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24/08/2011
Fonds

Axa IM décide de rouvrir son fonds US high Yield

Axa Investment Management envisage la réouverture de son fonds onshore US Short Duration High Yield dont les encours s'élèvent à 535 millions de livres, rapporte Investment Week.Le fonds lancé en avril 2010 avait été fermé temporairement en novembre dernier après avoir atteint son plafond de 500 millions de livres. Selon Investment Week, Axa IM a pris un certain nombre de mesures pour ralentir le rythme d’investissement dans le fonds et protéger les investisseurs existants. Après les défections fin juin 2011 de Hannah Strasser, Anne Yobage et Thomas Kelleher, le fonds est désormais piloté par le chef stratégiste du groupe Robert Schumacher.
Fonds
24/08/2011
Gestion d'actifs

Gestion alternative : les déceptions passées, quels bénéfices pour les investisseurs ?

« Ne me parlez plus de gestion alternative : trop de risques cachés non annoncés et difficilement explicables à ma direction et des performances décevantes » me disait il y a un an un investisseur institutionnel. Après une vague d'investissements importants entre 2002 et 2007, le désintérêt pour les fonds alternatifs est depuis 2009 à la hauteur de leur précédent succès.
Gestion d'actifs
24/08/2011

Strategies that run against the grain of the market bring extreme exposure to risk

Global markets have collapsed in the past few weeks, and many funds have wiped out their gains for the year so far, and posted heavy losses this summer.Who are the biggest losers in these falling markets? According to Lyxor, funds which use strategies that cut against the grain of market trends suffered most on the falling stock markets. In a recent white paper published by Lyxor (Bruder B. and Gaussel. N (2011), Risk-Return Analysis of Dynamic Investment Strategies, Lyxor White Paper Series, Issue 7), the authors seek to show that dynamic management strategies used in particular for hedge funds were generally exposed to extreme risks, meaning risks of losses that may occur with lower frequency, but of a much higher amplitude, while strategies that follow the markets pose more limited risks.The document analyses the mechanisms by which some management strategies, such as hedging on falling markets, or the systematic search for entry points, may lead to bankruptcy situtations, “if risks are not identified and controlled for in advance.” (file attached)
24/08/2011

Fund administrators face complex hedge fund requirements

Many fund administrators underestimated the necessary level of investment in expertise in order to provide solid middle office services, HSBC estimates, according to COO Connect. Hedge funds are tending to outsource their middle office operations in order to limit general costs and costs for the final investor. Many of them are also using more complex strategies, in response to demand from investors for products that are less passive and less dependent on beta, following the market disturbances of 2008. “This approach requires active risk management as well as increased transparency,” says Callum Runcie, head of sales for the hedge fund industry at HSBC Securities Services. Due to the relatively esoteric nature of some of these strategies, some administrators may have difficulty in meeting the needs of hedge funds. Administrators will need to deal with the over-the-counter (OTC) characteristics of some complex strategies used by hedge funds. From this point of view, HSBC points out that a team dedicated to valuation of OTC instruments is indispensable. The major actors may have the necessary expertise to meet this type of requirement, but boutiques specialised in these types of strategies may also do well.
24/08/2011

Jacob de Wit leaves F&C to return to SNS

Jacob de Wit, the former head of fixed income at SNS Asset Management (EUR42bn in assets), is returning to his former employer, but as chairman of the board. He spent seven years at the British asset management firm F&C, where he was head of fixed income and a member of the executive committee. Jacob de Wit will succeed Dick Okhuijsen, who was chairman of the board on an interim basis, from 1 October. He will also be appointed member of the management committee of the banking and insurance group SNS Reaal (EUR124bn), the parent company of SNS AM.Several other employees recently left F&C: Cristobal Mendez de Vigo, who was head of institutional distribution, and Helene Williamson, head of emerging market debt.
24/08/2011

Switzerland's Valartis group posts losses for first half

The Valartis group on 23 August announced a loss for first half 2011, of CHF19.9m. The cause of the loss was a correction of CHF15.9m to the value of the group’s stake in Eastern Property Holdings (EPH), and negative effects of the value of the US dollar for CHF12.9m. However, operationally, the group estimates that it is on “the right track” despite the difficult market environment. Progress has been made in a strategic reorientation of activities serving private clients, Valartis says in a statement. Net inflows more tham doubled in first half, to CHF577m, compared with CHF202m in first half 2010. Assets under management totalled CHF6.5bn as of 20 June 2011, of which nearly CHF2bn came from institutional clients, compared with CHF6.3bn as of the end of December 2010.
24/08/2011

Emirates NBD appoints a new head of wealth management

The banking group Emirates NBD has appointed Pierre Pissaloux as its new head of wealth management, according to press reports in the Middle East relayed by Wealthbriefing. Pissaloux is reported to have begun in his new role last month, and will take charge of wealth management activities and the group’s private bank. Pissaloux previously worked at HSBC Private Bank in London as head of activities in the Middle East.
24/08/2011

ESMA launches a consultation on relations with other countries

The European Securities and Markets Authority (ESMA) on 23 August announced a consultation on proposals related to the supervision of hedge fund managers and transaction processing in countries outside the European Union under the AIFM directive.ESMA’s proposals are related to the details of how the competent European authorities will cooperate with outside countries. ESMA stipulates that agreements will take the form of written agreements authorising the exchange of information for the purposes of surveillance and enforcement of regulations.The consultation also covers the delegation of portfolio or risk management functions to countries outside the European Union, and the evaluation of depository functions delegated to countries outside Europe.The consultation will be open until 23 September. ESMA is planning to put the finishing touches on its proposals to the Commission by 16 November.
24/08/2011

Scandinavian investors tend to invest more in hedge funds

According to a survey by Swedish-based SEB Enskilda, about 32% of Scandinavian investors, mostly pension funds, are planning to increase their allocations to hedge funds this year, whereas only 2% (down from 14% in 2010) are planning to reduce their exposure to this type of product.SEB Enskilda finds that interest in Scandinavian and European hedge funds has declined steeply, with 39% of respondents, compared with 78% last year, planning to allocate resources to European hedge funds.The study also finds that 68% of specialists surveyed (who manage a total of over USD600bn) are invested in UCITS-compliant hedge funds. Meanwhile, 78% of investors say that they would only invest in single hedge funds, and would avoid funds of hedge funds, which have a reputation for “padding” charges with an additional layer of fees.
24/08/2011

Axa IM decides to reopen US High Yield fund

Axa Investment Management is planning to reopen its onshore US Short Duration High Yield fund, with assets of GBP535m, Investment Week reports. The fund, launched in April 2010, was temporarily closed in November last year after reaching its asset limit of GBP500m. Investment Week reports that Axa IM has taken a number of measures to slow the pace of investment in the fund and to protect existing investors. Following the defections in late June 2011 of Hannah Strasser, Anne Yobage and Thomas Kelleher, the fund is now managed by the group’s chief strategist, Robert Schumacher.
24/08/2011

Hedge funds post more net inflows in July

In July, the hedge fund industry had net inflows of USD4.3bn, due to inflows of USD25bn and outflows of USD20.7bn, according to the most recent statistics from Eurekahedge. This is the eighth consecutive month of net inflows. It remains to be seen whether the trend will continue in August. Euroekahedge also notes that assets in multi-strategy hedge funds topped USD300bn to set a new record. Assets in macro hedge funds also set a new record, at USD125.3bn.
24/08/2011

AUM stable at cantonal bank of Lucerne

The cantonal bank of Lucerne has posted a net inflow in first half of CHF87m, including settlement of a CHF320m position announced late in 2010 as part of the integration of the private bank Adler Privatbanking, according to a statement from the bank released on 23 August. Assets under management totalled CHF25.1bn as of the end of June 2011. Net profits for the group totalled CHF77.1m, up 5.1% year on year.
24/08/2011

Russell hires a managing director for the Middle East

Russell Investments has appointed Jim Leggate as managing director for the Middle East. Leggate will report to Pascal Duval, president for Europe, the Middle East and Africa, and will be based in Dubai. He will aim to recruit a team in the region. Leggate was previously executive director and head of EMEA asset owners and investment consulting at MSCI.
24/08/2011

Axa launches employee shareholding operation for 2011

The Axa gorup on 23 August announced the launch of its employee shareholding operation, which, as every year, will provide its employees in France and abroad an opportunity to subscribe to a reserved capital increase operation. The 2011 operation, entitled “Shareplan 2011,” will be held in 42 countries, and will involve more than 110,000 employees, who in most countries will be offered a “classic” option and a “leveraged” option. The initial investment of subscribers in the leveraged option is guaranteed. The maximal number of shares that may be issued as part of the operation is 65,502,183 shares, which corresponds to a capital increase of a total nominal value of nearly EUR150m. The newly-created shares will bear dividends from 1 January 2011.
24/08/2011

WeiWei Li joins team at EdRAM Hong Kong

Edmond de Rothschild Asset Management on 23 August announced the recruitment of Weiwei Li as Chinese equities manager, under the leadership of Yi Tang in the management team dedicated to emerging markets. “The arrival of WeiWei Li is a sign of Edmond de Rothschild Asset Management’s will to strengthen its team dedicated to emerging markets, following the arrival of Thomas Gerhardt as head, and of the firm’s commitment to investment in China,” EdRAM says in a statement. After working in London as a manager for Pictet & Partners, specialised in emerging markets, Li in 2007 joined Altima Partners LLP, as an Asia analyst. Before moving to Europe, Li developed her experience on financial markets in China, at several renowned Chinese and international financial institutions, including ABN Amro and Invesco.
24/08/2011

JP Morgan launches a diversified fund in Hong Kong

JP Morgan will launch a diversified fund which will be domiciled in Hong Kong, and will be aimed at local investors, Asian Investor reports. The fund will invest in five major asset classes: US high yield debt (about 40%), emerging markets debt (20%), international high yield equities (15%), emerging markets high yield equities (15%), and REITs (10%). The fund, which will offer a monthly dividend, will start up on 12 September with total assets of USD30m to USD50m. In late 2008, JP Morgan launched a similar fund domiciled in Luxembourg. JP Morgan has been planning to replicate the product in Asia for more than one year.
24/08/2011

Invesco manager joins Deutsche AM

Jack Loudoun, a former gilt specialist at Invesco, has joined the fixed income team at Deutsche Asset Mangaement, based in London, Investment Week reports.
24/08/2011

Transamerica to launch a fund investing through ETFs

In a SEC filing, Transamerica Asset Management Group has announced plans to launch a multi-asset class fund in October, which will be sub-advised by Aegon USA Investment Management, and which will invest in ETF funds from promoters including State Street (SPDR), Vanguard and BlackRock (iShares). The lead manager of the Transamerica Global Tactical Income fund will be Jeff Whitehead.
24/08/2011

Tudor Investment keeps fees high

Despite falling markets, the hedge fund Tudor BVI Global Fund (USD7.6bn) has earned 3% since the beginning of the month, thanks to investments related to gold and bearish positions on equities, the Wall Street Journal reports. That’s why investors are staying in the fund, despite the fact that they have been grumbling against high fees for a long time.Paul Tudor Jones II, the fund’s manager, has agreed to lower management commissions to 2.75% from 4% for a new share class, but the performance commission will be raised to 27%.Subscribers can still choose to pay 4% management fees, but only 23% in performance commissions. On the strength of its performance, Tudor Investment is maintaining its fees at a higher level than most hedge funds, which generally charge 2% management commission and a 20% performance commission.
24/08/2011

Foreign investors not investing in Spanish funds

According to statistics from the CNMV, as of the end of December, foreign investors held EUR2.447bn worth of shares in Spanish funds, out of total assets of nearly EUR144bn. This minimal percentage of 1.7% is a sign of the difficulty Spanish management firms are having in selling their products for export, largely due to fiscal and regulatory obstacles.
24/08/2011

Some emerging countries moving to prop up their currencies

Increasingly gloomy global economic outlooks have thrown currencies in emerging countries into a tailspin, the Wall Street Journal reports. In the past few weeks, the central banks of Turkey, South Korea, Indonesia and several other countries have taken or announced measures to stop the value of their currencies collapsing in an environment of investors fleeing risky assets, including emerging markets equities and currencies. Analysts estimate that in the long term, emerging market currencies will reverse the trend, as developing countries are growing strongly. Measures to support the currencies will thus be only temporary, and a stabilisation of the markets may alleviate the need for them.
24/08/2011

Institutionals planning to increase investment in infrastructure funds

Even though they still consider the fees too expensive, 70% of institutional investors surveyed by Preqin are planning to increase their investments in infrastructure funds in the next twelve months, a survey entitled Infrastructure Spotlight from the British research institute and data provider finds.Compared with the 2010 edition of the survey, a smaller percentage of specialists surveyed (51%, down from 72%) feel that the interests of fund managers and investors are not perfectly aligned.In addition, 62% of potential investors estimate that management fees, despite a general downward trend, are still at about 2% for about two thirds of infrastructure funds, and that they are too high (72% of respondents in 2010 said that this was a problem).The Preqin study also finds that 28% of institutional investors would like to see asset management firms invest more of their own capital in funds, down from 45% last year.
24/08/2011

German products underutilised by funds of funds

Rankings by Morningstar for Fidelity (see Newsmanagers of 18 August) have found that German funds of funds are inclined to invest primarily in funds from foreign asset management firms. In 2010, only Allianz Global Investors managed to get one of its products, the Allianz RCM US Equity, into the top five funds for multi-management, in fourth place, where it had also been in 2009. As of the end of December, the vehicle was used by 67 funds, compared with 66 one year earlier.The three most popular funds with fund selectors were the M&G Global Basics fund from Graham French, which is present in 101 funds of funds, the Magellan C fund (from Comgest), managed by Vincent Strauss, used by 82 funds, and the BlackRock BGF World Mining (Evy Hambro), which is present in 71 portfolios (and was in first place at the end of 2009, with 89 nominations).The Templeton Global Fund from Michael Hasenstab is in fifth place, with 66 mentions, compared with 19 the previous year.Carmignac Investissement is in 11th place (down from 7th place in 2009), with investment from 47 funds, compared with 57.
24/08/2011
Fonds

Les hedge funds enregistrent encore des souscriptions nettes en juillet

En juillet, le secteur des hedge funds a enregistré des souscriptions nettes de 4,3 milliards de dollars, compte tenu d’entrées à hauteur de 25 milliards de dollars et de sorties de 20,7 milliards, selon les dernières statistiques d’Eurekahedge. Il s’agit du huitième mois consécutifs de collecte nette. Reste à voir si la tendance se sera poursuivie en août…Par ailleurs, Eurekahedge note que les encours dans les hedge funds multi-stratégies ont dépassé la barre des 300 milliards de dollars pour atteindre un niveau record. Les actifs dans les hedge funds macro ont aussi atteint un niveau record, de 125,3 milliards de dollars.
Fonds
24/08/2011

Stoxx veut améliorer la liquidité de ses paniers d'indices

En réponse à des marchés toujours plus volatils, Stoxx Limited a annoncé une série de nouvelles règles visant à améliorer la liquidité de ses paniers d’indices. Les indices de «blue chips» régionaux seront désormais ouverts à la procédure d’admission accélérée et les indices de références, tels que le Stoxx Europe 600, seront soumis à une liquidité minimum.
24/08/2011
Fonds

Tudor Investment maintient des frais élevés

Malgré la chute des marchés, le hedge fund Tudor BVI Global Fund (7,6 milliards de dollars) affiche une performance de 3 % depuis le début du mois, grâce à des placements liés à l’or et à des positions baissières sur les actions, rapporte The Wall Street Journal.Cela explique que les investisseurs, même s’ils regimbent depuis longtemps sur le montant élevé des frais, continuent d'être fidèles.Paul Tudor Jones II, le gérant, a accepté de baisser la commission de gestion à 2,75 % contre 4 % pour une nouvelle classe de parts, mais la commission de performance passe à 27 %.Les souscripteurs peuvent choisir de continuer à payer 4 % de frais de gestion, mais avec seulement 23 % de commission de performance.En tout état de cause, fort de ses succès, Tudor Investment reste plus cher que la moyenne des hedge funds, qui facturent typiquement 2 % de commission de gestion et 20 % de commission de performance.
Fonds
24/08/2011
Fonds

Des fonds favorables à un découpage de McGraw-Hill

Le hedge fund Jana Partners et le fonds de pension canadien Ontario Teachers, premiers actionnaires de McGraw-Hill, la maison mère de S&P, maintiennent leur pression sur sa direction en demandant une scission du groupe en quatre entités distinctes, dont l’agence de notation, rapporte L’Agefi. Pour leur part, les dirigeants de la société réfléchiraient à scinder uniquement la division de livre scolaires, moins rentable que l’activité de données financières, note le quotidien.
Fonds
24/08/2011
Fonds

Transamerica AM prépare un fonds d'ETF

Dans une notification à la SEC, Transamerica Asset Management Group annonce son intention de lancer en octobre un fonds multi-classes d’actifs qui sera «sous-conseillé» par Aegon USA Investment Management et qui investira en ETF de promoteurs comme notamment State Street (SPDR), Vanguard ou BlackRock (iShares). Le Transamerica Global Tactical Income aura comme gérant principal Jeff Whitehead.
Fonds
24/08/2011

L’Allemagne tranchera en septembre sur la constitutionnalité des plans d’aide

La Cour constitutionnelle allemande se prononcera début septembre sur la constitutionnalité de la contribution de l’Allemagne aux plans d’aide européens à la Grèce, à l’Irlande et au Portugal, une décision qui pourrait limiter la marge de manœuvre de Berlin dans la gestion de la crise de la dette qui secoue la zone euro. La cour de Karlsruhe a fait savoir dans un communiqué qu’elle rendra le 7 septembre sa décision, après l’examen de trois plaintes déposées en juillet par six eurosceptiques.
24/08/2011

Le Danemark présente un plan de relance de 1,5 milliard d’euros

Confronté à des élections législatives d’ici mi-novembre, le gouvernement danois a présenté hier un programme de relance de 10,8 milliards de couronnes (1,45 milliard d’euros) sur deux ans. Soutien à l’investissement et à la consommation privés, nouvelles dépenses publiques et aide au marché immobilier en sont les piliers, précise le ministère des Finances qui a abaissé de 60 points de base (pb) à 1,3% sa prévision de croissance pour 2011. Il a en revanche relevé de 10 pb à 1,8% celle de 2012.

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