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18/03/2011
Fonds

Schroders lance un deuxième fonds "low cost"

Schroders a annoncé le 17 mars le lancement d’un deuxième fonds «low cost» géré activement. Le Schroders QEP Global Core fund, dont le TER est plafonné à 40 points de base, vise une surperformance de 1% par an par rapport à l’indice MSCI World ou des indices équivalents.Ce fonds est le deuxième fonds dans cette catégorie à être lancé en mars.
Fonds
18/03/2011

SSgA renforce sa gestion actions en Australie

Olivia Engel, qui était en dernier lieu gérant de portefeuille responsable de tous les portefeuilles actions australiennes chez GMO Australie, rejoint State Street Global Advisors (SSgA) comme head of active Australian equities. Elle est subordonnée à Marc Reinganum, global head of active equities, developed markets.Ce recrutement doit permettre à SSgA de renforcer son pôle d’investissement actif et quantitatif sur le marché d’actions australien, ce qui est la spécialité d’Olivia Engel depuis 14 ans.
18/03/2011

T. Rowe Price va muscler sa recherche actions à Sydney

T. Rowe Price International Ltd a annoncé le recrutement de Viral Patel, qui était vice president, research analyst, depuis 2007 au bureau AllianceBernstein à Sydney. L’intéressé rejoint le bureau T. Rowe Price de Sydney comme associate director of research pour l’Australie et sera chargé, avec trois personnes qui seront recrutées ultérieurement, de renforcer les capacités d’analyse des actions australiennes. Il sera subordonné à Randel Jenneke, qui a rejoint T. Rowe Price en juin 2010 pour constituer une équipe de gestion locale en Australie. Cette nouvelle équipe vient compléter le dispositif mondial de 121 analystes répartis sur les sites de Baltimore, Londres, Buenos Aires, Hong-Kong, Singapour et Tokyo et elle devrait permettre de proposer des stratégies spécifiques pour les actions australiennes aux investisseurs locaux comme à ceux de la région Asie-Pacifique.
18/03/2011
Fonds

Francfort a franchi la barre des 800 ETF

Amundi a fait admettre à la négociation sur le segment XTF de la plate-forme électronique Xetra de la Deutsche Börse trois ETF supplémentaires de droit français : Amundi ETF AAA Govt Bond EuroMTS (FR0010930636), chargé à 0,14 %, Amundi ETF MSCI Europe Energy (FR0010930644) chargé à 0,25 % et Amundi ETF MSCI Emerging Markets (FR0010959676), chargé à 0,45 %.A présent, la cote du XTF comporte donc 801 lignes.
Fonds
18/03/2011
Fonds

UIRE gèle un fonds à forte teneur en actifs immobiliers nippons

Le gestionnaire allemand Union Investment Real Estate (UIRE) a annoncé le gel à compter du 17 mars et jusqu'à nouvel ordre des souscriptions et rachats pour son fonds immobilier offert au public UniImmo: Global (DE0009805556) qui affichait 2,34 milliards d’euros d’encours fin octobre. La valeur liquidative du fonds avait déjà été abaissée de 4,45 % récemment (lire notre article du 3 mars) à cause de la dépréciation de trois immeubles tokyoites.A présent, la suspension s’explique par le fait que les sept immeubles de Tokyo figurant dans le portefeuille représentent 14 % de l’actif total du fonds. Les autres fonds immobiliers d’UIRE investis également à Tokyo le sont dans des proportions nettement moindres, de sorte qu’aucun gel n’a été décidé pour l’instant.
Fonds
18/03/2011

Squadron Capital recrute une responsable des relations investisseurs

La société spécialisée dans les fonds de fonds de private equity Squadron Capital vient de recruter Chau Ly au poste nouvellement créé de directrice des relations investisseurs et du développement.Elle sera basée à Hong Kong et directement rattachée au patron de Squadron Capital, David Pierce. Chau Ly travaillait précédemment à New York pour le fonds de fonds de private equity Siguler Gulf.
18/03/2011

Net inflows of CHF3.1bn at LGT Group

p { margin-bottom: 0.08in; } LGT Group posted net inflows last year of CHF3.1bn. However, assets under management, which were penalised by currency effects, fell 3% to CHF86.1bn, the group announced on 17 March in a statement.The group earned net profits of CHF148m for the 2010 fiscal year, an increase of 40% year on year.“In terms of the proposed acquisition of BHF-Bank, negotiations with Deutsche Bank are proceeding as expected,” the statement from the CEO of the bank, S.A.S. Prince Max von und zu Liechtenstein, says.
18/03/2011

T. Rowe Price to build up equities research in Sydney

p { margin-bottom: 0.08in; } T. Rowe Price International has announced the recruitment of Viral Patel, who from 2007 had been vice president, research analyst at the Sydney offices of AllianceBernstein. Patel joins the T. Rowe Price offices in Sydney as associate director of research for Australia, and with three people who will subsequently be recruited, will be in charge of strengthening the firm’s capacities in analysis of Australian equities. He will report to Randel Jenneke, who joined T. Rowe Price in June 2010 to build a local management team in Australia.The new team will come as an addition to its global staff of 121 analysts located in Baltimore, London, Buenos Aires, Hong Kong, Singapore and Tokyo, and will allow the firm to offer specific strategies for Australian equities to local investors as well as clients in the Asia-Pacific region.
18/03/2011

SSgA adds to equities management in Australia

p { margin-bottom: 0.08in; } Olivia Engel, who was most recently a portfolio manager in charge of all Australian equities portfolios as GMO Australia, has joined State Street Global Advisors (SSgA) as head of active Australian equities. She will report to Marc Reinganum, global head of active equities, developed markets.The recruitment will allow SSgA to strengthen its active and quantitative investment unit for the Australian market, which has been Engel’s specialty for 14 years.
18/03/2011

Deka Immobilien invests GBP103m in Sanofi Aventis headquarters in Warsaw

p { margin-bottom: 0.08in; } Two companies of the Austrian co-operative banks, including the local affiliate Premiumred, have developed the North Gate office building in Warsaw, and sold the 30,000 square metre property to the German asset management firm Deka Immobilien for about EUR103m. The property is the headquarters of Sanofi Aventis in Poland, and is also leased to 24 other companies. The property will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect.
18/03/2011

Rupert Murdoch accused of nepotism by funds

p { margin-bottom: 0.08in; } The Financial Times reports that Amalgamated Bank of New York, which acts as a trustee for several funds, and the Central Laborers Pension Fund, have filed a suit in a Delaware court against News Corp. They accuse Rupert Murdoch of “nepotism” in his acquisition of Shine Group, a filmmaking firm, from his daughter Elizabeth, with the sole objective of allowing her to profit from the wealth of the group and to strengthen the family’s influence on the board of News Corp. Murdoch’s daughter has been offered a seat on the board in addition to USD675m paid for her business.
18/03/2011

Eduardo Suárez becomes deputy CEO at Banif

p { margin-bottom: 0.08in; } The largest private bank of the Santander group, Banif, will soon have a new deputy CEO, replacing José Manuel Maceda, who has been in the position since December 2007. Eduardo Suárez has 20 years of experience at the group, and led the integration of the asset management firms of BCH and Santander (to create Santander AM), and for the past two years has been head of investors relations of the Santander group in charge with the major investors.
18/03/2011

Alberto Cejudo leaves Rothschild for Merrill Lynch

p { margin-bottom: 0.08in; } Alberto Cejudo Podio, senior manager and head of advising to high net worth Spanish clients at Banque Privée Edmond de Rothschild, and previously senior advisor for high net worth Spanish and Portuguese investors at Sarasin Alen, has joined Merrill Lynch Wealth Management as a financial advisor for management and investments to high net worth clients. He will be based in Madrid, and will report to Rafael Ximénez de Embún, head of Merrill Lynch Wealth Management Iberia.
18/03/2011

Schroders renforce ses équipes LDI et strategic solutions

Le 17 mars, Schroders a annoncé le recrutement de Mike Hodgson comme head of structured solutions et de Kathleen Broekhof comme LDI Solutions managers pour son équipe d’investissement sous contrainte de passif (liability-driven investment ou LDI). Le premier était responsable de l’activité funds derivatives trading & structuring chez The Royal Bank of Scotland NV (anciennement ABN Amro Bank) tandis que la seconde était director dans l'équipe institutionnelle de HSBC Global Asset Management, avec la responsabilité de développer et d’entretenir les relations avec les plans d'épargne retraite d’entreprises.L'équipe «strategic solutions» britannique sera renforcée avec l’arrivée en avril de Diane Ramsay, qui arrive du financial strategy group de chez Mercer, où elle était consultant senior. D’autre part, Alistair Jones rejoint une équipe de 6 spécialistes des solutions stratégiques chargée de fournir du conseil stratégique et sous contrainte de passif à la clientèle. Il était auparavant chez Aon Hewitt comme investment consultant.
18/03/2011

Very good annual results for Legal & General AM

p { margin-bottom: 0.08in; } Legal & General Investment Management (LGIM) last year earned net profits of Gbp206m, up 20% compared with the previous year.Gross inflows totalled GBP33.1bn, compared with GBP31.5bn the previous year. As of 31 December 2010, assets under management have totalled GBP354bn, compared with GBP315bn as of the end of 2009.LDI funds under management rose 36% to GBP41bn. Index-based funds have posted net inflows of GBP2.9bn, which contributed to a 10% increase in assets under management, to GBP229bn.
18/03/2011

F&C opposed management more often in shareholder votes in 2010

p { margin-bottom: 0.08in; } In 2010, F&C exercised its voting rights on 72,000 resolutions at more than 5,7000 businesses in 63 countries, an increase of 20% over 2009, which is due to an increase in participations held by clients. The asset management firm, which has recently published its annual report on responsible investment, voted in favour of 72% of the proposals of corporate management, compared with 78% reflecting a stricter attitude to the composition and effectiveness of boards of directors.Votes opposing management increased to 18%, from 10% in 2009. F&C opposed pay scales at the majority of US, British, and continental European banks, which took the percentage of proposals in the area of pay supported below the 70% mark. Among the subjects which also attracted the attention of F&C in 2010 were health and safety in dangerous industries such as mining.In 2011, environmental and social challenges which the management firm will address are related to China, climate change, the lessons to be drawn from recent disasters, and supplies of natural resources.
18/03/2011

Schroders recruits four for management teams

Schroders has appointed four new senior positions within its LDI and UK Strategic Solutions teams. This follows significant growth in both the traditional LDI and UK Strategic Solutions teams. Mike Hodgson becomes Head of Structuring. He joins from The Royal Bank of Scotland NV (previously ABN AMRO Bank N.V) where he had been responsible for Fund Derivatives Trading and Structuring.Kathleen Broekhof becomes LDI Solutions Manager, LDI. She was previously a Director in the institutional team at HSBC Global Asset Management where she was responsible for developing and maintaining relationships with UK corporate pension schemes. Dianne Ramsay will be joining the UK Strategic Solutions Team next month, from the Financial Strategy Group (FSG) at Mercer where she was a senior consultant.Alistair Jones, joins a team of 6 strategic solutions specialists, responsible for the provision of strategic and liability led input to clients. Prior to joining Schroders, Jones worked at Aon Hewitt for over 5 years as an Investment Consultant.
18/03/2011

Assets and profits up at LGIM

p { margin-bottom: 0.08in; } Legal & General Investment Management has seen an increase in its profits to GBP206m in 2010, compared with GBP172m in 2009. The increase comes at a time when assets under management have risen from GBP315bn to GBP354bn, an increase of 12%.
18/03/2011

Schroders launches a second low-cost fund

p { margin-bottom: 0.08in; } Schroders on 17 March announced the launch of a second actively-managed low cost fund. The Schroder QEP Global Core fund, with a TER limited to 40 basis points, aims for 1% outperformance of the MSCI World index or equivalent indices. The fund is the second in this category to be launched in March.
18/03/2011

Fidelity adds to FAST range

p { margin-bottom: 0.08in; } Fidelity International has launched a long/short fund of UK equities for Aruna Karunathilake, as an addition to its Fidelity Active Strategy (FAST) range, Investment Week reports. The fund, FAST UK, will be similar to the UK Aggressive fund in terms of stock-picking, but may invest in short positions with up to 30% of its portfolio.
18/03/2011

ECB: hedge funds to back Draghi

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that at a conference in London, representatives of RAB Capital, Sturgeon Capital and Signet Group have announced their support for Mario Draghi, governor of the Bank of Italy, as successor to Jean-Claude Trichet as chairman of the ECB. Draghi did a convincing job as president of the Financial Stability Forum.
18/03/2011

Credit Alpha Fund from Henderson arrives in Spain

p { margin-bottom: 0.08in; } Following the German BaFin and the Swiss Finma (see Newsmanagers of 11 January and 25 February), the Spanish CNMV has granted permission for sales of the British UCITS-compliant fund Henderson Credit Alpha, which aims for returns 500 basis points higher than the Libor 3-month, with VaR of 3-6%.
18/03/2011

Mirabaud Finance and Aviva Investors France register funds in Spain

p { margin-bottom: 0.08in; } On 11 March, the CNMV granted a sales license for Spain to two French-registered funds, Mirabaud Euro Actions (C, D and I shares) and Aviva Investors Obligations Variables (E shares). The products will be offered by Mirabaud Finanzas and the Spanish branch of Aviva Investors Global Services, respectively.
18/03/2011

DJ Credit Suisse hedge fund index up 1.38% in February

p { margin-bottom: 0.08in; } The DJ Credit Dow Jones Credit Suisse hedge fund index finally posted gains of 1.38% in February, with eight out of ten strategies showing positive results.Convertible arb earned the best returns, with gains of 2.90%.
18/03/2011

Inflows to hedge funds continued in January

p { margin-bottom: 0.08in; } According to a joint study by TrimTabs Investment Research and BarclayHedge, hedge finds in January posted net subscriptions of about USD2.9bn, corresponding to 0.2% of their assets, for a sixth consecutive month of net inflows.Sol Waksman, founder and president of BarclayHedge, says this result is highly encouraging for the sector, insofar as January is traditionally marked by heavy redemptions. However, February is usually a month of very large inflows, meaning that the authors of the study predict net subscriptions for the month of about USD10bn.Although funds of hedge funds have seen net outflows of USD3.6bn (0.7% of their assets) in January (3rd consecutive month of net redemptions), commodities funds (CTAs) attracted USD2.8bn (1% of their assets), and macro funds attracted USD1.2bn (1.2% of their assets).Overall, the six equities strategies all saw net redemptions, and emerging markets equities saw their first net outflows since July, while bond funds received net subscriptions of USD3.5bn (2% of assets), their strongest inflows since February 2008.
18/03/2011

SEB launches its first ETFs

p { margin-bottom: 0.08in; } The Swedish bank SEB has entered the ETF business, the website Privata Affarer reports. Up to now, the Swedish ETF market has been dominated by Handelsbanken, with its XACT Fonder company.The first ETFs from SEB are three products - SpotR, SpotR Bull and SpotR Bear – based on the OMXS30 index, the benchmark index of the Swedish market. The first ETF simply tracks the index; the second has leverage of two, and the third has inverse leverage of two.
18/03/2011

Squadron Capital recruits a head of investor relations

p { margin-bottom: 0.08in; } The private equity fund of fund specialist firm Squadron Capital has recruited Chau Ly for the newly-created position of director of investor relations and development. She will be based in Hong Kong, and will report directly to the head of Squadron Capital, David Pierce.Chau previously worked in New York for the private equity fund of funds Siguler Gulf.
18/03/2011

Squadron Capital recruits a head of investor relations

p { margin-bottom: 0.08in; } The private equity fund of fund specialist firm Squadron Capital has recruited Chau Ly for the newly-created position of director of investor relations and development. She will be based in Hong Kong, and will report directly to the head of Squadron Capital, David Pierce. Chau previously worked in New York for the private equity fund of funds Siguler Gulf.
18/03/2011

Frankfurt tops 800 ETFs

p { margin-bottom: 0.08in; } Amundi has listed three more French-registered ETFs for trading on the XTF segment of the Xetra electronic platform from Deutsche Börse, Amundi ETF AAA Govt Bond EuroMTS (FR0010930636), which charges fees of 0.14%, Amundi ETF MSCI Europe Energy (FR0010930644), which charges 0.25%, and Amundi ETF MSCI Emerging Markets (FR0010959676), which charges 0.45%.Thus, the XTF segment now lists 801 ETFs.
18/03/2011

UIRE freezes a fund with high exposure to Japanese real estate

p { margin-bottom: 0.08in; } The German management firm Union Investment Real Estate (UIRE) has announced that until further notice, subscriptions are frozen from 17 March for the open-ended real estate fund UniImmo: Global (DE0009805556), which had EUR2.34bn in assets as of the end of October. The net asset value of the fund had already been lowered by 4.45% recently (see Newsmanagers of 3 March), due to the depreciation of three properties in Tokyo.Now, the suspension is explained as a result of the fact that seven Tokyo properties in the portfolio represent 14% of total assets for the fund. The other real estate funds from UIRE are also invested in Tokyo, but to a lesser extent, and consequently none of them have been frozen for the moment.

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