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12/09/2011

Northern Trust adds to product range in Asia

The Northern Trust group has announced that it will provide index-based asset management services to its institutional clients from its Hong Kong office. The development follows a license awarded to Northern Trust by the Hong Kong Securities and Futures Commission to develop services of this type. As part of the move, Northern Trust has appointed Patrick Dwyer as senior portfolio manager in the team dedicated to index-based asset management. Craig Annakin, who joined the firm as head of Asian trading, will be in charge of setting up the new trading desk.
12/09/2011

Outflows from Swedish equity funds

August was characterized by stock market turbulence and the outflows from investment funds sold in Sweden were larger than the inflows, according to the Swedish fund association. The total net outflow amounted to SEK 8.1 billion. Equity funds had a net outflow of 34.8 billion and balanced funds had a net outflow of 2.2 billion. Fixed-income funds on the other hand recorded large net inflows, money market funds and bond funds had net inflows of 22.5 and 6.1 billion respectively.So far in 2011, SEK 4.2 billion have been invested in funds and money market funds accounts for the largest part of the net inflows.In total, assets in the industry fell to SEK1.797trn, from SEK1.919trn as of the end of July, of which SEK92bn remained in equity funds.
12/09/2011

Mirabaud recruits head of development from Skandia IM

Andrew Blair has resigned from his position as head of business development at Skandia Investment Management, to join Mirabaud Investment Management in London as joint sales & marketing director, FundWeb reports. Other recruitments are planned by the Swiss group to build its presence in the United Kingdom and continental Europe.
12/09/2011

Mark Harris joins Eden Financial

The former head of funds of funds at Henderson Global Investors, Mark Harris, has joined Eden Financial as co-manager of the multi-asset class fund CF Eden Global Multi-Strategy Fund, the firm announced in a statement on 9 September. Harris, who will begin in his new role on Monday, 12 September, will also be in charge of development for the firm’s multi-asset class product range.
12/09/2011

UBS Fund Services prepares to return to British market

According to Asset Servicing Times, UBS Fund Services, which has withdrawn from the UK market, has recruited Gavin Byrnes as its new head for the United Kingdom at its Dublin affiliate, which will be transformed into a transnational multi-product platform.Byrnes, who will be head of alternative asset administration and vehicles domiciled in Dublin from UBS Global Asset Management, will collaborate with the heads of development at the bank, and the client assistance teams in Dublin, Luxembourg, Hong Kong, Switzerland, and the United States.Byrne joins from SEB Fund Services, where he was in charge of sales development in Luxembourg.
12/09/2011

Two former Tudor partners set up their own firm

Two partners at the hedge fund Tudor Investment Corp, Nigel Whittaker and John Macfarlane, have announced that they will be leaving the firm, and that they are planning to set up their own business, which will invest primarily in emerging markets, Bloomberg reports, citing a message to investors obtained by the agency.The new firm, Zafferano Capital LP, will be based in London, and will invest in equities and bonds from listed and unlisted businesses. The two departing managers will not burn their bridges with Tudor (USD11bn in assets), as their colleagues at the firm will participate in the investment activities of Zafferano, in which they will control a stake.Zafferano, whose asset commitments already total over USD100m, will begin its investment actiivities in early 2012, with two preferred targets, hedge funds and private equity.The new firm will be directed by John Macfarlane, vice chairman of Tudor since 2009, and two co-chief investment officers, Nigel Whittaker, who was a portfolio manager and head of emerging market corporate credit at Tudor, and Brent Do Jong, former CEO of Ashmore Energy International, who will join Zafferano Capital to focus on capital investment in particular.
12/09/2011

Amundi hires a manager from Aviva

Amundi is adding to its active global equity management team, with the recruitment of Jason Josefs as senior portfolio manager. He will co-manage the active global equity thematic fund from Amundi, under the direction of Paul-Georges Moucan, head of global equities in London. His appointment brings the active global equity team in London to a total of five investment professionals. Josefs joins from Aviva Investors, where he was head of research in 2007, and was appointed manager of global and diversified equities funds for Aviva in 2008.
12/09/2011

Investec takes control of Evolution

The South African group Investec has signed an agreement to acquire the British firm Evolution for a total of GBP233m. The operation will allow Investec to develop both in wealth management activities, with William de Broe, and in investment banking (Evolution Securities). Last month, William de Broe acquired BNP Paribas Private Investment Management (formerly Fortis PIM) from BNP Paribas Wealth Management. Assets under management at BNP Paribas PIM total about GBP1.8bn, which brings assets at William de Broe to about GBP7.8bn (see Newsmanagers of 9 August 2011).
12/09/2011

Divergence in performance of absolute return funds this summer

The German analysis firm Absolut Research has studied the performance of 674 absolute return funds (EUR113bn in assets) in July-August, Handelsblatt reports.The results range from gains of 17% to losses of 35% overall, 172 of these products generated positive returns on the crisis period, and losses were higher than 10% for only 50 funds. By comparison, the Dax lost 18.2%, and the MSCI World index lost 7.4%.The winner was the AC Spectrum Fund from Aquila Capital, while the worst results were for equity products, which lost an average of 5.9% in the two months under review.
12/09/2011

Axa IM launches a short duration high yield fund

Axa Investment Management is launching a new short duration fund, the Axa IM FIIS Europe Short Duration High Yield fund, which will be managed by the head of European high yield, Andrew Wilmont.Wilmont currently manages the Pan European High Yield Bond fund (GBP24.1m in assets) and the Global High Income fund (GBP56.8m).The fund will invest primarily in short term corporate high yield bonds denominated in euros or pounds Sterling, with an average duration of under two years. It will aim for returns of 5% to 6% on investments in high yield fixed rate securities.The UCITS-compliant fund is domiciled in Luxembourg. Minimal investment is EUR5,000.
12/09/2011

“Asset management firms are not currently recruiting sales staff”

Julia Lemarchand is a market analyst at eFinancialCareers.fr, an employment and career management advising website specialised in banking, finance and insurance. At a time when asset management is facing highly uncertain markets, the financial job market specialist discusses the major trends in asset management with Newsmanagers. After a promising start to the year, the end of the year will likely bring a more hesitant environment on the job market.
12/09/2011

JP Morgan releases 21 ETFs from First Trust on Mexican stock exchange

JP Morgan on 8 September announced that it has been selected by First Trust to distribute 21 ETFs from Fist Trust Advisors, registered in the United States, on the Mexican Stock Exchange.The ETFs are the following:First Trust ISE-Revere Natural Gas Index Fund (FCG)First Trust ISE Chindia Index Fund (FNI)First Trust Dow Jones Select MicroCap IndexSM Fund (FDM)First Trust NYSE Arca Biotechnology Index Fund (FBT)First Trust Morningstar Dividend LeadersSM Index Fund (FDL)First Trust Dow Jones Internet IndexSM Fund (FDN)First Trust Large Cap Core AlphaDEX® Fund (FEX)First Trust Large Cap Value AlphaDEX® Fund (FTA)First Trust Large Cap Growth AlphaDEX® Fund (FTC)First Trust Technology AlphaDEX® Fund (FXL)First Trust Mid Cap Core AlphaDEX® Fund (FNX)First Trust Materials AlphaDEX® Fund (FXZ)First Trust Consumer Discretionary AlphaDEX® Fund (FXD)First Trust Financials AlphaDEX® Fund (FXO)First Trust Small Cap Core AlphaDEX® Fund (FYX)First Trust NASDAQ-100 Equal Weighted IndexSM Fund (QQEW)First Trust Consumer Staples AlphaDEX® Fund (FXG)First Trust Energy AlphaDEX® Fund (FXN)First Trust Health Care AlphaDEX® Fund (FXH)First Trust Utilities AlphaDEX® Fund (FXU)and First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)
12/09/2011

UBS Gestión launches a hedge fund feeder for Arcano European Income

On 6 September, the CNMV registered a new Spanish-registered “free investment fund” (hedge fund), Arcano European Income Fund FIL, from UBS Gestión, which will invest in the two sub-funds of the Luxembourg-registered special investment funds (SIF) Arcano Fund – European Income Fund I and II, at levels of 50-75%, and 35-50%, respectively.Any potential remaining assets will be retained in cash management and invested in bonds with at most one year remaining duration. The fund has four share classes, with management commissions of 0.5% (A1 and D1 share classes) and 1% (A2 and D2 share classes). Performance commissions will be 10% of performance exceeding the Euribor 6-month by at least 100 basis points.
12/09/2011

Merrill Lynch launches Westchester Merger Arbitrage Fund

Merrill Lynch has launched a UCITS-compliant version of its Merger Fund, which is managed by its affiliate Westchester Capital Management, via its Luxembourg Sicav Merrill Lynch Sicav.The Westchester Merger Arbitrage UCITS Fund, aimed at institutionals, invests in companies involved in takeover deals, mergers and publicly-announced restructuring operations.The portfolio includes 40 to 65 positions, and the manager is focusing on securities with a high level of liquidity.CharacteristicsName: Westchester Merger Arbitrage UCITS FundISIN code: LU0620299601Management commission: 1.90%Performance commission: 20%, with high watermarkMinimal subscription: EUR1m
12/09/2011

Aberdeen makes another recruitment from Carmignac Luxembourg

The British asset management firm Aberdeen Asset Management has recruited Christophe Palumbo as business development manager in Luxembourg, where he will be in charge of development for financial institutions (insurers, banks and independent asset management firms) for Benelux. He was most recently sales executive Belgium at Carmignac Gestion in Luxembourg.In April 2010, Aberdeen recruited Menno de Vreeze, head of Netherlands at Carmignac Luxembourg, as senior business development manager for Benelux.In the meantime between the two hires, according to the press releases, assets under management at Aberdeen for clients in Benelux have increased from EUR8bn to EUR12bn.
12/09/2011

Lyxor Bear FTSE/MIB monopolises the Italian market

In the week from 22 to 26 August, which was one of the most disastrous weeks ever on the Milan stock exchange, the short ETF Lyxor ETF Bear FTSE/MIB, from Société Générale, accounted for 22.4% of trades on the ETF market, according to Il Sole 24 Ore, citing statistics from Borsa Spa. The fund represented 10,582 transactions, out of a total of 47,182 on the market. In the month of August overall, trades on the Bear ETF amounted to EUR1.3bn in value.
12/09/2011

La décision d’Allianz concernant Pimco suscite l’étonnement

Etant donné que Bill Gross, le co-directeur des investissements de Pimco et gérant de son fonds phare de 245 milliards de dollars, a récemment fait un très mauvais pari en vendant ses bons du Trésor US, le timing de la décision d’Allianz de donner à sa succursale une quasi-totale autonomie a suscité l’étonnement dans le secteur de la gestion d’actifs, observe le Financial Times. La question est de savoir s’il y a une raison pour Allianz de garder une société indépendante dans les faits et s’il ne serait pas mieux de vendre ce qui reste un gestionnaire obligataire avant la hausse des taux.
12/09/2011
Fonds

Dans leur ensemble, les hedge funds perdent 2,3% au mois d'août

Les hedge funds ont enregistré au mois d’août une baisse de 2,3%, selon les derniers chiffres communiqués par Hedge Fund Research. Depuis le début de l’année, les hedge funds accusent une performance négative de 1,2%.Durant le mois sous revue, les stratégies actions et évenementielles ont subi des reculs de respectivement 4,1% et 3,7%, enregistrant ainsi leur quatrième mois consécutif de baisse. En revanche, les stratégies macro et short-biased ont réalisé des gains de respectivement 0,1% et de 6,9%. Les fonds de fonds ont reculé de 2% au mois d’août, marquant ainsi un recul de 1,9% depuis le début de l’année.
Fonds
12/09/2011

GLP va coter ses actifs japonais

Global Logistic Properties (GLP), filiale du fonds souverain de Singapour (GIC), prépare la cotation de ses actifs japonais, une opération qui lui permettrait de lever au moins 100 milliards de yens (950 millions d’euros), a rapporté Reuters de sources proches du dossier. GLP a mandaté Citigroup, Goldman Sachs et Nomura comme souscripteurs principaux.
12/09/2011

BlackRock débauche chez HSBC à Hong Kong

Directeur général d’HSBC à Hong Kong, Mark McCombe va prendre la responsabilité des activités de BlackRock sur le continent asiatique. Le gestionnaire d’actifs pourra compter sur son expérience, puisqu’il a dirigé HSBC Asset Management pendant plusieurs années. Il a notamment été en charge d’HSBC AM Europe à Paris, au début des années 2000 après le rachat du CCF.
12/09/2011

Les Etats-Unis disposeraient des données de dix banques suisses

Les autorités américaines disposent désormais de données statistiques en provenance de dix banques suisses soupçonnées par la justice d’avoir aidé leurs clients basés aux Etats-Unis à frauder le fisc, a rapporté samedi le Neue Zürcher Zeitung. TagesAnzeiger, un autre journal suisse, a écrit de son côté que les banques suisses ont maintenant jusqu’au 23 septembre pour fournir des informations plus spécifiques sur leurs clients.
12/09/2011

La BCE dans l’ère du soupçon

C’est la dernière chose dont l’Europe avait besoin, une crise au sein de la BCE qui a conduit à la démission de son chef économiste, Jürgen Stark. Même si des « raisons personnelles » peuvent expliquer cette initiative sans précédent, son occurrence au paroxysme de la crise de la dette souveraine est désastreuse. Jürgen Stark n’était pas favorable à l’intervention de la BCE sur le marché de la dette souveraine. Il considérait, selon un courant de pensée très répandu outre-Rhin, que la banque centrale n’a pas à intervenir sur le terrain fiscal, et qu’il revient aux seuls gouvernements de faire les efforts budgétaires nécessaires pour retrouver la confiance des investisseurs. Les arguments avancés par justifier l’intervention - d’opportunité d’abord face à la carence des Etats, de légalité, de modération s’agissant des montants engagés, et d’efficacité -, tout comme son caractère temporaire, ne l’ont pas convaincu. Après le renoncement d’Axel Weber à briguer la succession de Jean-Claude Trichet, ce départ a toutes chances d’être perçu comme un nouveau signe d’érosion de l’influence allemande au sein de la BCE. La polémique outre-Rhin s’annonce virulente. Jean-Claude Trichet a sans doute l’autorité qu’il faut pour y résister. Mais pour son successeur italien, Mario Draghi, assurer une gouvernance harmonieuse de l’institution s’annonce très difficile. En Allemagne, où l’on regrette volontiers la Bundesbank, la BCE est entrée dans l’ère du soupçon.

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