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06/03/2013

Union acquires hotel in Barcelona

P { margin-bottom: 0.08in; } The German firm Union Investment Real Estate (UIRE) has acquired the four-star Barceló Raval hotel in Barcelona (186 rooms), which is leased for a renewable 20-year term to the third-largest Spanish hotel chain, Barceló, for EUR37m. The property will be added to the portfolio of the open-ended real estate fund UniImmo: Europa.The hotel portfolio of UIRE, which already includes the Barceló hotel in Hamburg, covers 22 properties, and has a volume of EUR1.7bn, of which EUR400m have been invested in the past three years.
06/03/2013

Nord LB AM launches fund for ecclesiastical institutions

P { margin-bottom: 0.08in; }A:link { } In conjunction with the evangelical credit cooperative (EKK), Nord LB Asset Management on 1 March launched a fund aimed at institutional investors in the religious world, the KVV-Fonds – EKK, for which the minimal subscription is set at EUR100,000.Most of the portfolio will be composed of bonds denominated in euros from the largest issuers, while allocation to equities is limited to 20%. The investment team may also invest in open-ended real estate funds and in UCITS-compliant absolute return funds.CharacteristicsName: KVV-Fonds – EKKISIN code: DE000A1J3WM7Management commission: 0.35%
06/03/2013

Allianz restricts access to onshore RMB fund

P { margin-bottom: 0.08in; } Allianz Global Investors has decided to restrict investors’ access to its Allianz Renminbi Fixed Income Onshore fund, shortly after its launch, due to the growing interest of investors in this strategy, Citywire reports. The Luxembourg-domiciled fund was launched on 31 January this year. It was presented as the first fund of its type to offer access to the onshore renminbi market, and a way to invest directly in Chinese government bonds. At the end of February, assets in the fund totalled nearly EUR34m. According to a spokesperson for Allianz GI, “demand was such that the fund was soft closed in early February, only a few days after its launch on 31 January, as the assets had reached the quota authorised by Chinese regulators.” The Onshore RMB fund is the sister produt of two other funds, Allianz Renminbi Fixed Income (Offshore) and Allianz Renminbi Currency. The Offshore fund, launched in June 2011, was closed in August 2011, after inflows of EUR450m in two months’ time. It was reopened in August 2012.
06/03/2013

Vanguard limits access to two funds and slashes TER for eight ETFs

P { margin-bottom: 0.08in; } Subscriptions to the diversified fund Vanguard Wellington TM Fund (USD68bn) and the municipal bond fund Vanguard Intermediate-Term Tax-Exempt Fund (USD39bn) have been closed to new clients since 28 February, including financial advisers and institutional investors. Vanguard is seeking to slow the pace of subscriptions, which continue to be possible for these two categories of clients so long as they have already purchased shares in the fund. For the moment, retail investors can continue to subscribe for new shares, and open new accounts for the two products.Vanguard has also announced a new round of cuts to the total expense ratios (TER) for its ETF products. Eight funds are included, in addition to the emerging market fund Vanguard FTSE Emerging Markets Index ETF (VWO), for which the cut was previously announced (see Newsmanagers of 4 March).This time, the eight funds concerned are as follows, according to Mutual Fund Wire and Index Universe:Reductions of 0.03 percentage points:FTSE All-World ex-US, to 0.15%FTSE All-World ex-US Small-Cap, to 0.25%Global ex-US Real Estate, to 0.32%High Dividend Yield, to 0.10%Reductions of 0.02 percentage pointsMSCI Europe, to 0.12%MSCI Pacific, to 0.12%Total International Stock, to 0.16%Total World Stock, to 0.19%
06/03/2013

William Blair releases EM small cap fund

P { margin-bottom: 0.08in; } The US firm William Blair has launched an emerging market small cap fund to exploit growth shares from emerging countries.The William Blair Emerging Market Small Cap Fund, which comes as an addition to the Sicav range, will invest in 80 to 120 companies whose market capitalisation is below USD5bn. The fund may invest both in emerging and in frontier markets.The fund will be co-managed by Todd McClone and Jeff Urbina.
06/03/2013

BlackRock offers EM long/short strategy

P { margin-bottom: 0.08in; } At the end of 2012, BlackRock launched an absolute return fund which deploys a long/short strategy on emerging market equities, the Emerging Markets Absolute Return sub-fund of its BlackRock Strategic Funds Sicav. The Luxembourg-registered product uses top-down and bottom-up approaches to achieve a net exposure to -10% to +20% to the market, with 20 to 35 positions, as well for long and for short.CharacteristicsName: BlackRock Strategic Funds Emerging Markets Absolute ReturnISIN code: LU0852332542Management commission: 1%Performance commission: 20%Hurdle rate: Libor 3-month
06/03/2013

FBI helps SEC to combat high-frequency trading abuses

P { margin-bottom: 0.08in; }A:link { } The FBI has teamed up with a new unit at the Securities and Exchange Commission (SEC), Quantitative Analytics Unit, which examines hedge funds and other companies that use transaction strategies with algorithms, the Financial Times reports. The structure seeks to identify abuses which may result from the emergence of high-frequency trading companies and the use of dark pools.
06/03/2013

Speculation on soft commodities: Oxfam highlights Belgium

P { margin-bottom: 0.08in; } Oxfam is studying KBC and Dexia, as well as French banks and investors with a presence in Belgium such as BNP Paribas, ING Bank and Axa, to examine the extent to which these institutions are speculating on food commodity markets, Financial Times Fund Management reports. Its objective is to discourage them from this practice, on the grounds that it drives up the prices of these food resources worldwide. The study is expected to conclude in April.
06/03/2013

Chinese family offices growing

P { margin-bottom: 0.08in; } With strong growth in their wealth, Chinese high net worth investors are increasingly considering setting up family offices, often in Hong Kong or Singapore, Asian Investor reports. The number of Chinese high net worth individuals whose investable assets exceed USD1m rose 5% in 2011 to 562,000, according to statistics from Capgemini and RBC Wealth Management in their Asia-Wealth Report 2012.
06/03/2013

UBS to launch ETF in Hong Kong

P { margin-bottom: 0.08in; } UBS is planning to list several ETFs in Hong Kong in the second half of this year, following the launch of an activity dedicated to ETFs in the region and the recruitment of a sales team in Hong Kong, Financial News reports. The products will be registered locally, and the bank is planning to list some of them in Singapore as well.
06/03/2013

FSA finds internal failings over Libor

The Financial Services Authority (FSA) on March 5th published its Internal Audit Report on the London Interbank Offered Rate (LIBOR) covering the period January 2007 to May 2009. The report identifies that the FSA, at all levels of management, was aware of severe dislocation in the LIBOR market in the period. This report concludes that the FSA’s focus on dealing with the financial crisis, together with the fact that contributing to and administering LIBOR were not ‘regulated activities’ (which they will be from April 1st, 2013), led to the FSA being too narrowly focused in its handling of LIBOR related information. Second, taking the information cumulatively, the likelihood that lowballing was occurring should have been considered. And, third, the information received should have been better managed.The report identifies important areas where the FSA should have performed better, and makes valuable recommendations for the future, but does not suggest major regulatory failure on the scale identified in the Northern Rock (March 2008) or RBS (December 2011) reports. Finally, the internal audit draws out six lessons to be learnt for the future regulatory authorities, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), to consider. They refer to activities outside the regulatory perimeter, the clear division of responsibilities bertween the authorities, the appropriate embedment of the lessons of the report in the cultures of the regulatory authorities, the use and record of information and intelligence by these authorities, the way information circulates and escalates and, lastly the integration of the lessons from the report in the development of the record management policies.
06/03/2013

Cazenove launches multi-asset class fund

P { margin-bottom: 0.08in; } Cazenove Capital has launched a multi-asset class fund to meet demand from clients, Fundweb reports.The Cazenove Multi-Asset Fund was launched on 28 February. It provides access, via an offshore vehicle, to the strategy used in the Diversity Fund, whose assets under management total GBP1.1bn.According to a Cazenove spokesperson, “the new fund is not identical to the Diversity fund, but it is managed by the same people, and uses a multi-asset class approach.”
06/03/2013

Royal London AM inflows up 66% in 2012

P { margin-bottom: 0.08in; } Royal London Asset Management (RLAM) on 5 March announced inflows of EUR2.3bn in 2012, up 66% year on year. Inflows to bond funds represented 88% of this total, the asset management firm says in a statement. As of the end of December, assets under management at RLAM totalled GBP47.6bn, up 8% compared with the end of December 2011.
06/03/2013

Lansdowne Partners head to leave

P { margin-bottom: 0.08in; } Sir Paul Ruddock, head and co-founder of the alternative management firm Lansdowne Partners, will resign from his position in June next year. The British financier would like to leave the asset management sector in order to dedicate himself to philanthropic activities. Assets under management at Lansdowne, which is now seeking a successor for Sir Paul, total about GBP12.4bn, after peaking at GBP16.8bn about two years ago. Its flagship fund, the Developed Markets fund, last year earned returns of 18%, and has gained 7.6% since the beginning of this year.
06/03/2013

Equity investors more confident than their FI counterparts

P { margin-bottom: 0.08in; }A:link { } Investors in equities are much more confident about the outlooks for the markets in 2013 than their colleagues specialised in bond investments, according to an annual survey undertaken by Aviva Investors of a sample of asset managers with GBP2.5trn in assets under management based in the United Kingdom, the United States and Europe.Nearly 70% of equity professionals have more confidence in the markets than a year ago, perhaps because returns on equities beat projections throughout the past year. For bond managers, only one in four professionals is more confident than at the same time last year. Pessimism about the euro zone remains high, but more so among bond investors, 90% of whom predict that uncertainty will persist, compared with only 71% of equity investors.Equity investors are predicting a rise in merger and acquisition deals in 2013, compared with only 17% one year ago. They are also highly optimistic about the financial sector, though 44% of them were underweight last year.
06/03/2013

Personnel change at Singapore sovereign fund

P { margin-bottom: 0.08in; } The Singapore sovereign fund GIC, whose assets under management total about USD230bn, has announced the appointment of Jeffrey Jaensubjakij as head of asset management activities at GIC Asset Management. He succeeds Lim Chow Kiat, who last month was appointed as chief investment officer for the group. Jaensubhakij will leave his current position in Europe, and will transfer from London to Singapore. He will begin in his new role on 1 April.
06/03/2013

Slight dip in City bonuses in 2012

P { margin-bottom: 0.08in; } The average amount paid in bonuses in the finance sector in the United Kingdom fell 2% last year compared with the previous year, the most recent eFinancialCareers survey has revealed, at a time when the City is preparing to fight limits on bonuses for bankers planned by the European Union in court. The decline, which remains moderate, compared with a 36% decline on Wall Street, is due more to staff cuts than to cuts to bonuses, the finance job offer website remarks. The 2% figure conceals significant disparities, however. Front office employees still receive bonuses nearly four times larger than their back-office colleagues, and their bonuses rose by 15% this year. Middle office saw the largest reduction to their bonuses: -25% compared with the previous year. Buy side professionals, meanwhile, do better than their sell-side colleagues: their average bonuses in 2012 rose 13% compared with the previous year. The number who received no bonus rose from 10% in 2011 to 13% in 2012. While average bonuses paid in 2012 fell, satisfaction with bonuses increased slightly: of 606 finance professionals surveyed, 4 out of 10 (40%) say they are satisfied with their bonsues, compared with 36% in 2011. A slightly larger number of respondents has declared that the bonuses they received “met their expectations” in 2012, more than in 2011 (38% compared with 36%). However, a significant percentage remain disssatisfied: nearly half (45%) are disappointed, and a similar percentage (44%) say that their bonuses to not meet their expectations.
06/03/2013

Progression de 5,4% des encours du groupe BPER

Les actifs sous gestion du groupe Banque Privée Edmond de Rothschild (groupe BPER) ont progressé l’an dernier de 5,4% à 101,6 milliards de francs suisses. La collecte nette s’est élevée à 2,5 milliards de francs suisses, précise un commmuniqué de groupe.Le bénéfice net a toutefois chuté à 66,4 millions de francs contre 125,1 millions de francs en 2011. Cette baisse s’explique notamment «par la diminution de la rémunération des dépôts, une moindre activité de la clientèle, une évolution défavorable de l’asset mix et une contribution amoindrie de l’activité des fonds qui ont lourdement pesé sur nos revenus». Le groupe a en outre dû compter avec des coûts de restructuration exceptionnels, ainsi que des investissements importants pour la mise en place de la plate-forme de Hong Kong et pour la modernisation des système d’information.Le groupe souligne qu’il est engagé dans la mise en œuvre d’un plan stratégique qui s’articule autour d’un certain nombre d’actions prioritaires, «telles que la capitalisation autour d’une marque forte Edmond de Rothschild et la confirmation de l’engagement sur les métiers de la banque privée et de la gestion d’actifs, en Europe et à l’international, de façon volontariste et pragmatique».
06/03/2013

Un nouveau patron pour la plate-forme opaque d'UBS

Richard Semark devrait prendre la direction de la plate-forme MTF d’UBS, UBS MTF, l’un des «dark pools» les plus importants du marché européen, rapporte le Financial Times.Richard Semark prend la succession de Robert Barnes, qui serait sur le point de quitter ses fonctions après plus de dix-huit ans au sein du groupe. UBS s’est refusé à tout commentaire sur ces informations.
06/03/2013

Mini-remaniement au fonds souverain de Singapour

Le fonds souverain de Singapour GIC, dont les actifs sous gestion s'élèvent à quelque 220 milliards de dollars, a annoncé la nomination de Jeffrey Jaensubhakij en tant que responsable de ses activités de gestion d’actifs logées dans GIC Asset Management.Il prend la succession de Lim Chow Kiat, nommé le mois dernier chief investment officer pour le groupe. Jeffrey Jaensubhakij va en conséquence abandonner ses fonctions actuelles en Europe et quitter Londres pour s’installer à Singapour. Il devrait prendre ses nouvelles fonctions le 1er avril.
06/03/2013

M&G Investments s'implante à Genève

Présent depuis sept ans sur le marché suisse, M&G Investments s’implante à Genève et renforce son équipe locale par l’engagement d’une nouvelle collaboratrice, rapporte L’Agefi suisse. M&G Investments entend ainsi répondre à la demande croissante de sa clientèle en Suisse romande. Valentine Bugeja a été nommée responsable des ventes pour le développement des segments family offices et gérants de fortune indépendants en Suisse romande. Elle est entrée en fonction en février 2013.
06/03/2013

La collecte de Royal London AM fait un bond de 66% en 2012

Royal London Asset Management (RLAM) a annoncé le 5 mars une collecte de 2,3 milliards de livres au titre de l’exercice 2012, en progression de 66% d’une année sur l’autre. La collecte dans les fonds obligataires a représenté 88% du total, précise la société de gestion dans un communiqué.A fin décembre, les actifs sous gestion de RLAM s'élevaient à 47,6 milliards de livres, en hausse de 8% par rapport à fin décembre 2011.
06/03/2013
Fonds

Cazenove lance un fonds multi-classes d'actifs

Cazenove Capital vient de lancer un fonds multi-classe d’actifs pour répondre à la demande de ses clients, rapporte Fundweb.Le Cazenove Multi-Asset fund a été lancé le 28 février dernier. Il permet d’accéder, par le biais d’un véhicule offshore, à la stratégie utilisée dans le Diversity fund, dont les actifs sous gestion s'élèvent à 1,1 milliard de livres. Selon un porte-parole de Cazenove, «le nouveau fonds n’est pas identique au Diversity fund mais il est géré par les mêmes personnes et il met en œuvre une approche multi-classes d’actifs».
Fonds
06/03/2013

Le patron de Lansdowne Partners sur le départ

Sir Paul Ruddock, patron et co-fondateur de la société de gestion alternative Lansdowne Partners, devrait démissionner de ses fonctions en juin prochain.Le financier britannique souhaite abandonner le secteur de la gestion d’actifs pour se consacrer à ses activités philanthropiques. Les actifs sous gestion de Lansdowne, désormais à la recherche d’un successeur, s'élèvent à environ 12,4 milliards de livres après avoir culminé il y a deux ans à 16 milliards de livres. Son fonds phare, le Developed Markets fund, a dégagé l’an dernier une performance de 18% et affiche depuis le début de l’année une progression de 7,6%.
06/03/2013
Fonds

Lyxor ferait enregistrer en Espagne l’ETF de govies MTS Spain

Selon les informations de Funds People, Lyxor Asset Management aurait déjà déposé la demande d’agrément de commercialisation en Espagne du Lyxor ETF MTS Spain Government Bond All-Maturity qu’il vient de faire admettre à la négociation du Euronext Paris. Ce produit sur la dette souveraine espagnole est destiné aux investisseurs qui misent sur une convergence des différentiels entre le rendement de la dette publique espagnole et celui des bunds. Ce serait le deuxième ETF que le gestionnaire français ferait coter en Espagne depuis le début de cette année, le premier ayant été le Lyxor ETF MSCI ACWI Gold.
Fonds
06/03/2013
Fonds

Union acquiert un hôtel Barceló

Pour 37 millions d’euros, l’allemand Union Investment Real Estate (UIRE) a acquis l’hôtel quatre étoiles Barceló Raval de Barcelone (186 chambres) qui est loué pour 20 ans renouvelables à la troisième chaîne hôtelière espagnole, Barceló. Cet actif est affecté au portefeuille du fonds immobilier offert au public UniImmo: Europa.Le portefeuille hôtelier d’UIRE, qui comprend déjà le Barceló de Hambourg, comprend 22 enseignes et représente un volume de 1,7 milliard d’euros dont 400 millions investis ces trois dernières années.
Fonds
06/03/2013
Fonds

Les 20 principaux hedge funds gagnent moins qu’avant

Les 20 principaux hedge funds dans le monde ont dégagé 32,4 milliards de dollars pour leurs investisseurs l’an dernier, soit moins d’un cinquième que les 172 milliards de dollars produits par le secteur dans son ensemble, rapporte le Financial Times, citant les chiffres de LCH Investments (groupe Edmond de Rothschild). Par le passé, les 20 principaux hedge funds gagnaient près de la moitié des profits totaux du secteur.
Fonds
06/03/2013
Fonds

L'indice Morningstar des hedge funds progresse de 1,9% en janvier

L’indice des hedge funds de Morningstar, le Morninstar MSCI Composite Hedge Fund Index, a progressé de 1,9% au mois de janvier et affiche un gain de 6,3% sur les douze derniers mois. Pratiquement toutes les composantes de l’indice son restées orientées à la hausse en janvier, à l’exception des stratégies short bias et systematic trading.Parmi les résultats notables du mois, le Morningstar MSCI Small Cap Hedge Fund Index a enregistré une performance de 3,9% et le Morningstar MSCI Emerging Markets Hedge Fund Index affiche un gain de 3%.
Fonds
06/03/2013
Fonds

BlackRock propose une stratégie long/short sur les émergents

Fin 2012, BlackRock a lancé un fonds de performance absolue mettant en œuvre une stratégie long/short sur les actions de pays émergents, le compartiment Emerging Markets Absolute Return de sa sicav BlackRock Strategic Funds. Ce produit de droit luxembourgeois utilise des approches top-down et bottom-up pour une exposition nette au marché entre - 10 % et + 20 %, avec 20 à 35 lignes tant pour les «longues» que pour les «courtes».CaractéristiquesDénomination : BlackRock Strategic Funds Emerging Markets Absolute ReturnCode Isin : LU0852332542Commission de gestion : 1 %Commission de performance : 20 %Taux butoir : Libor 3 mois
Fonds
06/03/2013

UBS nomme un patron de la gestion de fortune pour le Golfe

Pour remplacer Rolf Schilde comme head of wealth management pour le Golfe à Dubaï, UBS a recruté Dominique Leimer, qui était en dernier lieu l’un des dirigeants du capital investisseur Black Pearl Capital à Genève, rapporte finews. L’intéressé, qui a déjà été au total sept ans à Dubaï pour le compte de Credit Suisse et de Julius Baer, sera subordonné à Ali Janoudi, le nouveau patron d’UBS au Wealth Management Dubai International Center (DIFC).

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