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24/03/2010

Oppenheimer appoints a head for Asia

The investment firm Oppenheimer & Co has appointed Steve Bernstein as senior managing director for Asia, and chief executive of the affiliate Oppenheimer Investments. He will be based in Hong Kong, and his mission will be to develop the client base and revenues for the firm in the region. Bernstein has been active in the Asian region since 1983. He worked at Citigroup for 23 years, of which five were spent in Japan.
24/03/2010

Morgan Stanley trader quits

M. Wisniewski, head of European foreign exchange and emerging markets trading, has left Morgan Stanley to join BlueCrest Capital Management, Financial News reports.
24/03/2010

Aberdeen: heavy outflows from fixed income in January-February

Investment Week reports that Aberdeen Asset Management has reported net outflows from fixed income in the first two months of the year of GBP3.02bn, after net redemptions of EUR3.57bn in the fourth quarter of 2009. But real estate and equities, respectively, attracted GBP1.34bn and GBP1.32bn during the same period. As of the end of February, assets under management at the firm were still up 10.4% compared with 30 September last year, at GBP161.4bn. Most of the increase comes from the acquisition of the alternative strategies of RBS Asset Management.
24/03/2010

CIO leaves Fidelity International

Nicky Richards, CIO of the Fidelity International group, is preparing to leave the firm, Citywire reports. Richards, who has been at the company since 2006, is planning to take a break from his career. Robert Higginbotham, president and CEO of Fidelity European business, will fill the position in the interim until another person can be appointed. The announcement comes at a time when the market is waiting for the opening of a trust by Anthony Bolton, entitled Fidelity China Special Situations, for which the firm is raising GBP630m.
24/03/2010

City arrests for insider trading

The British financial market regulator FSA announced on 23 March that six people have been arrested for insider trading, including two well-known City professionals employed at major firms, and one representative of a hedge fund. The FSA says in a statement that 143 police officers, accompanied by the Serious Organised Crime Agency (SOCA), a special police unit, have seized documents and computers from 16 different home and office locations. “These City professionals are suspected of having transmitted confidential information to traders (either directly or through intermediaries), which was then used for financial gain,” the FSA says in the statement. The investigation began in late 2007. Since 2008, the FSA has made five waves of arrests (counting yesterday’s operation) for financial offences of this type.
24/03/2010

Eurex launches futures on butter and milk powder

The German-Swiss futures market Eurex on Tuesday announced that it will admit trading on futures in butter and skimmed milk powder at the end of second quarter, at spot prices. The new futures have been developed in cooperation with the German and European dairy associations (MIV and Eucolait), and with the major actors in the dairy market in Europe and the United States.
24/03/2010

F&C submits its bid for C-Quadrat

On 22 March, the British management firm F&C Asset Management officially submitted its proposal to buy the Austrian firm C-Quadrat for EUR12.50 per share, which values the firm at EUR54.5m (see Newsmanagers of 10 March). The Austrian antitrust commission (ÜBK) will now impose a waiting period of 12 to 15 trading days to study the offer.
24/03/2010

Compass Advisers launches a management platform

The US-based boutique Compass Advisors Group, specialised in strategic and financial advising, has set up an asset management platform, Compass Partners Asset Management, dedicated to alternative investment. Scott Marden, previously at Credit Suisse, has joined the firm as head of asset management, and will become a managing partner at Compass Investment Partners Fund, a private equity fund which will look for deals in North America, particularly in the IT sector.
24/03/2010

Vanguard returns to neutral position on short-term Treasuries

Robert Auwaerter, CIO for bonds at Vanguard Group, is expecting the Fed to maintain its rates at near-zero levels for nearly the entire year, or even until the end of the year, the Wall Street Journal reports. He has thus become less pessimistic about short-term US Treasury bonds. He has returned to a neutral position, up from underweight, on these assets. He estimates that the Fed’s first rate rise will come in fourth quarter 2010 or first quarter 2011. However, Auwaerter says that he prefers investment-grade corporate bonds and supersenior commercial mortgage-backed securities with AAA ratings. The CIO for fixed income at BlackRock, Curtis Aledge, recently stated that he had increased his allocation to Treasuries, particularly on 10-year and longer bonds, due to mitigated outlooks for economic growth, trouble with sovereign debt in the Euro zone, and limited risks of inflation. Meanwhile, Bill Gross, CIO of Pimco (Allianz), prefers German bunds to US Treasuries due to the fiscal outlooks for the United States.
24/03/2010

Lombard Odier IM to launch three funds in six months

In the first two quarters of this year, Lombard Odier Investment Managers is planning to release three new funds in France. In addition to Golden Age, an equities product focused on the ageing population, this will include a fund of emerging market debt in local currencies, the LO Funds - Emerging Market Local Bonds and Currencies, which was granted a sales license by the AMF on 10 March. The third fund will be a market neutral absolute return fund with a bias for US equities.
24/03/2010

USD222bn for hedge funds

According to an annual Deutsche Bank survey of institutional investors, hedge funds can expect net subscriptions in 2010 of USD222bn, which at about 15% would amount to the largest rise since the beginning of the annual survey eight years ago, Handelsblatt reports. If the projections prove accurate, total assets would total USD1.7trn as of the end of December, up from USD1.9trn at the end of 2007, and USD1.1trn at the end of 2008. 50% of investors surveyed see the largest danger to the hedge fund sector in regulatory changes which European and American regulatory agencies are now undertaking. Hedge funds may be caught out by new regulations which forbid short-selling or aim to increase the transparency of over-the-counter (OTC) transactions.
24/03/2010

Deka registers a Russian equities fund

On Thursday, 18 March, the German management firm DekaBank registered its Russian equities fund Deka-Russland (EUR82m in assets) with the CNMV, for sale in Spain. The Luxembourg-registered product was launched in November 2009 (see Newsmanagers of 5 January 2010). The objective is to outperform the MSCI Russia 10/40 net return index.
24/03/2010

Stabilité des encours sous gestion de Banque Audi

Selon L’Agefi suisse, les actifs sous gestion de Banque Audi (Suisse), la filiale du groupe libanais Audi Saradar spécialisée dans la gestion de fortune, s’élevaient fin 2009 à 3,7 milliards de francs, en légère progression par rapport à l’année précédente.
24/03/2010

Aberdeen : forte décollecte sur le fixed income en janvier-février

Selon Investment Week, Aberdeen Asset Management a fait état au titre des deux premiers mois de l’année d’une décollecte nette sur le fixed income de 3,02 milliards de livres, après des remboursements nets de 3,57 milliards au dernier trimestre 2009. Mais par ailleurs, l’immobilier et les actions ont drainé respectivement 1,34 milliard de livres et 1,32 milliard de livres durant la même période.Fin février, les actifs sous gestion de la société affichaient néanmoins une progression de 10,4% par rapport au 30 septembre dernier à 161,4 milliards de livres. L’essentiel de l’augmentation provient de l’acquisition de stratégies alternatives auprès de RBS Asset Management.
24/03/2010

Départ du CIO de Fidelity International

Nicky Richards, CIO du groupe Fidelity International s’apprête à quitter l’entreprise, rapporte Citywire. Richards, qui faisait partie de l’entreprise depuis 2006, envisage de faire une pause dans sa carrière. Robert Higginbotham, le président et CEO de Fidelity European business assurera l’interim avant qu’une autre personne soit nommée. Cette annonce survient alors que le marché attend le lancement du trust d’Anthony Bolton Fidelity China Special Situations pour lequel l’entreprise est en train de lever 630 millions de livres.
24/03/2010

Départ d'un trader de Morgan Stanley

Head of European foreign exchange and emerging markets trading, M. Wisniewski vient de quitter Morgan Stanley pour rejoindre BlueCrest Capital Management, rapporte Financial News.
24/03/2010
Fonds

RAB enregistre une hausse de ses encours en 2009

Le gérant de hedge funds RAB Capital a enregistré une bonne performance de ses produits en 2009. Au 31 décembre 2009, les encours sont passés à 1,35 milliard de dollars, profitant de souscriptions au second semestre. Les encours étaient descendus à 1,26 milliards fin 2008. A son plus haut, RAB gérait 7 milliards de dollars, précise le Financial Times.
Fonds
24/03/2010

Zale rembarre Apollo et écoute Sun Capital

Alors que ses difficultés s’amplifient et qu’elle annonce officiellement redouter une panne de liquidités, la chaîne de bijouteries Zale Corp a apparemment rejeté l’offre d’acquisition qui lui a été présentée par Apollo Management et qui prévoyait la vente de la filiale canadienne pour lever du cash, rapporte The Wall Street Journal. A présent, les dirigeants de Zale s’intéressent à une offre moins ambitieuse émanant de Sun Capital Partners, qui investirait entre 50 millions et 100 millions de dollars en actions préférentielles (ce qui lui donnerait la majorité) et qui fournirait un crédit relais.
24/03/2010

Compass Advisers lance une plate-forme de gestion

La boutique américaine Compass Advisers Group, spécialisée dans les services de conseil stratégique et financier, vient de mettre en place une plate-forme de gestion d’actifs, Compass Partners Asset Management, dédiée à l’investissement dans l’alternatif.Scott Marden, précédemment chez Credit Suisse, a rejoint la société en tant que responsable de l’asset management et deviendra managing partner du Compass Investment Partners Fund, un fonds de private equity qui devrait viser des transactions en Amérique du Nord notamment dans le secteur des services d’information.
24/03/2010

Décollecte nette pour la LLB en 2009

Selon L’Agefi suisse, la Liechtensteinische Landesbank (LLB) a subi un reflux net d’argent frais d’un milliard de francs en 2009. La pression sur la place financière du Liechtenstein et les amnisties fiscales dans plusieurs pays ont pesé sur l’attrait de la banque. Les avoirs sous gestion ont toutefois progressé de 7,4% à 49,5 milliards de francs suisses l’an dernier, grâce à la reprise des marchés financiers. Le bénéfice net de la banque s’est élevé à 181 millions, en amélioration de 20,2% par rapport à 2008. La LLB se propose de distribuer un dividende inchangé de 3,40 francs.
24/03/2010
Fonds

Un nouveau fonds flexible à performance absolue chez BNY Mellon AM

BNY Mellon Asset Management a annoncé mardi le lancement de BNY Mellon Global Real Return (EUR), un fonds flexible à performance absolue. Ce compartiment de la sicav BNY Mellon Global Funds est géré par Newton Investment Management Limited, l’une des boutiques de gestion de BNY Mellon basée à Londres et spécialisée à la fois dans la gestion d’actions et d’obligations - tant globales que régionales - que dans la gestion flexible multi assets.Le fonds BNY Mellon Global Real Return (EUR) vise à générer une performance totale supérieure à un indice de référence monétaire sur un horizon d’investissement de trois à cinq ans. Afin d’atteindre cet objectif, le fonds bénéficiera d’une liberté d’investissement sur un large éventail de classe d’actifs, qui sera encadrée en permanence afin d’obtenir une exposition modérée au risque à tout moment. Ce nouveau compartiment est une version européenne d’une stratégie existante au Royaume-Uni depuis 2004 qui «surperforme» son indice (LIBOR +4%). Caractéristiques Code Isin : IE00B4Z6HC18 Frais d’entrée : 5% max. Frais de sortie : aucun Frais de gestion : 1.5% Montant de la part : 1.0022 eurosMontant de souscription intial : 5000€
Fonds
24/03/2010
Fonds

BNY Mellon lance un fonds de performance absolue

Newton Investment Management Ltd, l’une boutiques de BNY Mellon Asset Management, confie à James Harries, son CIO global funds, et Iaian Stewart la gestion du BNY Mellon Global Real Return Fund, un compartiment de BNY Mellon Global Funds plc. C’est un produit multi-classes d’actifs de performance absolue dont l’objectif est de surperformer un indice «cash», sur un horizon de trois à cinq ans. Ce nouveau fonds reproduit la stratégie d’un fonds domicilié au Royaume-Uni qui a été lancé en 2004 et qui a surperformé le libor de 400 points de base, avec des rendements de 10 % sur un an, 31 % sur trois ans et de 63 % sur trois ans.
Fonds
23/03/2010

DB Funds and Hermes launch two commodities products

With the DB Enhanced Beta Commodity Fund (LU0468536874) and DB Hermes Enhanced Absolute Return Commodity Fund (LU0468535397), Deutsche Bank DB Funds and Hermes Investment Managers are offering two Luxembourg-registered funds which comply with UCITS III, and are aimed at institutional investors. The compartments of the DB Platinum Sicav, which exist in Euro-hedged and US dollar versions, are based on the DJ-UBS Commodity and Deutsche Bank Hermes Commodity Absolute Return indices, respectively, as their benchmarks. Both products offer daily liquidity. In both cases, Hermes defines the strategic allocation to 25 commodities in the following month, while Deutsche Bank is in charge of deploying this strategy via commodity futures. The Absolute Return fund aims for performance which is uncorrelated with the evolution of commodities indices overall, while the Enhanced Beta is seeking to outperform its benchmark index.
23/03/2010

Italian fund fees hold steady

In 2009, fees for funds on sale in Italy remained stable at 1.28% of total assets, according to a study by Plus24 in partnership with Interactive Data Kler’sInvestOnline. That is equivalent to about EUR2.5bn, half of which winds up in the pockets of distributors. Despite a decline in recent years, the cost of funds remains higher than the average for 448 ETF and ETC products listed on the Milan stock exchange (0.7%). Performance commissions made a comeback in 2009, according to Plus, the money supplement of Il Sole - 24 Ore. Few funds have fees of over 5%, however.
23/03/2010

More than 71% of commissions go to distributors

Of about EUR2bn in commissions, fund management firms which are present in Italy passed on more than EUR1.4bn to distribution networks, according to Plus, the money supplement of Il Sole - 24 Ore. This is equivalent to 71.44% - a decline compared with 73.15% in 2008. Among the firms which are most generous with distributors are three asset management firms controlled by banks, which generally tend to kick back higher portions of commissions than independent management firms. Amundi Sgr pays out an average of 84% of commissions charged, with peaks at 100%. It is followed by Eurizon Capital and Carige AM, at 82% and 81%.
23/03/2010

Comeback for Mubadala with positive results in 2009

The sovereign wealth fund Mubadala Development Co of Abu Dhabi, which holds stakes in Ferrari and Gneral Electric, among others, has announced a net profit for 2009 of AED8.6 (USD2.34bn), compared with losses of AED19.8bn in 2008, the Wall Street Journal reports. Revenue nearly doubled to AED13.1bn, and total assets increased by 75%, to AED88.5bn.
23/03/2010

Skandia launches corporate bond fund

Skandia Investment Group on 22 March announced the launch of a corporate bond fund rated investment grade, which comes as an addition to the range of single manager products based in Dublin. Skandia has contracted out the management of the fund, which will aim to participate in spreads on corporate bonds, to the institutional asset management firm Wellington Management. The manager of the fund will be permitted to diversify his portfolio with other debt instruments, including MBS, convertible bonds, and high yield bonds, but only up to a maximum of 30%. The fund will be based on the Barclays Capital Global Aggregate Corporate Index as its benchmark.
23/03/2010

Olympia launches a fund of hedge funds

Olympia Capital Management has launched a multi-strategy fund of funds based in Luxembourg, entitled Olympia Dynamic Fund, based on a dynamic allocation determined as a function of risk profiles. The fund uses a core-satellite approach based on an in-house indicator, the Olympia Rick Indicator. The core and satellite elements are actively managed. The core portfolio is invested in hedge fund trackers, while the satellite portion is invested in managed accounts at single hedge funds with a strategic allocation determined on the basis of risk. The fund aims for annualised returns equal to the Libor 1 month + 400bps in the mid-term (three years), with annualised volatility of 6% to 8%.
23/03/2010

UCITS III funds popular with distributors

UCITS III-compliant funds are considered by European and Asian fund distributors as the ideal vehicles to regain the confidence of investors who got out of hedge funds during the crisis. 9)% of 59 fund distribution firms - private banks, family offices, and fund supermarkets - surveyed by KdK Asset Management feel that the potential for sales of an alternative strategy housed in a UCITS vehicle (“Newcits”) is higher than for an offshore hedge fund. The percentage of respondents who think so attains 10)% for countries such as France and Germany. 85% of the same distributors, however, expect UCITS funds to perform sell well then their offshore fund equvalents. The major advantage of these products is their liquidity conditions, according to distributors.

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