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17/05/2010

Gartmore hit by net redemptions due to suspension of Guillaume Rambourg

Between 1 January and 30 April 2010, Gartmore has suffered net redemptions of GBP708m, of which GBP634m were in the month of April alone. Net outflows in the period from 31 March to 4 May were largely a result of the temporary suspension of the fund manager Guillaume Rambourg, due to an internal investigation by the UK asset management firm. As of the end of March, assets at Gartmore totalled GBP23.5bn, a 6% increase compared with the end of 2009. But as of the end of April, assets had fallen back to GBP22.4bn, in the wake of redemption demands in the month of April. The asset manager had seen outflows of GBP380m from its hedge funds as of 4 May.
17/05/2010

F&C marketing chief departs

F&C head of marketing and global wholesale Scott Stevens has resigned from the firm, says Money Marketing. He joined F&C in November 2005 from Deutsche Asset Management. It is understood he will be taking on a sales role at a hedge fund firm.
17/05/2010

Deutsche Bank seeks buyers for BHF

According to sources in Frankfurt financial circles, Deutsche Bank will be announcing in the next few days that it is putting the Sal. Oppenheim affiliate BHF-Bank up for sale, the Frankfurter Allgemeine Zeitung reports. This may interest foreign banks from Switzerland, Liechtenstein, France and Russia. But Deutsche Bank has already stated that it is not prepared to sell the business at a cut price.
17/05/2010

UBS hires a CEO for its new MTF platform

UBS Investment Bank has appointed Robert Barnes as head of its new multilateral trading platform UBS MTF, dedicated to European equities. Barnes has been working at UBS for over 16 years. After Nomura, UBS is the second investment bank to launch its own MTF platform.
17/05/2010

S&P revises ratings for European RMBS

As of 31 March this year, a revision undertaken by Standard & Poor’s since May 2009 of all its ratings of European RMBS (commercial mortgage-backed securities), with assets of about EUR120bn involved in 188 transactions, resulted in downward revisions for a total of 452 tranches out of 876, in 103 transactions out of 169, which were revised down by an average of 4.15 crans. 64.5% of these downward revisions affected ratings below A grade. Ratings confirmations were granted for 420 tranches in 122 transactions. Transactions in 2006 and 2007 represented 83.4% of all downward revisions.
17/05/2010

Jean-Paul Gauzès defends AIFM directive

Jean-Paul Gauzès, the French MEP, insists that most hedge funds and private equity groups have little to fear from the AIFM directive. He insists that the aim of the law on alternative investment fund managers is to eradicate the excesses of these industries, not to drive them out of Europe. “We want to avoid activities that are purely speculative and have no economic or social benefit, such as naked short selling,” he said to the Financial Times.
17/05/2010

Draft AFM directive approaching final hurdle?

La Tribune reports that, barring any last-minute surprises, the planned European alternative management directive known as AIFM is expected to be passed by the Econ commission in Strasbourg this Monday, and the subject is also expected to be discussed by the Ecofin commission on 18 May. A statement from the office of the new UK prime minister David Cameron is expected to better prepare participants for that meeting, the newspaper reports.
17/05/2010

Open-ended real estate funds: professionals in collective proposal

Open-ended real estate fund professionals belonging to the German asset management association BVI have laid out a series of joint proposals to improve and strengthen the regulatory framework governing their products. A statement released by the professional association suggests that a minimal 12-month retention period be imposed for new investors in open-ended real estate funds. This measure would increase the long-term character of this type of investment, BVI states; the association also proposes that a 12-month advance notice period be required for withdrawal of institutional investors. The BVI also emphasizes the need to maintain daily liquidity for fund shares, which the German government’s proposed legislation would put in jeopardy. To increase investor confidence, professionals recommend a valuation of real estate properties not merely once per year, as is presently the general practice, but twice per year. The professional association also claims that the planned reforms now being developed should bring greater flexibility for management firms to meet a need for greater differentiation of products to target various groups of investors.
17/05/2010

Inflows continue for Swedish funds

In April, net sales of Swedish funds totalled SEK 12.8 billion (EUR1.33bn), according to the Swedish investment funds association. Balanced funds had a net inflow of 9.4 billion. Also bond funds and equity funds recorded net inflows 3.4 and 2.4 billion respectively. Money market funds and hedge funds, on the other hand, recorded net outflows of SEK 1.8 and 0.5 billion. Total net assets of funds at the end of April amounted to SEK 1 834 billion, which is the highest fund asset figure ever recorded. More than 1,100 billion were invested in equity funds.
17/05/2010

L'encours mondial des ETF continue d'augmenter

A fin avril, les actifs gérés dans 2.189 ETF de 122 émetteurs cotés 4.354 fois sur 42 Bourses dans le monde entier se montaient à 1.113,1 milliards de dollars contre 1.036,1 milliards fin décembre, selon les statistiques de BlackRock. L’encours a augmenté de 7,4 % durant les quatre premiers mois de l’année tandis que le nombre d’ETF s’est accru de 12,4 % avec le lancement de 253 nouveaux ETF. Actuellement, il existe des projets de lancement pour 872 ETF. Les 100 plus gros ETF représentent 64,2 % de l’encours global, alors que 423 de ces fonds affichent des actifs inférieurs à 10 millions de dollars l’unité. Les trois premiers promoteurs, iShares, State Street Global Advisors (SSgA), et Vanguard, ont une part de 70,6 % du marché. iShares (BlackRock) se classe toujours premier avec 438 ETF et des actifs de 516 milliards de dollars. SSgA, avec 108 produits et 159,9 milliards de dollars, est deuxième devant Vanguard, avec 47 ETF et 110,2 milliards de dollars.
17/05/2010

Hedge fund carnage in May

Losses in the first week of May alone erased all gains made so far this year for some hedge funds managers, according to investors who spoke to the Financial Times. BlueTrend, the USD10bn fund run by BlueCrest Capital, dropped 7.57 per cent during the first week of May. Rival AHL, the USD20bn fund run by Man Group, fell 3.3 per cent.
17/05/2010

Auriga launches three absolute return funds

The Spanish asset management firm Auriga Securities has founded Auriga Investors UCITS III, a Luxembourg Sicav with three sub-funds, all of which are absolute return funds, Expansión reports. The funds are the M2T Multiestrategia, a fund which invests in highly liquid publicly-traded futures, Global Bond, which invests in European government bonds, and Breogán Global Financials, which focuses on financial sector issuers on the credit markets. The Global Bond Fund aims for returns equivalent to the Eonia + 400 basis points, while the other two funds aim for returns of 15% per year. For this new step, Auriga hab been recruiting a management team composed of Pedro Marazuela, Alfonso Torres, Diego Torres, José Mosquera and Rupesh Tailor, who join the firm from Société Générale, Dresdner Bank, Barclays, UBS and Goldman Sachs.
17/05/2010

Lombard Odier builds presence on Spanish market

The Spanish national securities commission (CNMV) has announced the registration of a new management firm in the country: Lombard Odier Darier Hentsch (Espana), SGIIC, S.A., which officially commenced its activities on Friday, 14 May. The group is already present in Madrid as an investment firm.
17/05/2010

Lyxor, db x-trackers and Credit Suisse AM ETF products top rankings

In January-April 2010, assets in European ETFs were up 3.3% to a total of USD234.3bn as of the end of March, compared with USD226.9bn as of the end of December. BlackRock counted a total of 932 funds, listed 2,748 times on 18 stock markets, from 36 asset management firms, while 103 funds were launched in the first four months of the year. The top 100 ETF funds in terms of assets under management as of the end of April accounted for 67.75 of total assets, while 166 ETFs had assets of less than USD10m, according to BlackRock. Net subscriptions to ETFs and ETPs domiciled in Europe totalled USD14.3bn since the beginning of the year, of which EUR3.3bn were for emerging markets equities products, USD3.1bn for bonds, and USD2.5bn for commodities. iShares (BlackRock), Lyxor Asset Management (Société Générale) and db x-trackers (Deutsche Bank) remain the three largest providers of ETF funds; the largest of these has 173 ETF funds, with assets of USD83.6bn, for a market share of 35.7%, while the second has 130 products and USD46.2bn, for a market share of 19.7%, and the third comes in with 127 ETFs and USD39.1bn, for a market share of 16.7%. Net subscriptions to ETF funds domiciled in Europe totalled USD13.4bn. Lyxor received the largest volume of inflows, at USD2.9bn, followed by db x-trackers with USD2.1bn, and Credit Suisse Asset Management with USD1.6bn.
17/05/2010

Sovereign wealth funds cut back investments

According to the US-based consultant Monitor Group and the Fondazione Eni Enrio Mattei, based in Venice, investments by sovereign wealth funds (SWFs) in 2009 fell 37% compared with 2008, to a total of USD69bn, the Wall Street Journal reports. The biggest spender among these funds was the Qatar Investment Authority (QIA), which alone invested more than USD32bn, including USD10bn in Porsche, and USD4.7bn at Volkswagen. According to the report, total assets in sovereign wealth funds is estimated at USD2.4trn.
17/05/2010

Toscafund launches a UCITS version of its Cayman Islands fund

Citywire reports that Toscafund has launched a UCITS III-compliant version of its offshore fund registered in the Cayman Islands. The Tosca Midcap long/short fund will be managed by the founder of Toscafund, Martin Hughes, and Paul Compton, a former Collins Stewart manager. The objective will be to take advantage of investment opportunities in the part of the British equities market least monitored by analysts. “We will invest in a part of the market which is spectacularly under-analysed. Our investment universe runs to 1,000 companies, and when you get down to small caps, coverage becomes severely unequal. More than one third of these firms, with market capitalisation of under GBP400m, are not at all monitored by analysts. Due to the considerable number of companies which are unknown to analysts, we treat the United Kingdom as an emerging market,” says Matthew Siebert, a partner at Toscafund. Gross exposure to the market will not exceed 150%, and the number of positions will be 30 long and 30 short. Due to the size of these businesses, the fund’s objective is GBP300m-GBP400m. The Cayman Islands fund on which the product is based, launched in February 2008, posted returns of over 100% in 2009.
17/05/2010
Fonds

Progression de près de 30% des actifs nets sur un an au Luxembourg

Au 31 mars 2010, le patrimoine global net des organismes de placement collectif et des fonds d’investissement spécialisés s’est élevé à 1.980,538 milliards d’euros contre 1.897,934 milliards au 28 février 2010, soit une augmentation de 4,35% sur un mois, selon les statistiques communiquées par la Commission de surveillance du secteur financier (CSSF). Considéré sur la période des douze derniers mois écoulés, le volume des actifs nets est en augmentation de 29,74%.L’industrie des OPC luxembourgeois a enregistré au mois de mars une variation positive se chiffrant à 82,604 milliards d’euros. Cette variation positive se répartit en 62,756 milliards d’euros (+3,31%) à cause de l’impact positif des marchés financiers et en 19,848 milliards d’euros (+1,04%) provenant d’émissions nettes positives.Le nombre d’organismes de placement collectif (OPC) et de fonds d’investissement spécialisés (FIS) pris en considération est de 3.516 par rapport à 3.498 le mois précédent. 2.149 entités ont adopté une structure à compartiments multiples ce qui représente 11.146 compartiments. En y ajoutant les 1.367 entités à structure classique, un nombre total de 12.513 entités sont actives sur la place financière.
Fonds
17/05/2010

"Nous avons besoin de nouveaux débouchés, pas de nouveaux fonds"

En France, le gestionnaire d'origine écossaise Aberdeen Asset Management qui affiche 259,3 milliards de dollars d'encours multiplie les présentations. L'ancienne équipe de Credit Suisse passée sous bannière Aberdeen met les bouchées doubles pour faire connaître la société de gestion aux institutionnels et aux distributeurs. Le récent passage à Paris de Hugh Young, un Britannique qui se trouve aussi être le patron de la filiale asiatique basée à Singapour, s'inscrit clairement dans cette logique.
17/05/2010

Hausse de l'encours de Nuveen Investments

Pour le premier trimestre, Nuveen Investments déclare un bénéfice avant impôt aux normes comptables GAAP de 43,37 millions de dollars contre une perte de 20,21 millions.L’encours au 31 mars se situait à 150,1 milliards de dollars contre 144,8 milliards fin décembre et 115,3 milliards douze mois auparavant. Le premier trimestre s’est soldé par des souscriptions nettes de 1,34 milliard de dollars et un effet de marché positif de 3,97 milliards de dollars, contre 2,91 milliards et 910 millions en octobre-décembre. Pour janvier-mars 2009, Nuveen avait subi des remboursements nets de 1,81 milliard et une moins-value de 2,08 milliards sur son portefeuille.
17/05/2010
Fonds

Jeffrey Gundlach va lancer un troisième fonds

Dans sa nouvelle société, DoubleLine Capital, Jeffrey Gundlach gère 500 millions de dollars dans deux fonds et quelques mandats institutionnels, rapporte le Wall Street Journal. Il supervisait près de 70 milliards de dollars lorsqu’il était CIO de TCW, une filiale de Société Générale. DoubleLine prévoit de lancer son troisième fonds, le Core Fixed Income Fund, le 1er juin. Ce fonds multisectoriel investira dans des bons du Trésor, des MBS, des obligations d’entreprises, des titres des marchés émergents…
Fonds
17/05/2010
Fonds

Arkos Capital lance un nouveau fonds long/short dans les actions financières

Selon L’Agefi suisse, Arkos Capital SA, qui est basée à Lugano, lance un nouveau fonds long/short equity qui investit dans le secteur financier au plan global, World Invest Absolute Financial. Ce fonds est une sicav (UCITS III) domiciliée au Luxembourg, avec une liquidité quotidienne. Cet instrument s’ajoute à l’offre existante de sicav (UCITS III) gérées par Arkos Capital, qui comprend trois autres fonds ayant des objectifs de rendement absolu (absolute return) et un fond directionnel.
Fonds
17/05/2010

Net assets up by nearly 30% in one year in Luxembourg

As of 31 March 2010, global net assets in collective investment organisms and specialised investment funds totalled EUR1.980538trn, compared with EUR1.897934trn as of 28 February 2010, an increase of 4.35% in one month, according to statistics from the financial sector surveillance commission (CSSF). Considered over the past 12 months, net asset volumes are up 29.74%. The Luxembourg OPC industry showed a positive fluctuation in the month of March of EUR82.604bn. This positive variation is composed of EUR62.756bn (+3.31%) due to the positive impact of financial markets, and EUR19.848bn (+1.04%) from positive net issues. The number of collective investment organisms (OPC) and specialised investment funds (FIS) that fall within the scope of the statistics is 3,516, compared with 3,498 the previous month, while 2,149 entities have adopted a multiple compartment structure, with a total of 11,146 sub-funds. In addition to this, 1,347 entities with a traditional structure give a total number of 12,513 entities which are active on the financial market.

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