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14/03/2011

Hume Capital launches a Global Opportunities OEIC

p { margin-bottom: 0.08in; } Hume Capital has announced the launch of the OEIC Global Opportunities fund on 28 March. The portfolio, managed by Stephen Watson, will be invested in 40 to 60 mid and large caps from the MSCI World universe. The portfolio will initially be exposed primarily to Asian growth, and the infrastructure needs of emerging countries.
14/03/2011

Invesco Perpetual launches a regular distribution equities fund

p { margin-bottom: 0.08in; } Invesco Perpetual is planning to raise EUR100m for a regular distribution equities fund (Invesco Global Income Trust), which will be managed by Paul Boyne and Doug McGraw. The fund will invest in equities that pay high dividends, with the objective of achieving an average of 3.5% in dividends, and protecting investors against inflation. The portfolio will include 50 to 70 positions.
14/03/2011

Chinese social security fund plans to triple international investments

p { margin-bottom: 0.08in; } The Chinese social security fund (National Council for Social Security Fund, or NCSSF) is planning to increase its exposure to international assets from 7% to 20% of its portfolio, Asian Investor reports. Assets under management in the fund are expected to total RMB1trn (about USD152bn) by the end of the year, and RMB1.5trn by 2015. Assets under management currently total RMB850bn, including a bond allocation of 45%, an equities allocation of 30%, and a private equity allocation of 25%. In addition to this international development, the fund is also planning to increase its exposure to Chinese real estate and private equity. The fund is also working to improve returns on bond products. The fund uses 22 foreign firms to manage its funds. The list includes Alliance Bernstein, Allianz, Axa Rosenberg, BlackRock, Invesco, Janus Intech, Pimco, State Street Global Advisors, T Rowe Price and UBS/CICC. Barings and Schroders are in charge of investments in Chinese equities listed abroad; JF Asset Management, Martin Currie and Principal are in charge of Asian equities ex Japan; Batterymarch, Morgan Stanley IM and Schroders are in charge of emerging markets equities, and Fidelity, Newton, Prudential and Wellington handle international equities. In December 2010, the fund also contracted seven management firms and one trading firm to manage its local investments: China Universal, Dacheng, Fullgoal, Huangfa, Haitong Fortis, ICBC Credit Suisse, Yinhua and Citic Securities. 18 companies now manage the Chinese assets of the fund, which is not planning any new appointments in that area this year.
14/03/2011

Oddo Asset Management integrates another strategy thanks to Orsay

p { margin-bottom: 0.08in; } Now, with the integration of Orsay Asset Management, Oddo Asset Management has additional expertise in absolute return equities, with 7 people. Oddo has begun preparing its networks and clients for two Orsay products which will be added to the range, a strategy with assets of EUR200m, of which EUR120m belong to the French-registered UCITS fund Orsay Arbitrages Actions, launched on 16 September 2009, EUR10m for the Orsay Active Plus L/S, and EUR60m for an institutional mandate.The two funds, both of which have Frédéric Staub as their principal manager, will use the same basic methodology, with a common long/short core (based on the momentum/pair trade/conviction triangle, with each area being neutral), and attention to risk control. For the Arbitrage Actions fund, the manager adds a layer of investment in announced mergers and acquisitions, without being required to participate in any dubious deal.For the Active L/S fund, net market exposure is +/-25%, while the Arbitrage Actions fund aims to have a neutral exposure to the market +/-3%. There is no genuine leverage. The volatility objectives are 5% for the mergers and acquisitions arbitrage fund, and 3-4% for the pure long/short fund, with respective performance targets of 4-5% and 7-8%. The Active L/S fund will be aimed at private clients who would like to take on additional risk, but cautiously, while the more defensive Arbitrage Actions fund is aimed rather at institutional investors seeking to add dynamism to their treasury, as well as to Oddo Banque Privée and its clients and IFAs.
14/03/2011

Assets in US money market funds up by USD11bn in one week

p { margin-bottom: 0.08in; } Money Fund Report reports that assets under management in US money market funds increased by USD11bn in one week (from USD2.715trnn to USD2.726trn), on average returns of 0.03%, La Tribune reports.
14/03/2011

Threadneedle releases European Smaller Companies Absolute Alpha Fund

p { margin-bottom: 0.08in; } The range of eight newcits products from Threadneedle has gained the addition of the Luxembourg-registered small caps fund European Smaller Companies Absolute Alpha Fund (see Newsmanagers of 4 March), managed by Philip Dicken (also manager of the Threadneedle European Small Companies Fund, LU0282719219), which reproduces the strategy of the Threadneedle European Smaller Companies Crescendo Fund (ISIN: KYG8848E2346), which has been closed in favour of the new UCITS-compliant product. The absolute return product will typically have between 50 and 100 long and short positions, with the objective not only of absolute returns, but of annualised returns of 8-10% per year, on an 18-24 month investment horizon. Characteristics Name: Threadneedle Smaller Companies Absolute Alpha Fund ISIN: LU0570870567 Management commission: 1.5% (retail shares) 0.75% (institutional shares) Performance commission: 20% of performance exceeding the hurdle rate (Libor 3 month) Available in” euros, hedged pounds sterling, hedged US dollars, hedged Swiss francs
14/03/2011

GAM to release three themed funds in Germany

p { margin-bottom: 0.08in; } The German financial supervisory authority BaFin has granted permission to release the full range of UCITS-compliant funds from the Swiss management firm GAM in Germany, opening the market to three more Irish-registered GAM Star products. The funds are thematic equities funds denominated in US dollars, and focused on technologies (GAM Star Technology, IE00B5THWW23, launched on 1 February 2011), sustainable development (GAM Star Geo, IE00B5THWW23, launched on 29 December 2010), and inflation (GAM Star Global Equity Inflation Focus, IE00B4M7MR78, launched on 19 January 2011). The managers are Mark Hawtin, Paul Udall and Manning & Napier Advisors, respectively. In all three cases, minimal subscription is set at USD10,000, or the equivalent in other currencies. Front-end fee is 5%, and management commission is 1.5%.
14/03/2011

Singapore and the U.S. are the best markets for fund investors

An evaluation by Morningstar of fund practices worldwide has found that the United States and Singapore are the best markets for investors on the basis of criteria such as investor protection, transparency, commissions, taxation, and distribution, according to the second study on the subject (“Second Global Investor Experience Study”).New Zealand comes at the bottom of the rankings, but is showing signs of improvement compared with the first edition of the study, published in May 2009. France is in the middle of the rankings, ahead of Germany. Below are the ratings received by 22 countries analysed by Morningstar. Singapore: A Germany: C+ United States: A Japan: C+ Thailand: A- United Kingdom: C+ India: B Australia: C Netherlands: B Belgium: C Switzerland: B Hong Kong: C Taiwan: B Italy: C China: B- Norway: C Sweden: B- Spain: C Canada: C+ South Africa: C- France: C+ New Zealand: D-
14/03/2011

John Paulson and George Soros are small fish compared with Carlos Slim

p { margin-bottom: 0.08in; } In the most recent Forbes rankings of the world’s richest people, hedge fund managers were clearly outpaced, the Frankfurter Allgemeine Zeitung reports. While the Mexican magnate Carlos Slim tops the list, with estimated wealth of USD74bn, John Paulson is only in 39th place, with USD16bn (which is, however, USD4bn more than last year), and George Soros is in 46th place, with USD14.5bn. He is even outstripped by Michael Dell, who falls into the same category, as owner of the alternative asset management firm MSD Capital, with USD14.6bn.
14/03/2011

Two managers leave SPGP

p { margin-bottom: 0.08in; } According to reports received by Citywire, Frédéric Motte and Jérôme Archambeaud are leaving SPGP and are reportedly about to found their own management boutique. The two managers were in charge of the Focus Europa fund.
14/03/2011

Kas Bank wins a big mandate

p { margin-bottom: 0.08in; } The pension fund for retail employees in the Netherlands, Stichting Bedrijfstakpensioenfonds voor de Detailhandel, with a coverage rate as of the end of January of 98.4% (compared with 96.6% as of the end of December), has announced that it has selected Kas Bank for custody and administration of all of its assets, totalling about EUR8-9bn. Kas Bank will also handle risk monitoring as well as informing the fund’s board and investment committee.
14/03/2011

Schroders hires a head of manager selection

Schroders has strengthened its manager selection team within its GBP31.5 billion FUM Multi-Asset business by appointing Rob Hall to the newly created role of head of manager selection. He joins from Russell Investments with over 23 years’ industry experience and 20 years in manager research and selection. This announcement follows the appointment of Nicolaas Marais, who joined Schroders this week as head of multi-asset investments and portfolio solutions. Nicolaas Marais joins from BlackRock’s Multi-Asset Client Solutions Group where he was global head of active portfolio management. He is a member of Schroders’ Group management committee, reporting to Michael Dobson, chief executive.
14/03/2011

Steen Jakobsen returns to Saxo Bank

p { margin-bottom: 0.08in; } After two years as CIO of Limus Capital Partners, Steen Jakobsen on 17 March returned to Saxo Bank, as economist in chief. David Karsbol, who was economist in chief during the past two years, has joined the banking team of senior vice president Christian Kofoed Jakobsen. He will be responsible for product development in the areas of retirement and investment.
14/03/2011

Deka facing a loss of up to EUR50m

p { margin-bottom: 0.08in; } A spokesperson for DekaBank on Saturday confirmed to Reuters that there is truth to claims in the Börsen-Zeitung on Saturday that the central asset management firm for the German savings banks has committed some irregularities in accounting some equities transactions, which may cost the firm EUR50m, the Frankfurter Allgemeine Zeitung reports. Deka is said to have missed some legal deadlines, and may no longer claim tax refunds on dividends on equities hosted for non-residents at the time when dividends are paid out.
14/03/2011

Un fonds d’infrastructures en projet aux Philippines

Le gouvernement philippin prévoit de lever quelque 200 milliards de pesos (4,6 milliards de dollars) auprès d’institutions financières publiques locales afin de contribuer au financement de routes, voies ferrées et installations portuaires, a indiqué le secrétaire au plan. «Nous voulons puiser dans le marché domestique et éviter les risques de change», a déclaré Cayetano Paderanga. L’Asian Development Bank conseille le gouvernement sur la création de ce fonds.
14/03/2011

Hausse plus marquée que prévu des stocks des entreprises aux Etats-Unis

Les stocks des entreprises ont augmenté un peu plus que prévu en janvier, pour atteindre 1.453,1 milliards de dollars, selon les chiffres du département du Commerce. Leur hausse a atteint 0,9% contre 0,7% attendu, tandis que les ventes progressaient de 2,0% à 1.177,8 milliards de dollars.
14/03/2011

Cinq collaborateurs quittent le navire chez Dahlia Partners

La filiale de Natixis dédiée aux fonds de fonds, voit partir cinq de ses collaborateurs (Mireille Klitting, Jonathan Bayle, Laetitia Beillard, Benoit-Olivier Boureau et Benjamin Breard). Cette équipe entend «débuter un nouveau projet», a indiqué une source proche du dossier à l’Agefi. Outre Dahlia Partners, le groupe BPCE dispose d’une autre activité fonds de fonds avec Masseran Gestion.
14/03/2011

Nouvelle hausse des ventes au détail outre-Atlantique

Les ventes au détail ont augmenté en février aux Etats-Unis, la hausse des prix du pétrole ayant accentué le chiffre d’affaires des stations-service, selon les données officielles publiées vendredi. Les ventes au détail ont augmenté de 1,0% par rapport à janvier, selon le département du Commerce, conformément aux attentes des économistes interrogés par Reuters. Il s’agit du huitième mois de hausse consécutif.
14/03/2011

Le sentiment des consommateurs américains plonge

Selon l’indice Thomson Reuters/Université du Michigan publié vendredi, l’indice de confiance du consommateur américain est ressorti en mars à 68,2 en première estimation contre 77,5 en février, alors que le consensus ne prévoyait qu’un léger recul à 76,5. Il est à son plus bas niveau depuis octobre 2010.
14/03/2011

La BoJ au secours de l'économie japonaise

La banque centrale du Japon a injecté quelque 15.000 milliards de yens ce matin pour éviter une panique bancaire dans les régions touchées par les conséquences du séisme.
14/03/2011

Un fonds en yuan à la conquête du Monde

Le gouvernement municipal de Pékin a convenu en partenariat avec la société de private equity européenne A Capital Asia de mettre en œuvre le tout premier fonds d’investissement libellé en yuan destiné à des engagements internationaux. Cela dans le cadre des efforts déployés par les autorités chinoises pour soutenir le développement des entreprises du pays au-delà des frontières de l’Empire du Milieu. L’accord devrait être rendu public dès aujourd’hui, selon le quotidien britannique. Le fonds espère lever quelque trois milliards de yuans, l’équivalent de près de 330 millions d’euros. Les partenariats seraient envisagés surtout en Europe et notamment dans les secteurs technologiques.
14/03/2011

Statu quo attendu pour la Fed

Alors que le marché joue le maintien jusqu'à son terme du second tour d’assouplissement quantitatif (QE2), beaucoup s’attendent à ce que la Fed répète mardi son discours accommodant et garde la mention de «niveaux exceptionnellement bas des Fed funds pendant une période prolongée».

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