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09/02/2010

State Street selected by Wellington West

The American management firm State Street Corporation and the Canadian specialised provider of transfer agency services IFDS on 8 February announced that they have been selected by Wellington West Asset Management, Inc. to provide a range of investment services to their group. State Street will provide fund accounting and administration services, custodial services and fiduciary services for the launch of a new range of funds by Wellington West. Wellington West, founded in 1993, has become one of the largest independent investment firms practising in Canada, and one of the fastest-growing firms in the industry, with nearly CAD8.8bn in assets under administration.
09/02/2010

HDF Finance adapts three funds to UCITS III-compliant format

HDF Finance on 1 January converted three long-only Aria funds of funds into UCITS III-compliant funds. The products are the HDF Global Equity, HDF Europe Equity, and HDF Emerging Markets Equity. The three funds aim to achieve outperformance by investing at least 60% of assets in long-only funds and a maximum of 40% in long/short funds, in their respective investment universes. The adaptation of the funds will allow HDF Finance to more effectively make these funds available to investors.
09/02/2010

Franklin Templeton launches offshore funds in India

Following several of its competitors (including BlackRock, Fidelity, and JP Morgan), Franklin Templeton has decided to launch its first offshore products on the Indian market. Asian Investor reports that Franklin Templeton is planning to offer a range of funds domiciled in Europe in the next three to six months, via feeder mutual funds. The future evolution of Indian legislation may work in favour of distributors of offshore products. However, Indian regulations still do not allow the use of derivative products in funds available to either retail or institutional investors. Franklin Templeton is therefore unable to offer its range of Luxembourg-domiciled mutual funds, which often contain derivative products, and will therefore be obliged to limit itself to traditional offshore funds, which do not necessarily have the best track records.
09/02/2010

Liontrust creates a position for a head of retail

Liontrust Asset Management has appointed John Ions to the newly-created position of head of retail. The appointment aims to reconstruct the firm’s activities, following the resignations of the managers Jeremy Lang and William Pattison in early 2009, Money Marketing reports. For fourth quarter 2009, Liontrust has posted a net outflow of GBP131m, of which GBP33m came from the retail product range. Ions was previously chief executive of Tactica Fund Management, a position he held from the inception of the firm in 2005, and previously served as joint managing director at SG Asset Management.
09/02/2010

Comas veterans reunite

Mahraj Mattoo, former head of Comas (the fund of hedge fund firm liquidated by Commerzbank), has founded Commonwealth Asset Management in London, not to be confused with the eponymous real estate fund management firm in the United States, efinancialnews reports. The new entity has taken on board the former directors of Comas, including Edward Hands (head of portfolio management) and Carol Barazzone (head of business development). The new firm will be operational by the end of third quarter.
09/02/2010

Les anciens de Comas se regroupent

Mahraj Mattoo, ancien patron de Comas (gestionnaire de fonds de hedge funds liquidé par la Commerzbank), a créé Commonwealth Asset Management à Londres, à ne pas confondre avec la société de gestion de fonds immobiliers éponyme aux Etats-Unis, rapporte efinancialnews.La nouvelle entité reprend les dirigeants de Comas, dont Edward Hands (head portfolio management) et Carol Barazzone (head of business development). La nouvelle société devrait être opérationnelle après la fin du premier trimestre.
09/02/2010

Liontrust créé un poste de responsable retail

Liontrust Asset Management a nommé John Ions au poste nouvellement créé de responsable du retail. Cette nomination vise à reconstruire l’activité après les démissions des gérants Jeremy Lang et William Pattisson survenue début 2009, souligne Money Marketing.Au quatrième trimestre 2009, Liontrust a fait état d’une décollecte nette de 131 millions de livres, dont 33 millions sur la gamme retail.John Ions a été précédemment chief executive de Tactica Fund Management depuis sa création en 2005 après avoir exercé les fonctions de joint managing director chez SG Asset Management.
09/02/2010
Fonds

Six nouveaux ETF pour First Trust et Global X

Selon Mutual Fund Wire, Global X Funds a fait enregistrer par la SEC quatre ETF sur les métaux, Copper Miners, Gold Miners, Platinum Miners et Silver Miners, qui seront gérés par Bruno del Ama et José Gonzalez.Pour sa part, First Trust a annoncé la lancement prochain de ses cinquième et sixième ETF, le First Trust Develope International Markets AlphaDEX Fund et le First Trust Emering Markets AlphaDEX Fund, qui seront tous deux gérés activement.
Fonds
09/02/2010

State Street sélectionné par Wellington West

L’américain State Street Corporation et le fournissseur canadien spécialisé dans les services d’agent de transfert IFDS ont annoncé le 8 février avoir été sélectionnés par Wellington West Asset Management, Inc. pour fournir à leur groupe une gamme de services d’investissement.State Street fournira des services de comptabilité et d’administration de fonds, des services de garde et des services fiduciaires à l’occasion du lancement par Wellington West d’un groupe de nouveaux fonds. Fondée en 1993, Wellington West est devenue l’une des plus importantes sociétés indépendantes de placements de plein exercice au Canada et l’une de celles qui connaissent la croissance la plus rapide, avec près de 8,8 milliards de dollars canadiens d’actifs administrés.
09/02/2010
Fonds

BlackRock prépare le lancement de sept iShares-pays

Le 29 janvier, BlackRock a notifié à la SEC son intention de lancer d’ici au 7 mars sept ETF-pays de la marque iShares répliquant des indices MSCI, mais le taux des commissions n’a pas encore été fixé.Il s’agit des produits iShares MSCI USA Index Fund, MSCI Brazil Small Cap Index Fund, MSCI Egypt Capped Investable Market Index Funds, MSCI Ireland Capped Investable Market Index Fund, MSCI Russia Capped Index Fund et MSCI Philippines Investable Market Index Fund.
Fonds
09/02/2010

Forte hémorragie pour UBS au quatrième trimestre

Pour le quatrième trimestre, l’UBS affiche un bénéfice net de 1.205 millions de francs contre une perte de 564 millions au troisième. Sur l’ensemble de 2009, le groupe accuse une perte de 2.736 millions de francs suisses contre 21.292 millions pour 2008.Toujours pour octobre-décembre, les sorties nettes d’argent frais se sont élevées à 33,2 milliards de francs suisses pour la division Wealth Management & Swiss Bank, à 12 milliards pour Wealth Management Americas et à 11 milliards pour Global Asset Management.Les actifs investis se sont montés à 2.233 milliards de francs suisses au 31 décembre 2009, soit une progression de 3 % en rythme annuel et un repli de 1 % par rapport au 30 septembre (2.258 milliards). La baisse s’explique à la fois par les remboursements nets et des pertes de change, compensés en partie par l’effet de performance.Pour le quatrième trimestre, la division Global Asset Management affiche un bénéfice avant impôt de 284 millions de francs suisses contre 130 millions pour juillet-septembre, la diminution des charges de personnel ayant surcompensé la baisse des recettes.
09/02/2010

Credit Suisse recrute Dan Draper

Credit Suisse vient de recruter Dan Draper, l’ancien managing director et responsable mondial des ETF de Lyxor Asset Management. Il rejoindra au printemps l’activité gestion d’actifs de la banque suisse en tant que managing director et responsable des ETF. Il sera basé à Londres et placé sous la responsabilité d’Oliver Schupp, responsable des stratégies beta dans le domaine de la gestion d’actifs et co-responsable du comité de direction des ETF de la banque. Cette nomination reflète la volonté de Credit Suisse de développer sa plate-forme ETF.
09/02/2010

Les hedge funds en quête d'administrateurs efficaces

Selon Hedge Week, une enquête récente réalisée par TKS Solutions indique que 10% des fonds alternatifs ont envisagé de changer d’administrateurs au cours des douze derniers mois en raison de problèmes liés notamment à l’exactitude du reporting. Certains administrateurs de fonds utilisent encore des procédures manuelles, souligne l’enquête, sources de surcoûts et d’erreurs.
09/02/2010
Fonds

La vente à découvert d'ETF européens a doublé

L’emprunt d’ETF européens par les vendeurs à découvert a plus que doublé en 2009, selon les données de Securities Lending Yearbook de Data Explorer citées par le Financial Times Fund Management. L’ETF qui a été le plus vendu à découvert a été l’iShares FTSE 250, avec en moyenne 79 millions de dollars d’actions prêtées pendant l’année.
Fonds
09/02/2010

GAM lance un fonds Ucits III

Selon L’Agefi suisse, GAM a annoncé le lancement d’un nouveau fonds UCITS III, GAM Star Global Rates. Il s’agit d’une version onshore de sa stratégie de change et de taux d’intérêt global macro gérée par Adrian Owens. Le fonds se targue d’une corrélation faible avec les marchés actions. Le produit investira dans les devises et les obligations d’Etat «afin d’exploiter les dysfonctionnements du marché et privilégiera les marchés matures offrant une liquidité satisfaisante».
09/02/2010

Barclays Cap rejoint ETFX

Barclays Capital (Barclays Cap) a rejoint BofA Merrill Lynch, Citi et Rabobank comme participant à la plate-forme ETF Exchange (ETFX) lancée par ETF Seucrities (ETFS). ETFX propose 21 ETF d’actions sur les ressources naturelles ainsi que des produits à double effet de levier et des ETF «short doubles».
09/02/2010
Fonds

Lancement d’un nouvel ETF sur les métaux

ETF Securities USA a déposé un dossier à la Securities and Exchange Commission pour obtenir l’autorisation de lancer un ETF basé aux Etats-Unis et adossé à un panier de quatre métaux physiques (or, argent, platine et palladium), rapporte le Wall Street Journal. Le produit portera le nom de ETFS Physical PM Basket Shares.
Fonds
09/02/2010

Strong growth in assets

As of the end of December, assets under management at Chinese asset management firms totalled CNY2.6761trn, compared with CNY2.2477trn as of the end of September, and CNY2.007trn as of 31 March. Assets under management by local actors totalled CNY1.4909trn, compared with CNY1.2637trn three months earlier, and CNY1.1194trn at the end of first quarter, while assets under management at joint venture firms totalled CNY1.1851trn, compared with CNY984bn as of the end of September, and CNY887.6bn twelve months previously, according to figures compiled by Z-Ben Advisors.
08/02/2010

Chi-X seeks legal status as fully licensed stock market

Les Echos reports that the alternative platform Chi-X Europe, which has become one of the three largest operators in Europe, is lobbying for status as a fully licensed stock market. Two factors may prevent the platform from becoming recognized as a regulated market: Chi-X does not offer an IPO service, and the MTF model has yet to prove its economic viability. No platform has yet reached the point of breaking even, including Chi-X.
08/02/2010

Goldman creates “Club Med Banks Basket”

Peter Oppenheimer, head of research of European stock markets at Goldman Sachs, claims in Expansión that “domestic” banks in southern Europe will be highly vulnerable to an increase in the price of sovereign CDS if the crisis in public finances continues. Goldman Sachs has made a list of the most vulnerable banks, entitled the Club Med Banks Basket, which includes five Spanish banks (BBVA, Bankinter, Popular, Sabadell et Pastor), four Greek banks (EFG, National Bank, Alpha and Piraeus), four Italian banks (Intesa, MPS, Popolare and UBI), and three Portuguese banks (BPI, BCP and Espirito Santo). The share prices of firms in this basket have had an inverse relationship to the price of sovereign CDS.
08/02/2010

European Commission launches consultation on data privacy

The European Commission on 5 February announced the opening of a public consultation on a possible agreement between the European Union and the United Staets on data privacy and exchange of information. The goal of the consultation is to gather viewpoints from market participants and the general public on a document drafted by the Commission as part of preparations for a recommendation to allow negotiation of a potential agreement between the European Union and the United States. All participants and organizations on both sides of the Atlantic involved in the protection of personal information or in the treatment, transfer and exchange of information for the purposes of enforcement, as well as the general public, are invited to respond as a part of this public consultation. The closing date for the consultation is set on 12 March 2010. The document submitted for consultation is available on the website “Your point of view on Europe,” at this address: http://ec.europa.eu/yourvoice/consultations/index_fr.htm
08/02/2010

China Investment Corporation prepares for further acquisitions

Michael McCormack, director of Z-Ben Advisors, says the China Investment Corporation (CIC) may receive a further USD200-250bn from the Chines foreign currency office (SAFE) before the Chinese New Year (14 February), while would double the initial capital of USD200bn allocated to the entity. At least 60% of this new money would be placed in funds managed by third parties, much of it in private equity, the Frankfurter Allgemeine Zeitung reports. It has recently been announced that CIC has acquired a stake in the fund Apax Europe VII (EUR11.2bn), as well as a 2.3% stake in Apax Partners, for EUR685m. The Chinese press reports that CIC is rumoured to be in talks to buy a stake in Enel Green Power, though this has not been confirmed. But CIC has admitted that it is studying direct investment in iron ore and silver markets in Brazil and Mexico.
08/02/2010

Julius Baer has the means to make acquisitions

Boris Collardi, CEO of Julius Baer, has announced that the bank is planning to locate the platform for its European activities in Germany, the Börsen-Zeitung reports. Collardi also states that the firm will spend CHF1bn this year on external growth, largely in Switzerland.
08/02/2010

Annual results up at Julius Baer

Assets under management for private clients at Juluis Baer increased last year by 19% to a total of CHF154bn, close to their peak in late 2007 (CHF159bn). Net inflows totalled CHF5.1bn, while market effects were positive to the tune of CHF19.5bn. “Global inflows which remained sustained and robust - largely from emerging markets, particularly in Asia - were partially offset by outflows due to the Italian tax amnestry and a gradual withdrawal from activities in the United States,” Juluis Baer said in a statement. Assets in custody rose 37% to CHF87bn, due to net inflows of CHF13.5bn and positive market effects of CHF10.5bn. Net profits at the group were up 7% to CHF473bn. At its general shareholder’s meeting on 8 April, the board of directors will propose a dividend of CHF0.40 per share.
08/02/2010

Ivan Pictet quits his role as senior partner at Pictet & Cie

On 30 June, Ivan Pictet will cease to serve as a senior partner at Pictet & Cie (CHF373bn in assets), a position he has held since 2005. Pictet (who will turn 66 next month) will be replaced at a senior partner by Jacques de Saussure, a partner since 1987. The bank has also appointed Marc Pictet, currently director of Pictet Europe (Luxembourg), and Bertraned Demole, head of the hedge fund team in Geneva, as partners at the firm. There will be eight members after these new additions. Currently, the team’s seven members are Ivan Pictet, Jacques de Saussure, Nicolas Pictet, Philippe Bertherat, Jean-François Demole, Renaud de Planta and Rémy Best.
08/02/2010

Hedge fund model evolving

Hedge funds finished 2009 with good results, while their economic model appears to be about to evolve. According to a quarterly newsletter published on 5 February by Fitch, hedge funds last year posted their best returns in ten years. Last year was dominated by top-down approaches, while bottom-up approaches took to the sidelines until better economic times return. In such a context, the best-performing strategies were convertibles arbitrage (of both credit and equities), emerging markets equities, and distressed credit. The agency notes that 2009 is expected to have been the staging-ground for highly interesting development, as hedge funds that comply with the UCITS III directive, which offer liquid and transparent access to alternative investment to institutional and retail investors becoming widely available. Managed accounts represent another area of development last year.
08/02/2010

Fund sector in search of new ideas

Although funds on sale in Germany posted net subscriptions of EUR13bn in November, life-cycle and hybrid funds posted net outflows, while hedge funds, though they were the subject of some criticism, managed to bring in net inflows, the Frankfurter Allgemeine Zeitung reports. Retail and institutional investors are not highly receptive to hedge funds currently, and even innovative products such as the behavioural finance fund launched by Monega (HSH Strategy Sentiment LS) have managed to attract only EUR50m. Many major fund management firms, such as DWS, Deka and Union Investment, are confronting this situation by cleaning up their product ranges and launching a minimal number of new products, offering convertible bond or guaranteed funds. One of the rare innovations recently is the DWS Sachwerte (tangible assets), which invests in value equities, in real estate, commodities, precious metals and inflation-linked bonds.
08/02/2010

50 femmes d'influence dans les hedge funds

The Hedge Fund Journal a publié la liste des 50 femmes les plus importantes dans les hedge funds, rapporte Financial News. Parmi elles figurent Leda Braga de BlueCrest Capital Management, Mina Gerowin, qui dirige Paulson Europe, et Elena Ambrosiadou, qui a fondé Ikos Asset Management.
08/02/2010
Fonds

Altex Partners lance son premier single hedge fund

Gestionnaire de trois fonds de hedge funds, l’espagnol Altex Partners a fait enregistrer le 29 janvier son premier single hedge fund, l’Altex Activist FIL (*). Ce produit «activiste» se focalisera sur des entreprises sous-évaluées de France, d’Espagne et du Portugal et dont la capitalisation boursière se situe entre 25 millions et 500 millions d’euros. Le prospectus précise que le nombre de lignes n’excédera pas la douzaine, la plus importante étant plafonnée à 20 %, et que le fonds ne prendra pas de participations de contrôle mais s’efforcera d’influer sur la gestion en participant aux organes de contrôle.Ce nouveau produit aura une liquidité mensuelle et un préavis de 60 jours pour les remboursements après un délai de lock-up de trois ans, l'équipe de gestion s’accordant deux ans pour investir les encours, sans effet de levier. La souscription minimale est fixée à 3 millions d’euros. La commission de base se situe à 2 % et la commission de performance à 20 %.(*) Altex Activist FIL : code isin : ES0163030002
Fonds

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