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22/08/2012

Columbia preparing 17 actively-managed ETFs

In two SEC filings dated 16 August, Columbia Management Investment Advisors, an affiliate of Ameriprise Financial, has applied for a license from the regulator to launch a total of 17 actively-managed ETFs, which may be admitted to trading on the NYSE Arca platform.The funds are:Columbia Emerging Markets Bond ETF,Columbia European Equity ETF,Columbia International Equity ETF,Columbia Limited Duration Credit ETF,Columbia Short Term Bond ETF,Columbia Small/Mid Cap Value ETF,Columbia U.S. Government Mortgage ETF,Columbia Dividend Income ETF,Columbia Emerging Markets ETF,Columbia Pacific/Asia ETF,Columbia SMID Growth ETFColumbia Tax-Exempt ETFand the Columbia Muni Target 2015, 2016, 2017, 2018 and 2019 ETFs.
22/08/2012

Generali releases Asian bond fund in Germany

BaFin has issued a sales license for Germany to the Luxembourg-registered bond fund Asian Bond, a sub-fund of the Generali Investment Sicav (see Newsmanagers of 21 May 2012), managed by the Hong Kong affiliate of Generali. In light of the growing popularity of these investments with institutional investors, the asset management firm has released this product, which invests in government and corporate bonds from South Korea, Singapore, Indonesia, Malaysia, Philippines, Thailand, China and Hong Kong, denominated in local currencies. The objective is to generate outperformance of 100 basis points per year over the HSBC Local Bond Index.CharacteristicsName: Generali Investments SICAV – Asian BondISIN code: LU0577419962Management commission: 0.40%
22/08/2012

M&G recruits two for Nordic market

M&G Investments has hired two people for its distribution team in the Nordic market, according to reports in the British press. Robert Heany was recruited in July, after seven years at RBS in Stockholm, where he had been working in the Nordic Equity Capital Markets team. He will focus on developing M&G’s activities serving institutional investors in Sweden, Norway and Denmark. Billyana Kuncheva has also joined M&G. She will be based in Helsinki, and will deal with Finnish institutional investors and Danish retirement groups, corporate pension funds and local authorities. She previously worked at Aktia Invest, where she had been responsible for fixed income and selection of alternative managers.
22/08/2012

Mike Spinks leaves Schroders

Mike Spinks, a multi-asset class manager at Schroders, will be leaving the firm, and Remi Ajewole will replace him as co-manager of the Schroder Diversified Growth fund. Martin Blank becomes co-manager of the Diversified Completion fund, alongside Carr.
22/08/2012

Several hedge funds authorised to operate in India

The Indian market authority (SEBI) has approved the release of seven hedge funds on the Indian market in the past month, FINalterantives reports. Under new regulations for alternative investment funds introduced in March this year, the first trading license for the Indian market was issued on 23 July; others followed in the month of August. China and South Korea have already taken similar measures. The Indian regulator says that publicly-traded companies will be able to sell up to 10% of their shares to alternative investment funds under the rules. Hedge funds now permitted to operate on the Indian market are: -India Alternative Credit Opportunities Fund (KKR) -IFCI Syncamore India Infrastructure Fund, -Utthishta Yekum Fund, -Indiaquotient Investment Trust, -Forefront Alternate Investment Trust, -Excedo Realty Fund, -Sabre Partners Trust.
22/08/2012

New principal manager for a fund from BNY Mellon AM

BNY Mellon Asset Management has appointed Nick Clay as lead manager of the BNY Mellon Global Equity Higher Income fund, replacing James Harries, fundweb reports. Harries becomes the alternate manager for the fund, while Ian Clark remains as assistant manager.
22/08/2012

High frequency trading targeted by BVI

The German asset management association (BVI) is in favour of increased regulation of high-frequency trading. In a statement released on 21 August, the professional association claims that experts in high frequency trading, who had been seeking primarily to increase volume, should be required to complete at least one quarter of the market orders they issue. High-frequency trading should also be subject to a minimal time delay of 1 to 2 seconds, for example, in order to ensure that the issuer of the transaction call is interested in completing the transaction. The professional association claims, however, that initiatives on the part of the Federal government to regulate high-frequency trading are premature, in that the updated version of the MiFID directive calls for unified European regulation in this area. In this context, the German effort to charge into the breach is “completely superfluous,” the association claims.
22/08/2012

CSI launches three bond indices

While Guotai and Bosera are in the process of preparing bond ETFs, China Securities Index has announced plans to launch the new SSE 5-Year China Treasury Note (Futures Deliverables) Index, SSE Convertible Bond Index, and CSI Convertible Bond Index.As the Chinese authorities will now allow only one ETF per bond index while the regulator (CSRC) would like to promote more depth on the Chinese bond market, the launch of the new indices should allow asset management firms to extend their product ranges, Z-Ben Advisors stresses.
22/08/2012

FRM CIO leaves the firm

The chief investment officer at FRM, John Beech, left the fund of fund management firm in May, shortly after its acquisition by Man Group, according to reports in Financial News. His responsibilities have been taken over by Keith Haydon.
22/08/2012

Man Group downgraded by Moody's

The financial ratings agency Moody’s on 21 August announced that it has downgraded the senior debt of Man Group from Baa2 to Baa3, with a negative outlook.Moody’s explains in a statement that the agency’s decision is due to several factors which threaten the alternative group’s core activities: persistent declines in assets under management, performance below benchmark indices, rising commissions, and highly modest profit outlooks.
22/08/2012

Further resignation from SWIP equity unit

Jeremy Charles, manager of the Scottish Widows UK Growth Fund, whose assets under management total GBP1.3bn, has left the firm, Investment Week reports. Charles had previously worked at Aviva Investors as a senior portfolio manager. The departure follows a decision on the part of SWIP, announced in April, to set up quantitative equity management strategies, which have GBP54m in assets under management. SWIP announced at the time that this development would lead to 23 layoffs.
22/08/2012

Goldman Sachs and two hedge funds take over Travelodge

With the New York hedge funds Avencue Capital and Golden Tree Asset Management, Goldman Sachs has invested GBP75m to take control of the low-cost hotel chain Travelodge, which had been owned by Dubai International Capital, as part of a debt-for-equity swap, the Telegraph reports. Lenders have agreed to cancel GBP720m in debt.
22/08/2012

BNY Mellon recruits for wholesale distribution

Ahead of the introduction of the Retail Distribution Review (RDR) regime in the United Kingdom, which will require prime brokers to provide more meaningful support to IFAs, BNY Mellon has decided to scale up its distribution with the recruitment of three people.They are Adrian Gough, head of investment management at RSM Tenon, who will be joining the firm in Sptember, Russell Bignall (ex Standard Life), who will become head of national network & bank distribution, and will begin by the end of the month, and Anita Rennie (ex Schroders), who becomes head of the advisory telephone sales team.The three recruits will report to Scott Goodsir, head of UK wholesale.
22/08/2012

L&G recruits from Aviva

Ross Anderson, RDR implementation manager since January 2011, will be leaving Aviva on 7 September to join Legal & General as head of strategy & change delivery on 22 October, Money Marketing reports.
22/08/2012

Scope rates wealth management funds

The Berlin-based rating agency Scope has issued its first ratings of 78 wealth management funds on sale in Germany. Only theBL Global 75 B Cap receives the near-perfect rating of AA+, while overall Scope rated 11.5% of funds “AA” and 25.6% as “A.” The last fund on the list is PRIMA-Konzept, rated CC. Overall, 64% of the sample receive an “investment grade” rating (AA to BBB). The rankings are based on quantitative data on risk management performance, as well as positioning in the peer group.Scope, which is subsequently hoping to rate all “pertinent” wealth management funds available on the German market, has also included some qualitative aspects in its report.The only French-registered fund on the list from the German agency is the Carmignac Patrimoine A, which receives a rating of A. Only 7 products receive a better rating.
22/08/2012

State Street releases annual report on RSE

State Street Corporation on 21 August announced the publication of its complete report on corporate social responsibility in 2011. The report, published each year since 2004, details the performance of the business in environmental, social and governance areas over the previous year, and lays out its objectives for the future. The report finds that State Street has reduced its carbon emissions by 24,500 tonnes through the use of cloud computing. State Street’s donations to charitable organisations have increased 15%, from USD17.8m in 2010 to USD20.5m in 2011. The group points out that State Street Global Advisors (SSgA), the asset management activity of State Street, in 2011 launched a new High Quality Green Bond strategy, which offers invetors a way to orient their investments in fixed income to climate solutions, via a portfolio of green bonds managed by SSgA. At the end of 2011, SSgA had USd108bn in assets under management in ways that take environmental, social and governance (ESG) factors into account. The report is available in the “Making Life Better” section of the State Street website (statestreet.com/better), an intercative website launched in 2011, which presents State Street’s engagement to social responsibility.
22/08/2012

Sale terms set for Axa Private Equity

Axa will next month officially sign off on the sale of a majority stake in its private equity affiliate Axa Private Equity, Agefi reports, citing Dow Jones. The sale will be to a group of investors which includes the Caisse de Dépôt et Placement du Québec, the news agency reports. However, Dow Jones reports, the Singapore sovereign fund GIC may not be participating in the operation. The management of the firm will be acquring a majority stake, while Axa will retain a minority stake. The firm will retain its name for a further two years.
22/08/2012

Eric Rosen leaves UBS to launch a hedge fund

Eric Rosen, co-head of fixed income, currencies and commodities at UBS in the United States, will be leaving the firm next month to found a hedge fund, Bloomberg reports, citing sources familiar with the matter. Matthew Zola, who had worked with Rosen, will take over sole management of the activity from September. Rosen is planning to launch a credit hedge fund.
22/08/2012

Axa launches its 2012 employee shareholder operation

The Axa group on 21 August announced that it is launching its annual employee shareholder operation, which gives employees of the group a way to subscribe to a reserved capital increase. The 2012 operation, entitled “Shareplan 2012,” will be held in 40 countries,a nd will involve more than 110,000 employees, who will be offered, in most countries, a “classic” and “leveraged” option. The maximal number of shares that may be issued as part of the operation is 58,951,965 shares, corresponding to a capital increase of a nominal total of nearly EUR135m.
22/08/2012

Interest in emerging market equities rebounds

The first half of the month of August confirmed investors’ interest in emerging market equities. EPFR Global-tracked Emerging Markets Equity Funds absorbed another USD873 million during the second week of August as their current inflow streak hit three straight weeks, the longest since a seven week run ended in late February. Once again the bulk of this new money went into the diversified Global Emerging Markets (GEM) Equity Funds, with Asia ex-Japan and EMEA Equity Funds also posting modest inflows while Latin America Equity Funds recorded outflows for the seventh time in the past eight weeks. Equity funds overall finished the week ending August 15 with outflows of USD5.67bn, due to a disaffection with US equity funds. Bond funds posted net inflows of USD4.02bn, while money market funds have taken on net inflows of USD5.49bn.
22/08/2012
Fonds

NordLB AM lance un fonds indiciel sur l’Extrême-Orient

Des investisseurs institutionnels ont déjà souscrit pour 50 millions d’euros de parts au nouveau fonds indiciel offert au public NORD/LB AM Aktien Far East ex Japan T, un produit passif placé en actions d’entreprises des pays d’Extrême-Orient hors Japon, développés ou non, et qui s’efforce de répliquer l’indice MSCI Far East ex Japan.Ce troisième fonds indiciel régional de NordLB AM (après ceux sur l’Europe et l’Amérique du Nord) a été lancé le 31 juillet par NordLB Asset Management (21,7 milliards d’euros d’encours au total), qui prévoit également de mettre sur le marché un fonds offert au public répliquant l’évolution du MSCI Pacific.Caractéristiques Dénomination : NORD/LB AM Aktien Far East ex Japan TCode Isin : DE000A1JJJE1Commission d’administration : 1 % (actuellement 0,25 %)Commission de gestion : 0,60 % (actuellement 0,15 %)Souscription minimale : 250.000 euros.
Fonds
22/08/2012
Fonds

Generali commercialise en Allemagne un fonds obligataire asiatique

Le régulateur allemand BaFin a octroyé son agrément de commercialisation en Allemagne au fonds obligataire de droit luxembourgeois Asian Bond, compartiment de la sicav Generali Investment (lire Newsmanagers du 21 mai) géré par la filiale de Generali à Hong-Kong. Compte tenu de l’engouement croissant des investisseurs institutionnels, le gestionnaire a lancé ce produit investissant en monnaies locales dans des obligations d’Etats ou d’entreprises de Corée du Sud, Singapour, Indonésie, Malaisie, Philippines, Thaïlande, Chine et Hong-Kong. L’objectif est de générer une surperformance de 100 points de base par an par rapport au HSBC Local Bond Index.CaractéristiquesDénomination : Generali Investments SICAV - Asian BondCode Isin : LU0577419962Commission de gestion : 0,40 %
Fonds
22/08/2012

M&G recrute deux personnes pour le marché nordique

M&G Investments a recruté deux personnes pour son équipe de distribution dans la région nordique, selon la presse britannique. Robert Heany a été recruté en juillet après avoir passé cinq ans chez RBS à Stockholm où il travaillait au sein de l’équipe Nordic Equity Capital Markets. Il se concentrera sur le développement de l’activité de M&G auprès des investisseurs institutionnels en Suède, en Norvège et au Danemark. Billyana Kuncheva a également rejoint M&G. Basée à Helsinki, elle s’occupera des investisseurs institutionnels finlandais et des groupes de retraite danois, des fonds de pension d’entreprises et des autorités locales. Elle travaillait précédemment chez Aktia Invest où elle était responsable des taux et de la sélection de gérants alternatifs.
22/08/2012
Fonds

Columbia prépare 17 ETF à gestion active

Dans deux notifications à la SEC en date du 16 août, Columbia Management Investment Advisers, filiale d’Ameriprise Financial, demande l’agrément du régulateur pour le lancement d’au total 17 ETF à gestion active qui pourraient être admis à la négociation sur la plate-forme NYSE Arca.Il s’agit de:Columbia Emerging Markets Bond ETF,Columbia European Equity ETF,Columbia International Equity ETF,Columbia Limited Duration Credit ETF,Columbia Short Term Bond ETF,Columbia Small/Mid Cap Value ETF,Columbia U.S. Government Mortgage ETF,Columbia Dividend Income ETF,Columbia Emerging Markets ETF,Columbia Pacific/Asia ETF,Columbia SMID Growth ETFainsi que du Columbia Tax-Exempt ETFet des Columbia Muni Target 2015, 2016, 2017, 2018 et 2019 ETF.
Fonds
22/08/2012
Fonds

Scope note les fonds patrimoniaux

L’agence berlinoise Scope a procédé à la première notation des 78 fonds patrimoniaux distribués en Allemagne. Seul le BL Global 75 B Cap obtient la note pratiquement optimale de AA+, sachant au total que Scope a noté 11,5 % des fonds «AA» et 25,6 % «A». Le dernier de la liste est le PRIMA-Konzept, noté CC. Au total, 64 % de l’échantillon peuvent bénéficier d’une note «catégorie investissement» (entre AA et BBB). Le palmarès est établi selon des données quantitatives sur la performance et la gestion du risque, mais également en fonction du positionnement au sein du «peer group».Scope, qui ambitionne de noter ultérieurement tous les fonds patrimoniaux «pertinents» disponibles sur le marché allemand, intègre également dans son rapport certains aspects qualitatifs.Le seul fonds de droit français dans la liste de l’agence allemande est le Carmignac Patrimoine A, qui obtient la note A. Seuls 7 produits obtiennent un meilleur résultat.
Fonds
22/08/2012

BNY Mellon renforce sa distribution wholesale

Dans la perspective de l’introduction au Royaume-Uni du régime de retail distribution review (RDR) qui exigera des principaux distributeurs qu’ils apportent une aide plus importante aux conseillers financiers, BNY Mellon a décidé de muscler sa distribution en recrutant trois personnes.Il s’agit d’Adrian Gough, head of investment management chez RSM Tenon, qui rejoindra la société en septembre, de Russell Bignall (ex Standard Life), qui deviendra head of national network & bank distribution et prend ses fonctions avant la fin du mois, ainsi que d’Anita Rennie (ex Schroders), qui devient head otf the advisory telephone sales team.Les trois arrivants seront subordonnés à Scott Goodsir, head of UK wholesale.
22/08/2012

Man Group dégradé par Moody's

L’agence d'évaluation financière Moody’s a annoncé le 21 août la dégradation de la dette senior de Man Group de Baa2 à Baa3, assortie d’une perspective négative.Moody’s explique dans un communiqué que la décision de l’agence s’explique par plusieurs facteurs qui menacent le cœur de l’activité du groupe spécialisé en gestion alternative, entre autres, la baisse persistante des actifs sous gestion, des performances en retrait par rapport aux indices de référence, le reflux des commissions ainsi que des perspectives de bénéfices très modestes.
22/08/2012

L&G recrute chez Aviva

Ross Anderson, RDR implementation manager depuis janvier 2011, quittera Aviva le 7 septembre pour rejoindre Legal & General comme head of strategy & change delivery le 22 octobre, rapporte Money Marketing.
22/08/2012

Nouveau départ au pôle actions de SWIP

Jeremy Charles, gérant du Scottish Widows UK Growth fund dont les actifs sous gestion s'élèvent à 1,3 milliard de livres, vient de quitter la société, rapporte Investment Week. Jeremy Charles travaillait précédemment chez Aviva Investors en tant que gérant de portefeuille senior.Ce nouveau départ fait suite à la décision de SWIP, annoncée en avril, de mettre en place des stratégies quantitatives dans sa gestion actions, qui pèse quelque 54 milliards de livres. Cette évolution devait entraîner la suppression de 23 postes, avait alors précisé Swip.
22/08/2012
Fonds

Plusieurs hedge funds autorisés à opérer en Inde

L’autorité des marchés indienne (SEBI) a donné son feu vert à l’entrée sur le marché indien de sept hedge funds au cours du mois écoulé, rapporte FINalternatives. Dans le cadre de la nouvelle réglementation sur les fonds d’investissement alternatifs introduite en mars dernier, la première licence d’exercice sur le marché indien a été accordée le 23 juillet, les autres dans le courant du mois d’août. La Chine et la Corée du Sud ont déjà pris des mesures similaires.Le régulateur indien a précisé que les sociétés cotées avaient la possibilité de céder jusqu'à concurrence de 10% de leurs actions à ces fonds d’investissement alternatifs. Les hedge funds désormais autorisés à opérer sur le marché indien sont : -India Alternative Credit Opportunities Fund (KKR) -IFCI Syncamore India Infrastructure Fund, -Utthishta Yekum Fund, -Indiaquotient Investment Trust, -Forefront Alternate Investment Trust, -Excedo Realty Fund, -Sabre Partners Trust.
Fonds

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