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04/10/2011

Mandarine has about EUR400m in international assets under management

“Assets under management related to the deployment of the international product range represent about 25% of total assets,” says Mandarine Gestion, whose total assets under management as of the end of August totalled EUR1.6bn. The firm has chosen once again this autumn to announce its exposure to international business, with an added reminder that this products are now available in five European countries outside France (see Newsmanagers of 30 August): Germany, Luxembourg, Austria, Spain, and Italy.In Italy, the Mandarine Valeur and Mandarine Unique funds were registered in July. In Spain and Italy, the management firm is present through a partnership with La Française AM, which has offices in Madrid and Milan. In addition, Mandarine has an office in Frankfurt, and uses the services of First Quant in Vienna.Mandarine also manages assets from Switzerland (a market it entered in 2008), Luxembourg (2008), Ireland (2011) and the United Kingdom (2009). These markets are handled by the sales team bases in Paris.
04/10/2011

Abu Dhabi's IPIC raises stake in ÖMV

In a filing released on 3 Ocotber, the Austrian oil group ÖMV announced that it has been informed by the International Petroleum Investment Company (IPIC, an affiliate of the Abu Dhabi sovereign fund), that the latter firm has increased its stake in the capital of ÖMV to 24.9%, from a previous level of 20.9%. IPIC now owns 81.49 million shares in ÖMV, and its most recent acquisition is valued at EUR320m.The holding company ÖIAG, which controls the Austrian government’s investments, remains the largest shareholder in ÖMV, with about 31.5% of the firm.
04/10/2011

Schroders to unveil GAIA CQS Credit fund in Germany and Austria

The British asset management firm Schroders, which has already released its GAIA CQS Credit fund in France (see Newsmanagers of 11 July) and in Spain (see Newsmanagers of 31 August) will now make a roadshow for the UCITS-compliant hedge fund for German and Austrian investors in the month of October, Investment Europe reports. The product has gained 6.8% since its launch in April, and its objective is returns higher than the Libor 3-month.
04/10/2011

Axa IM in absolute return fund launch

Axa Investment Managers is adding to its Optimal Investments range with the launch of the Axa WF Optimal Absolute fund, which will aim to earn positive returns every year, regardless of the direction of the markets. It joins the two flexible funds AXA Optimal Income and AXA WF Optimal Income, which have over EUR1bn in assets under management as of the end of July 2011. “Axa WF Optimal Absolute is an opportunistic fund which offers a way to take long or short positions on a wide variety of assets. These positions may be realised directly through indices, financial sector shares, equities and bonds, or via derivatives,” explains Serge Pizem, manager of the fund and head of the Optimal Investments team at Axa IM. He will be assisted by Laurent Talon, who joined Axa IM in July this year. The fund may invest in developed and emerging markets, and will include liquid asset classes in variable proportions depending on the evolution of the markets. It combines a macro and bottom-up approach in order to limit the correlations between its various investments. “Currently, the portfolio is invested primarily in money markets, as volatility is high and the correlations between the various asset classes are unstable. In addition, the impact of policy decisions on the markets is very high. These points have compelled us not to engage too much capital in this environment,” Pizem says. The fund has a wealth management approach, and is aimed primarily at distributors (private banks), funds of funds, IFA networks, and wealth management advisers, among whom absolute return strategies are currently in high demand.
04/10/2011

DoubleLine launches its fifth fund

DoubleLine Capital, the asset management firm founded by Jeff Gundlach and several former employees of TCW (Société Générale), has announced that DoubleLine Funds Trust on 30 September launched the bond product DoubleLine Low Duration Bond Fund, with two no-load share classes. The I share class carries a commission of 0.47%, while the N share class carries a commission of 0.72%. Minimal initial subscription is set at USD100,000 for I shares, and USD2,000 for N shares.It is the fifth fund of the DoubleLine range.The managers of the portfolio are Philip Barach, Luz Padilla and Bonnie Baha. The effective duration of the new fund will be a maximum of 3 years under ordinary conditions.
04/10/2011

State Street Global Advisors launches three sectoral ETFs in its SPDR range

The US asset management firm State Street Global Advisors (SSgA) has announced that the new SPDR S&P® Aerospace & Defense ETF (XAR), SPDR S&P Health Care Services ETF (XHS) and SPDR S&P Software & Services ETF (XSW) funds were admitted to trading on the NYSE Arca platform on 29 September. They replicate the sectoral sub-indices of the S&P Select Industry Indices range, and each charge fees of 0.35%.Assets in ETFs of the SPDR range as of the end of June totalled over USD266bn.
04/10/2011

InverCaixa to introduce three share classes for all funds

Most funds from InverCaixa now offer three share classes, Funds People reports. The first class is for subscriptions varying from EUR600 to EUR50,000; the second covers the range from EUR50,001 to EUR300,000, and the third, entitled Premium, is for investments of over EUR300,000. Each share class charges a different commission level.According to the most recent statistics from the CNMV, the system of multiple share classes, which has been allowed in Spain for two and a half years, is not yet common practice. Only 129 funds now have a total of 300 share classes. InverCaixa has become the most recent firm to participate in the movement.
04/10/2011

Real estate fund crisis endangering funds of funds

According to an analysis by the ratings agency Scope, open-ended real estate funds which have suspended their redemptions are endangering funds of funds, Handelsblatt reports. Once real estate funds reopen their redemption windows, there is a danger that funds of funds will call in their money immediately.Scope analysed funds of funds with assets of EUR3.1bn, and found that 60% of their portfolios are composed of shares in real estate funds. In three cases, the funds of funds themselves which were closed to redemptions had 70% to 90% of their assets frozen in closed real estate funds. Handelsblatt cites the recent case of the Premium Management Immobilien-Anlagen fund of funds, which Allianz Global Investors announced in mid-August would be liquidated (probably this month), with EUR500m, or EUR19 per share, to be paid out to subscribers. This represents a considerable loss for clients.Many funds of funds are invested in the Morgan Stanley P2 Value fund, which will be liquidated. The next funds to reopen, in mid-November, will be the Axa Immoselect and the DEGI International (Aberdeen). If the re-opening is a failure, these funds will also have to be liquidated.
04/10/2011

Hedge funds will have invested USD2bn in IT stocks in 2011

In 2011, hedge funds are set to invest as much as USD2.09bn to IT stocks, equivalent to about 9 basis points as a proportion of their assets under management, according to a study by Citi Prime Finance covering hedge funds based in the United States and Europe. Hedge funds with assets under management of over USD5bn will spend an average of USD7.9m in 2011, 13 times the amount estimated for funds with assets under management of less than USD500m.
04/10/2011

Investors seeking protection against extreme risk

In the context of the sovereign debt crisis and global economic recession, investors are turning to hedge funds which aim to protect them from extreme risks, the Financial Times observes. Among the funds which are benefiting from the trend are tail-risk funds from Bennelong Asset Management, 36 South and Saba. All of them have seen increases in their assets of 10% in August and September, according to JP Morgan. Funds managed by Man Group, Capula and Universa also posted subscriptions.
04/10/2011

High inflows to emerging market bond funds in third quarter

In third quarter overall, redemptions affected most investment categories monitored by EPFR Global. Funds dedicated to emerging market equities saw net outflows of USD23.32bn in third quarter and USD36.33bn in the first nine months of the year. Funds dedicated to equities in developed markets, for their part, saw net outflows of USD77.37bn in third quarter, and USD51.31bn over three months. For bonds, however, emerging market funds posted record inflows of USD4.83bn in third quarter, and nearly EUR20bn in nine months. US bond funds attracted USD3.57bn in third quarter and USD39.6bn in the first nine months of the year. European bond funds finished the quarter with outflows of USD5bn, and ended the nine-month period with outflows of USD21.1bn. For bond funds overall, third quarter brought net outflows of USD8.3bn, but for the nine month period, the category shows net inflows of USD77.15bn. Money market funds finished third quarter with outflows of USD51.2bn, while the outflows for the first nine months of the year totalled over USD151bn. In the same period in 2010, redemptions were close to USD508bn. In the week ending on 28 September, money market funds posted net inflows of USD8.8bn. In the same period, bond funds posted net inflows of USD4.3bn, while equity funds saw redemptions of USD8.9bn. Sectoral analysis reveals that commodity funds have posted net inflows of USD4.13bn in third quarter, and USD11.85bn over nine months. Another big winner is utilities funds, which have seen inflows of over USD1bn in third quarter, and of USD1.7bn in the first nine months of the year. However, funds dedicated to financials finished the quarter with outflows of nearly USD2bn, and the first nine months of the year with outflows of USD3.33bn.
04/10/2011

Aviva Gestión launches a fund of international equities excluding the euro zone

On 29 September, Aviva Gestión registered the Aviva Renta Variable Zona no Euro fund with the CNMV. As its name indicates, the fund will invest at least 75% of its assets in equities in companies outside the euro zone, or in other funds which invest outside the euro zone, including in emerging countries. At least half of the portfolio will be placed in at least four third-party or in-house funds. The fund was created on 15 June 2011.The benchmark index is composed 60% of the S&P 500 Total Return, and 10% each of the Topix Total Return, FTSE 100 Total Return, MSCI Emerging Markets Total Return, and EONIA 7-day.The portion of the fund not invested in equities will be placed in moderate-quality bonds from OECD countries, but will also be partly invested in euro zone equities. The average duration of the bond portfolio will not exceed two years. Exposure to currency risks may vary from 0 to 100%.The product will be available primarily via Allfunds Bank.CharacteristicsName: Aviva Renta Variable Zona No Euro, FIISIN code: ES0112186004Indirect management commission: 2.25%Direct management commission: 0.1%Indirect depository banking commission: 0.2%Direct depository banking commission: 0.04%Minimal initial subscription: EUR10
04/10/2011

BlackRock releases an absolute return bond fund

BlackRock has launched the BlackRock Absolute Return Bond Fund, a UK authorised unit trust, in response to growing investor demand to add value in an environment of low interest rates and stretched valuations across many areas of fixed income investments.The BlackRock Absolute Return Bond Fund is managed by Ian Winship, a senior portfolio manager.
04/10/2011

Barings adds to its emerging markets team

The UK asset management firm Baring Asset Management (Barings) on 3 October announced the recruitment of William Palmer as investment director for its global emerging markets (GEM) team. Palmer, who had previously been senior asset manager and head of Asia ex-Japan equities at KBC Asset Management, will report to Roberto Lampl, head of GEM equities. The Barings Global Emerging Markets fund as of the end of August had assets of USD1.7664bn.
04/10/2011

SWIP appoints an investment director

Scottish Widows Investment Partnership (SWIP) has announced the recruitment of James Carver as investment director for absolute return bond funds. Carver will co-manage absolute return bond funds with Juan Valenzuela. Carver previously spent ten years at Aberdeen Asset Management.
04/10/2011

BlueBay AM to lend money to European businesses

BlueBay Asset Management is planning to launch a range of funds with several billions of euros in assets, which will lend money to European businesses, to fill a gap currently left vacant by banks, the Financial Times reports. The new activity, which will start up in 2012 with a closed-end fund, will directly finance small and mid-sized businesses.
04/10/2011

Cambridge Strategy recruits a CEO for Asia

The hedge fund manager Cambridge Strategy Asset Management, a specialist in emerging markets, has recruited Adam Reynolds for the newly-created position of chief executive officer for the Asian region, Asian Investor reports. Reynolds, who will begin in January 2012, previously worked at Société Générale, where he was co-head of bonds and currencies for Asia.
04/10/2011

Martin Currie closes two funds

InvestmentEurope reports that Martin Currie has decided to close two funds, the Pan European Alpha and Global Financials. The first of these funds is to be closed due to the departure of its co-manager, Eric Woehrling, while the second is being closed because its net asset value has fallen below USD10m.
04/10/2011
Gestion d'actifs

Vauban Humanis précise ses ambitions en matière d'investissement responsable

A l’occasion de la publication de son son premier rapport sur l’investissement responsable, Vauban Humanis a détaillé les nouvelles étapes clés de sa politique ISR: Faire coter la note Investissement Responsable issue de notre norme interne Vauban Humanis par un tiers externe reconnu sur le marché de l’Investissement Responsable. Mettre en ??uvre des plans d’actions permettant d’augmenter de manière continue la qualité de nos processus de gestion et l’impact sociétal de nos investissements. Faire valider par un conseil externe les conditions de mise en ??uvre des supports spécifiques d’investissement tels que les produits structurés, la gestion alternative, en terme responsable. Reporter sur les politiques de vote et d’engagement menées via nos deux fonds dédiés « actions » afin d’aboutir, à terme, à la transcription et la promotion des valeurs du Groupe. (NB : nos deux gérants partenaires représentent un total d’environ 800 milliards d’euros d’actifs gérés) Développer la formation et la sensibilisation à l’ensemble des parties prenantes du périmètre Vauban Humanis à notre démarche d’Investisseur Responsable.
Gestion d'actifs
04/10/2011

Centerbridge Partners cède GSI Holdings

Des fonds affiliés à la société de private equity ont vendu le spécialiste des systèmes de stockage de céréales GSI Holdings au fabricant de matériel agricole Agco Corp. La transaction a été conclue pour un montant avoisinant les 940 millions de dollars.
04/10/2011

BNP Paribas se consolide chez Innocap

Theam, le spécialiste de la gestion indicielle, systématique active, garantie et alternative de BNP Paribas IP, a confirmé son renforcement en gestion alternative, en augmentant de 25 à 50% sa participation dans Innocap, détenue avec la Banque Nationale du Canada.
04/10/2011

PPD retiré de la cote pour près de 4 milliards de dollars

Les fonds Carlyle et Hellman & Friedman rachètent le groupe américain de services pour la recherche Pharmaceutical Product Development (PPD) pour 3,9 milliards de dollars en numéraire. Le prix de 33,25 dollars par action représente une prime de 29,6% sur le cours de clôture de vendredi.
04/10/2011

Rencontre franco-allemande dimanche à Berlin

Angela Merkel recevra dimanche à Berlin Nicolas Sarkozy pour discuter des préparatifs du Conseil européen des 17 et 18 octobre à Bruxelles, a annoncé hier le porte-parole de la chancelière allemande dans un communiqué.
04/10/2011

Londres est le coeur européen de l’immobilier commercial

Londres s’est taillée la part du lion des investissements en immobilier commercial sur le territoire européen. Selon le quotidien, qui se réfère à une étude de CB Richard Ellis, les Etats non-européens, mais également des sociétés de capital-investissement, des fonds de pension et d’assurance auraient réalisé au total quelque 8 milliards de livres d’investissements dans des bureaux et boutiques londoniens sur les 18 derniers mois achevés fin juillet, soit 39% du marché total. C’est près de cinq fois plus que le montant investi à Paris (1,63 milliard de livres), la deuxième ville européenne en termes d’investissements en immobilier commercial.

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