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12/03/2012

Legg Mason targets institutional clients in France

Legg Mason Global Asset Management is continuing its development in France. The multi-boutique asset management firm will target institutional investors in particular this year. “We have plans to recruit for an additional development position,” says Vincent Passa, director of distribution for France, Monaco and Benelux. “One person may join us in the next few months, with a mixed profile for retail and institutional clients.”Some products will be foregrounded to institutionals. “I am thinking more particularly of absolute return strategies managed by Permal and Western Asset. The global government bond fund from Brandywine also corresponds very well to the expectations of this type of client, with its exclusive positioning on investment grade. They could be interested in the US equity management fund from ClearBridge as well, with its controlled volatility,” says Passa.Alongside these developments in France, Legg Mason Global Asset Management is also taking strides forward in Switzerland. The Swiss market, which has hitherto been served from the Paris office, which also serves France, Monaco and Benelux, will now have its own office. The office will be located in Geneva, and will be led by Christian Zeller, the new director of distribution for Switzerland.Zeller joins Legg Mason Global AM from F&C Investments, where he had been head for Austria and Switzerland. He will aim to develop distribution activities on the Swiss market, particularly serving financial intermediaries, asset managers, fund of fund managers, banks, and high net worth distribution platforms.
12/03/2012

High yield bond ETFs may disappoint

As investors go for high yield bond funds, Financial Times Fund Management predicts that the returns on these products may be far lower than those of high yield bond indices, due to high transaction costs and market inefficiencies. This observation is particularly true for ETFs. Figures from Lipper reveal that in the past five years, the average high yield ETF was 46 basis points below its index on one month, or 552 points per year, which is far higher than the management fees of 40-50 basis points.
12/03/2012
Gestion d'actifs

La région Limousin sélectionne une société de gestion pour un fonds de co-investissement

Seuls deux candidats ont répondu à l’appel d’offres mené par la Région Limousin pour une prestation de gestion d’un fonds de co-investissement. Les missions du gestionnaire du fonds sont les suivantes: ??? Les missions réglementaires liées FEDER, ??? L’assistance à la Gestion courante de la société, ??? La mise en oeuvre de la stratégie et du plan d’investissement de la société. Le lauréat est Sigefi - Siparex Ingénierie et Finance Pour lire l’avis complet: cliquez ici
Gestion d'actifs
12/03/2012
Gestion d'actifs

Spirica privilégie les obligations émises par des entreprises industrielles et les obligations foncières

Le portefeuille obligataire, source de revenus réguliers, représente 70% de l’actif général (872 millions d’euros) à fin décembre 2011, tandis que la part de l’immobilier s'établit à 15% contre 24% au 31 décembre 2010. Les actifs de diversification ont été renforcés au cours de l’année 2011. Cette poche représente 9% du portefeuille à fin décembre. Parmi les actifs de diversification, les OPCVM de multigestion alternative et les fonds flexibles ont bien résisté au cours de l’année 2011. Dans le cadre de la poche de diversification, la sélection des titres vifs a porté sur des valeurs de rendement. En effet une telle stratégie, lorsqu’elle est réalisée de manière ciblée, permet de bénéficier des revenus grâce aux dividendes en cas de baisse des marchés tout en profitant d’un potentiel de hausse en cas de rebond. La trésorerie, investie dès que possible tout au long de l’année afin d’optimiser le rendement de l’actif, représentait 6% de l’actif en instantané au 31 décembre 2011. Parmi les grandes orientations de gestion appliquées au portefeuille obligataire au cours de l’année 2011, notons une augmentation des acquisitions d’obligations émises par des entreprises privées, solides financièrement, avec un intérêt plus fort pour les maturités 5-10 ans. La part des obligations émises par des entreprises (« corporate ») est ainsi passée de 52% du portefeuille obligataire à fin décembre 2010, à 61% au 31 décembre 2011. Les principales acquisitions ont porté sur des obligations émises par des entreprises industrielles ainsi que sur des obligations foncières émises par des établissements financiers.
Gestion d'actifs
12/03/2012

BlackRock concludes acquisition of Claymore

BlackRock has closed the acquistion of Canadian-based Claymore Investments (USD7.4bn in assets as of the end of January) from Guggenheim Partners (see Newsmanagers of 13 January) for an undisclosed amount. Claymore will now operate under the iShares name.The Independent Review committee for Canadian ETFs from iShares (USD29bn) will be extended by funds from Claymore, while the Claymore Advisory Board will cease to exist.
12/03/2012

Danish pension fund FSP joins forces with local heavyweight AP Pension

Two of the largest pension funds in Denmark, AP Pension and FSP, have decided to join forces to form a new entity with assets under management totalling DKK77bn, or about EUR10.4bn. The new structure will be known as AP Pension. FSP, the pensoin fund for the financial sector, with DKK22bn in assets under management, has announced that it has decided to merge with AP Pension due to increased competition in the sector and regulations which require increased owners’ equity levels. FSP has been in the spotlight before due to its high cost levels. FSP charges a commission of DKK2,822 per year, compared with only DKK1,355 for AP Pension. The new fund will charge a total annual commission of between DKK1,350 and DKK1,500, with a reduction of up to 10% in the next few years. The merger is expected to be approved at the next combined general shareholders’ meeting of FSP, scheduled for 19 April.
12/03/2012

Swedish investors continue to prefer equity funds

In February, Swedish fund overall posted net inflows of SEK5.4bn, with net subscriptions of SEK12.4bn for equity funds more than offsetting net redemptions of SEK7.4bn from money market funds, the Swedish investment fund association (Fondbolagens förening) reports. Diversified funds, for their part, posted net inflows of SEK1.2bn.For the first two months of the year, net subscriptions totalled SEK6.9bn, thanks to SEK25.7bn which went to equity funds, while money market funds lost SEK14.9bn and bond funds had net outflows of SEK3.6bn, and hedge funds for their part had redemptions of SEK2bn.As of 29 February, total assets in Swedish funds totalled SEK1.958trn, SEK62bn more than at the end of January. That marks the highest amount since a peak of SEK1.970trn in May 2011.Of this total, equity funds represent 55%, at SEK1.077trn, while Swedish equity products total SEK298.6bn, and international equities account for SEK247.52bn.
12/03/2012

Mirabaud rationalises Spanish fund range

Funds People reports that Antonio Palma, partner and CEO at Mirabaud, has announced that the group is in a redeployment phase in Spain, following its acquisition of Venture Finanzas. The changes will result in a single range of Spanish funds, which will be on sale throughout the group, and modernised to comply with the UCITS IV directive. This will involve discontinuations of products, a reshuffle, and changes to the management philosophy for some funds. The range will be made up of Spanish equity funds and one local money market product. European equity funds from Venture will be merged with the equivalent Mirabaud products. Meanwhile, Mirabaud will gradually register its funds with the CNMV.
12/03/2012

Asian hedge funds doing well

It has been a very good start to the year for Asian hedge funds, after a calamitous year in 2011. According to statistics from Eurekahedge, Asia ex Japan hedge funds earned gains of 4.40% in February, after growth of 4.26% in January. In the first two months of this year, thw growth comes to 8.66%. The Mizuho-Eurekahedge Asia ex Japan index has also posted gains of 9.55% since the beginning of the year, suggesting that larger funds outperformed in the first two months of the year. Event-driven strategies have done particularly well, with estimated gains over two months of 19%. The HFRI Emerging Markets: Asia Ex-Japan Index, calculated by Hedge Fund Research, gained 5.21% last month, bringing performance in the first two months of the year to 10.54%.
12/03/2012

“We have decided to diversify our expertise in real estate properties”

Despite EUR650m in net inflows for high-risk assets in 2011, EdRAM has opted for diversification. It has constructed an expertise in less volatile real estate assets. Philippe Couvrecelle, chairman of the board, discusses the motives for this enlargement of the capabilities of the firm, the next steps in building the team dedicated to this activity, and the launch of the first house OPCI funds. But if such a development were to take place to the detriment of the equities unit, it would be a step too far.
12/03/2012

CamGestion modifies risk management for CamGestion Active 20

CamGestion, whose prudent flexible fund CamGestion Active 20 posted significant losses in 2011 (-7.94%) despite its prudent design (equities may not exceed 20% of the portfolio), has decided to make some modifications to the ex-ante and ex-post risk management mechanisms for the fund. The objective is to limit the possibility that exceptional movements such as those which occurred last year might impact the performance to such an extent, the firm says. As a result, CamGestion has opted firstly for deployment of a double management of the fund, with the addition of a bond manager and a live share manager to manage the fixed income portfion. Management has also decided to add further elements to the management policy and risk limits for the CamGestion Active 20. The management objective for the CamGestion Active 20 has not been modified. The ranges for exposure to various asset classes remain the same. Equities may vary from 0 to 20%, bonds from 0 to 100%, convertibles from 0 to 100%, sensitivity from -1 to +5, emerging markets from 0 to 10%, and currency risk is limited to 50%.
12/03/2012

Arbitrage fund reopens to clients

The arbitrage fund from the New York-based alternative management firm Water Island Capital will be reopened to all investors from 15 March, Mutual Fund Wire reports. The fund has been closed to new investors since 19 July 2010. Its assets under management currently total USD2.9bn, Morningstar reports.
12/03/2012

Universal releases an SRI fund of ETFs

Universal-Investment, a specialist in white-label products, is planning to launch the Responsible Selection Fund UI, a “sustainable development” ETF fund which will invest primarily in ETFs which replicate equity indices such as the Dow Jones Sustainability World Enlarged and the S&P Global Water Index, as well as micro-finance funds, real estate products and forestry funds, for the wealth management firm Dr. Upgang Vermögensberatung.The fund is aimed primarily at IFAs who work on a commission basis, for which reason Universal is not planning to charge any front-end fee or performance commission. In addition, the composition of the portfolio will be viewable at any time, with weighting, on the website www.responsibleselection-fund.de.CharacteristicsName: Responsible Selection Fund UIISIN code: DE000A1JLRD2Management commission: 0.92%
12/03/2012

Hedge funds show gains in February, according to Hennessee

The Hennessee hedge fund index in February posted gains of 1.72%, following performance of 2.30% in January, bringing total gains of 4.07% since the beginning of the year.The only strategy to show losses is short bias funds, with losses of 5.06% in February, compared with 5.08% in January, and losses of 9.89% for first quarter 2012.Excluding financial and regional strategies, the best performer was event-driven, with gains of 1.66% in February, compared with 3.78% in January and gains of 5.50% for the first two months of the year.
12/03/2012

February was a positive month for UCITS hedge funds

The index of UCITS-compliant hedge funds calculated by the Swiss firm Alix Capital, the UCITS Alternative Index Global, has posted returns of 0.87% for February, compared with 1.37% in January, bringing total gains since the beginning of the year to 2.25%.All strategies finished February in positive territory, with emerging markets leading with gains of 2.12% for the month and 6.25% since the beginning of the year.
12/03/2012

European ETPs attracted USD5bn in January-February

According to updated statistics from the BlackRock Institute, European ETPs in February saw net inflows of USD1.7bn, bringing the total for first quarter to USD5bn, and assets at the end of February to USD337.9bn (of which USD301.5bn were for ETF funds), compared with USD323.2bn (of which USD287.8bn as of the end of January were for ETFs, which represented USD266.6bn as of 31 December 2011).Of this USD5bn in net subscriptions in January-February, iShares (BlackRock) took on USD2.4bn, and db x-trackers (Deutsche Bank) took in USd0.2bn. The top three products by net inflow volumes were funds from iShares (MSCI Emerging Markets, with USD661m, Barclays Cap Europ Corporate Bond ex-Financial, with USD535m, and Markit iBoxx Euro Corporate Bond, with USD463m.Though the figures are slightly divergent from one source to another as to the number of ETFs and total assets, BlackRock and ETF Global Insight, the new firm from Deborah Fuhr, agree that Lyxor Asset Management (Société Générale) saw the heaviest net outflows in February, with USD0.4bn.
12/03/2012

Eagle Investment opens an office in Beijing

Eagle Investment Systems LLC, a provider of financial IT services and an affiliate of BNY Mellon, has announced that it has opened a representative office in Beijing. The entity will be led by John Legrand.
12/03/2012

Value Partners acquires 49% of KBC Goldstate

After months of uncertainty, Value Partners has officially announced that the Chinese regulator, the CSRC, has approved the acquisition by Value Partners of a 49% stake in KBC Goldstate, for an officially announced total of CNY40.5m. However, Z-Ben Advisors reports, the question is how much Value Partners really had to pay in total, which would be instructive for the next deals involving valuation of small, loss-making asset management firms.
12/03/2012

US money market funds make a return to euro zone

According to a statement from JPMorgan, relayed by Agefi, US money market funds have increased their portfolio of debt from euro zone banks by 30% in February, bringing their total exposure to USD211bn. This increase follows an increase of USD27bn the previous month.
12/03/2012

Profits and assets under management down for Skandia as it redeploys in Europe

Assets under management by Skandia in the UK as of the end of 2011 totalled GBP33.4bn, down by GBP500m year on year. Operating profits for the fiscal year are down by GBP37m to GBP103m. Skandia UK has also announced plans to extend the range of services available to independent financial advisers, and services available directly to clients of advisers. Skandia has also announced a merger of its wealth management activities in continental Europe, including France and Italy, with Skandia Retail Europe, which includes Germany, Austria, Poland, and Switzerland, to create Wealth Management Europe. The new entity will have 736,000 clients, 800 personnel and over EUR11bn in assets under management.
12/03/2012

F&C liquidates a fund from Thames River

The Irish-registered OEIC fund Thames River World Government Bond fund (GBP82.4m), which was launched on 12 November 2008, will be liquidated on 31 March by F&C, as the client for whom the fund was launched has decided to revise its allocation and no longer to invest in government bonds, Fund Web reports.
12/03/2012

Germans not doing much to diversify their fund portfolios

Only 13% of Germans who have invested in shares in funds or equities, and among those who invest in funds, 32% have shares in only one product, and 49% hold shares in only two or three funds, according to a survey by GfK on behalf of Gothaer Asset Management (GoAM), undertaken in January 2012.The study finds that Germans prefer safety (60.9% compared with 45% in 2010), and their favourite vehicle is the savings account (47%, compared with 31%), while 24% prefer sight deposits. But 29% say that they are not in a position to save.Also of note is the fact that among motives for savings, the macroeconomic picture, investment in the country’s means of production, plays virtually no role.
12/03/2012

Is Klaus Kaldemorgen pulling out of his slump?

Klaus Kaldemorgen, an icon in German asset management, has admitted with irritation that he has been too defensive over the past two years, and that his cash allocation was in euros when it should have been in US dollars or in Swiss francs, Die Welt reports. His wealth management fund Vermögensbildungsfonds I from DWS (which still has EUR5.1bn in assets) lost 11% in 2011, 9 points more than the MSCI World index, and it made only 11% in 2010, again 9 points below the index.But the first weeks of 2012 are behind us and the fund has gained two points over its benchmark. The bet of increasing exposure to the financial sector paid off. And Kaldemorgen is also betting more on oil, gas, and commodities. It remains to be seen if this will be enough to hold onto a three-star rating from Morningstar.
12/03/2012

Very good start to the year for hedge funds

Results like this haven’t been seen for twelve years. Hedge funds have posted their best start to the year since 2000. The HFRI Fund Weighted Composite Index has posted gains of 2.14% for February, bringing performance in the first two months of the year to nearly 5%, Hedge Week reports. The largest contribution to the performance of the index came from the HFRI Equity Hedge Index, which gained nearly 7% in the two-month period. However, most strategies did well. The event-driven strategy gained 1.9% in February, and 4.6% since the beginning of the year, while relative value arbitrage gained 1.7% on one month, and 3.6% over two months. The HFRI Macro index shows gains of 1.2% in February, and 2.4% since the beginning of the year, despite losses for most hedge funds concentrated on commodities. There were significant gains for hedge funds investing in emerging markets, of 4.3% in February and 9.3% in the first two months of the year, with special mention for funds investing in Russia and Eastern Europe, which have gained 12.7% in two months.
12/03/2012

Emerging market equity and bond funds popular in early March

In the first week of March, appetite for risk has not decreased, and investors have preferred emerging market bond funds and emerging market equity funds, which have posted over USD1bn in net subscriptions, according to statistics from EPFR Global. As Europe awaited the results of the Greek debt swap, Europeaan funds continued to see limited redemptions. Equity funds overall finished the week ending on 7 March with outfllows of USD4.3bn, while bond funds, for their part, have posted net inflows of USD6.9bn. Money market funds have posted net subscriptions of USD5.9bn. Since the beginning of the year, US money market funds have posted outflows of USD53.8bn, while European money market funds show inflows of USD3.49bn. In North America, US equity funds have seen outflows of over USD5bn, while net subscriptions since the beginning of the year fell under USD1bn. Most redemptions were from small and large cap ETFs. Japanese equity funds saw redemptions of nearly USD450m, as investors were concerned by rising energy costs and a sluggish reconstruction programme. Since the beginning of the year, outflows have totalled USD1.6bn, while Japanese equity funds have posted returns of 12%. Since the beginning of the year, high yield bond funds, still highly popular, posted net inflows of over USD23bn.
12/03/2012

FSA puts Pritchard Stockbrokers on a special administrative regime

The British Financial Services Authority (FSA) announced on 9 March that it has placed the brokerage firm Pritchard Stockbrokers on a special administrative regime. The decision follows a freeze of Pritchard’s assets on 10 February this year, when the FSA observed unorthodox use of client assets, to cover the firm’s costs. ON 29 February, another brokerage firm, WH Ireland, announced that it had taken charge of the assets of most of Pritchard’s clients. The FSA says in a statement that it has named three trustees from the auditing firm Mazars who will review client positions and restore as much as possible to each client.
12/03/2012

Ignis AM recruits a manager from LV=

The British asset management firm Ignis Asset Management has recruited a manager from LV= Asset Management, Graham Ashby, Money Marketing reports. Ashby will manage the income equity fund, Ignis UK Equity income fund, whose assets under management total GBP90.6m. Ashby had been in charge of the UK equity fund at LV=.
12/03/2012

F&C recruits Steve Ilott as head of multi-strategy

The British asset management firm F&C has recruited Steve Ilott as head of multi-strategy investments in its new investment and institutional business (IIB) unit. Ilott previously worked at Alignment Investors, a division of BlueCrest Capital, where he was a partner. He was previously global head of fixed income at Aberdeen Asset Management, until 2007.
12/03/2012

Les fonds monétaires américains reviennent en zone euro

Selon une note diffusée par JPMorgan, les fonds monétaires américains ont accru de 30 milliards de dollars en février leur portefeuille de dette dans les banques de la zone euro, portant le total à 211 milliards de dollars. Cette progression s’était déjà établie à 27 milliards de dollars le mois précédent, signe d’un apaisement des tensions en zone euro.

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