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20/09/2011

JP Morgan recruits a specialist from Polar Capital

Nima Tayebi has left Polar Capital to join JP Morgan Asset Management, as a specialist in emerging market debt and currencies in the emerging markets team, Citywire reports. Tayebi will report to Pierre-Yves Bareau, head of emerging markets debt, and Jonathan Griggs, head of currencies strategy. Assets under management by the team that Tayebi is joining total about USD17bn.
20/09/2011

La Française AM changes names of its subsidiaries

As reported in Newsmanagers yesterday, the UFG-LFP group announced on Monday that it is changing its name, to become La Française AM. Wit this new identity, “which evokes the French touch, the group confirms the French basis on which it rests, and emphasizes its desire to take a new step in its development, in France and abroad,” a statement says. With this in view, the names of all structures of the group will be changing. Among the asset management firms, UFG REM becomes La Française Real Estate managmers, and LFP becomes once again La Française des Placements. Among distribution and private management firms, UFG-LFP France becomes La Française AM Finance Services, and UFG-LFP Gestion Privée becomes La Française AM Gestion Privée. The changes will take effect from 29 September.
20/09/2011

ABC Arbitrage to launch a feeder fund

In fourth quarter, ABC Arbitrage is planning to launch a fifth Irish-registered multi-strategy fund which, like its predecessors, will be reserved for qualified investors, and will serve as a feeder fund for the four existing products (mergers and acquisitions, mean reversion, high-frequency trading and currencies), Dominique Ceolin, chairman and CEO, announced on 19 September. Ceolin says that the choice of Ireland as the country of domicile for the fund is due to the country’s better regulations and a less costly environment for clients.The firm has announced a 5% increase in its net profits in January-June, to EUR16m (see Newsmanagers of 19 September).In its current configuration, ABC Arbitrage claims to have a management capacity of about EUR500m; assets as of the end of June totalled EUR245m, of which about EUR100m were in the four existing funds, which experienced net subscriptions in first half of about EUR80m. Gross management performance in the first six months of the year was 28% for the firm as a whole, with the net performance of the funds ranging from 4.54% to 14.63% (and from 3.23% to 18.22% for the first eight months of the year).
20/09/2011

Man recruits in Asia

Man Group has announced the appointment of David Mercurio as head of Asian Equity investment strategy, and co-head of Global Equity investment strategy. He will report to Pierre Lagrange. He was previously senior portfolio manager in the Government of Singapore Investment Corp (GIC).Lagrange, Senior Managing Director at GLG and a member of the executive board at Man, will also become chairman of Man for the Asian region, alongside his responsibilities in the management of GLG’s long-only and long/short equity portfolios at its London offices. Man has been present in Asia for 15 years. As of the end of March 2011, 25% of the group’s assets under management originated from the Asia-Pacific region, a statement says.
20/09/2011

Pictet recruits a manager from Cheuvreux

The head of Scandinavia at Cheuvreux (Crédit Agricole group), Mathias Leijon, will join the European equities team at Pictet in Zurich on 12 September as senior investment manager, Pictet London has announced. Leijon will report to Daniele Schilingo, head of European equity.
20/09/2011

La Banque Privée Edmond de Rothschild receives a banking license for Hong Kong

La Banque Privée Edmond de Rothschild has announced that it has been issued a banking license for its Hong Kong subsidiary. The firm has had a representative office in Hong Kong since 1992, whose activities will be taken over by the subsidiary. “This new location will allow us to continue our expansion in a geographical region which we predict will be a determining factor for the development and future success of our group,” the bank says in a statement.The Hong Kong branch will be headed by Bruce Von Cannon, at the helm of a team of 20 people.
20/09/2011

Siemens transfers its liquidity to ECB

The Financial Times reports that Siemens withdrew more than half a billion euros from a major French bank two weeks ago and transferred them to the European Central Bank. The German industrial bank is reported to have withdrawn the money partly due to worries about the financial health of the institution, and partly in order to profit from higher interest rates offered by the ECB. According to a source with intimate knowledge of Siemens’ finances, the firm has EUR4bn to EUR6bn in deposits at the ECB, mostly in one-week deposits.
20/09/2011

Fitch/Lipper partnership creates a fund ratings service

Fitch Rating on 19 September launched a fund ratings service in partnership with Lipper, whose performance data will serve as a basis for the evaluation of the funds.The new service, Fitch Fund Quality Ratings, will offer more forward-looking evaluation of the performance of a fund, with particular attention to the investment processes of funds and to what drives their performance.
20/09/2011

ESMA launches consultation on rating agencies

The European Securities and Markets Authority (ESMA) on 19 September published a series of consultation documents on future regulatory technical standards which ratings agencies will be required to comply with. The standards describe the information which ratings agencies will be required to publish, and rules to follow in responding to the regulatory requirements.ESMA is also proposing to undertake a cost/benefit analysis of the future standards.The consultation will be open until 21 October. ESMA will present its final proposals for the standards to the European Commission by 2 January 2012.
20/09/2011

AdvisorShares to create an ETF replicating the performance of a long/short equities hedge fund

AdvisorShares Investments, an active ETF firm based in the United States, with USD370m in assets under management, has formed a partnership with Commerce Asset Management, a subsidiary of Consulting Services Group which advises about USD24bn in assets, to develop an actively-managed ETF which will use Dynamic Style Analysis, a patented technique developed by Markov Precesses International. The actively-managed ETF will offer the performance of a long/short equities hedge fund, but with lower fees and daily liquidity.
20/09/2011

Dunas Capital launches a diversified Brazil fund

The Portuguese asset manager Dunas Capital on 30 August released the Fundo Banco BIC Brasil FEI fund (with seed capital of USD10m), which invests in corporate bonds and Brazilian government bonds, but may also allocate up to 30% of its assets to equities, for sale. The fund, denominated in US dollars and advised by the Brazilian firm BRZ Investments, is the second product of the cooperation between Dumas Capital and Banco BIC Portuguès, following the Tesoureria fund, Funds People reports.Management commission is set at 1%, and performance commission will be 10% on performance exceeding a hurdle rate of the Libor 6-month + 300 basis points. There will be a penalty of 1% on any withdrawals before 180 days have elapsed. The minimal initial subscription is USD5,000, while subsequent subscriptions must be for at least USD500.
20/09/2011

Scott Bessent becomes CIO of Soros Fund Management

Soros Fund Management has appointed Scott Bessent as chief investment officer (CIO), replacing Keith Anderson, who left the business this summer after adopting too prudent a strategy earlier this year, the Wall Street Journal reports.Bessent, who will oversee USD25bn in assets, mostly belonging to George Soros, had previously worked at Soros Fund Management from 1991 to 2000, before joining Protégé Partners as senior partner, and then founding his own business. He will be the fifth CIO at Soros since 2000. Soros announced in a separate statement that his son Jonathan will soon be taking time off from the day-to-day management of the firm, but will remain as chairman of the Soros foundation.
20/09/2011

Alliance Trust earns 3.1% returns in first half

The British Alliance Trust (GBP2.4bn in assets under management) has reported returns of 3.1% for first half to the end of July, despite a fall in pre-tax profits to GBP8m from GBP122m.The investment portfolio has made gains and outperformed the indices in all the major global regions in the period from February to July, with the notable exception of North America, which has lost 2.2%, compared with a loss for the benchmark index of 0.9%.
20/09/2011

F&C recruits a manager from ING IM

Jonathan Mann, who last month replaced Helene Williamson as head of the emerging markets debt team (see Newsmanagers of 12 August) at F&C Investments (GBP3.4bn in assets as of the end of June), has received reinforcements, as planned. The British asset management firm on 19 September announced the recruitment of Diliana Deltcheva as a fund manager.Deltcheva will join the London team and will be leaving ING Investment Management in the Netherlands, where she has worked since 2002, most recently as senior portfolio manager in the global emerging markets debt team. At her former employer, Deltcheva co-managed about USD16bn in assets in emerging markets debt in various institutional mandates and funds.Another recruitment should soon be announced for the emerging markets debt team at F&C.
20/09/2011

Robert F. Wescott becomes chairman of Hermes BPK

Hermes BPK, a boutique specialised in alternative advising and funds of funds, has appointed Robert F. Wescott as chairman of the firm. Wescott in 2001 founded the economic analysis firm Keybridge Research LLC. He had previously been economist in chief on the board of economic advisers to US president Bill Clinton. Assets under management at Hermes BPK totalled USD1.6bn as of the end of March 2011.
20/09/2011

Alexandre Michellod leaves Wedelin & Co

Le Temps reports that Alexandre Michellod is leaving Wegelin & Co. Michellos, who is a board member at the private bank for French-speaking Switzerland and in charge of semi-institutional management, will be leaving his job at the end of December. After participating in the establishment and development of the bank in Geneva and in French-speaking Switzerland, where it now employs about 70 people, and in the creation and development of the semi-institutional management unit, the banker will be leaving the firm to undertake new “entrepreneurial projects,” he has told Le Temps, though he released no details about the nature of those projects.
20/09/2011

Pimco releases Global Advantage Real Return Fund

The US asset management firm Pimco, an affiliate of Allianz Global Investors, on 19 September announced the release of an Irish-registered fund denominated in US dollars, entitled PIMCO GIS Global Advantage Real Return Fund (IE00B6QJK464), launched on 29 July 2011.The product aims for performance, after inflation, that combines the beta of an improved benchmark index, the Pimco Global Advantage Inflation-Linked Bond (acronym: GLADI ILB), with an active management strategy which integrates global economic outlooks defined by Pimco and the firm’s expertise in the area of evaluation of inflation-linked bonds worldwide. The fund will be managed by Mihir Worah, managing director and head of the real return portfolio management team.The fund is part of the UCITS-compliant Global Investor Series (GIS) range from Pimco. The range, registered in Dublin, now includes 43 sub-funds, representing GBP52bn, or EUR57bn in assets as of 30 June 2011.The PIMCO GIS Global Advantage Real Return Fund offers share classes aimed at institutional and retail investors. The retail shares are available via third-party fund distribution platforms and banking networks. Management commission for the institutional share class is set at 0.69%. For the retail share class, the fees will vary depending on the distributor, Pimco tells Newsmanagers.
20/09/2011

Frankfurt Trust transfers management of FT EmergingArabia to Invest AD

The German asset management firm Frankfurt Trust (BHF-Bank group) on 19 September announced that it will be transferring complete responsibility for the management of its Luxembourg fund FT EmergingArabia to its partner Invest AD (Abu Dhabi Investment Company, an affiliate of the sovereign fund Abu Dhabi Investment Council (ADIC), with which it has been cooperating for more than two years (see Newsmanagers of 29 January 2009).Invest AD is an asset management firm specialised in frontier markets, focused on countries of the Middle East and Africa.The fund, which has tranches in euros (LU0317905148, EUR42.16m) and US dollars (LU0551008294, USD27.37m), is primarily invested in countries of the Gulf cooperation council (GCC).Currently, the fund is positioned primarily on Kuwait, Qatar and the United Arab Emirates. Due to the turbulence on the markets, the management team led by David P. Sanders has adopted a defensive attitude, and has increased its allocation to cash.
20/09/2011

Bilfinger to launch a listed infrastructure fund in London

The German construction group Bilfinger Berger on 19 September announced plans to place up to EUR280m in a fund on the London Stock Excchange which would house infrastructure projects, in order to reduce the burden on its regulatory capital. It would retain at least 19.9% of the fund. The fund would “package” 19 public-private projects (PPPs) which currently involve EUR161m in equity from Bilfinger Berger, Handelsblatt reports.The prospectus for the fund may be ready in October, so that sales of the fund could begin in first quarter 2012. The group is expecting net inflows of EUR270m for the next fiscal period, of which EUR55m would be reinvested in the fund, while the book profit at Bilfinger Berger would be a maximum of EUR50m.
20/09/2011

DJ Credit Suisse hedge fund index down 2.30% in August

The Dow Jones Credit Suisse hedge fund index was down 2.305 in the month of August, compared with a fall of 7.69% for the Dow Jones Global index.Three of the ten major strategies posted positive returns. The Dedicated Short Bias strategy in particular posted gains of 6.56%, while global macro gained 1.91%.However, event driven and long/short equity strategies were down by 5.37% and 4.44%, respectively.
20/09/2011

HSBC registers five ETFs in Spain

The CNMV has licensed five physical replication ETFs from the British asset management firm HSBC for sale in Spain. They include the HSBC MSCI Emerging Markets ETF and HSBC MSCI Russia Capped ETF funds, launched in June, both of which charge fees of 0.60%, Funds People reports. The third fund is the HSBC EPRA/NAREIT Developed ETF, also launched in Europe in June, with a TER of 0.40%. The last two funds are the HSBC S&P Civets 60 ETF and HSBC MSCI Korea ETF, which charge fees of 0.60%.
20/09/2011

Outflows from German funds in August

According to the Börsen-Zeitung, even though the statistics for August are not out yet, specialists at the BVI association of asset management firms estimate that the turbulence on the markets may have led to net outflows from German funds totalling EUR3bn to EUR4bn.
20/09/2011

Remaniement pour les indices de CDS Markit iTraxx

Sept noms sont retirés de l’indice iTraxx Europe en raison d’une dégradation de la liquidité et de notations en catégorie high yield. L’indice iTraxx Crossover passe de quarante à cinquante émetteurs. Rhodia et Tomkins sont retirés de la liste, tandis que douze noms sont font leur entrée. Enfin, huit émetteurs, dont BAE Systems et Ahold, sont remplacés au sein de l’indice iTraxx HiVol.
20/09/2011

Brevan Howard préserve sa capacité de gestion

A l’image de concurrents comme Caxton Associates ou SAC Capital Management, le gestionnaire alternatif dirigé par Alan Howard souhaite selon Bloomberg rendre des liquidités à ses clients afin de préserver sa capacité de bonne gestion au sein de son principal fonds. Deux milliards de dollars pourraient être restitués aux clients du Master Fund, dont les actifs s’élèvent à 26,9 milliards.
Markit 2
20/09/2011

Fidelity se renforce dans la gestion indicielle

Répondant à la demande des investisseurs pour des produits peu coûteux, Fidelity Investments a annoncé la création de cinq fonds indiciels actions. Une nouvelle initiative de la pârt de Ronald O’Hanley, nommé président du groupe familial l’an passé, une semaine seulement après le remplacement du gérant à la tête du fonds Magellan, qui fut le plus important fonds ouvert au monde.

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