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10/01/2011
Fonds

Polar Capital ferme un hedge fund

La société de gestion britannique Polar Capital Holdings a annoncé qu’elle allait fermer le Polar Capital Discovery Fund et rembourser les investisseurs dans un délai de quatre semaines. Ce produit de 31 millions de dollars, enregistré dans les îles Caïmans, est un hedge fund global macro géré par Paul Lambert.
Fonds
10/01/2011
Fonds

D’autres traders de Goldman vont monter leur fonds

La dernière grosse équipe du pôle de transactions pour compte propre de Goldman Sachs a commencé à lever de l’argent pour monter un nouveau hedge fund indépendant de la banque, rapporte le Financial Times. L’équipe, dirigée par deux membres expérimentés du desk Goldman Sachs Principal Strategies, Daniele Benatoff et Ariel Roskis, auraient déjà obtenu 300 millions de dollars d’investissements de la part du hedge fund Brummer & Partners.
Fonds
10/01/2011
Fonds

Bon début d’année pour les fonds actions aux US

Les fonds actions retail basés aux Etats-Unis ont enregistré des souscriptions de 3,4 milliards de dollars sur la semaine se terminant le 5 janvier, ce qui constitue leur meilleure collecte hebdomadaire depuis décembre 2007, selon le Financial Times, qui cite les données de Lipper Americas. Cela alimente l’espoir selon lequel les investisseurs particuliers pourraient revenir vers les actions.
Fonds
10/01/2011

BNY Mellon Asset Servicing dépasse les 200 milliards de dollars d'encours d'ETF sous administration

Durant 2010, les encours d’ETF administrés par BNY Mellon Asset Servicing se sont accrus de 46 % pour franchir le cap des 200 milliards de dollars. L’opérateur fournit ses services à 400 fonds aux Etats-Unis et à près de 500 portefeuilles différents dans le monde.L’an dernier, précise Joseph Keenan, la plus forte croissance des actifs pour les ETF a été enregistrée par les produits qui répliquent des indices de marchés émergents de même que ceux qui offrent une exposition aux matières premières et aux instruments obligataires, une tendance lourde qui devrait se poursuivre cette année.
10/01/2011
Fonds

Putnam Investments veut renforcer ses relations avec les consultants dédiés aux institutionnels

Putnam Investments a annoncé les promotions de Robert E. Alan en qualité de responsable des relations avec les consultants pour l’Amérique du Nord et de Keith E. Thomas en tant que responsable des relations avec les consultants à l’international. Le premier sera basé à Boston, le second à Londres. Tous deux ont rejoint Putnam Investments en 2006. Ils vont piloter les efforts de Putnam pour développer les relations avec les consultants qui accompagnent les investisseurs institutionnels dans leur stratégie d’investissement et la sélection des gérants."La gestion institutionnelle constitue une part de plus en plus importante de l’activité de Putnam, et les promotions de deux professionnels d’expérience et respectés tels Rob Alan et Keith Thomas illustrent notre engagement de longue date non seulement pour accompagner les investisseurs institutionnels au niveau international mais aussi pour construire une relation forte avec la communauté des consultants», indique Joseph Phoenix, managing director et responsable de la gestion institutionnelle internationale, cité dans un communiqué.
Fonds
10/01/2011
Fonds

Janus lance deux fonds

La société de gestion américaine Janus Capital Group a annoncé le 6 janvier le lancement de deux fonds, le Janus Global Bond Fund et le Janus Emerging Markets Fund.A fin septembre 2010, les actifs sous gestion de Janus s'élevaient à 160,8 milliards de dollars.
Fonds
10/01/2011

L'Etat de Californie dans le collimateur de la SEC

Selon des informations du New York Times citées par La Tribune, la SEC, l’autorité boursière américaine, aurait lancé une enquête pour déterminer, entre autres, si l'État de Californie a correctement divulgué le degré de risque des investissements réalisés par son fonds de pension Calpers.
10/01/2011

Finma grants branch status to Newedge offices

p { margin-bottom: 0.08in; } On 7 January, Newedge, a 50/50 joint venture of Société Générale and Crédit Agricole CIB, announced that it has been granted clearance by the Swiss financial regulator, Finma, to turn its representative offices in Zurich and Geneva, which currently have 16 employees, into branches. The agreement will allow Swiss clients to be served by a single provider, rather than having to deal directly with the various locations of Newedge worldwide.
10/01/2011

Gains of 2.25% for the Lyxor Hedge Fund in December

p { margin-bottom: 0.08in; } The Lyxor Hedge Fund Index posted gains of 2.25% in December. Since the beginning of the year, as of 31 December, the index was up 5.82%. For the year, the best-performing alternative strategies are: L/S Credit Arbitrage Index (+10.27%), CTA Long Term Index (+10.24%), Special Situations Index (+9.96%). At the other extreme, the worst performers were L/S Equity Short Bias Index, L/S Equity Statistical Arbitrage Index, and CTA Short Term Index (-0.07%).
10/01/2011

Hedge funds fell further behind equities in 2010

p { margin-bottom: 0.08in; } Hedge Fund Research and Hennessee Group report that hedge funds gained 3.2% and 3%, respectively, in December; for 2010 as a whole, they earned 10.4%, and 10.2%, respectively. These results are lower than the 6.5% observed in December and 12.8% for all of last year for the S&P 500, the Wall Street Journal reports.The results will certainly feed debate as to the ability of these funds to generate outperformance in periods of rising markets, even though this is the second consecutive year of gains, as HFR calculated that hedge funds gained 19.98% in 2009, while the S&P 500 gained 26.47% in the same time period.
10/01/2011

BlackRock fund changes names

p { margin-bottom: 0.08in; } BlackRock on 7 January announced that it has modified the name of one of its funds, the iShares FTSE/Xinhua China 25, which becomes the iShares FTSE China 25, following the acquisition of the Xinhua indices by FTSE on 16 December. The change affects only the name of the fund, and will have no impact on the structure or investment strategy of the fund, BlackRock says in a statement. Assets under management in the fund total USD1.18bn.
10/01/2011

Net inflows of over EUR1bn to Italian funds in 2010

p { margin-bottom: 0.08in; } Over the year 2010 as a whole, mutual funds on sale in Italy posted net subscriptions of EUR1.094bn, despite net outflows of EUR3.187bn in December alone, according to the most recent statistics from the Italian association of asset managers, Assogestioni. Inflows were driven by equities funds (EUR2.118bn), balanced funds (EUR3.543bn), bond funds (EUR17.172bn), and flexible funds (EUR4.101bn). However, money market funds saw outflows of EUR23.882bn, and hedge funds had outflows of EUR1.959bn. In terms of the country of domicile of funds, those based in Italy have seen net redemptions of EUR10.056bn, while funds domiciled abroad had inflows of EUR11.15bn. As a result, at the end of the year, foreign funds represented 57.2% of assets under management in Italy in mutual funds.
10/01/2011

Partners Group opens a representative office in São Paulo

p { margin-bottom: 0.08in; } The Swiss private equity management firm Partners Group (EUR20bn in assets) on 7 January announced that it has opened a branch in São Paulo. Brazil is a market which is thought to offer highly promising potential, and the growing complexity of the private securities market requires a local presence. Partners Group now operates a network of 14 locations worldwide, on four continents.
10/01/2011

Moore trader launches an asset management firm

p { margin-bottom: 0.08in; } Financial News reports that Paul Findley, one of the main traders at Moore Capital, is preparing to found an alternative management firm, to be entitled Bramshott Capital. The firm will launch a European long/short equities fund in April.
10/01/2011

SEC opens investigation about state of California

p { margin-bottom: 0.08in; } According to reports in the New York Times, cited by La Tribune, the US financial market regulator, the SEC, has opened an investigation to determine whether the state of California correctly disclosed the level of risk for investments by the state pension fund CalPERS.
10/01/2011

Strong start to the year for US equities funds

US equity mutual funds have seen an inflow of USD3.5bn in the week ending January 5, their best weekly inflow since December 2007, according to Lipper Americas, cited by the Financial Times. It raises hopes that retail investors’ exodus from stocks may be over.
10/01/2011

Goldman trading team planning their own fund

The last big proprietary trading team at Goldman Sachs has started raising money to launch a new hedge fund independent of the bank, according to the Financial Times. The team – led by two senior members of Goldman Sachs’ Principal Strategies desk, Daniele Benatoff and Ariel Roskis – has already secured a USD300m commitment from the hedge funds Brummer & Partners, people familiar with the team’s plans said.
10/01/2011

Polar Capital closes a hedge fund

p { margin-bottom: 0.08in; } The UK asset management firm Polar Capital Holdings has announced that it will be closing the Polar Capital Discovery Fund, and redeeming assets to investors within a four-week time frame. The product, with USD31m in assets, registered in the Cayman Islands, is a global macro hedge fund managed by Paul Lambert.
10/01/2011

BNY Mellon wins a custody contract worth USD800m

p { margin-bottom: 0.08in; } Banco National de Costa Rica, the largest commercial bank in Costa Rica, has awarded a custody mandate to BNY Mellon for a USD800m portfolio of equities, bonds and US Treasury securities.
10/01/2011

Janus launches two funds

p { margin-bottom: 0.08in; } The US management firm Janus Capital Group on 6 January announced the launch of two funds, the Janus Global Bond Fund and the Janus Emerging Markets Fund. As of the end of September 2010, assets under management at Janus totalled USD160.8bn.
10/01/2011

Equities funds still doing well

p { margin-bottom: 0.08in; } The year has begun as the previous one ended: investors are continuing to prefer equities funds, EPFR Global reports. Inflows have continued in the week to 5 January, and equities funds have attracted four times more investments than bond funds. Equities funds have also posted a net inflow of USD9.2bn, of which USD3.3bn went to emerging markets funds, while bond funds saw inflows of USD2.6bn. Meanwhile, money market funds saw outflows of nearly USD15bn.
10/01/2011

Default rates finished the year at 3.1%, according to Moody's

p { margin-bottom: 0.08in; } The ratings agency Moody’s on 7 January announced that global default rates for businesses in the speculative category finished fourth quarter 2010 at 3.1%, compared with 4% the previous quarter. Default rates totalled 13.1% as of the end of 2009. In 2011, default rates may fall to 1.9% by the end of the year, if a central stable scenario proves true. On the basis of a pessimistic scenario (liquidity freeze, economic contraction), default rates could rise to 6.1%, while they could fall to 1.2% in the case of a highly favourable scenario. In Europe, default rates, which fell back to 1.9% in fourth quarter from a level of 3.5% in third quarter, could fall as far as 1.2% by the end of December 2011. The same trend is apparent in the United States, where default rates stand at 3.3%, compared with 4% one quarter previously.
10/01/2011

Promotion for Wolfgang Harth at Weberbank

p { margin-bottom: 0.08in; } The Berlin private bank Weberbank Actiengesellschaft, an affiliate of the Mittelbrandenburgische Sparkasse, has announced that Wolfgang Harth, who previously had spent four years in management positions, has been appointed as a member of the managing board in charge of high net worth private clients and centres of expertise for real estate and insurance. Harth joins Klaus Siegers, chairman of the board, in charge of strategy, personnel, asset management and institutional clients, and Stephan Brandt (finance, controlling, risk control).
10/01/2011

Julius Baer makes major recruitments for private banking in Germany

Following the example of Vontobel, which more than one year ago decided to make Germany its second domestic market, Swiss-based Julius Baer on 10 January announced that it has made a very significant addition to its private banking personnel in Germany, with the recruitment of Heiko Schlag (formerly of HypoVereinsbank) as head of private banking at Bank Julius Bär Europe (headquartered in Frankfurt), and of 14 client relationship managers, for locations in Frankfurt, Hamburg and Stuttgart. New offices will be opened in Kiel and Würzburg.Schlag, Christian E. Dubler and Gerhard Grebe are board members at Bank Julius Baer Europe AG. With Alexander Jecht, they form the extended executive board.
10/01/2011

Manulife Am recruits a head of equities for Asia

p { margin-bottom: 0.08in; } Manulife Asset Management on 6 January announced the recruitment of Ronald Chan as senior managing director and head of equities for Asia from 3 January. He will be based in Hong Kong, and will report to Michael Dommermuth, president and head of Manulife Asset Management (Asia). Chan previously worked at Pacific Eagle Asset Management, as deputy chief investment officer.
10/01/2011

“For the BNY Mellon Global Real Return Fund, the quality of analysis has a bearing on asset allocation”

In 2010, BNY Mellon Asset Management earned large inflows in France for the BNY Mellon Emerging Markets Debt Local Currency Fund, managed by Alexander Khozemiakin, at Standish. This year, the US management firm is planning a push in France for the BNY Mellon Global Real Return fund (EUR), managed by James Harries, at Newton, another of the group's 20 boutiques. Newsmanagers talks about the product with Robert Stewart, director of investment at Newton.
10/01/2011

Assets in Spanish funds down by more than EUR26.5bn in 2010

p { margin-bottom: 0.08in; } As of the end of December, according to VDOS Stochastics, assets in Spanish funds totalled slightly under EUR143.96bn, which represents a contraction of 15.69%, or EUR26.79bn, compared with 31 December 2009.Of this decline, EUR26.55bn (or 99.1%!) is due to redemptions, and EUR238m is due to losses. As of 24 December, VDOS had estimated that losses last year totalled 15.35%, for assets of EUR144.54bn (see Newsmanagers of 3 January).In December, the decline in assets was 0.63%, or EUR905m, despite capital gains of EUR1.31bn, as net outflows totalled EUR2.21bn.
10/01/2011

Union Investment Real Estate acquires Euragone AM

p { margin-bottom: 0.08in; } As of 1 January, the Hamburg real estate management firm Union Investment Real Estate (UIRE) acquired its “longstanding French partner” Euragone Asset Management, which will now be known as Union Investment Real Estate France SAS. The acquisition price was not disclosed.The new affiliate, which manages about EUR2.7bn in assets, has 12 employees in Paris, and will be led by Dominique Dudan, who has previously served in management positions at Accor Hotels & Resorts, HSBC Real Estate, and BNP Paribas Immobilier. She was most recently CEO of the French asset management firm Arcole.UIRE (an affiliate of the management firm for the German co-operative banks) has a portfolio in France of 27 properties, with a total of 380,000 square metres. The properties are located in the regions of Paris and Marseilles as well as Limoges. The property portfolio in France is by far the largest foreign presence for UIRE, and it is also expected to grow further, says Richard Kutscher, chairman of the executive board at UIRE.
10/01/2011

Paris marketplace seeks to encourage management entrepreneurs

p { margin-bottom: 0.08in; } Les Echos reports that the body to promote the competitiveness of Paris Finance Innovation, with the assistance of the AFG, is preparing a market structure to assist independent managers to develop. “There is a need for an institutional fund of funds, an accelerator for growth, so that independent managers can acquire adequate size to win over institutionals and export their expertise to the rest of Europe,” says Jean-François Bay, CEO of Morningstar France. “This would require approaching institutionals and asking them to feed a local fund which would invest in funds and young management firms.” Finance Innovation and the AFG are hoping to have the project up and running by the end of the year.

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