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27/04/2010

ASB proposes a compromise between declaration and banking secrecy

Les Echos reports, citing a document predicting the evolution of the Swiss financial market from now until 2015, that the Swiss bankers association (ASB) is hoping to set out a procedure for declaration of undeclared foreign assets in order to legalise the money now held in Swiss banks while preserving banking secrecy.
27/04/2010

LGT Capital Partners launched its first UCITS-compliant FoHF

The Crown Managed Futures UCITS Fund, launched on 4 May, will be the first fund of hedge funds compliant with the UCITS III directive from LGT Capital Parners (USD18bn in assets). The Irish-registered product replicates the Crown Managed Futures fund (USD670m), Hedge Funds Review reports. Minimal subscription for the product, which invests in hedge funds active in the areas of commodities, equities, bonds, and currencies, will be USD10,000, EUR10,000, or GBP10,000. Exposure will be determined by an index of 15 managed accounts. Hedge Week reports that the Crown Managed Futures fund, launched in 2000, has posted average annual returns of 10.5%, compared with losses of 2.1% for its benchmark index, the MSCI World. LGT CP will charge a management commission of 1.5%, and a performance commission of 7.5%. The product, which offers weekly liquidity, will also charge a swap/structuring fee of 0.7%. Shares will be available in US dollars, Euros or pounds Sterling.
27/04/2010

Frankfurt Trust changes names of ten funds

In order to make the names of its fund products more uniform, and to make the themes on which funds are basedmore transparent, Frankfurt Trust has decided to change the names often of its funds from 1 May. They are as follows:ISINFormer nameNew nameDE000A0D95R8BHF SustainSelect FTFT Navigator SustainabilityDE0009770206FT Accugeld FT AccuGeldDE0008478082FT AccuzinsFT AccuZinsDE0008478041FT Amerika Dynamik FondsFT AmerikaDynamikDE0008478181FT Europa Dynamik Fonds FT EuropaDynamikDE0009772988FT Global Dynamik FondsFT GlobalDynamikDE0005317416FT HighDividendFT Global HighDividend DE0008478009FT InterspezialFT InterSpezialDE0008478033FT Nippon Dynamik FondsFT NipponDynamikDE0009770230FT US-Dollar Plus FT DollarGeld
27/04/2010

Deka Immobilien invests in Bremen

Deka Immobilian has acquired the Daimler Plant Consolidation Centre (PCC, 102,000 square metres), located in Bremen, for its sectoral fund WestInvest TargetSelect Logistics fund. The investment represents EUR34m. The WestInvest TargetSelect Logistics is an open-ended real estate fund reserved for institutional investors.
27/04/2010

Fund manager reimburses subscribers out of his own pocket

Olaf-Johannes Eick, manager of several funds launched by the Swiss firm Multi-Invest with Sal. Oppemheim, has bought back a packet of shares from the funds he manages (Multi-Invest OP and Multi-Invest Spezial OP) in the British firm Petrocapital Resources (PCR), whose value has fallen to USD0.14 per share, down from USD0.81 at the time he bought them, Wirtschaftswoche reports. The manager personally bought up the shares, at a cost of about EUR10m, because he did not want subscribers to be penalised by his error in judgement.
27/04/2010

Promotion for Dieter Hein at Bank of Luxembourg

The Banque de Luxembourg has announced that Dieter Hein, its CIO for bonds, has been appointed alongside Guy Wagner as director of the management firm Banque de Luxembourg Fund Research & Asset Management (BL FR&AM). He will be in charge of distribution in Germany, Austria, France, Belgium, and Sweden, as well as risk management and sales support and administrative functions.
27/04/2010

La perte de la gestion se réduit chez Deutsche Bank

Pour le premier trimestre, la Deutsche Bank a déclaré mardi un bénéfice net de 1,8 milliard d’euros contre 1,2 milliard pour janvier-mars 2009, avec par ailleurs une amélioration à 66 % contre 68 % du coefficient d’exploitation.La perte avant impôt de la division gestion d’actifs et de fortune (asset & wealth management ou AWM) a diminué à 5 millions d’euros contre 173 millions. Les actifs investis ressortaient fin mars à 808 milliards d’euros soit 122 milliards de plus qu’au 31 décembre 2009. L’effet de marché explique seulement 17 milliards d’euros de cette augmentation.Pour la branche gestion d’actifs, les encours se sont accrus de 41 milliards d’euros (+ 8 %) dont 4 milliards attribuables à des souscriptions nettes et 14 milliards attribuables à la consolidation de certaines des activités de Sal. Oppenheim. Pour la gestion de fortune, les actifs investis ont augmenté de 81 milliards d’euros, dont 68 milliards liés à la consolidation de Sal. Oppenheim. Les souscriptions nettes ont représenté 5 milliards d’euros.
27/04/2010
Fonds

Deka Immobilien investit à Brême

Pour son fonds sectoriel WestInvest TargetSelect Logistics, Deka Immobilien a acheté le Daimler Plant Consolidation Center (PCC, 102.000 mètres carrés) de Brême. L’investissement représente 34 millions d’euros. Le WestInvest TargetSelect Logistics est un fonds immobilier offert au public mais réservé aux investisseurs institutionnels.
Fonds
27/04/2010
Fonds

Frankfurt Trust rebaptise dix fonds

Afin à la fois d’uniformiser les dénominations et de rendre les thématiques plus transparente, Frankfurt Trust a décidé de changer au 1er mai le nom de dix se ses fonds. ISIN Ancien nom Nouveau nom DE000A0D95R8 BHF SustainSelect FT FT Navigator Sustainability DE0009770206 FT Accugeld FT AccuGeld DE0008478082 FT Accuzins FT AccuZins DE0008478041 FT Amerika Dynamik Fonds FT AmerikaDynamik DE0008478181 FT Europa Dynamik Fonds FT EuropaDynamik DE0009772988 FT Global Dynamik Fonds FT GlobalDynamik DE0005317416 FT HighDividend FT Global HighDividend DE0008478009 FT Interspezial FT InterSpezial DE0008478033 FT Nippon Dynamik Fonds FT NipponDynamik DE0009770230 FT US-Dollar Plus FT DollarGeld
Fonds
27/04/2010
Fonds

Un gérant de fonds rembourse les souscripteurs sur ses deniers

Olaf-Johannes Eick, gérant de plusieurs fonds lancés par le suisse Multi-Invest avec Sal. Oppenheim, a racheté aux fonds de droit luxembourgeois qu’il gère (Multi-Invest OP et Multi Invest Spezial OP) les actions du britannique Petrocapital resources (PCR) qui sont tombées à 14 cents contre 81 cents lors de l’achat, rapporte Wirtschaftswoche. Il a effectué ces rachats sur sa cassette personnelle, ce qui lui a coûté environ 10 millions d’euros, parce qu’il ne veut pas que les souscripteurs soient pénalisés par son erreur de jugement.
Fonds
27/04/2010

JPMAM muscle sa force de vente

L'équipe commerciale de JPMorgan Asset Management (JPMAM) dédiée aux distributeurs indépendants compte désormais une neuvième personne en Allemagne avec l’affectation à cette activité de Martina Pröschold, qui fait partie de la société depuis 19978.Elle sera chargée avec deux collègues de la desserte des conseillers en gestion de patrimoine indépendants tandis que deux autres sont chargés des gestionnaires de fortune et deux autres encore des conseillers indépendants du secteur des assurances. L'équipe se complète de deux assistantes.Jusqu'à présent, Martina Pröschold a exercé son activité dans le suivi de la clientèle bancaire, de fonds de fonds et de gestionnaires d’actifs.
27/04/2010
Fonds

Tiburon Partners lance un fonds OPCVM III

Selon Fund Strategy, Tiburon Partners, la boutique d’investissement spécialisée sur l’Asie, envisage de lancer le mois prochain un fonds d’actions long/short dédié à l’Asie hors Japon.Le fonds Tiburon Taurus sera une version OPCVM III d’un hedge fund asiatique existant, le Tiburon Tiger fund. Le nouveau fonds sera géré par Mark Fleming et Mark Martyrossian, qui gèrent déjà le Tiburon Taurus. Le fonds sera coté sur la bourse irlandaise.
Fonds
27/04/2010

Promotion pour Dieter Hein chez Banque de Luxembourg

La Banque de Luxembourg a annoncé que Dieter Hein, son CIO pour l’obligataire, a été nommé aux côtés de Guy Wagner directeur de la société de gestion Banque de Luxembourg Fund Research & Asset Management (BL FR&AM). Il sera chargé de la distribution en Allemagne, Autriche, France, Belgique et Suède, de la gestion du risque et de la fonction sales support & administration.
27/04/2010
Fonds

Legg Mason commercialise le fonds de performance absolue de Permal

La CNMV a enregistré à son tour le fonds Legg Mason Permal Global Absolute qui vise une performance de 8-10 % par an sur un cycle de 3-5 ans (lire notre dépêche du 27 janvier). Ce fonds de droit irlandais conforme à la directive OPCVM III couvre plusieurs classes d’actifs. Libellé en dollars, il comporte des classes de parties en euros, en livres, en dollars canadiens et en yen.
Fonds
27/04/2010
Fonds

Muzinich fait enregistrer quatre fonds en Espagne

Muzinich & Co a fait enregistrer jeudi quatre fonds par le régulateur espagnol, la CNMV. Il s’agit des Muzinich America Yield, Europe Yield, Transtlantic et Enhanced Yield. Ces produits de droit irlandais focalisés sur les obligations à haut rendement seront commercialisés exclusivement par Capital Strategies Partners.
Fonds
27/04/2010
Fonds

Les caisses d'épargne mettent les fonds conservateurs à risque

Lorsque le Fonds de soutien aux banques (FROB) cessera son activité au 30 juin, certains fonds monétaires et obligataires risquent de rencontrer des problèmes avec les titres émis par certaines caisses d'épargne actuellement en situation difficile, souligne Expansión. Ces fonds détiennent pour 12 milliards d’euros d’obligations émises par les caisses d'épargne, soit 15 % de leur encours, mais en réalité le risque est beaucoup plus restreint parce que plusieurs des émissions realisées en 2009 bénéficient de la garantie de l’Etat espagnol.Les deux fonds potentiellement les plus exposés sont le AC Fondepósito d’Ahorro Corporación, avec 1,08 milliard d’euros, ce qui correspond à 96,3 % de son encours, et le Eurovalores Particulares Volumen de Popular Gestión, qui détient 715 millions d’euros de dette de caisses d'épargne, soit 39,75 % de ses actifs sous gestion.
Fonds
27/04/2010

Ingrid Zeiler prend la direction de RVV

A compter du 1er mai, Ingrid Szeiler sera membre du directoire et directeur général de Raiffeisen Vermögensverwaltungsbank AG (RVV), une filiale de Raiffeisen Capital Management (RCM) spécialiste des particuliers haut de gamme. L’intéressée dirige depuis 1999 l’allocation d’actifs et les stratégies multi-classes d’actifs de RCM. Elle remplace Georg-Viktor Dax, qui quitte le groupe Raiffeisen Zentralbank (RZB).L’autre membre du directoire de RVV est Mathias Bauer, CEO de RCM.
27/04/2010

Aviva Investors appoints a CEO of commercial development for Europe

Aviva Investors today announced the appointment of Ted Potter as CEO for commercial development in Europe. This is a newly-created position, the management firm states. Potter will begin in his new position in June, and will be based at the Aviva Investors headquarters in London. He will report to Erich Gerth, executive director and global CEO for commercial development, and will be in charge of commercial development teams in Europe. Véronique Cherret, head of institutional clients for Europe, and Gabriele Miodini, head of financial institutions, will report to him. Potter previously worked for Pinebridge Investments, formerly known as AIG Investments, where he was head of commercial development activities for the group in Europe. He also served as director of operations at Bedford Oak Advisors, an alternative management partner firm, and spent six years at Goldman Sachs Asset Management in New York, where he held several positions of responsibility related to commercial development.
27/04/2010

Stoxx launches an index of European Christian shares

On Monday, Stoxx Ltd, a joint venture of Deutsche Börse and the Swiss stock exchange SIX, announced the launch of the Stoxx European Christian Index, which reflects the performance of companies selected from the Stoxx Europe 600 index on the basis of the values and principles of the Christian religion. It will serve as a benchmark for its actively-managed funds, ETFs and other investment products. Stoxx has formed an independent committee to define, create and deploy selection criteria, in order to guarantee the quality of the index and respect for methodology. The committee includes representatives of Christian Brothers Investment Services, Inc. (CBIS), which directs the project, the Vatican, the Missionary International Service News Agency (MISNA), academics and investment professionals. The index will exclude businesses which do not satisfy predetermined levels of tolerance for certain areas of activity such as pornography, strategic and non-strategic weapons, birth control and gambling. Weighting of businesses in the STOXX Europe Christian Index, which is calculated in Euros and US dollars, will be based on the free-float, with a limit of 20% for each share. It will be updated every June and December. Stoxx has backtested the index to 31 December 2004.
27/04/2010

Tiburon Partners launches a UCITS III fund

Fund Strategy reports that Tiburon Partners, the investment boutique specialised in Asia, is planning to launch a long/short equities fund next month dedicated to Asia ex Japan. The Tiburon Taurus fund will be a UCITS III version of an existing Asian hedge fund, the Tiburon Tiger fund. The new fund will be managed by Mark Fleming and Mark Martyrossian, who already manage the Tiburon Tiger. The fund will be listed on the Irish stock market.
27/04/2010

Better governance could increase allocation to hedge funds

According to a survey by RBC Dexia Services Investor Services of 57% of the world’s hedge fund managers, of which 42% manage more than USD1bn in assets, 61% of respondents are of the opinion that better governance in alternative investments could result in higher levels of allocation to this asset class, which would lead to the launch of a “significant” number of new funds, both offshore and onshore, within a few months. The survey defines governance to include structural issues, independent valuation, transparency and third party control. The influence of regulation on the choice of domicile for funds is a key question for large managers. 92% of the managers surveyed who have assets of over USD1bn admit that regulatory questions are important in the choice of domicile, while the percentage is limited to only 64% of managers with assets of less than USD1bn. Among those surveyed, 49% are planning to launch onshore funds, and 40% are planning launches of offshore funds. As to how they would react to new rules imposing stricter governance requirements, 40% of respondents said they would be obliged to hire personnel, while 35%, largely whose with less than USD1bn in assets, are planning to outsource.
27/04/2010

Asset management losses down at Deutsche Bank

On Tuesday, Deutsche Bank declared net profits for first quarter of EUR1.8bn, compared with EUR1.2bn for January-March 2009, with an improvement in the cost-income ratio from 68% to 66%. Pre-tax losses for the asset & wealth management (AWM) division were down to EUR5m, from EUR173m. Invested assets as of the end of March totalled EUR808bn, EUR122bn more than as of 31 December 2009. Positive market effects are to thank for only EUR17bn of this increase. For the asset management branch, assets under management increased by EUR41bn (+8%), of which EUR4bn were due to net subscriptions, and EUR14bn due to the consolidation of some activities of Sal. Oppenheim. In wealth management, invested assets increased by EUR81bn, of which EUR68bn were related to the consolidation of Sal. Oppenheim. Net subscriptions represented EUR5bn.
27/04/2010

JPMAM adds to sales staff

The sales team at JPMorgan Asset Management (JPMAM) dedicated to independent distributors how has a ninth member in Germany, following the addition of Martina Pröschold, who has been at the firm since 1998, to this team. Pröschold and two colleagues will serve independent financial advisers, while two others will handle wealth managers, and two more will be responsible for independent advisers in the insurance sector. The team also has two assistants. Pröschold previously served in relationship management for banking, fund of fund and asset management clients.
27/04/2010

Muzinich registers four funds in Spain

Muzinich & Co on Thursday registered four funds with the Spanish regulator CNMV. They are the Muzinich America Yield, Europe Yield, Transatlantic and Enhanced Yield funds, which are registered in Ireland, are focused on high yield bonds, and will be available exclusively from Capital Strategies Partners.
27/04/2010

Legg Mason releases Permal absolute return fund

The CNMV has registered the Legg Mason Permal Global Absolute fund, which aims for returns of 8-10% per year over a 3-5 year cycle (see Newsmanagers of 27 January). The Irish-registered fund, which complies with the UCITS III directive, covers several asset classes. It is denominated in US dollars, and has share classes in Euros, pounds Sterling, Canadian dollars, and Japanese yen.
27/04/2010

Soros recruits a manager from Cazenove

Citywire reports that Neil Pegrum, manager of the Cazenove UK Dynamic fund, has left Cazenove Capital to join Soros Fund Management. Paul Marriage, who worked with Pegrum for several years, and Julie Dean, will take over the responsibilities formerly assigned to Pegrum.
27/04/2010

Blackstone calls off bid for RBS bank branches

The investment firm Blackstone and the Wellcome Trust foundation have called off their joint bid to acquire the 318 bank branches put up for sale by the Royal Bank of Scotland, Les Echos reports. Four potential buyers are still in the running: Santander, BBVA, National Australia Bank, and Virgin Money.
27/04/2010

Invesco Perpetual recruits a CIO

Invesco Perpetual has recruited Nick Mustoe as CIO. From 7 June, he will work alongside the current CIO, Bob Yerbury, who will be retiring at the end of this year. Mustoe has 25 years of experience in management. He was previously CIO of Pictet Asset Management and Hermes Pensions Management.
27/04/2010

Private equity: market activity stagnates in first quarter

The number of transactions completed in first quarter in Europe totalled 235, compared with 226 in the previous quarter, according to the private equity barometer “unquote,” published by Private Equity Insight in partnership with Candover. The value of these transactions still represents a 2.6% increase compared with the previous quarter, at EUR10.5bn compared with EUR10.3bn. But compared with first quarter 2009, activities represent nearly triple the investment value. In the buy-out sector, the number of transactions is down 12% at 69, ending three consecutive quarters of growth, but the cumulative value of transactions totalled EUR9.2bn for the quarter, a record level equalling the previous record set in third quarter 2009.
27/04/2010

La Caixa launches a fund to invest in wind farms

According to Spanish financial sector sources, La Caixa is seeking to raise EUR100m from private banking clients to invest about EUR300m with leverage in already-operational wind farms in Spain, Expansión reports. The EUR300m investment would allow the fund to acquire installations with an installed power of 250 megawatts. To select projects for investment, La Caixa has chosen Taiga Mistral, a renewable energy investment firm led by Antonio Tuñón former CEO of the electric company Hidrocantábrico.

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