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26/09/2011

Richard Walsh leaves Lombard Odier IM

Richard Walsh, the head of emerging debt at Lombard Odier Investment Managers, is leaving the firm after one year. This departure comes at a time when LOIM is strengthening its London-based fixed income expertise by re-locating its emerging market debt team there from Geneva in October 2011. The team will also be reinforced by the appointment of senior portfolio manager Michal Wozniak of JP Morgan, who co-manages an emerging market debt portfolio at JPMorgan Asset Management in London in a team responsible for USD14 billion.LOIM’s credit team made the transition to London in August 2010. Stéphane Monier will remain based in Geneva and be supported from London by Ian Clarke, Deputy Chief Investment Officer for the unit who joined in June 2011 after working as head of fixed income at Abu Dhabi Investment Authority. Michal Wozniak, working with co-fund manager Guilherme Maciel De Barros, will take over management of the LOF Emerging Local Currencies and Bond Fund and the LOF Emerging Market Bond fund. They will be supported by Laurent Moulin, LOIM’s fixed income economist. Richard Walsh was also involved in managing these funds since joining the firm last year.
26/09/2011

Sergio Ermotti becomes interim Group CEO of UBS

On Saturday, the UBS Board of Directors accepted Group CEO Oswald J. Grübel’s decision to resign from the bank and asked Sergio P. Ermotti to take up the position of Group CEO on an interim basis, the appointment taking effect immediately. According to the press release, «the Board regrets Oswald Grübel’s decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorized trading incident. It is testimony to his uncompromising principles and integrity». And «the Board is deeply disappointed by the recent loss arising from unauthorized trading. It will fully support the independent investigation and will ensure that mitigating measures are implemented to prevent such an incident from recurring."Elsewhere, «the Board reconfirmed the Group’s integrated strategy, with its wealth management, investment bank, asset management and Swiss retail and corporate businesses as essential and complementary pillars of UBS’s unique client franchise. The Board of Directors has asked the Group Executive Board to accelerate the implementation of the Investment Bank’s client-centric strategy, concentrating on advisory, capital markets, and client flow and solutions businesses. This strategy is consistent with the industry’s changing capital requirements and will lead to a reduction in complexity."In other words, Kaspar Villiger, chairman, explained that «the Investment Bank will be less complex, carry less risk and use less capital to produce reliable returns and contribute more optimally to UBS’s overall objectives.»
26/09/2011

“The visibility of LBPAM has increased considerably among key clients”

La Banque Postale AM, which three years ago set itself ambitious goals to increase its market share among key accounts, is well on the way to meeting its objectives, which makes it a challenger in RFPs that the firm's chairman, Jean-Luc Enguéhard, likes. The asset management firm is also extending its fund range, in order to meet the expectations of its clients of all types, with a policy of going out and finding outside expertise when the firm doesn't have it internally.
26/09/2011

Cattolica and BPVI dissolve their asset management joint venture

In early September, Cattolica Assicurazioni and Banca Popolare de Vicenza dissolved their joint venture in asset management, BPVI Fondi Sgr, founded four years ago, Bluerating reports. Cattolica will take over its assets of EUR3bn, and BPVI Fondi Sgr will be 100% integrated into Banca Popolare di Vicenza.
26/09/2011

102 foreign asset managers have products on sale in Spain

Since the beginning of this year, 14 foreign asset management firms have registered funds with the CNMV for sale in Spain, while 24 firms use “paratroopers,” i.e. heads of sales who commute regularly to Spain without being based there.Among the French firms, Amundi, Axa IM, Lyxor Asset Management, Natixis AM and UFG-LFP, Neuflize Private Assets and Mandarine are the most recent to release products in Spain.
26/09/2011

Spain will be able to transpose UCITS IV directive sooner than expected

Spain won’t be obliged to wait for the new government resulting from the general elections on 20 November to adopt the UCITS IV directive . Funds People reports that the final plenary session of the Spanish Congress on 22 September definitively passed reforms to the collective investment law of 2003. Now the publication of the Official Gazette (BOE) is the only remaining step.
26/09/2011

SEB AM still planning to reopen redemptions from ImmoInvest fund by the end of this year

Due to sales of properties totalling 86,000 square metres, and acquisitions of 35,000 square metres of properties which will boost the performance of the retained portfolio, the open-ended real estate fund SEB ImmoInvest (DE0009802306, EUR6.32bn) is hoping to be able to reopen redemptions by the end of 2011, though they had been suspended theoretically until 5 May 2012 (see Newsmanagers of 28 April).SEB Asset Management has also explained that sales of assets totalled EUR218m, at an average of 5% above the market value of the properties. Other sales will soon be announced, which will allow the fund to take on sufficient liquidity to be able to guarantee a sustainable reopening of redemptions.As of 31 August, the fund had earned annualised returns of 1.7% since the beginning of the year, and 3.8% per year in the past five years, compared with averages of 1.1% and 3.6% for all German open-ended real estate funds, according to the BVI association of asset management firms.
26/09/2011

Sal. Oppenheim launches an absolute return equity fund

Via its asset management affiliate Oppenheim Fonds Trust (OPFT), Sal. Oppenheim is planning to launch the OP Aktien Marktneutral fund, which will be available in institutional and retail share classes. It is a long/short market neutral fund, whose long positions will largely be on European equities and derivatives, and short positions on derivatives.The objective will be to generate higher returns than the money markets, via active quantitative management.CharacteristicsName: OP Aktien Neutral I (institutional share class)OP Aktien Marktneutral R (retail share class)ISIN codes: DE000A1JBZ69 (I shares)DE000A1JBZ51 (R shares)Launch: 4 October 2011Fund Management firm: Oppenheim KAGFront-end fee:0 % (I shares)3 % (R shares)Depository banking commission: 0.05%Management commission:0.50 % (I shares)1% (R shares)Performance commission: maximum 20% of performance exceeding the Euribor +200 basis pointsMinimal subscription:EUR50,000 (I shares)EUR100 (R shares)
26/09/2011

Klimek launches a LFP fund investing in asset management firms

Klimek Advisors Fund Consulting has announced the release of the LFP Klimek Advisors Dolphin Fund in Germany. The fund, launched on 30 June 2011, is managed jointly by the French asset management firm La Française AM (previously known as UFG-LFP) and Klimek Advisors. The portfolio of the UCITS IV product, with 20 to 30 positions, is invested in shares in listed asset management firms, which earn at least 75% of their profits from management commissions charged to clients. These include firms such as BlackRock, Schroders and Invesco.
26/09/2011

M&G liquidates European Special Situations fund

Fundweb reports that M&G Investments has closed its European Special Situations fund (GB00B28XTD07), which had only GBP12.7m in assets, though it was launched in February 2008. The manager, Richard O’Connor, will remain with the company, where he manages 15 products.Shareholders in the European Special Situations fund have been offered a transfer of their assets to the M&G European Strategic Value fund (GB00B28XT522), which has GBP90m in assets, and is managed by Richard Halle, with Daniel White.
26/09/2011

JO Hambro planning to launch a US equity fund

JO Hambro Capital Management, which was acquired in July this year by BT Investment Management, is planning to launch a US equity fund in the next three to four years, probably in the small and midcaps sector, Money Marketing reports. JO Hambro, whose assets under management total GBP7bn, has an investment capacity of GBP12bn.
26/09/2011

Rathbones releases a strategic bond fund

Rathbones Unit Trust Management is launching a strategic bond fund, which will be managed by the gilt and corporate bond specialist Bryn Jones, Investment Week reports.The fund, to be launched on 3 October, will invest 50% in government and corporate bonds denominated in pounds Sterling. The remainder will be invested in collective investment vehicles, including high yield, emerging markets, and distressed debt.The base allcoation will include 25% UK credit rated investment grade, 12.5% index-linked bonds, 12.5% gilts, 15% emerging market debt, 15% high yield, 10% investment grade international credit and 10% government bonds. The various allocations may be modified within a 10% range, with the largest modifications requiring approval from the chief investment officer and the risk committee.The fund will initially aim for estimated gross returns of 3.84%.
26/09/2011

Outflows of EUR2.166bn from Italian mutual funds in August

In August, open-ended mutual funds on sale in Italy saw net redemptions of EUR2.166bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. That brings total redemptions since the beginning of the year to EUR9.097bn. Closed funds, meanwhile, saw net subscriptions of EUR795m. Including individual management, which had outflows of EUR459m, the Italian asset management industry has seen net redemptions in August of EUR1.829bn. Among open-ended funds, all categories are in the red, except money market funds, which have posted net subscriptions of EUR510m. Overall, the asset management sector as of the end of August represented EUR973bn, of which 51% was in individual management, and 49% in collective management. Foreign-registered funds, meanwhile, represented more than 61% of assets invested in collective management products. In terms of firms, the Italian Mediolanum had the largest inflows in August, with a net total of EUR311m, while second and third place went to two foreign firms, Franklin Templeton Investments, with EUR282.7m, and State Street Global Investors, with EUR1.235bn. At the bottom of the rankings, the firm with the heaviest outflows in August was Pioneer Investments, with EUR1.235bn, while Intesa Sanpaolo and UBI Banca followed with EUR513.9m and EUR370.2m in net outflows.
26/09/2011

BBVA launches a formula fund investing in Telefónica and Repsol shares

On 19 September, the CNMV issued a sales license for the BBVA Consolidación Doble Oportunidad BP, a variable return guaranteed fund which will be released for sale on 8 November 2011, and which at maturity (on 28 November 2014) guarantees a minimum of 90% of initial assets as of 8 November 2011.Returns will depend on the evolution of the share price of Telefónica and Repsol. Maximal returns at maturity are estimated at 7.83%, while maximal losses are 3.39%.CharacteristicsName: BBVA Consolidación Doble Oportunidad BPISIN code: ES0114229000Front-end fee: 5%Management commission: 1.7%Penalty for early withdrawal: 5% between 9 November 2011 and 27 November 2014Minimal subscription: EUR3,000
26/09/2011

US money market funds reduce exposure to European banks

La Tribune reports that as of 31 August, exposure to European banks by the ten largest US money market funds analysed by the ratings agency Fitch Ratings had fallen 8% since the end of July, and 27% since the end of May. Exposure totalled USD676bn, the newspaper reports.
26/09/2011

Co-founder of Axa Rosenberg fined and barred from industry

Co-founder of AXA Rosenberg Group, Barr Rosenberg, has agreed to a USD2.5m fine and a lifetime industry bar to settle charges that he concealed a significant error in the computer code of the quantitative investment model that he developed and provided to the firm’s entities for use in managing client assets, the Securities and Exchange Commission announced on Thursday. This caused his clients USD217m in losses.According to the SEC’s order instituting administrative proceedings against Barr M. Rosenberg, he learned of the error in June 2009 but directed others to keep quiet about it and not fix it immediately. Rosenberg denied the existence of any significant errors in the model during an October 2009 board meeting discussion about its performance. AXA Rosenberg disclosed the error to SEC examination staff in late March 2010 after being informed of an impending SEC examination. The error was not disclosed to clients until April 2010. The SEC previously charged AXA Rosenberg and its affiliated investment advisers, and they agreed to pay USD217 million to harmed clients plus a USD25 million penalty. «Rosenberg chose concealment over candor, and in doing so selfishly served his interests over those of his clients,» said Robert Khuzami, Director of the SEC’s Division of Enforcement. Bruce Karpati, Co-Chief of the Asset Management Unit in the SEC’s Division of Enforcement, added, «Investors in quant funds trust their advisers to develop, maintain and operate the quant models that drive a fund’s performance. Rosenberg betrayed investors when he failed to disclose the material coding error.»
26/09/2011

ETFs can expect regulations to toughen

According to the Financial Times, the European Securities Markets Authority (ESMA) will meet in Paris this Monday to discuss reforms to ETF market regulations. It published a consultation document in July which revealed that regulators were preparing to completely rewrite the rule book for ETFs and structured UCITS vehicles. The FT points out that the UBS scandal may accelerate a toughening of regulations concerning synthetic ETFs.
26/09/2011

Absolute return funds have made 0.98% per year in the past three years

According to a survey by the German independent asset management firm Lupus alpha, in Germany there were 351 absolute return funds as of 40 June 2011. Of this total, 195 had a three-year track record, and 67% had earned positive returns.The average performance of the funds came out to 0.98% per year, while the Eonia had gained 1.17%, and the Euro MTS Government Bond Index 1-3 had gained 3.65%.In terms of maximum drawdown, the funds ranged from 0.14% to 87.5%, with an average of 11.46%.TER averaged 1.45%.
26/09/2011

Francisco Partners prend le contrôle d'eFront

Via un véhicule d’acquisition contrôlé par des entités affiliées, le fonds de capital investissement vient d’acquérir la totalité du capital d’eFront, éditeur de solutions logicielles dédiées aux métiers de la finance. Le prix d’acquisition de 18 euros par action correspond à une valeur des capitaux propres d’environ 68 millions d’euros sur une base totalement diluée.
26/09/2011

L'AMF étudie le classement des OPCVM en équivalent de trésorerie

Dans une note, l’Autorité des marchés financiers estime que pour les deux catégories d’OPCVM qui bénéficient de la présomption d'éligibilité (monétaire et monétaire court terme), une vérification régulière de la performance historique est importante pour confirmer le caractère négligeable du risque de variation de valeur. Pour les autres OPCVM, l’AFM juge impératif de mettre à jour l’analyse des 4 critères (placement court terme, très liquide, facilement convertible en un montant connu de trésorerie et soumis un risque négligeable de changement de valeur).
26/09/2011

L’Asie séduit toujours les gérants alternatifs

Selon une enquête d’AsiaHedge, trois-quarts environ des actifs des hedge funds spécialisés sur l’Asie (145 milliards de dollars à fin juin, en repli de 5% sur le semestre écoulé) sont gérés depuis cette zone, contre 60% environ il y a trois ans. Hong Kong a renforcé ces derniers mois sa position de force en la matière, en s’arrogeant la domiciliation de plus d’un quart des fonds concernés.

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