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21/08/2012
Fonds

Russell liquide ses ETF passifs américains

Le Board of Trustees de Russell Exchange Traded Funds Trust a autorisé la liquidation de la gamme de 25 ETF américains gérés passivement d’ici au 24 octobre de cette année, la souscription n'étant ouverte que jusqu’au 9 octobre 2012. Ces fonds affichaient au 31 juillet un encours total de 310 millions de dollars. Les fonds cesseront d'être cotés à la clôture du 16 octobre sur les plates-formes NYSE Arca et Nasdaq, les positions commençant à être liquidées à partir du 16 octobre. Tous les porteurs restant à cette date percevront un montant en numéraire correspondant à la valeur liquidative de leurs parts sans frais de transaction de la part de leur broker-dealer. Ils ne supporteront pas non plus de frais éventuels liés à la liquidation des fonds.En revanche, le gestionnaire américain poursuivra l’exploitation de l’ETF actif Russell Equity ETF (ONEF), qui suit le Russell Developed Large Cap Index.La liste des ETF qui seront liquidés est disponible en annexe.
Fonds
21/08/2012

Un hedge fund recrute chez Deutsche Bank

Brigade Capital Management, un hedge fund qui investit sur les marchés du crédit, vient de recruter Scott Hoffman, un analyste spécialiste de la dette distressed à la Deutsche Bank, rapporte l’agence Bloomberg.Scott Hoffman aurait rejoint ce mois-ci la société de gestion américaine basée à New York. La Deutsche Bank avait indiqué le mois dernier qu’elle allait réduire ses actifs risqués afin de tenir ses objectifs en matière de fonds propres pour le début de 2013.
21/08/2012

UBS crée une filiale pour servir les hedge funds quantitatifs

Avec UBS Quant HQ, le groupe helvétique UBS vient de se doter d’une filiale mondiale combinant les prestations de ses services de courtage principal et d’exécution directe, au profit des hedge funds quantitatifs, rapporte Bloomberg. La clientèle visée est celle des jeunes pousses ou des fonds déjà bien établis qui utilisent des stratégies long/short, de couverture ou d’arbitrage.Cette nouvelle entité sera dirigée par Scott Stickler à New York, selon lequel les stratégies sur les actions, les futures et les options seront complétées ultérieurement par des services sur les obligations et les devises.Quant HQ compte déjà une demi-douzaine de clients.
21/08/2012

Legg Mason GAM lance un site Internet dédié à l'obligataire

Legg Mason Global Asset Management a lancé un site Internet qui propose aux investisserus institutionnels et aux intermédiaires un panorama des marchés obligataires internationaux.Le site est conçu comme un service à vocation pédagogique mais aussi comme un outil d’aide à la décision qui permet d'évaluer les opportunités d’investissement dans un large éventail de secteurs obligataires. Les investisseurs auront accès à des statistiques hebdomadaires sur les marchés, des avis d’experts ainsi qu'à des entretiens avec des gérants en vue du secteur.Le site est accessible à l’adresse suivante : http://www.globalbondmasters.co.uk/
21/08/2012
Fonds

Fidelity confie son Greater China fund à Raymond Ma

Fidelity Worldwide Investment a nommé Raymond Ma en tant que gérant principal de son fonds Greater China (406 millions de dollars) après le départ de Joseph Tse, rapporte Citywire. Raymond Ma gère déjà le Fidelity Funds China Consumer Fund.
Fonds
21/08/2012

A-class equity ETFs launched in Hong Kong

Two offshore ETFs replicating indices of A-class equities will be launched by the end of the month under RMB quotas for quialfied foreign institutional investors (RQFII), Asian Investor reports. The first vehicle, managed by the Chinese E Fund, replicates th CSI 100 index, while the second, managed by the Chinese CSOP, replicates the FTSE China50 index. The two products, which will be relelased on the Hong Kong stock exchange early next week, are physical replication ETFs which will rival synthetic ETFs offered by major international players. The product from CSOP will directly compete with the iShares FTSE A50 China index ETF, whose assets total about USD45bn in Hong Kong, or about EUR4.7bn.
21/08/2012

Fidelity awards its Greater China fund to Raymond Ma

Fidelity Worldwide Investment has appointed Raymond Ma as principal manager of its Greater China fund (USD406m), following the departure of Joseph Tse, Citywire reports. Ma is already manager of the Fidelity Funds China Consumer Fund.
21/08/2012

Russell to close passively managed US ETFs

The Board of Trustees of Russell Exchange Traded Funds Trust has authorised the liquidation of a range of 25 passively-managed US ETFs by 24 October this year; subscriptions will remain open only until 9 October 2012. The funds had total assets as of 31 July of USD310m.The funds will be delisted from NYSE Arca, Inc. or the NASDAQ Stock Market LLC, as the case may be, effective at the close of trading on October 16, 2012. All shareholders remaining on October 16, 2012 will receive cash equal to the amount of the net asset value of their Fund shares. They will also not be required to pay any potential costs due to the liquidation of the fund.However, the US manager will continue to operate the Russell Equity ETF (ONEF) ETF, which is benchmarked to the Russell Developed Large Cap Index. A list of ETFs which will be liquidated is available as an attachment.
21/08/2012

Swiss fund market approaches CHF700bn

Assets in Swiss investments funds as of the end of July totalled CHF697.1bn, up CHF20.4bn compared with the previous month, according to statistics released on 20 August by the Swiss Funds Association (SFA). In June, assets increased by CHF5bn. “In addition to the good performance of equity markets, the influence of forex rates played a major role in the noticeable improvement to the fortunes of funds denominated in Swiss francs in the statistics. IN terms of the evolution of investments in other funds by strategic funds, it appears that investors themselves are paying increased attention to asset allocation and are seeking to align themselves less with the risk models prescribed by banks. Investors are clearly preferring funds which offer more flexible asset allocation models to ordinary strategic funds with rigid quotas of exposure to equities,” explains Matthäus Den Otter, director of the Swiss Funds Association (SFA), in a statement. Net inflows totalled CHF2.4bn, of which CHF2bn went to bond funds. Equity funds, for their part, attracted nearly CHF520m. The statistics for July have one unusual feature in that the “other fund” category is now subdivided into three categories: commodities, alternative investments, and other funds. Commodity funds took on net inflows of CHF117.4m, while alternative investments underwent redemptions totalling a net CHF33.4bn.
21/08/2012

Hedge fund recruits a manager from Deutsche Bank

Brigade Capital Management, a hedge fund which invests in credit markets, has recruited Scott Hoffman, an analyst specialised in distressed debt, from Deutsche Bank, the news agency Bloomberg reports. Hoffman joined the US asset management firm, based in New York, this month. Deutsche Bank announced last month that it would be cutting back its high-risk assets in order to remain within its objectives for owners’ equity in early 2013.
21/08/2012

CalPERS plans to boycott IPOs which are excessively favourable to minority shareholders

The Californian pension fund CalPERS is planning to boycott IPOs which authorise minority shareholders to control a majority of votes via multi-tiered shareholder structures, Financial News reports. CalPERs will also campaign against existing governance structures which authorise this type of control. Since the beginning of the year, in the United States, one IPO out of every eight, from a total of 98 up to 16 August, has offered more than two share classes, according to statistics from Dealogic. When Dealogic began to collect these statistics in 2009, the proportion was one in twelve. CalPERS claims that the increasing variety of share classes, which has characterised several major recent IPOs (Facebook, Manchester United, and Oaktree Capital), represents an approach which completely contradicts the principles of good governance.
21/08/2012

CME wants to open a derivatives exchange in London

The US firm CME (Chicago Mercantile Exchange) is in talks with the British Financial Services Authority (FSA) over a launch of a derivatives exchange based in London, Les Echos reports. CME, which opened a clearing-house in London last year, is hoping to be able to begin its activities by the middle of next year, initially with futures contracts on currency markets, and potentially trading of other products subsequently. The Chicago-based operator is hoping to rival Eurex and Liffe, both of which are operating in London, at a time when regulators are moving to impose ruled on over-the-counter trading.
21/08/2012

Soros becomes one of the largest shareholders in Manchester United

George Soros, the billionaire hedge fund manager, has acquired nearly 8% of the English football club Manchester United, the Financial Times reports. He becomes one of the largest shareholders in the club, after the Glazer family. Soros acquired the stake via the investment branch of his family office, Quantum Partners.
21/08/2012

Food crisis doesn't hold back ETP providers

The major providers of ETPs investing in soft commodities, including ETF Securities and iShares, have no intention of withdrawing these instruments, despite concerns that the explosion of corn, wheat and soy prices will lead to a repetition of the global food crisis of 2007-2008, Financial Times Fund Management reports. Confronted with rising prices, some European banks, such as Volksbanken and Commerzbank, have sought to reduce their involvement in the sector.
21/08/2012

Aschcourt Rowan recruits from Standard Life Investments

The British asset management firm Ashcourt Rowan has recruited Alan Scrimger as head of fund research, Money Marketing reports. Scrimger, who will report directly to chief investment offiver Toni Meadows, will work to improve the research capacities of the dedicated team, which has eight analysts. Scrimger previously worked at Standard Life as head of research.
21/08/2012

Barings reconstructs its multi-asset class team

Investment Week reports that Baring Asset Management has refused to comment on reports that it has recruited Christopher Mahon, head of investment strategy at RMB Asset Management, to become director at its multi-asset class team, led by Andrew Cole and Percival Stanion.Mahon will reportedly arrive in September, to replace Toby Nangle, who joined Threadneedle in early 2012 as director of the multi-asset class team (see Newsmanagers of 20 July 2011).In the area of multi-asset class investment, Barings manages a retail fund with GBP100m, an institutional mandate for GBP5bn, and an offshore fund with GBP5.2bn.
21/08/2012

Assets and profits up at LGIM

In first half 2012, Legal & General Investment Management (LGIM) earned operating profits of GBP119m, compared with GBP117m in the corresponding period of last year, while assets as of the end of June totalled GBP381bn, compared with GBP371bn as of 31 December, of which GBP227bn, compared with GBP224.2bn were for index-based products.
21/08/2012

UBS creates an affiliate to serve quantitative hedge funds

The Swiss UBS group has founded UBS Quant HQ, a global affiliate which provides combined prime brokerage and direct execution services, to serve quantitative hedge funds, Bloomberg reports. The target client base is young startups and funds which are already established and which use long/short, hedging or arbitrage strategies. The new firm will be headed by Scott Stickler in New York, who says equities, futures and options strategies will be subsequently complemented by services related to fixed income and currencies.
21/08/2012

F&C closes a US equity fund

F&C Investments at the end of July liquidated its quantitative US equity fund domiciled in Luxembourg, F&C North American Equity A EUR, Citywire can reveal. “The fund has been closed because its size was sub-optimal,” a spokesperson says.
21/08/2012

L&G Investments launches a corporate bond tracker fund

Legal & General Investments (LGI) is expected to launch a tracker fund based on the best issues on the corporate bond market denominated in pounds sterling, Investment Week reports. The Sterling Corporate Bond Index fund will aim to replicate the performance of the iBoxx Sterling Non-Gilts ex BBB index. The fund, whose management fees are expected to total 0.2% per year, is expected to be available on all the major platforms.
21/08/2012

EFG AM launches a China fund

EFG Asset Management, an affiliate of EFG International (USD7bn in assets), has announced the launch of a ninth sub-fund of its New Capital UCITS fund Plc, the New Capital China Equity fund, which will be managed by Mansfield Mok, who was recruited from GAM in May, where he had managed the GAM Star China fund (USD1.5bn).The new product is a Chinese equity fund of all cap sizes, with no benchmark and no particcular management style, and the portfolio includes a maximum of 50 holdings.EFG AM launched an Asia-Pacific fund in 2011, managed by Tony Jordan.
21/08/2012

Lord Rothschild bets against the euro

Lord Rothschild has taken a position against the euro, totalling about EUR130m, the Daily Telegraph reports. The representative of the Rothschild dynasty has taken the position via RIT Capital Partners, the investment trust of which he is the executive chairman, with about GBP1.9bn in assets. According to sources close to RIT, the position represents a negative outlook on the euro as a currency, but a realistic approach to a currency that remains relatively weak.
21/08/2012

Profits down for Swedish asset management firms

The 21 largest Swedish asset management firms have earned together pre-tax profits of SEK2.677bn in 2011, SEK250m less than in 2010, the Swedish newspaper Dagens Industri reports, citing statistics from Nyhetsbrevet Fond & Bank. In the same period, assets at these businesses fell by SEK107bn, to SEK1,416bn. Swedbank Robur (SEK446bn in assets under management) and Brummer (SEK96bn) between them represent almost half of the gains in the industry.
21/08/2012

Whitman Capital head facing 40 years in prison

The sentencing date has been set for 20 December. On Monday, a nine-member jury found Doug Whitman guilty of insider trading and complicity in insider trading, crimes which each carry up to 20-year prison sentence, the Wall Street Journal reports.The head of the hedge fund Whitman Capital, based in Menlo Park, California, was unable to convince the jury that his trades had really been based on legitimate research: he was unable to refute recordings of telephone conversations in which he talks to his “moles” and plans to send gifts to his sources.
21/08/2012

Foreign asset management firms reinvent their marketing

At a lunch held by Funds People in the offices of the law firm Cuatrecasas Gonçalves Pereira with representatives of BNY Mellon, Fidelity Worldwide, DWS Investments, Franklin Templeton, Pioneer Investments, BNP Paribas Securities Services and Allfunds Bank, foreign asset management firms which distribute their funds in Spain expressed a desire to maintain their local marketing services.However, all of these firms aim to reduce their costs and to realise economies of scale. To achieve that, they are planning to make more use of the internet, which prevents rising advertising costs, while being careful to avoid “saturating” their clients which means using targeted information, depending on the category of client, and ensuring that that information is pertinent and, if possible, collective, but personalised.Foreign asset managers also say they will make major effort in educating their clients and holding events.
21/08/2012

New QFII quotas for six asset management firms

The Chinese State Administration of Foreign Exchange (SAFE) in July awarded Qualified Foreign Institutional Investor (QFII) quotas totalling USD1.2bn to six foreign asset management firms, Z-Ben Advisors reports. In June, quotas distributed totalled USD1.35bn (see Newsmanagers of 2 July). Overall, the Chinese securities commission (CSRC) awarded 37 new QFII licenses in the first seven months of the year, compared with 29 in 2011 overall.Two new actors on the most recent list released, William Blair & Company and Van Eck Associates, each receive allocations of USD100m. Four other asset managers receive extensions, including the Hong Kong Monetary Authority (HKMA), with USD700m, and Templeton Investment Counsel, Korea Investment Trust Management and Manulife Asset Management (Hong Kong), which each receive additional allocations of USD100m.Meanwhile, the CSRC has further liberalised the investment possibilities for QFII license holders. These parties may now invest in bonds issued by Chinese SMEs on private placements. They will also be allowed to invest in the inter-bank bond market; in addition, their limit for participation in publicly-traded firms is being increased to 30%, from 20% previously.
21/08/2012

New CEO for Axa SPDB

Following the resignation of Qian Hua, who had been in the position since December 2010, Axa SPDB appointed Yu Beihua as CEO. She had previously been head of the retail banking activity at China Merchant Bank in Shanghai. Z-Ben Advisors points out thath this time, the recruitment is a sign of a desire to recruit a competent manager rather than a candidate presented by a shareholder.
21/08/2012

GMO recruits from Invesco

Since the beginning of August, Marcel B. Salzmann, director of Invesco in Switzerland, has joined the US asset management firm GMO as country head Switzerland, finews.ch reports. Salzmann had previously been trained by UBS Global Asset Management, where he was director of client relationships for key institutional accounts.
21/08/2012

Credit Suisse recruits for ETF team

Credit Suisse has recruited two people for its ETF activity, Financial News reports. Matt Tagliani, formerly of Citigroup, has been appointed as director, while James Kingston, from Royal Bank of Scotland, becomes vice-president.
21/08/2012

Julius Baer limits capital increase

Julius Baer is proposing to limit its capital increase via an issue of preferential subscription rights to shareholders to CHF500m, and not CHF750m, as announced a week ago. The private bank would like to create the capital necessary to partially finance an acquisition fo the non-US wealth management activities of Merrill Lynch, it announced in a statement released on 20 August. An increase in owners’ equity of CHF250m which was initially announced to provide future strategic flexibility will not be proposed at an extraordinary general shareholders’ meeting, the bank added following a meeting of its board of directors. In addition to the issue of preferential rights, shares totalling CHF240m will be issued to Bank of America, as a partial payment of the acquisition price. The extraordinary general shareholders’ meeting will be held on 19 September.

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