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12/04/2012

Nomination chez Investec AM

Investec Asset Management a annoncé la nomination de Victoria Harling en qualité de cogérante du fonds Investec Emerging Markets Corporate Debt Strategy, lancé en avril 2011, rapporte InvestmentEurope.Victoria Harling prendra également la responsabilité de de la dette d’entreprise émergente et de la dette émergente en devises dures.Avant de rejoindre le groupe de gestion sud-africain, Victoria Harling travaillait précédemment chez Nomura.
12/04/2012

Chute du bénéfice de Robeco en 2011

Pour l’exercice à fin décembre, Robeco affiche un bénéfice net de 133,8 millions d’euros contre 181,3 millions pour 2010, le bénéfice d’exploitation diminuant à 198,3 millions contre 281,3 millions bien que les dépenses d’exploitation se soient tassées à 482 millions contre 482,3 millions.A fin décembre, l’encours se situait à 150,3 milliards d’euros contre 149,6 milliards douze mois auparavant et les recettes de commissions de gestion et de performance pour 2011 ont baissé à 914,2 millions contre 932,8 millions.De fait, les souscriptions nettes se sont montées à 7,6 milliards d’euros (dont 2,2 milliards pour le retail et 5,4 milliards pour l’institutionnel) contre des sorties nettes de 3,4 milliards en 2010 (rentrées nettes de 3,3 milliards pour le retail et sorties nettes de 6,7 milliards pour l’institutionnel). L’effet de marché a été négatif de 4,5 milliards d’euros alors que 2010 s'était soldé par une performance correspondant à 19,6 milliards d’euros.Au 31 décembre, l’encours se répartissait à 78,3 milliards d’euros pour le retail et 72 milliards pour l’institutionnel contre respectivement 80,9 milliards et 68,7 milliards douze mois plus tôt.Robeco précise par ailleurs que les encours à fin février affichaient une forte hausse sur fin décembre, à 176 milliards d’euros contre 150,3 milliards.
12/04/2012

Ofivalmo Partenaires prend 20 % d’Egamo

Ofivalmo Partenaires, l’actionnaire d’Ofi AM et d’Ofi Mandats détenu par les Mutuelles du GEMA et par les Mutuelles et Unions de la Mutualité Française, vient de prendre une participation de 20 % dans Egamo, la société de gestion de la MGEN. Parallèlement, la MGEN a acquis 10 % d’Ofivalmo Partenaires.Cet accord capitalistique s’accompagne d’un partenariat entre Egamo (2,5 milliards d’euros au 30 mars 2012) et Ofi Mandats (11 milliards d’euros), toutes deux dédiées à la gestion institutionnelle sous mandat, principalement pour une clientèle de mutuelles. Il portera prioritairement sur la mutualisation des coûts informatiques et d’expertises spécifiques liés au développement des prestations liées à l’accroissement des contraintes réglementaires comme Solvabilité II (reporting financier, comptable et réglementaire, le suivi des risques, les outils de simulation actif/passif).En revanche, la gestion financière des deux structures reste distincte, précise Nicolas Demont, directeur général d’Egamo. Interrogé sur un rapprochement plus poussé entre Egamo et Ofi Mandats, il indique qu’il n’y a à sa connaissance aucun projet dans ce sens et que ce ne serait pas forcément la meilleure solution.
12/04/2012

Caceis est le nouveau dépositaire de la sicav Esperides

Le conseil d’administration de la sicav de droit luxembourgeois Esperides a choisi Caceis pour assurer les fonctions de banque dépositaire, d’agent administratif et de production de son reporting financier, a indiqué Caceis le 11 avril dans un communiqué. Esperides est le véhicule de regroupement des actifs des fonds de pension belges du Groupe GDF Suez et des sociétés du secteur Gaz & Electricité en Belgique. Les 2 milliards d’euros d’actifs gérés par la sicav viennent d’être transférés à Caceis. La sicav Esperides est gérée par Contassur Assistance Conseil, filiale de Contassur, compagnie d’assurance vie dédiée à l’assurance de groupe pour le Groupe GDF Suez et pour les sociétés du secteur Gaz & Electricité en Belgique. Ce nouveau partenariat renforce les liens entre Contassur et Caceis qui conserve déjà des actifs de la compagnie d’assurance sous la forme de mandats.
12/04/2012
Fonds

Skandia IG confie un mandat à Aubrey

Le 11 avril, Skandia Investment Group (SIG) a annoncé avoir alloué un mandat de 20 millions de livres à Andrew Dalrymple d’Aubrey Capital Management dans le cadre du Skandia Global Dynamic Equity Fund 51 milliard de livres d’encours). Le gérant est chargé d’investir dans des sociétés susceptibles de profiter de l’augmentation de la consommation des ménages en Asie, dans le cadre de la poche thématique du fonds qui est répartie au total sur cinq fonds, les quatre autres étant JPM Global Financials Fund, DWS Invest Global Agribusiness Fund, Dimensional Emerging et Markets Targeted Value Fund.
Fonds
12/04/2012
Fonds

Warburg lance un fonds de smidcaps européennes

Deux mois après avoir mis sur le marché le Warburg-D- Fonds Small&Midcaps Deutschland, Warburg Invest a lancé le 30 mars le Warburg - D - Fonds Small&Midcaps Europa, un produit value géré par Christiph Gebert. Le portefeuille comportera entre 30 et 50 lignes, des petites et moyennes capitalisations européennes sous-évaluées.Caractéristiques :Dénomination : Warburg - D - Fonds Small&Midcaps Europa RCode Isin : DE000A0LGSA4Droit d’entrée : 5 %Commission de gestion : 1,40 %
Fonds
12/04/2012
Fonds

Un hedge fund de Hong Kong recrute chez JP Morgan

Adam Wallace, l’ancien patron de services aux hedge funds chez JP Morgan pour la région Asie-Pacifique, vient de rejoindre le hedge fund basé à Hong Kong, Factorial Management, en qualité de chief operating officer, rapporte Asian Investor.Factorial Management a confirmé l’information, soulignant sa volonté de proposer une plate-forme répondant aux exigences des investisseurs institutionnels. La société a lancé en début d’année un fonds multi-classes d’actifs Factorial Master Fund, doté de 25 millions de dollars d’actifs sous gestion.
Fonds
12/04/2012

EFG Financial Products ouvre un bureau à Madrid

Filiale d’EFG International, EFG Financial Products vient d’inaugurer son bureau de Madrid dirigé par Michael Hartweg, responsable des marchés espagnol et portugais, rapporte Funds People. L’objectif est d’atteindre un volume de 250 millions d’euros en notes collatéralisées, comme en Allemagne.
12/04/2012
Gestion d'actifs

Le Fonds de compensation AVS / AI / APG recherche un gérant d'actions suisses small et mid cap

Le Fonds de compensation AVS (assurance-vieillesse et survivants) / AI (assurance-invalidité) / APG (régime des allocations pour perte de gain) recherche un gérant actions suisses small et mid cap pour un mandat de 60 millions de francs suisses. Type de gestion: active Objectif de performance :** 300 points de base en moyenne, nets de frais par an sur une période de 4 ans Tracking error :** au maximum 15 % Benchmark: SPI Small and Middle Companies (SPISMC) Pour en savoir plus et répondre à l’appel d’offres, cliquez ici.
Gestion d'actifs
12/04/2012

Best first quarter since 2006 for hedge funds

According to Hedge Fund Research (HFR), hedge funds have posted a marginal loss of 0.01% in March, but with gains in January and February taken into account, performance in first quarter totalled 4.94% for the HFRI Fund Weighted Composite index, which is the largest gain for a first quarter since 2006.
12/04/2012

Warburg launches a European smidcaps fund

Two months after releasing the Warburg-D- Fonds Small&Midcaps Deutschland, Warburg Invest on 30 March launched the Warburg – D Fonds Small&Midcaps Europa, a product managed by Christoph Gebert. The portfolio will include 30 to 50 positions, on undervalued European small and midcaps.CharacteristicsName: Warburg – D- Fonds Small&Midcaps Europa RISIN code: DE000A0LGSA4Front-end fee: 5%Management commission: 1.40%
12/04/2012

Wellington launches an emerging market debt fund

After its Government Relative Value Portfolio fund of government bonds from developed countries (see Newsmanagers of 4 April), Wellington Management is now releasing an emerging market debt fund, the Wellington Emerging and Sovereign Opportunities, which will rely on fundamental, macro and momentum strategies via long and short positions on bonds, fixed income and currencies.CharacteristicsName: Wellington Emerging and Sovereign OpportunitiesISIN code: IE00B7GZ2R88Management commission: 1%Performance commission: 20% with high watermark on performance exceeding 3-month Treasury BillsMinimal subscription: EUR5m
12/04/2012

Bond funds set sales records in February

Bond funds across Europe recorded in February their greatest sales (EUR19.5bn) since July 2005 — most notably high yield bonds reaching EUR6.5bn and beating last month’s all-time high, according to Lipper.Equity fund sales were EUR6.3bn. While global equity fund sales looked most impressive (EUR3.3bn) more than EUR1bn of this related to three new launches.In total, net sales of long-term funds (excluding money market funds) across Europe were the best for sixteen months in February, reaching EUR28.7bn.UBS was the surprise leader when comparing fund companies’ sales success, with inflows of EUR2.8bn, narrowly ahead of Allianz/PIMCO (EUR2.7bn).Funds at the top of the best-sellers list were AXA US Short Duration High Yield (EUR690m), AllianceBernstein American Income Portfolio (EUR640m) and Neuberger Berman High Yield Bond (EUR530m).
12/04/2012

Lyxor AM and Caxton Hawks launch a UCITS hedge fund

Lyxor Asset Management has announced its partnership with Hawk Quantitative Strategies LLC, a company associated with Caxton Associate LP to launch the third alternative single manager on its Lyxor Dimension UCITS Platform. The Lyxor/Caxton Hawk strategy Index Fund offers access to a medium-term, trend-following strategy with a focus on Emerging Markets. The investment strategy is based on a proprietary system developed by Jeff Enslin, a partner and portfolio manager at Caxton Associates LP, who has been trading macro/EM on a discretionary basis since 1995. As of February 1, 2012, this strategy represents approximately USD327m and Hawk Quantitative Strategies LLC manages approximately USD379m.Lyxor Dimension consists of 11 multi-manager funds, two hedge fund replicators, one absolute return program and 3 single alternative strategies.Caxton Hawk is the third single alternative strategy on the platform -after Old Mutual Asset Managers (UK) and Ikos Asset Management- and Lyxor intends to launch more alternative UCITS funds in the coming months.
12/04/2012

Complete Schroders product range will have KIIDs in May

Achim Küssner, CEO of Schroder Investment Management GmbH, on 11 April announced that from 14 May, every one of the 99 Schroders funds on sale in Germany and 93 funds on sale in Austria will have KIID documents. This means that the British asset management firm will make a total of 1,150 KIID documents available, corresponding to all share classes. From 7 May, most of that information will be available online at www.schroders.lu/kiid.
12/04/2012

Greek fraud victims threaten to sue Julius Baer

The victims of a Greek fraudster are hoping to sue Julius Baer for damages and interest, Handelszeitung reports. The fraud was committed by a representative of the Zurich-based private bank. The fraudster promised to deposit his clients’ assets safely in Zurich. In fact, he pocketed about EUR15m, In Greece, the man has already been sentenced to seven years in prison. Julius Baer contests the fact that the fraudster represented the bank, but there was a relationship, the newspaper reports. The former Baer affiliate, Swiss & Global, had a business relationship with the fraudster from 2008 until it was discontinued in 2010. The victims claim this is adequate cause to seek reimbursement from the Zurich-based bank.
12/04/2012

Deka to discontinue investment in livestock and grains

Handelsblatt reports that DekaBank, the central asset management firm for the German savings banks, on Wednesday confirmed a decision previously announced by the NGO Foodwatch, no longer to contribute via its funds to speculation on the rising price of basic food products. The Deka-Commodities fund will be reorganised so as no longer to replicate the evolution of wheat, corn, soy or cattle. No further funds of this type will be launched.
12/04/2012

Fund managers miss their best chances

A survey by Feri EuroRatings of 60 fund managers finds that over 80% of respondents credit the popularity of multi-asset class funds and emerging markets funds, but less than one third of them are planning to offer such a fund. About one in five already has such product on offer, and slightly over 10% are planning to offer one this year or in 2013.The ratings agency also states that over three quarters of asset management firms surveyed say there is good or very good potential for sales of German equity funds, although the prospects have deteriorated compared with the survey undertaken in spring 2011. Meanwhile, 90% of managers estimate that emerging market bond funds have good to very good chances of sales this year, which only 64% of respondents predicted for bond funds overall, possibly due to the popularity of high yield bonds. Feri reports, meanwhile, that optimists about European investment grade bond funds have risen to 68%, from 46% one year ago.
12/04/2012

CalPERS creates a position for a CFO

The California Public Employees’ Retirement System (CalPERS) is looking for an experienced chief financial officer (CFO) who will oversee the financial and risk management operations of the $235 billion pension fund.“We established this position at CalPERS to ensure we maintain a high level of transparency and internal controls in our financial operations,” said the pension fund’s Chief Executive Officer, Anne Stausboll in a statement. “Our CFO will be the single point of coordination for financial and risk-related activities across our organization.”
12/04/2012

Institutionals regain interest in housing markets

A few institutional invetors are planning to diversify their assets by buying up housing properties, Les Echos reports. The trend is still timid: returns on this asset class are continuing to fall.
12/04/2012

Fidelity fighting to stay in the race

Several signs are indicating that Fidelity Worldwide Investment needs to pedal harder than most other actors in the sector in order to retain its even keel, a Financial Times article on the firm claims. The newspaper cites a downgrade in the firm’s credit rating by Standard & Poor’s, the departure of several members of management, a decline in assets and negative performance of funds, among other factors. In 2006, Fidelity Worldwide had USD300bn in assets under management, and consultants praised the stability of the group, the FT reports. The same year, management was aiming for USD500bn in assets in five years’ time, and USD1trn in 10 years. In 2008, assets fell to USD150bn.
12/04/2012

Warrenn Buffett wins out on Goldman Sachs' losing trade

The Wall Street Journal reports that Berkshire Hathaway, the portfolio management firm for Warren Buffett, made a very good deal in November when it bought USD85m in a Lee Enterprises credit from Goldman Sachs, at a price of 65%. The paper is now trading at 82%. Goldman Sachs, which was then seeking to liquidate its credit portfolio, bought the debt at 80%.
12/04/2012

Ofivalmo Partenaires acquires 20% of Egamo

Ofivalmo Partenaires, a shareholder in Ofi AM and Ofi Mandats which is controlled by the Mutuelles du GEMA and the Mutuelles et Unions de la Mutualité Française, has acquired a 20% stake in Egamo, the asset management firm from MGEN. Meanwhile, MGEN has acquired 10% of Ofivalmo Partenaires. The capital agreement is accompanied by a partnership between Egamo (EUR2.5bn as of 30 March 2012) and Ofi Mandats (EUR11bn), both of which are dedicated to mandated institutional management. The agreement will include mutualisation of IT costs and expertise specifically related to the development of services related to a growing number of regulatory restraints, due to legislation such as Solvency II (financial reporting, accounting and regulatory, risk monitoring, active asset and liability simulation tools). However, the financial management of the two structures will remain distinct, says Nicolas Demont, CEO of Egamo. When asked about a more complete merger of Egamo and Ofi Mandats, Demont says that he is not aware of any plans of this type, and that it would not necessarily be the best solution.
12/04/2012

JOHIM recruits a portfolio manager for international equities

The portfolio manager Peter Rutter has joined the global equities team at J O Hambro Investment Management (JOHIM). He will now work with two of his former colleagues from Deutsche Asset Management, Charles Martyn-Hemphill and Will Kenney. Rutter will be in charge of the JOHIM Global and Waverton Global Equities funds. He had previously served as manager at IronBridge Capital Management, Investment Week states.
12/04/2012

Institutionals seek recurrent returns

In an environment of falling interest rates, which has led to a revaluation of liabilities and a downgrade of coverage ratios, the question of where to find returns is arising particularly acutely for institutional investors. According to a survey of 30 long-term investors undertaken in January and February by Image & Finance on behalf of Aberdeen, most long-term investors estimate that the decline in returns on their assets is structural and sustainable. These predictions of falling returns on assets is partly due to the euro zone bias of French institutionals and their pessimism about the economic situation within the euro zone. A slight majority are even predicting a “Japanisation” of the euro zone, which will involve excessive debt coupled with very limited growth. In this environment, institutionals are going back to basics, looking for “discount” products, recurrent returns (credit-backed securities, high yield, real estate), where the primary virtue is coverage for liabilities. For a minority of actors with room to manoeuvre in terms of risk budgets, geographical diversification is a preferred option, in both debt and equities. The study also finds that in a context of falling returns on assets, most long-term invetors have not revised the actualisation rates on their investments. However, actualisation rates in France are generally subject to accounting or regulatory standards which leave investors little room to choose an actualisation rate. Due to the relatively short-term engagements of French institutionals compared with those of pension funds from other countries, falling interest rates have a more limited impact on overall engagements, which reduces the urgency of the question of actualisation rates.
12/04/2012

Increase in ETF activity in March on NYSE Euronext

Daily on-book trading volumes for ETFs on the European markets of NYSE-Euronext increased to EUR253.3m in March, compared with EUR237.3m in February, but remain 50.3% below their levels in March 2011.Block trades of ETF shares totalled EUR840.9m, compared with EUR992.6m in February, representing 13.1% of total trades on the regulated ETF market of NYSE Euronext in Europe, compared with 16.6% rhe previous month.The number of ETFs listed as of the end f March totalled 695, compared with 693 one months previously, of which 597 were primary listings, compared with 595, with the two new entrants being the Lyxor LVIX and the Ossiam EM Minvar E.Lastly, NYSE Euronext states that the median spread last month was 29.58 basis points, compared with 32.25 in February.
12/04/2012

BlackRock prepares to short-circuit Wall Street

BlackRock Solutions, a unit of BlackRock, will operating a trading platform on which 46 clients, including sovereign wealth funds and insurers, may make trades between them on corporate bonds, mortgages, and other types of assets. This would mean a loss of significant revenue for Wall Street investment banks, the Wall Street Journal reports. The platform would be authorised to process orders from the various actors present on it, and would charge a considerably lower fee than the stock market.
12/04/2012

Deka to discontinue investment in livestock and grains

Handelsblatt reports that DekaBank, the central asset management firm for the German savings banks, on Wednesday confirmed a decision previously announced by the NGO Foodwatch, no longer to contribute via its funds to speculation on the rising price of basic food products. The Deka-Commodities fund will be reorganised so as no longer to replicate the evolution of wheat, corn, soy or cattle. No further funds of this type will be launched.
12/04/2012

Hedge funds miss high watermarks

According to Absolute Return + Alpha, only 38% of hedge funds last year succeeded in generating performance exceeding their high watermark, compared with 73% in 2010. This has resulted in a significant reduction in the number of funds which were able to earn performance commissions.
12/04/2012

Idinvest Partners launches an FCPI fund dedicated to innovative European SMEs

The third-party management specialist serving the European private equity sector Idinvest Partners on 11 April announced the launch of a new FCPI product, Idinvest Patrimoine 2, which will invest primarily in innovative European SMEs. The fund’s investment strategy aims for a large diversification of investments in terms of sectors and stages of development of businesses. The objective is to select businesses which are active in high-added value innovative technology sectors, such as IT, telecommunications, electronics, health, and the environment.

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