissant des OPCVM monétaires, le taux de variation annuel est ressorti à 4,3%.En ce qui concerne la ventilation par stratégies de placement, le rythme de progression annuel des titres émis par les fonds «obligations» est ressorti à 5,3% en juillet 2012 et les souscriptions nettes se sont élevées à 25 milliards d’euros. S’agissant des fonds «actions», le taux de croissance annuel est ressorti à -4,0% et les rachats nets à 5 milliards d’euros, respectivement. Pour les fonds «mixtes», le taux de croissance s’est établi à -0,4% et les souscriptions nettes à 15 milliards d’euros.
Fonds
19/09/2012
Fonds

Threadneedle lance un fonds multi classes d’actifs de performance absolue

Threadneedle Investments vient de lancer le fonds Threadneedle (Lux) Multi Asset Target Alpha qui sera géré par Toby Nangle, le responsable de l’allocation multi actifs, aux côtés de Matthew Cobon, responsable taux et devises.Il s’agit d’un fonds diversifié de performance absolue. Il sera exposé à diverses classes d’actifs afin de dégager un rendement positif dans tous les environnements de marché.Le produit pourra être investi dans des actions, obligations et devises du monde entier, mais aussi sur les matières premières, l’immobilier et d’autres actifs via des fonds ou dérivés. Le fonds pourra aussi utiliser la vente à découvert et le levier.L’objectif du fonds est 5 points au dessus du Libor en dollars à trois mois par an avec une volatilité de 6-10 %. Le fonds a d’ores et déjà été enregistré en Autriche, en France, en Allemagne, au Luxembourg, aux Pays-Bas, en Espagne, en Suède, en Suisse et au Royaume-Uni.
Fonds
19/09/2012

State Street cible les besoins opérationnels des boutiques de gestion

State Street Corporation a annoncé le lancement d’une gamme de services d’opérations d’investissement, destinée aux petites et moyennes sociétés de gestion d’actifs. Ces services comprennent la gestion des transactions, la tenue de comptes, le traitement des opérations de société, la gestion des données, le rapprochement bancaire, l’établissement des cours et la transmission des informations. Il existe selon State Street un réel besoin d’accompagnement de la part des boutiques de gestion, qui ont besoin d’aide sur le plan opérationnel. Dans une récente enquête de State Street, menée par The Economist Intelligence Unit (EIU) auprès de plus de 160 boutiques de gestion d’actifs dans le monde, un tiers des gérants citent le besoin d’améliorer leurs structures opérationnelle et informatique. 21 % vont jusqu'à affirmer que des structures perfectibles pourraient constituer une entrave à l’atteinte de leurs objectifs stratégiques dans les deux prochaines années. 42 % des boutiques interrogées considèrent l’atteinte d’une masse critique suffisante par leurs de leurs systèmes internes comme un enjeu majeur en termes de gestion des données, tandis que 22 % d’entre eux estiment avoir besoin d’améliorer leur capacité de saisie et de reporting des données réglementaires.L’enquête fait l’objet du dernier dossier Vision publié par State Street sous le titre « Empowering Boutiques : The Rise of the Specialist Manager » accessible en pièce jointe.
19/09/2012

Safra contrôle 94,5 % des droits de vote chez Sarasin

Selon finews.ch, plus de 80 % des actionnaires retail du bâlois Banque Sarasin ont apporté leurs actions nominatives à l’OPA lancée par JSH, filiale du brésilien Safra. Compte tenu des autres titres déjà en sa possession, Safra détient désormais 90,5 % du capital et 94,5 % des droits de vote chez Sarasin.
19/09/2012
Fonds

Nordea AM va lancer une stratégie gérée par Jeffrey Gundlach

Nordea Asset Management va lancer une stratégie obligataire américaine qui sera gérée par Jeffrey Gundlach, fondateur et CEO de DoubleLine après avoir été CIO de TCW, société de gestion américaine récemment vendue par Société Générale à Carlyle.Cette offre répliquera la stratégie DoubleLine Total Return Bond, dont les actifs sous gestion dépassent 30 milliards de dollars. Selon Citywire Global, elle sera intégrée dans un fonds coordonné. Créé en 2009 et détenu par ses employés, dont une bonne partie vient de TCW, DoubleLine gère aujourd’hui plus de 40 milliards de dollars répartis entre différentes stratégies d’investissement: titres adossés à des créances hypothécaires (MBS), obligations privées ou souveraines émises par des pays développés et émergents, obligations souveraines américaines, y compris des bons du Trésor et des obligations émises par des agences fédérales, matières premières et actions. Les gérants de DoubleLine travaillent ensemble en moyenne depuis plus de 17 ans.
Fonds
19/09/2012
Fonds

Hauck & Aufhäuser ajoute un fonds de performance absolue à sa gamme

A destination principalement des investisseurs institutionnels, le munichois Hauch & Aufhäuser Asset Management vient de lancer le fonds de performance absolute H&A Absolut Return Global dont le portefeuille sera constitué à partir de stratégies indépendants et quantitaives et sera investi sur les marchés mondiaux des actions, des emprunts d’Etat et des matières premières en utilisant des instruments liquides comme des ETF et de futures.Ce produit de droit luxembourgeois a été développé avec le partenaire américain DPT Capital Management dirigé par le Pr. John Mulvey de l’université de Princeton., a indiqué le directeur général de H&A AM, Wolfgang Kirschner. Le fonds est disponible en trois classes de parts, les parts B (LU0762080348), C I (LU0762088838) et C II (LU0762092947).
Fonds
19/09/2012
Fonds

Haspa lance un fonds devises focalisé sur les titres non euro

La caisse d'épargne hambourgeoise Hamburger Sparkasse ou Haspa vient de lancer avec le francfortois Universal-Investment le Währungsfonds UI, un fonds devises investi en obligations souveraines et d’entreprises ainsi qu’en obligations sécurisées (Pfandbriefe) de pays n’appartenant pas à la zone euro et qui satisfont aux critères de Maastricht (dette/PIB de 60 % maximum, déficit budgétaire de 3 %), contrairement aux pays de la zone euro.Les titres, de catégorie investissement, seront libellés dans huit à dix monnaies. L’exposition sera gérée activement. Dans un premier temps, le fonds est investi en couronnes norvégiennes et suédoises, en yuans ainsi qu’en dollars australiens, canadiens et néo-zélandais. Les échéances seront courtes à moyennes, afin d'éviter des risques de solvabilité et de taux.CaractéristiquesDénomination : Währungsfonds UICode Isin : DE000A1JZLD5 (part retail)Droit d’entrée : 2,5 % maximumCommission de gestion : actuellement 1 %
Fonds
19/09/2012

SLI nomme un responsable actions monde

Standard Life Investments vient de promouvoir Mikhail Zverev au poste de responsable des actions mondiales. L’intéressé gère le fonds Global Equity Unconstrained de la société de gestion écossaise depuis juillet 2010. Il avait rejoint l’entreprise en 2007, après avoir travaillé chez First State Investments, Schroder Salmon Smith Barney (Citigroup) et Trigon Capital.
19/09/2012

RWC reprend les fonds activistes d’Hermes

La société de gestion britannique RWC va reprendre le 1er octobre les trois fonds activistes Hermes Focus et leurs équipes d’investissement représentant un encours de 800 millions de dollars.Les fonds jusqu’à présent logés au sein de Hermes Fund Managers, la société de gestion du fonds de pension de BT, seront rebaptisés RWC Focus Funds. Ils continueront à être gérés par les mêmes équipes, soit 12 personnes. Les dirigeants de ces équipes deviendront associés de RWC.Les fonds Focus pratiquent un «activisme constructif», qui consiste à investir en vue de susciter des changements au sein de l’entreprise. La gamme se compose du European Focus Fund, géré par Maarten Wildschut et Petteri Soininen, du Specialist UK Focus Fund, géré par Paul Harrison, Nigel Davies et Phil Harris, et du Japan Stewardship Fund, géré en coopération avec Nissay Asset Management et conseillé par Corinna Arnold et Michael Connors. Cette opération permet à RWC d’augmenter ses encours, qui s’élèvent aujourd’hui à 4,1 milliards de dollars. Saker Nusseibeh, le CEO de responsable des investissements d’Hermes Fund Managers, explique quant à lui que les fonds activistes ne font plus partie du cœur de métier de la société.

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