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26/09/2013

Two new horizon ETFs at Guggenheim

Guggenheim Investments (USD151bn in assets) on 24 September launched two new ETFs, bringing the number of corporate high yield fixed maturity ETFs under the BulletShares brand (USD1.9bn, +107% YTD) to 18.The new funds are the Guggenheim BulletShares 2019 High Yield Corporate Bond ETF (NYSE Arca ticker: BSJJ) and the Guggenheim BulletShares 2020 High Yield Corporate Bond ETF (BSJK). The two new products charge fees of 0.24%.
26/09/2013

Lyxor launches ETF based on new European quality equity index

Lyxor Asset Management is this Thursday launching an ETF on the French market, the Lyxor Ucits ETF SG European Quality Income, dedicated to equities which offer quality income, based on a new index launched the same dat, the SG European Quality Income index (SGQE), with a selection of non-financial European companies chosen for their solidity and their potential to generate income. The new index is an applied subset for Europe of the global index, the SG Global Quality Income Index, which was launched in October, and which was also used for an ETF fund, the Lyxor ETF SG Global Quality Income, whose assets under management most recently totalled EUR550m.
26/09/2013

Oddo AM launches flexible bond fund

Oddo AM has launched Oddo Optimal Income, a flexible bond fund which also offers moderate exposure to equities. The flexibility of the investment strategy of the fund on bond markets (Investment Grade, High Yield and unrated) aim to allow for opportunities for returns which are still present to be seized, while seeking to protect the portfolio from a potential rise in interest rates. It is also an opportune time to begin increasing exposure to equity markets again, with particular attention to managing volatility, Oddo AM adds. Oddo Optimal Income invests in two asset classes with a target allocation of the portfolio of 75% (+/-5%) to European corporate bonds, and 35% (+/-5%) to European equities. Exposure to fixed income and equity markets may be partially or entirely hedged. The fund is managed by Alain Krief, as head of the Fixed Income team, Elodie Lehmann for the equity portion, and Laurent Denize as head of investment solutions. General characteristics ISIN code: FR0011540525
26/09/2013

T. Rowe Price also wants to launch non-transparent ETFs

On 23 September, T. Rowe Price Associates and T. Rowe Price Equity Series asked the SEC to be exempted from a requirement to comply with the Investment Company Act of 1940, so as to be able to launch active strategy ETFs for which it would be allowed not to publish the lines of the portfolio on a daily basis.This is the same request made recently by Eaton Vance, which submitted an application for a license to be permitted to launch exchange-traded managed funds, or ETMFs (see Newsmanagers of 16 September).
26/09/2013

iShares introduces corporates ETF hedged for IR risks

The iShares $ Corporate Bond Interest Rate Hedged UCITS ETF fund has been registered in France. It is a physical replication product, which offers exposure to government bonds and edging of interest rate risks through the sale of futures on government bonds with an ex ante duration equal to zero.The new iShares ETF is designed for investors seeking additional returns, but who are concerned about the impact of the evolution fo returns from government bonds on bond prices, as these returns are currently rising due to uncertainty surrounding the monetary policies of central banks.CharacteristicsName: iShares $ Corporate Bond Interest Rate Hedged UCITS ETFISIN code: IE00BCLWRB83Ticker: LQDHBenchmark: iBoxx USD Liquid Investment Grade IR Hedged IndexTotal expense ratio: 0.25%
26/09/2013

Henderson closes German logistical real estate fund

In cooperation with the real estate specialist Palmira Capital Partners, UK-based Henderson Global Investors (HGI) has raised EUR230m from German and Austrian institutional investors for its German real estate fund (Spezialfonds) Henderson German Logistics Fund. With leverage, the volume total EUR350m, which was the initially projected amount.This is the second German real estate Spezialfonds from HGI. The product, for which Palmira advises Henderson for the entire investment process, aims for returns of 8% per year. It is administered on the IntReal International Real Estate KAG platform.The portfolio, managed by Thorsen Kiel, will invest for the long term in high-quality and well-located logistical properties. Currently, it includes six logistical properties located in Bad Dürkheim, Bruchsal, Winsen an der Luhe and Herrenberg (Stuttgart), while other acquisitions are in preparation.
26/09/2013

Catella creates a real estate fund aimed at charities

With the German-registered fund Catella Multitenant Stiftungsfonds, Catella Real Estate has created a real estate fund aimed particularly at charities. The portfolio will be invested exclusively in A and B class shares in the centre of German cities, with a predilection for office and commercial properties as well as parking facilities, with a total unit value fo EUR10m to EUR30m. The objective to raise about EUR150m. The first investment was made in late July in Frankfurt (Reuterweg 47) in an office property of 2,500 square metres.Catella aims for annual distributions of 4-5%, and the investment process is largely dedicated to sustainable development, with valuation of assets from this point of view undertaken in cooperation with J. Safra Sarasin bank.CharacteristicsName: Catella Multitenant StiftungsfondsISIN code: DE000A1J3MZ0Minimal subscription: EUR100,000Management commission: 0.75% of assets invested in real estateSustainable development commission: 0.10% of the avg market value of the properties
26/09/2013

Hauck & Aufhäuser becomes depository for Max Hotte fund

Shortly after announcing that it is taking over from SEB the depository banking functions for seven Ampega funds (see Newsmanagers of 3 September), the Frankfurt-based firm Hauck & Aufhäuser Privatbankiers has announced that it will also serve as depository bank for the Ampega fund launched to exploit the ideas of Professor Max Otte, a fund which is advised by Neuer Vermögen, for which Otte himself is the principal adviser.The allocation product, the Max Otte Vermögensbildungsfonds AMI, was launched on 1 July.CharacteristicsName: Max Otte Vermögensbildungsfonds AMIISIN code: DE000A1J3AM3Front-end fee: 4%Management commission: 1.44%Advisory commission: 0.36%Minimal subscription: EUR500
26/09/2013

Allianz GI launches Allianz Global Small Cap Equity fund in France

Allianz Global Investors (AllianzGI) has announced the launch of the Allianz Global Small Cap Equity fund in France, for both institutional and retail investors. The fund aims to attract long-term capital growth and to outperform the MSCI World Small Cap Total Return index. The portfolio includes four allocations dedicated to geographical regions (North America, Europe, Japan and Asia), with each zone having the same weighting as the index. The principal manager, Andrew Neville, will aim to regain a neutral geographical allocation, adjusting the four underlying security selection strategies. The Global Small Cap portfolio reflects the best ideas of the four Small Cap portfolios from Allianz Global Investors. The fund invests in nearly 190 small businesses selected by local experts for their attractive risk/return profile. It privileges capitalisations of at least USD400m. AllianzGI has been managing Small Cap funds for 14 years in Japan, for 15 years in Asia Pacific and for 30 years in the United States. The fund is registered in several European markets: Austria, Finland, Germany, Luxembourg, Netherlands, Norway, Sweden, and the United Kingdom. It is domiciled in Luxembourg.
26/09/2013

Principal GI adds to its sales team

The asset management firm Principal Global Investors, based in Hong Kong, has recruited Jane Fung as head of fund distribution in Asia, Asian Investor reports. Fung previously worked at Old Mutual Global Investors (OMGI) as head of distribution. Fung will begin on 3 October, and will aim to offer the full product range from the asset management firm, including UCITS funds domiciled in Dublin, on the distribution platforms of wholesalers and private banks in the region. It will initially concentrate on Hong Kong and Sinagpore, and will then cover Chile, Indonesia, Korea, Malaysia, Taiwan and Thailand in the next few months. The fund is also interested in a market covered by the programme reserved for foreign qualified institutional investors in renminbi (RQFII) and the project to recognize cross-border mutual fund trades between Hong Kong and continental China.
26/09/2013

European equity funds regain popularity with investors

Inflows to equity funds worldwide have risen in the past few months. This trend is particularly marked in the category of European equity funds, the financial ratings agency Fitch Ratings reports in its most recent study of the European equity sector. Inflows have been rising since May to over EUR12bn in August, a level not seen in six years.
26/09/2013

GAM appoints head of distribution for Asia-Pacific

The wealth management firm GAM Holding Group (GAM) a spin-off from Julius Baer, on 26 September announced that it has appointed Henry Choon as head of distribution and marketing activities in the Asia-Pacific region, from 4 November. The new head, who had previously worked at Lazard Asset Management, will join the Hong Kong team, currently composed of 45 employees, the group says in a statement.
26/09/2013

Pimco launches its GIS Capital Securities Fund in Europe

Pimco on 24 September announced the launch of the PIMCO GIS Capital Securities Fund, a fund which is based on an international approach to subordinate debt instruments issued by banks, insuers and other specialist financial companies. The fund is managed by Philippe Bodereau, managing director and head of analysis of financial institutions worldwide at the London offices of Pimco. Bodereau has since July 2011 been managing assets in the strategy, which has posted annual returns of 12.29% ince its launch, an outperformance of 11.92% compared with the benchmark index. The fund offers investors strategic long-term allocation to the international financial sector, largely through subordinate, hybrid and contingent convertible bonds. It is able to invest in the entire capital structure, on the basis of an evaluation of risks and relative value carried out by Pimco. The fund comes as an addition to the Global Investor Series (GIS) range from Pimco, which complies with UCITS regulations. The Dublin-registered range now includes 47 sub-funds, with over USD130bn in assets under management as of the end of August 2013.
26/09/2013

RBC Investor & Treasury Services dominates rankings of fund administration services

The specialist affiliate of the Royal Bank of Canada, RBC Investor & Treasury Services, tops the 2013 rankings of fnud administrators, carried out by R&M Fund Services. The rankings, based on a survey of over 100 fund managers and promoters throughout the world, place RBC at the top of the six service categories reviewed in the survey, including administration, valuation, communication and the quality of personnel. HSBC Securities Services takes second place in the general rankings, followed by JP Morgan, State Street, Société Générale Securities Services, BNP Paribas securities Services and Northern Trust. The rankings by country find that Société Générale Securities Services tops the rankings in France, and takes second place for continental Europe after RBC, and ahead of BNP Paribas Securities Services and JP Morgan.
26/09/2013

Swisscanto appoints new manager for EM fund

Jan Peterhans will now serve as lead manager for the Swisscanto (CH) Equity Fund Emerging Markets fund, finews reports. The lead manager who had previously been responsible for the fund, Chi Tran Brändli, left the firm in July, according to information from Citywire reported by finews. Peterhaus is also the manager of two other emerging market funds, including the Swisscanto (CH)IF – Equity International AST BVG.
26/09/2013

RDR leaves its mark on Lighthouse results

RDR regulations have left their mark on the quarterly results at Lighthouse group. The firm has reported pre-tax losses for the first half of 2013 of GBP232,000, while the first six months of 2012 brought pre-tax profits of GBP59,000, according to figures released on 25 September.This development is attributed largely to the introduction of RDR regulations, which led to an 18% decline in the number of advisers, from 608 at the end of June 2012 to about 500 one year later. Income also fell 14% to GBP23.4m. The decline was limited by a 3% increase in income per adviser to GBP80,000 per year.
26/09/2013

Schroders adds to global economy team

Craig Botham, who was recruited in June 2013 by Schroders to monitor and analyse emerging economies, has been appointed as emerging market economist in the global economics team at the asset management firm. He will report to Keith Warde, head economist.Botham had previously been a member of the macro-prudential analysis team at the Prudential Regulatory Authority (PRA), with the mission of analysing country risks. He served in the same role at the Financial Services Authority (FSA).
26/09/2013

Schroders adopts Control platform from Milestone

According to Das Investment, Schroders may soon be able to automatically verify the net asset value of its approcimately 1,400 funds within 45 minutes, instead of manually reporting them in spreadsheets. To achieve this, the British asset management firm will use the pControl platform from the software provider Milestone, which allows it to automate the task. Schroders will thus come into compliance with new regulatory requirements.
26/09/2013

Head of UK institutional development at BNP Paribas IP

Roger Price-Haworth, the head of institutional development at BNP Paribas Investment Partners in the United Kingdom, has left the firm, Financial News reports. He joined the firm in February 2011. He will be joining Pictet.
26/09/2013

New rumours of an acquisition of SWIP by Aberdeen

According to new rumours overheard by Bloomberg and relayed by Investment Week, Aberdeen Asset Management is reportedly in talks to acquire Scottish Widows Investment Partnership (SWIP) from Lloyds Banking Group. The two parties have declined to comment, but Bloomberg emphasizes that if the transaction goes through, it will create the largest publicly-traded fund management firm in Europe, with assets of about GBP350bn.
26/09/2013

Wealth management: Barclays pulls out of 100 markets

Barclays will be withdrawing from 100 markets and cutting staff for its wealth management activity, in order to boost the weak profitability of the unit, the Financial Times reports. The number of markets in which the UK bank offers asset and wealth management services will be reduced from 200 to 70 by the end of 2016.
26/09/2013
Fonds

Henderson GI boucle son fonds immobilier logistique allemand

En coopération avec le spécialiste de l’immobilier Palmira Capital Partners, le britannique Henderson Global Investors (HGI) est parvenu à lever 230 millions d’euros auprès d’investisseurs institutionnels allemands et autrichiens pour son fonds immobilier institutionnel (Spezialfonds) Henderson German Logistics Fund. Avec l’effet de levier, le volume atteint 350 millions d’euros, qui était le montant initialement prévu.Il s’agit du second Spezialfonds immobilier allemand de HGI. Ce produit pour lequel Palmira conseille Henderson sur tout le processus d’investissement, vise un rendement de 8 % annuels. Il est administré sur la plate-forme d’IntReal International Real Estate KAG.Le portefeuille géré par Thorsten Kiel sera investi pour le long terme dans des actifs logistiques de grande qualité et bien situés. Actuellement, il se compose de six immeubles logistiques situés à Bad Dürkheim, Bruchsal, Winsen an der Luhe et Herrenberg (Stuttgart), tandis que quatre nouvelles acquisitions sont en préparation.
Fonds
26/09/2013
Fonds

Catella crée un fonds immobilier destiné aux fondations

Avec le fonds de droit allemand Catella Multitenant Stiftungsfonds, Catella Real Estate a lancé un fonds immobilier destiné plus spécialement aux fondations. Le portefeuille sera investi exclusivement dans des actifs A et B dans le centre de villes allemandes, avec une prédilection pour les immeubles de bureaux et commerciaux ainsi que pour les parkings, d’une valeur unitaire comprise en 10 millions et 30 millions d’euros. L’objectif est de lever environ 150 millions d’euros. Le premier investissement a été réalisé fin juillet à Francfort (Reuterweg 47) dans un immeuble de bureaux de 2.500 mètres carrés.Catella vise des distributions annuelles de 4-5 % et le processus d’investissement ménage une large part au développement durable, l'évaluation des actifs sous cet aspect étant réalisée en coopération avec la banque J. Safra Sarasin.CaractéristiquesDénomination : Catella Multitenant StiftungsfondsCode Isin : DE000A1J3MZ0Souscription minimale : 100.000 eurosCommission de gestion : 0,75 % de l’encours immobilier investiCommission de développement durable : 0,10 % de la valeur vénale moyenne des immeubles
Fonds
26/09/2013
Fonds

Hauck & Aufhäuser devient dépositaire du fonds de Max Hotte

Peu de temps après avoir annoncé la reprise des fonctions de banque dépositaire exercées par SEB pour sept fonds ampega, le francfortois Hauck & Aufhäuser Privatbankiers a annoncé qu’il va aussi servir de banque dépositaire pour le fonds Ampega lancé pour exploiter les idées du Pr Max Otte, un fonds qui est conseillé par Neuer Vermögen et dont Max Otte est lui-même le conseiller principal.Ce produit d’allocation, le Max Otte Vermögensbildungsfonds AMI, a été lancé le 1er juillet.CaractéristiquesDénomination : Max Otte Vermögensbildungsfonds AMICode Isin : DE000A1J3AM3Droit d’entrée : 4 %Commission de gestion : 1,44 %Commission de conseil : 0,36 %Souscription minimale : 500 euros
Fonds
26/09/2013

Cevian Capital monte monte à plus de 5% dans ThyssenKrupp

L’investisseur activiste suédois Cevian Capital a augmenté sa participation dans ThyssenKrupp à plus de 5%, rapporte le Financial Times. Cette montée au capital pourrait favoriser une accélération du sidérurgiste allemand.
26/09/2013
Fonds

Allianz GI lance son fonds Allianz Global Small Cap Equity en France

Allianz Global Investors (AllianzGI) annonce le lancement en France du fonds Allianz Global Small Cap Equity, ouvert tant aux investisseurs institutionnels qu’aux particuliers. Le fonds a pour objectif d’offrir une croissance à long terme du capital et de surperformer l’indice MSCI World Small Cap Total Return. Le portefeuille comprend quatre poches dédiées chacune à une zone géographique (Amérique du Nord, Europe, Japon et Asie), chaque zone affichant la même pondération que celle de l’indice. Le gérant principal, Andrew Neville, veille à conserver une allocation géographique neutre en ajustant les quatre stratégies de sélection de valeurs sous-jacentes. Le portefeuille Global Small Cap reflète ainsi les meilleures idées des quatre portefeuilles Small Cap d’Allianz Global Investors. Le fonds est investi dans près de 190 petites entreprises sélectionnées par les experts locaux pour leur profil rendement/risque attrayant. Il privilégie les capitalisations d’au moins 400 millions de dollars.AllianzGI gère des fonds Small Cap depuis 14 ans au Japon, depuis 15 ans en Asie Pacifique et en Europe et depuis 30 ans aux États-Unis.Le fonds est enregistré sur plusieurs marchés européens : Autriche, Finlande, Allemagne, Luxembourg, Pays-Bas, Norvège, Suède et Royaume-Uni. Il est domicilié au Luxembourg.
Fonds
26/09/2013
Fonds

iShares introduit un ETF de corporates couvert du risque de taux

Le fonds iShares $ Corporate Bond Interest Rate Hedged UCITS ETF a été enregistré en France. Il s’agit d’un produit à réplication physique offrant une exposition aux obligations d’entreprise et une couverture du risque de taux par la vente de futures sur les obligations d’Etat et avec une duration ex ante égale à zéro.Ce nouvel ETF iShares a été conçu pour des investisseurs qui recherchent un rendement supplémentaire mais s’inquiètent de l’impact de l’évolution des rendements des obligations d’Etat sur les cours obligataires, ces rendements étant actuellement orientés à la hausse en raison des incertitudes entourant les politiques monétaires des banques centrales.CaractéristiquesDénomination : iShares $ Corporate Bond Interest Rate Hedged UCITS ETFCode Isin : IE00BCLWRB83Code mnémonique : LQDHIndice de référence : iBoxx USD Liquid Investment Grade IR Hedged IndexTaux de frais sur encours : 0,25 %
Fonds
26/09/2013
Fonds

Oddo AM lance un fonds obligataire flexible

Oddo AM vient de lancer Oddo Optimal Income, un fonds obligataire flexible offrant également une exposition modérée aux actions. « La flexibilité de la stratégie d’investissement du fonds sur les marchés obligataires (Investment Grade, High Yield ou non notés) doit permettre de saisir les opportunités de rendement toujours présentes tout en cherchant à protéger le portefeuille contre une éventuelle remontée des taux. En outre, il est opportun de recommencer à s’exposer au marché actions, en portant une attention particulière au pilotage de la volatilité», précise-t-on chez Oddo AM.En pratique, Oddo Optimal Income est investi sur 2 classes d’actifs avec pour allocation cible un portefeuille composé à 75% (+/-5%) en obligations d’entreprises européennes - toutes qualités de crédit confondues - et 25% (+/-5%) en actions européennes. L’exposition aux marchés de taux et aux marchés actions peut être en partie ou intégralement couverte. Le fonds est géré par Alain Krief à la tête de l'équipe «Fixed Income», Elodie Lehmann pour la partie actions, et Laurent Denize en tant que responsable en solutions d’investissement. Caractéristiques généralesCode ISIN : FR0011540525Commission de souscription 4% TTC maximumFrais de gestion fixes (TTC) 1.40% maximumCommission de surperformance 10% TTC de la surperformance par rapport à l’indice de référence si la performance du compartiment est positiveIndicateur de référence : 75% BofA ML Euro Corporate (ER00)+ 25% MSCI Europe dividendesréinvestisObjectif de gestion : Surperformer son indicateur de référence sur un horizon de placementsupérieur à 5 ans tout en cherchant à limiter la volatilité annuelle duportefeuille à 8%Souscription minimale initiale 100 eurosDevise de référence ; euro
Fonds

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