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06/09/2010

Merrill Lynch perd son patron de la gestion de fortune pour l'Asie

Le patron de la gestion de fortune de Merrill Lynch pour la zone Asie-Pacifique, Antony Hung, a présenté sa démission, selon Wealthbriefing. Après dix-huit ans au sein de Merrill, Antony Hung souhaite poursuivre d’autres intérêts professionnels.Wilson Ho, responsable de la gestion de Bank of America pour l’Asie du nord, devrait assurer l’intérim en attendant la nomination d’un successeur officiel.
06/09/2010

FRM veut se renforcer à Hong Kong

Selon Asian Investor, le spécialiste des fonds de fonds FRM a transféré Marc Fisher du siège londonien au bureau de Hong Kong où il remplacera Au King Lun qui a rejoint au printemps dernier Bank of China Hong Kong en qualité de general manager et responsable de l’asset management.Marc Fisher, également responsable de produits FRM comme Sigma (fonds de CTA/managed futures fund), veut poursuivre le développement du bureau de Hong Kong au travers notamment de fonds de fonds dédiés.
06/09/2010

BNY Mellon met le pied sur le marché canadien de la gestion de fortune

BNY Mellon a annoncé avoir bouclé l’acquisition de la société indépendante de conseil en gestion de fortune I3 Advisors. Cette transaction, modeste en termes d’actifs conseillés (un peu plus de 3,8 milliards de dollars canadiens), n’en constitue pas moins la première acquisition au Canada de BNY Mellon sur le segment de la gestion de fortune.BNY Mellon a maintenu dans ses fonctions le patron de I3 Advisors, June Ntazinda qui est directement rattaché à don Heberle, executive vice president de BNY Mellon Wealth Management responsable des activités internationales.
06/09/2010
Fonds

Petits gains pour les fonds de pension espagnols en août

D’après les estimations du cabinet de consultants Mercer portant sur un échantillon qui correspond à 54 % du secteur, les fonds de pension espagnols ont affiché pour août une performance de 0,1 %, enregistrant ainsi leur second résultat positif mensuel consécutif grâce au bon comportement des marchés obligataires, rapporte Cinco Días. Depuis le début de l’année, la performance cumulée se situe à 0,5 % ; pour les douze mois à fin août, elle ressort à 3,4 %.
Fonds
06/09/2010
Fonds

En Espagne, les remboursements nets se sont poursuivis en août

D’après les statistiques de l’association Inverco des sociétés de gestion, les fonds de valeurs mobilières espagnols ont accusé pour août des sorties nettes de 522 millions d’euros, les plus faibles depuis le début de l’année (les plus fortes ont été observées pour juin avec plus de 3,78 milliards), contre des souscriptions nettes de 282,3 millions pour le mois correspondant de 2009.Depuis le début de l’année, l’encours total a baissé de 9,6 % pour revenir à 147,45 milliards d’euros, la plus forte contraction (29,3 %) étant accusée par les fonds obligataires de court terme avec une chute de l’encours de 15,6 milliards d’euros, ce qui représente 90 % de la baisse constatée pour l’ensemble des fonds. En relatif, la baisse est encore plus forte pour les fonds monétaires avec 33,9 %, mais en absolu la contraction se limite à 4,7 milliards d’euros.Au total, cependant, 27 des 109 sociétés de gestion qui communiquent leurs chiffres à Inverco ont enregistré des souscriptions nettes pour août. La Caixa et Santander Asset Management sont les deux seules des dix plus grandes maisons à être dans ce cas, avec des rentrées nettes respectives de 204,5 millions et 41 millions d’euros.
Fonds
06/09/2010

JPMAM va créer un centre à Singapour

JPMorgan Asset Management a annoncé la création d’un nouveau centre régional pour l’Asie du Sud à Singapour, rapporte le Financial Times Fund Management. Roger Hepper, le COO de JPMAM basé à Hong Kong, devient également responsable de l’Asie du Sud.
06/09/2010

UBS and F&C sue Polygon

The UK fund management firms Financial Risk Management and F&C have filed a lawsuit jointly with UBS in a Cayman Islands court, seeking the appointment of independent liquidators for the Polygon Global Opportunities Fund from the British management firm Reade Griffith, the Wall Street Journal reports. The plaintiffs, who invested a total of USD165m in the product, are seeking to accelerate the liquidation of the fund, as Reade Griffith in two years has reimbursed only half of the assets, and is charging commissions of 2.5% (higher than the usual 2%), on the USD1.2bn which remain frozen. In addition, the plaintiffs say that the administrators authorised Polygon management and employees to redeem their shares in 2008, though other shareholders were not allowed to do so.
06/09/2010

Signet launches a UCITS III fund of funds

The fund of hedge fund consulting and management firm Signet is launching its first UCITS III-compliant fund of funds, Citywire reports. The Signet Multi-Strategy fund offers weekly liquidity as well as a means to allocate to about 15 hedge funds worldwide which comply with the requirements of the directive. The fund is domiciled in Dublin and is aimed at investors in the United Kingdom, continental Europe, and Asia.
06/09/2010

Dublin on drive to attract hedge funds

Regulators in Dublin have relaxed financial market rules in an effort to position Ireland as the leading European centre for a new wave of onshore hedge funds, says the Financial Times. The change took effect on September 1.
06/09/2010

Natixis and Publicis join CAC 40

The scientific index council at the Paris stock exchange has decided to remove Dexia and Lagardère from the CAC 40, and to replace them with Natixis and Publicis, Nyse Euronext announced on 3 September. The changes will take effect on the trading day of 20 September.
06/09/2010

JPMAM to create a centre in Singapore

JPMorgan Asset Management said it was setting up a new South Asia regional headquarters in Singapore, writes the Financial Times Fund Managament. Roger Hepper, JPMAM’s Hong Kong based chief operating officer, said he had taken on an additional role as head of South Asia.
06/09/2010

High net worth investors have reduced exposure to Spain by one quarter

According to the most recent statistics from the CNMV, Sicav funds, vehicles used by Spanish high net worth individuals, had assets invested in Spain as of the end of March of EUR12.86bn, compared with EUR17.07bn as of the end of 2007, Expansión reports. As total assets in these Sicav funds totalled EUR31.48bn as of the end of 2007, and EUR26.42bn as of the end of March 2010, this means that the proportion of assets in Spain has fallen from 54% to 41%. Miguel Ángel García, chief investment officer at Banca Patrimonial Banca March, says that high net worth investors have been moving away from Spanish small and midcaps, and subsequently bonos, in favour of bunds. The weakness of the Euro against the US dollar has also driven high net worth clients to North America. Investments in US equities have risen by 11% expressed as a percentage of total investments since the beginning of the year, merely due to currency effects.
06/09/2010

Net redemptions continue in August

According to statistics from the Inverco association of asset management firms, Spanish securities funds in August saw net outflows of EUR522m, the lowest since the beginning of the year (the highest came in June, totalling over EUR3.78bn), compared with net subscriptions of EUR282.3m in the corresponding month of 2009. Since the beginning of the year, total assets have fallen 9.6%, to a total of EUR147.45bn, with the largest contraction (29.3%) in short-term bond funds, with a decline of EUR15.6bn in assets, which represents 90% of the total decline for funds overall. In relative terms, the decline is even more pronounced for money market funds, at 33.9%, but in absolute terms, the contraction is limited to EUR4.7bn. In total, however, 27 of the 109 asset management firms which submit information to Inverco posted net subscriptions in August. La Caixa and Santander Asset Management are the only two of the top 10 firms to fall into this category, with net inflows of EUR204.5m and EUR41m, respectively.
06/09/2010

eFonds adds Deutsche Bank products to its range

The financial services provider eFonds Group, in which MPC Capital and HCI Capital each control a 27.98% stake, has announced that from 1 September it will offer securities products from Deutsche Bank Private Wealth Management, as well as retirement savings plans and Riester policies from the fund management firm DWS Investments (also part of the Deutsche Bank group). The new products are additions to the range of products available on the All Round Finance platform from eFunds, which already offers its roughly 2,500 IFA members products and solutions from Augsburger Aktienbank, CortalConsors, eBase and DAB Bank.
06/09/2010

FRM seeks to build presence in Hong Kong

Asian Investor reports that the fund of fund specialist FRM has transferred Marc Fisher from its London headquarters to the Hong Kong office, where he will replace Au King Lun, who last spring joined Bank of China Hong Kong as general manager and head of asset management. Fisher, who is also head of FRM products such as Sigma (a CTA/managed futures fund of funds), is planning to continue the development of the Hong Kong office, partly through the creation of dedicated funds of funds.
06/09/2010

Merrill Lynch loses head of Asian wealth management

The had of wealth management at Merrill Lynch for the Asia-Pacific region, Antony Hung, has resigned, according to Wealthbriefing. After 18 years at Merrill, Hung would like to pursue other professional interests. Wilson Ho, head of management at Bank of America for North Asia, will replace Hung in the interim until an official successor is appointed.
06/09/2010

RREEF refocuses activities on Asia

After a difficult ten-month period, the alternative management entity from Deutsche Bank Asset Management, RREEF, is launching another Asian offensive with a new approach. Asian Investor reports that investments will now be concentrated in the area of real estate, and will focus on four major markets: Australia, China, Japan, and South Korea. With this in view, the firm has appointed two new heads via internal promotions. Mark Cho will take over as head of Chinese activities, a new position, covering responsibilities which were previously shared by several senior managers. Cho was previously chief operating officer (COO) for the Asia-Pacific region. Terry Hwang, previously head of Korean acquisitions, becomes country head for South Korea.
06/09/2010

Slight increase in assets under management at Och-Ziff

Assets under management at the US firm Och-Ziff as of 1 September totalled about USD26.1bn, an increase of about USD200m compared with the previous month, according to a document submitted to the Securities & Exchange Commission (SEC). The document states that this total amount of assets under management takes into account performance in the month ending on 31 August, as well as capital movements on 1 September.
06/09/2010

Richard Pechter offers to buy Value Line fund activities

Richard Pechter, a shareholder in Value Line, has announced that he has made an offer to acquire the mutual fund activities of the investment research group, which is required by an out-of-court agreement with the SEC to sell off its fund and broker-dealer divisions, the Wall Street Journal reports. Pechter is director of the Financial Industry Regulatory Authority (FINRA) and the regulatory division of the New York Stock Exchange (NYSE).
06/09/2010

Scout acquires Reams Asset Management

Scout Investment Advisors is to acquire the US management firm Reams Asset Management, a specialist in fixed income for institutional clients. The sale will be completed in November, and will double assets under management at Scout, to USD18bn, Mutual Fund Wire reports.
06/09/2010

Axel Weytens takes over as head of risk for asset management at LCF Rothschild

On Thursday, the Compagnie Financière Edmond de Rothschild (LCF Rothschild) announced that it has recruited Axel Weytens, who most recently served as deputy CEO in charge of multi-management at Louvre Gestion (HSBC Private Wealth Management), for its central risk management office. Weytens will report to Jacques Boucquet, and will be in charge of risk management for asset management activities.
06/09/2010

Swiss firm Argos Managers adds to product range

The Swiss specialist in European small caps, Argos Managers, is planning to add to its product range. With this in view, the firm, which has barely CHF200m in assets under management, has recruited Jean Keller, who spent six years as head of 3A, the alternative management firm from Syz & Co. Keller will join Argos Managers in February, as a partner. In the meanwhile, he will continue to act as chair of several committees at 3A. But from the month of February, he will move to Argos Managers, and will work to build the product range at the Geneva-based management firm, which is largely known for its Argonaut fund. “I think it is a propitious time for small specialised structures, when investors are looking for value,” says Keller, who was head of asset management at Lombard Odier before joining 3A in 2005.
06/09/2010

Frédéric Rochat joins Lombard Odier in London

Frédéric Rochat has been appointed Managing Partner of Lombard Odier Darier Hentsch & Cie with effect from January 1, 2012. From October 1, 2010, he will assume responsibility for Lombard Odier’s activities in London with the objective to develop its presence in the fields of private and institutional management. The appointment of Frédéric Rochat will help strengthen the next generation of Partners within Lombard Odier Darier Hentsch & Cie, says a press release. Frédéric Rochat, 34, holds a degree in economics and business administration from the University of St. Gallen, Switzerland. He has spent most of his career working for the investment banking arm of Goldman Sachs Group in London and New York, first as an adviser to financial institutions, then industrial companies. In 2006, he started to cover Swiss corporates from London, with a particular focus on the private banking and financial sectors. In this role, he was involved in a large number of asset management and private banking transactions, allowing him to gain a solid understanding of the challenges these markets are currently exposed to.
06/09/2010

Claymore prepares a volley of 9 high-yield bond ETFs

The asset management firm Claymore (an affiliate of Guggenheim Partners) is planning to launch a series of ETFs on 15 November, which will replicate corporate high-yield bond indices from Accretive Asset Management. It also notified the SEC on 1 September in a N1-A form that it plans to release the Claymore BulletShares High Yield Corporate Bond ETF on the market, with annual maturity dates ranging from 2012 to 2020, within the Claymore Exchange-Traded Fund Trust. The funds, for which the amount of the management commission has not yet been specified, will be managed by Chuck Craig and Saroj Kanuri.
06/09/2010

iShares plans to launch an inflation-linked bond ETF

iShares (BlackRock) on 1 September notified the SEC in a form N1-A that it plans to launch an ETF, the iShares International Inflation-Linked Bond Fund, which will invest in inflation-linked bonds. The objective will be to generate performance equivalent to that of the BofA Merrill Lynch International Diversified Inflation-Linked Index before fees. The amount of the management commission has not yet been announced.
06/09/2010

Minerva launches an ETI based on a basket of Austrian shares

The Fondsbörse Hamburg on Monday, 6 September admits shares in the new BE Dynamic Fund (LI0113711308), an exchange traded investment (ETI) from the Liechtenstein management firm Minerva Investments, to trading. The product, which is licensed for sale in Germany and Austria, will primarily concentrate (at least 70%) on the 5 to 8 most promising shares listed on the Vienna stock exchange, of which at least 75% will follow the Styria Börse Express model portfolio, says Andreas Wölfl CEO of Minerva and the initial manager of the fund. The new ETI is a sub-fund of the “Minerva Structured Investments” vehicle. During its first week of trading (6-10 September), shares will be traded in Hamburg with a maximal «hot spread» of 50 basis points, which will allow investors to save on the front-end fee. Wölfl has also announced in a market statement that each investment will be accompanied by comments from the manager soon after it is made on the Austrian website Börse Express, and a weekly newsletter will be made available at http://www.be24.at. ETIs are funds whose shares are listed on a stock exchange, but which are not UCITS-compliant, which allows them to invest in hedge funds without needing to comply with risk diversification requirements; ETIs may also use leverage. The prospectus, however, meets the requirements of the European directive.
06/09/2010

Credit Suisse preparing third-generation ETFs

Dan Draper, global head of ETFs at Credit Suisse, has announced the forthcoming release in Germany of third-generation ETFs, which combine the advantages of synthetic replication with the transparency of physical replication, the Frankfurter Allgemeine Sonntagszeitung reports. The bank cannot eliminate the counterparty default risks associated with swaps, but will make the assembly more comprehensible to retail investors. The composition of a basket of underlying equities will be published on a weekly basis on the management firm’s website. Risk levels will not be affected, but at least subscribers will know what is in the portfolio.
06/09/2010

Craig Heron (Henderson) plans to increase exposure to US

The head of multi-management at Henderson, Craig Heron, has told Investment Week that the team dedicated to funds of funds is planning to increase its exposure to US equities toward the end of the year. “Very high-quality shares underperformed last year during the speculative rally everywhere in the world, and these shares are continuing to underperform this year, particularly in the United States,” says Heron, adding that many of these businesses have healthy balance sheets and pay good dividends, meaning that the shares seem to be good value.
06/09/2010

Head of Rabcap resigns

Charles Kirwan-Taylor, CIO of RAB Capital since late 2008, is replacing Stephen Couttie, who resigned on Thursday from his position as CEO, effective immediately, the firm has announced in a statement published by the London Stock Exchange. No motive for the departure of Couttie has been given, but Rabcap saw its second consecutive half-yearly loss in the half to 30 June (GBP3.3m), while assets fell by another USD90m to USD1.26bn as of 30 June, after a contraction of USD550m in 2009. Before the financial crisis in 2007, Rabcap managed assets of over USD7bn.
06/09/2010

Frontier Capital Management recruits an alternative manager

fundstrategy reports that Frontier Capital Management has appointed Alex Gaitan as lead portfolio manager for its Frontier Global Hedge Fund. Gaitan, previously a senior fund of fund analyst at Redi & Partners, succeeds Richard Brazenor, who left the firm in June of this year. Frontier Capital Management has also appointed Andrew Cracknell as head of intermediated activities. Cracknell, who joined Frontier Capital Management in early 2008, became a partner later the same year. He was previously at Close Brothers. The group has also recruited Nahed Ennasr as a senior analyst in the investment team.

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