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21/10/2011

SSgA wins a bond mandate from BNL/BNP Paribas

State Street Global Advisors (SSgA) on 20 October announced that it has received a bond contract for EUR82m in assets from the BNL/BNP Paribas employee pension fund. The pension fund, which covers employees of the BNL/BNP Paribas group in Italy, is one of the largest pre-existing pension funds in Italy. SSgA has been mandated to manage the bond portfolio, which is benchmarked against a composite index including the JPM Global GPI EMU IG (50%) and Barcap Inflation Linked GBI€ (50%). The mandate will be managed in London by the SSgA team dedicated to the active management of bond investments. As of 30 June 2011, SSgA managed USD341bn in assets in bond strategies worldwide.
21/10/2011

Growth continues for SRI funds in Spain

SRI assets under management last year set a new record, with a total up 12% as of June 2011 compared with June 2010, at EUR84bn, invested in over 886 funds aimed at retail clients (+1%), according to the 11th edition of the Vigeo study “Green, Social and Ethical funds in Europe.” France retains a leading position in terms of assets, with a 38% share of the European market, and many SRI funds. The United Kingdom remains the second-largest market (15%), followed closely by Switzerland. Belgium retains the highest penetration rate for SRI funds aimed at retail investors (8.8%). The Netherlands has seen the highest growth in its penetration rate, with a market share up from 3.7% last year to 5.1% this year.
21/10/2011

Credit Suisse releases new real estate fund

Credit Suisse is launching a new real estate fund, entitled “Credit Suisse Real Estate Fund Global,” according to a statement published on 20 October. It is the first Swiss real estate fund to be listed on the stock market that allows clients to invest in a diversified and international real estate portfolio. The fist issue will run from 7 to 18 November 2011.
21/10/2011

New deputy CEO for Rothschild in Geneva

The Banque Privée Edmond de Rothschild in Geneva has appointed Manuel Leuthold as its deputy CEO and chief operating officer, Agefi Switzerland reports. Leuthold succeeds Jean-Pierre Pieren, who has chosen to retire, concluding a career of many years at the bank and in the group. He will be leaving the bank’s executive board at the end of April 2012. Leuthold has already assumed important responsibilities, including membership in the Swiss general management at the Wealth Management & Swiss Bank division. He will begin in his new role during first quarter 2012.
21/10/2011

AUM at Gottex down by nearly 8%

Assets under management by the alternative management specialist Gottex as of the end of September totalled USD8.2bn, down 7.9% compared with the end of June, according to a statement from the firm released on 20 October. This evolution is due to the high volatility of the markets, the group says, adding that market neutral strategies outperformed their benchmarks by 2.5% to 3.5%. The Alternative Credit strategy also performed better than the index, by more than 6%.
21/10/2011

IOSCO publishes recommendations for market integrity

The technical committee of the International Organisation of Securities Commissions (IOSCO) on 20 October published its final report on the impact of technical developments on the integrity and efficiency of markets. The report lays out a series of recommendations that aim to promote market integrity and reduce risks to the financial system due to the latest technological developments, including high-frequency and algorithmic trading. Following the publication of the recommendations, IOSCO is proposing to extend its work monitoring markets, in an effort to provide regulators with new tools. IOSCO has also called for a supplementary type of audit, to control all orders and operations involving a particular instrument. This would also involve a single point of reporting for all orders and transactions in each legal jurisdiction or geographical region, and for all asset classes, as well as the introduction of a single identifier for legal entities.
21/10/2011

US money market funds slash exposure to French banks

US prime money market funds have reduced their total exposure to French banks by 62% on a dollar basis between month-end May and month-end September 2011, according to Fitch. French banks exposure currently represents 6.7% only of total holdings of USD654 billion within the agency’s sample of the 10 largest U.S. prime money market funds. At its peak in the second half of 2009, exposure to French banks represented 16.4% of all assets.As of month-end September 2011, U.S. prime money market funds have also reduced their total exposure to European banks by 14% on a dollar basis relative to month-end August 2011. European bank exposure currently represents 37.7% of total holdings, a decrease from 42.1% of fund total assets as of month-end August and from 47.2% as of month-end July. ‘In percentage terms, the current exposure level is the lowest observed within Fitch’s historical time series, which dates back to second-half 2006,’ said Robert Grossman, group managing director, Fitch Ratings. Fitch also notes that over the same timeframe of May 2011 to present, money market funds’ exposure to Canadian banks increased by 12%, and is now the largest single country exposure at 10.7% of total assets.
21/10/2011

Lyxor launches a leveraged ETF based on Ibex 35

Bolsas y Mercados Españoles (BME) on 20 October admitted the first leveraged ETF based on the Ibex 35 index of the Spanish stock markets to trading. As its name indicates, the Lyxor ETF Ibex 35 Doble Apalancado Diario fund offers double the performance of the Ibex 35 index on a daily basis, Expansion reports.This product of Lyxor Asset Management (Société Générale group) replicates the Ibex 35 Doble Apalancado index, which has been calculated in real time since 19 May.With this new product, the Spanish market now lists 66 ETFs.
21/10/2011

Standard Life courting institutional clients in Asia

Standard Life has revised its development model in Asia to orient itself more to institutional clients, Asian Investor reports. Since entering Asian markets in the early years of the last decade, the group had mostly focused on retail clients. The firm has renewed its staff and revised its product ranges. Standard Life has recently set up a range of mutual funds denominated in US dollars, Australian dollars and Singapore dollars. It had previously offered products denominated in pounds Sterling, which did not sell well to Asian clients. Standard Life has also strengthened its absolute return, alternative investment and multi-management offerings.
21/10/2011

New head for Nordea Fonder

Nordea Fonder, the Swedish asset management firm from Nordea, will now be led by Sasja Beslik, current head of socially responsible investment, the Swedish newspaper Svenska Dagbladet (Näringsliv) reports. Beslik succeeds Erik Feldt, who becomes head of human resources for the bank. The change comes at a time when Nordea Fonder has been the subject of criticism, after being named as the worst Swedish bank for fund management in a Morningstar study, the newspaper notes. But the two events are claimed to be unrelated.
21/10/2011

Mirabaud recruits a head of convertibles

Renaud Martin is joining Mirabaud as head of convertible bond management, which falls within the Mirabaud Asset Management business line. He will be based in Paris. Renaud Martin had previously been in charge of the convertible bond department at Calyon, after previously serving at La Française des Placements.
21/10/2011

Fival's asset management license revoked

Fival has had its asset management license revoked by the French financial market regulator, the Autorité des marchés financiers (AMF). The license was issued on 22 May 1990. “Having found that the portfolio management firm Fival SA did not satisfy the conditions and engagements to which its license was subject to, in the area of maintenance of financial and human resources, the college of the AMF has decided at its session on 6 September 2011, under article L. 532-10 of the monetary and financial code, to annul its license as a portfolio management business,” the regulator announced in a statement dated 20 October. The assets of the firm, an affiliate of the Geneva-based firm Caprinco, are not sufficient to ensure the stability of the structure, Marc Gilson, CEO of Fival, has explained to Newsmanagers. Its assets under management totalled only EUR10m, largely in mandates and two open-ended funds: Ariane Invest, a European equity fund, and Fival Réactif, a flexible fund of funds. As of the end of 2009, according to the French asset management association yearbook, assets at the firm totalled EUR35m. In the next few days, the assets will be taken over by another asset management firm, pending permission from clients. Fival will continue to exist, but in another form. “We will apply for a license as a financial investment adviser,” says Gilson. But staff will be cut back, from four currently to one. The cancellation of the license will take effect on 1 December. On this date, Fival will be placed in the control of Alain Hindié, who has been named by the AMF as trustee. In addition, the firm will be allowed to make only strictly necessary operations in order to conserve the interests of clients invested in funds and mandates it manages.
21/10/2011

Profits up at Blackstone

The US private equity investor Blackstone Group may have posted a net economic loss for third quarter 2011 of USD342m, compared with net profits of USD339m in the corresponding period of 2010, but for the first nine months of the year, net profits have risen 3% compared with January-September 2010, to USD929m.Distributable earnings were USD120m in third quarter, compared with USD166m in July-September 2010, while for the first three quarters of the year distributable earnings are up 8% to USD501m.As of 30 September, fee-earning assets under management totalled a record USD133bn, compared with USD104bn one year earlier. Total assets under management came to USD158bn (+32% year on year).
21/10/2011

Carmignac Gestion: heaviest outflows were in southern Europe in 2011

The decline in assets under management at Carmignac Gestion has totalled EUR10bn this year (as of the end of September), of which two thirds were due to net outflows, while the remaining one third was due to negative market effects, Eric Helderlé, deputy CEO of Carmignac Gestion, has said at a press conference. The head says that a closer reading of the figures reveals that in July and August, the asset management firm managed to stabilise outflows. From a geographical standpoint, outflows were heaviest in southern Europe, due to the larger presence of networks in this area than in the more variegated nothern European markets. Sales have been more muted, “but,” says Helderlé, “southern Europe is also the area where inflows were largest in the previous two years.”
21/10/2011

iShares releases three commodities ETFs

In order to offer exposure to businesses in the commodities prospecting, production and exploitation sectors, iShares (BlackRock group) has recently launched three UCITS-compliant, physical replication ETF funds in London, based on the S&P Commodity Producers series of indices. The Irish-registered funds are denominated in US dollars. They are the iShares S&P Commodity Producers Oil and Gas, iShares S&P Commodity Producers Gold and iShares S&P Commodity Producers Agribusiness. iShares S&P Commodity Producers Oil and Gas (SPOG)ISIN code: IE00B6R51Z18TER: 0.55% iShares S&P Commodity Producers Gold (SPGP)ISIN code: IE00B6R52036TER: 0.55%iShares S&P Commodity Producers Agribusiness (SPAG)ISIN code: IE00B6R52143TER: 0.55%
21/10/2011

BlackRock launches a retail version of UK Focus fund

BlackRock will launch a version of its UK Focus fund aimed at the retail market, co-managed by Luke Chappell, managing director and co-head of the British equities unit, and Imran Sattar. The fund will invest in a selection of 20 to 25 of the best British shares picked by managers. The fund, which will be launched in late October, has already received a license from the British market authorities (FSA). The capacity of the fund has been set at GBP350m.
21/10/2011

Henderson limits access to absolute return strategies

Henderson Global Investors will limit access by new investors to its two absolute return funds from the end of next month, Money Marketing reports. The two funds were closed due to substantial net inflows which ran the risk of diluting the potential performance of the funds. On 30 November, the open-ended fund Henderson UK absolute return (GBP386m in assets under management) and the Sicav Henderson Gartmore UK absolute return (nearly GBP326m) will no longer be available to new investors under the same terms. New investors will then be required to pay a front-end fee of 5%.
21/10/2011

Le chinois CIC met le cap à l’international

Le 21st Century Business Herald indique de source proche que les autorités de Pékin ont approuvé le principe de la création d’une entité tout spécialement dédiée à l’investissement international au sein du fonds souverain China Investment Corp. La Banque centrale chinoise pourrait bien consacrer des liquidités au lancement de ce nouvel investisseur.
21/10/2011

Londres en appelle à la prudence des fonds de pension

Le régulateur britannique des fonds de pension devrait prochainement publier des instructions interdisant aux sociétés dont le fonds est déficitaire d’investir dans des actifs au rendement relativement élevé mais représentant un risque plus important dans le but justement de combler le déficit.
21/10/2011

KKR mise sur Hong Kong

La société américaine de private equity table selon le quotidien sur un volume grandissant d’opportunités à Hong Kong en parallèle à un affaiblissement de la croissance économique de la Chine. Au cours des six à neuf prochains mois, KKR va mettre en œuvre selon le quotidien une «unité de situations spéciales» disposant d’une force de frappe de deux milliards de dollars.
21/10/2011

Un nouveau krach sur les alphas

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de septembre 2011 (du 2 septembre au 30 septembre). Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.

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