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15/12/2011

New hedge fund managers optimistic for 2012

Newcomers in the hedge fund sector are in an optimstic mood. Young start-ups estimate that their hedge funds may earn 10% or more in 2012, according to a survey of the US market by the conference organizer GAIM (Global Alternative Investment Management). Slightly over 50% of the 90 respondents, whose assets under management total USD250m or less, claim that they may be able to earn gains of over 10%, with 31% talking about gains of 15% or more. 81% of managers say the biggest challenge in the next few months will be raising capital. 40% claim they can raise more than USD50m, which would double assets for smaller actors, and would be an increase in assets of about 20% for the larger ones.
15/12/2011

Highland Funds Asset Management becomes independent

Highland Funds Asset Management will become independent of its parent company, Capital Management, on 9 January 2012. The firm will then become known as Pyxis Capital. Its 19 mutual funds will be sold under the new name, and all employees of Highland Funds Asset Management will be joining the new structure.
15/12/2011

Carmignac hires Rod Stewart

Citywire reports that the singer Rod Stewart has agreed to present the next Carmignac investor conference in January.
15/12/2011

European outflows slowed in October

Funds in Europe suffered redemptions of EUR19.7bn in October, a significant improvement on the previous two months, according to Lipper. In September, outflows reached EUR60.7bn.After stumbling badly last month, bond funds suffered much more manageable redemptions this month (-EUR1.2bn compared to -EUR17.2bn) and even equity outflows of EUR10.6bn were half the level endured in September (EUR21bn).There were also significant pockets of positive activity. After redemptions of EUR18.5bn over the past four months, high yield funds enjoyed a come back with inflows of EUR3bn. It was a boost for Muzinich and its Short Duration High Yield fund. The asset manager came second of the group sales chart this month with net sales of EUR680m, after Allianz/Pimco (EUR1bn) and ahead of Prudential/M&G (EUR550m).Finally, in the ongoing parade of potential safe haven products, USDbond funds made a strong showing (EUR580m) this month. And the gold experience was very positive in October, with commodity funds as a whole reversing last month’s outflows of EUR1.3bn to enjoy inflows this month of EUR520m. Sterling was most attractive to investors as euro and dollar money market funds suffered redemptions of EUR10.8bn, but sterling-denominated funds attracted EUR8bn.
15/12/2011

Morgan Stanley launches a UCITS long/short strategy based on Brazilian equities

Morgan Stanley has launched a market neutral long/short strategy, which will become a sub-fund of its Irish UCITS-compliant Sicav, and which will be managed by the Brazilian firm Claritas Administraçao de Recursos, Investment Europe reports. The fund, MS Claritas Long Short Market Neutral Ucits, provides access to the Brazilian source strategy. Morgan Stanley says it is the first UCITS-compliant absolute return strategy dedicated exclusively to the Brazilian equity markets.
15/12/2011

Publicly-traded capital in British businesses on the hot seat

The British National Association of Pension Funds (NAPF) would like to see the index provider FTSE increase the minimal limit for publicly-traded capital to 50% for companies registered in the United Kingdom. Other professional associations are also said to be in favour of a minimum limit of 25%, according to the British press. The current legislation requires a minimum of 15%, but a company with capitalisation of over USD5bn may have a float of only 5%. Investors claim that it is too easy to list a company in London, and the index provider last month launched a consultation on the subject, following the IPOs of several companies with small floats. The pension fund association claims that a 25% minimum would not be enough to ensure the protection of minority shareholders who may want to block resolutions by majority shareholders.
15/12/2011

Blanca Casas promoted to head of marketing at BBVA AM

Blanca Casas, who joined BBVA Asset Management in April 2010 on the team led by Gonzalo Meseguer, director of sales and marketing, will replace Beatriz de la Vega as director of marketing, Funds People reports. De la Vega has joined the marketing strategy team for the new global retail & business banking division at BBVA.Casas had previously worked at Allfunds Bank and ING IM.
15/12/2011

Aberdeen to launch a real estate fund in Italy

The real estate asset mangement team at Aberdeen in Italy, which is composed of four people, will manage a fund aimed at institutional and qualified investors, which will invest solely in Italian shopping centres, Il Mondo reports. The real estate fund may be extended to high net worth private clients and family offices.
15/12/2011

M&G signs a distribution agreement in Italy

M&G has signed an agreement with the Italian platform WeBank, under which 25 of its retail funds licensed for sale in Italy will be available to clients of the bank, via the website www.webank.it, Bluerating reports. The agreement is a new step in the British asset management firm’s development strategy on the Italian retail market, which began slightly over two years ago, says Matteo Astolfi, director of M&G Investments in Italy.
15/12/2011

Petercam adds to range of dividend funds

After the Petercam Equities Europe Dividend and Petercam Equities North America funds, the Belgian asset management firm Petercam has announced the launch of a third Belgian-registered fund in its dividend strategy, the Petercam Equities World Dividend, a sub-fund of the Petercam B Fund.The fund is not yet licensed for sale in France.The portfolio will include 60 to 100 positions, on equities which offer higher-than-average dividend returns and “sustainable” growth in these dividends.The fund will be managed by Moudy El Khodr and Kris Hermie, two veterans of ING IM, who joined Petercam in July 2011 and December 2010, respectively.CharacteristicsName: Petercam Equities World DividendISIN codes:Retail: BE6228798409 A BE6228801435 BInstitutional:BE6228799415 E BE6228802441 FIFA :BE6228800429 KBE6228803456 LManagement commission: A dn B share classes: 1.50%E and F share classes: 0.75%K and L share classes: 2.00%
15/12/2011

Head appointed at Julius Baer

Julius Baer on 14 December announced the appointment of Luigi Vignola as its new regional head for the Markets & Custody division in Asia. Vignola will work to develop these activities in Singapore, from 1 January 2012, a statement says. Vignola succeeds Gérard Berclaz, who has returned to Switzerland to occupy a key position in the Markets & Custody division.
15/12/2011

New fixed income manager at Reyl AM

Reyl Asset Management has added to its Fixed Income department, with the recruitment of Gilles Pradère, a senior fund manager, who had previously worked at Calyon in London, Agefi Switzerland reports. Pradère, a specialist in non-directional relative value and global macro type strategies, will allow Reyl Asset Management to add long/short type products to its bond range, with absolute return type objectives and UCITS IV-compliant formats.
15/12/2011

Net outflows from mutual funds in November

After net subscriptions of USD745m in October, US long-term mutual funds have seen net outflows in November of USD6.32bn, bringing net inflows since the beginning of the year to USD74.18bn, compared with USD244.1bn in 2010 overall, Morningstar reports.Money market funds, for their part, attracted USD46.14bn in assets last month, which reduces net outflows in the first eleven months of 2011 to USD135.18bn, compared with net redemptions of USD476.25bn last year overall.Morningstar reports that US equity funds, especially large caps, have seen net outflows of USD12.51bn, while international equity funds, with net redemptions of USD4.29bn, have had their worst month since May 2010.Hedge funds attracted USD1.65bn in net assets in November, and USd135.18bn in January-November, compared with net inflows of USD22.92bn in 2010 as a whole.
15/12/2011

Spanish stock exchange lists six more ETFs from db x-trackers

On 14 December, Bolsas y Mercados Españoles added six ETFs from db x-trackers (Deutsche Bank) to trading, including a fund based on the Ibex 35, and five leveraged products based on the Dax, the S&P 500 and the Euro Stoxx 50. Madrid now lists 27 db x-trackers products.The new ETFs added to trading are:db x-trackers IBEX 35® INDEX ETF db x-trackers LEVDAX® DAILY ETF db x-trackers SHORTDAX® x2 DAILY ETF db x-trackers S&P 500 2x INVERSE DAILY ETF db x-trackers S&P 500 2x LEVERAGED DAILY ETF etdb x-trackers EURO STOXX 50® LEVERAGED DAILY ETF
15/12/2011

SWIP launches a European high yield fund

Scottish Widows Investment Partnership (SWIP) has announced the launch of the European High Yield Bond Fund, which will be co-managed by Steve Logan, head of European high yield, and Lesley O’Neill, investment director, European high yield. The two managers joined SWIP in 2001.The portfolio will be managed with a “best ideas” approach, to identify the most attractive European high yield bonds, and to construct a portfolio of about 75 positions. Although it will be focused on European issuers, the fund also takes into account the best investment ideas from the SWIP high yield team based in New York. The product will have no benchmark index. The SWIP high yield team includes eight people, based in Edinburgh, London and New York, with about GBP2bn under management as of 30 September.
15/12/2011
Gestion d'actifs

Réunica pourrait encore renforcer son exposition aux obligations d'entreprises au détriment des obligations souveraines

Dans un article publié dans Option Finance, Francis Weber, directeur financier du groupe de protection sociale Réunica: Depuis le début de la crise sur les dettes souveraines, nous privilégions le crédit corporate plutôt que souverain. La part des obligations d’entreprises, actuellement déjà majoritaire dans un portefeuille d’assureur ou de caisse de retraite, pourrait donc encore augmenter.
Gestion d'actifs
15/12/2011

Le FTSE renforce ses exigences de flottant

Le FTSE a relevé de 10 points à 25% son exigence de flottant minimum pour faire partie de ses indices. Ce n’est pas assez, loin s’en faut, pour l’association des fonds de pension britanniques, la NAPF, qui selon le quotidien réclame par la voix de son responsable de la gouvernance David Paterson un seuil plancher de 50% des titres librement négociables sur le marché.
15/12/2011

Allianz songe à la cession de Selecta

Allianz Capital Partners, l’entité de private equity de l’assureur allemand, a selon le quotidien mandaté HSBC pour une revue stratégique de l’opérateur suisse de machines à café, numéro un européen du secteur. La mise aux enchères pourrait débuter au premier trimestre 2012 et l’opération pourrait représenter jusqu’à un milliard d’euros.
15/12/2011

Carlyle à l’affût dans les CLO

Bloomberg rapporte que Carlyle est en discussions pour racheter auprès de Highland Capital Management une activité assurant la gestion de 3 milliards de dollars en CLO (collateralized loan obligations) en Europe.
14/12/2011

Les eurodéputés valident la nomination de Benoît Coeuré à la BCE

Le Parlement européen a endossé la nomination de Benoît Coeuré, numéro deux du Trésor français, au directoire de la BCE en remplacement de Lorenzo Bini Smaghi. La candidature de ce polytechnicien âgé de 42 ans, spécialiste de la politique économique européenne et du système monétaire international, avait déjà été validée par les Etats membres de l’UE.

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