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24/06/2011

Bohai acquires 18% of Orient for a price equivalent to 8.8% of its assets

Following a RFP, Bohai International Trust has acquired an 18% stake in the fund manager Orient from Shanghai Chengton for a price of CNY138m. The initial offer price was CNY39.6m, or 2.7% of assets, and Bohai ultimately paid 8.8%, a 223% markup over the offer price.The transaction highlights that the price of access to the Chinese asset management market is rising steeply, Z-Ben Advisors reports.
24/06/2011

Assets in Swiss funds down

According to estimates by Swiss Fund Data, assets in Swiss funds as of the end of May totalled CHF653.6bn, of which CHF231.2bn were managed by institutional investors. That represents a decline of CHF11.8bn in one month, despite net subscriptions in the month of CHF876.2m.
24/06/2011

French funds represent a diminishing percentage of investment in CAC 40

French funds have only a slight presence in CAC 40 businesses. This is one of the major findings of a study by FactSet and OpinionWay on behalf of the Pro-Actions institute, published exclusively by Les Echos, about investments held by open-ended funds in major indices. French funds represent about one third (33.7%) of investment by international funds in the CAC 40. By comparison, domestic funds have a much larger presence in the Dow Jones index (87.1% US funds) and the FTSE (41.5% British funds). Compared with the 2007 edition of the study, the percentage of CAC 40 capitalisation held by French funds has fallen by 2 percentage points. German funds have also lost ground: their stake in the CAC 40 has been cut to one third of its former level, from 13% in 2007, to 4.2% as of 2011. Meanwhile, US funds have increased their presence in the French index since 2007, up from 22.5% four years ago to 29.8%.
24/06/2011

EGA receives a license for 8 Titans emerging markets indices from Dow Jones

On 23 June, Dow Jones Indexes announced that it has granted a license for the use of eight more indices of the Dow Jones Emerging Markets Sector Titans Indexes to Emerging Global Advisors LLC (EGA), a management firm based in Ridgewood, New Jersey, which advises the EGShares brand ETFs. EGA already uses three Dow Jones EM Titans indices for ETFs of the Global Emerging Market Sectors (“GEMS”) range. The new EGA products are the following: • EGShares Basic Materials GEMS ETF• EGShares Consumer Goods GEMS ETF• EGShares Consumer Services GEMS ETF• EGShares Health Care GEMS ETF• EGShares Industrials GEMS ETF• EGShares Technology GEMS ETF• EGShares Telecom GEMS ETF• EGShares Utilities GEMS ETF
24/06/2011

MSCI launches a management platform that complies with ESG criteria

The decision-making tool provider MSCI on 23 June announced the launch of its MSCI ESG Manager platform, a vehicle which offers management firms a range of tools which allow them to manage research, analysis and all deontological aspects related to environmental, social and governance (ESG) crtieria. MSCI is also launching the MSCI ESG Impact Monitor, a product which offers analysis of the environmental and social impact of a business, and the capacity of the business in question to manage that impact.
24/06/2011

Inversis Banco creates a structure to help foreign management boutiques enter Spanish market

On its website, Inversis Banco has announced, along with a reprint of an article from Expansión, that its division Inversis Bank Institutional has created Inversis Boutique, a platform which will aim to welcome small foreign management firms seeking to offer their funds for sale in Spain.The first partner in the project is Swiss-based Bellevue Asset Management (EUR3.3bn in assets), whose seven funds already have sales licenses for Spain.
24/06/2011

East Capital says the Russian market holds much promise

Russia is now the market most deserving of investors’ attention, says Marcus Svedberg, chief economist at East Capital, and Olle Olsson, head of its Paris office, Agefi Switzerland reports. The two, at a presentation of the East Capital Lux Russian Fund, Lux Eastern European Fund and Lux Convergence Eastern European Fund in Geneva, claimed that the undervaluation of Russian businesses makes is one of the most promising markets in the region.
24/06/2011

Ramius recruits a big name from Pimco

Adrian Schultes, who was senior vice president of institutional direct marketing & consultant relations at Pacific Investment Management Company (Pimco, Allianz Global Investors group), has been recruited in New York as managing director & head of distribution by Ramius Alternative Solutions LLS (RASL), the alternative management affiliate of Cowen Group. He will report to Thomas W. Strauss, chairman and CEO of Ramius. In this newly-created position, Schultes will be in charge of marketing and distribution activities as well as a notoriety campaign to raise the profile of hedge fund and custom advisory solutions from the asset management firm.
24/06/2011

AMG appoints a head of international distribution

The Massachusetts-based group Affiliated Managers Group, or AMG, has appointed Andrew Dyson as its executive vice president and head of international distribution, a newly-created position. Dyson will be based in London, and will report to Nathaniel Dalton, president and chief operating officer of AMG. Dyson previously worked at BlackRock, where he was in charge of international institutional clients. AMG, which controls about 27 management boutiques, with assets under management totalling about USD340bn as of 31 March, is seeking to grow in the Asia-Pacific region. AMG has reduced its exposure to developed markets equities to 29%, compared with 35% in September 2010. However, the group has increased its exposure to emerging markets equities to 12%, up from 10% previously. Exposure to alternative management totals 30%, while the bond allocation represents only 1% of the total portfolio.
24/06/2011

Departure from Banif AM

According to reports in Citywire, the Portuguese fund selection specialist Luis Alvarenga is leaving Banif Asset Management. João Fezas Vital and Jorge Guimarães will take over his duties.
24/06/2011

Assets up at Mandarine Gestion

As of the end of May, assets at French boutique Mandarine Gestion totalled nearly EUR2bn (compared with EUR1.785bn as of the end of February; see Newsmanagers of 8 March), and net subscriptions totalled EUR350m in January-May, compared with EUR150m in the first two months of the year, Rémi Leservoisier, CEO, has told Newsmanagers. Presently, 25% of assets come from abroad, most of them from Switzerland, Luxembourg, the United Kingdom and Germany.The largest inflows continued to go to the management firm’s flagship fund, Mandarine Valeurs, managed by Marc Renaud, but the Reflex fund, a “co-production” with Edmond de Rothschild Asset Management (Edram) has also done well, attracting EUR250m in two years. Mandarine Unique, a Luxembourg-registered fund (LU0489687326) created on 29 March 2010, has assets of EUR44m, and nas seen net subscriptions since the beginning of the year, albeit limited. The small and midcaps fund (businesses with capitalisations ranging from EUR300m to EUR5bn), managed by Joëlle Moret-Selmer and Diane Bruno, has 50 positions and since its launch has earned 25.27%, compared with 8.89% for its benchmark index, the Stoxx Small 200 – even though its investment universe includes about 300 shares.
24/06/2011

Skandia appoints a head of partnerships

Skandia announced on Thursday, 23 June that it has appointed Romain Chevalier as a member of its key accounts and private banks management team, as head of partnerships. Chevalier, 27, joins the team, led by Anne-France Gauthier within the major accounts and private banks management team at Skandia, dedicated exclusively to institutional partnerships, where he will be in charge of promoting the Skandia Labels brand on the French market. Since 2008, Chevalier had worked at Swiss Life, where he developed life insurance partnerships through the construction of a portfolio of high-end partners, a statement says.
24/06/2011

Axa IM hires James Gledhill

AXA Investment Managers has announced that it has appointed James Gledhill as global head of high yield and deputy head of credit in the AXA Fixed Income business. Gledhill, a veteran of New Star, had until very recently been at Henderson Global Investors, where his funds, Henderson Fixed Interest Monthly Income (GBP510m) and Henderson High Yield Monthly Income (GBP217m) have been taken over by Jenna Barnard and John Patullo, respectively. Gledhill will now report to Theodora Zemek, global head of AXA fixed income, and in his role as deputy head of credit, he will report to Graham Nicol, head of the credit team at AXA Fixed Income, a statement says.
24/06/2011

S&P downgrades rating for Legg Mason

S&P has downgraded its rating for the management firm Legg Mason from BBB+ to BBB. The rating outlook is stable. S&P estimates that ongoing outflows over the past three fiscal years have affected the firms’ position in the market, as well as its financial indicators. Over a period of twelve quarters up to 31 March this year, outflows have totalled USD302.1bn, the newspaper notes.
24/06/2011

Axa IM recruits a manager for the health sector

Axa Investment Managers has recruited a manager for the health sector. Linden Thomson will work with senior manager Gemma Game, Investment Week reports. Thomson previously worked in the team dedicated to the health sector at Clear River Capital, where she was in charge of research into the pharmaceuticals and biotech sectors. The recruitment comes at a time when the team dedicated to the health sector has met with a series of departures, including lead manager Deane Donnigan, who will be leaving his job at the end of the month.
24/06/2011

Clive Burstow returns to Barings

Baring Asset Management (Barings) has appointedvClive Burstow to its Global Energy and Materials team as director and resources investment manager.His new role at Barings will include the production of research and stock ideas and assisting with the management of the Barings Global Resources Fund. He reports to Jonathan Blake, head of Global Energy and MaterialsClive Burstow returns to Barings from Blackrock where he was vice president with responsibility for analysis and investment across the mining sector. Prior to this, he was vice president at Alliance Bernstein and before that was an analyst at Barings for three years between 2004 and 2007. Before Barings he spent nine years as an analyst at the Mining Journal and at Metal Bulletin Research.
24/06/2011

Barclays Wealth funds chooses BNY Mellon Asset Servicing again

Once again, Barclays Wealth has selected BNY Mellon Asset Servicing as its provider of custody and clearance and fund accounting services, bringing assets under custody and administration at BNY Mellon AS to GBP17bn. The new contract covers assets domiciled in the United Kingdom, totalling GBP4bn.
24/06/2011

Le poids des non-résidents dans le CAC40 se réduit

La capitalisation boursière des 37 entreprises françaises du CAC 40 était détenue à 42,4% par des non-résidents fin 2010, soit 2,2 points de moins qu’en 2009, selon la Banque de France. Cette baisse s’explique pour 1,4 point par des ventes d’actions, 0,4 par un effet prix (baisse des cours de certaines actions) et 0,4 par un changement dans la composition du CAC 40.
24/06/2011

S&P dégrade la note de Legg Mason

L’agence a abaissé la note de crédit de la société de gestion de «BBB+» à «BBB». La perspective est stable. S&P estime qu’une décollecte continue au cours des trois derniers exercices fiscaux a affecté la position de la société sur le marché ainsi que ses indicateurs financiers. Sur une période de douze trimestres close au 31 mars, la décollecte a atteint 302,1 milliards de dollars.
24/06/2011

Le plan d'austérité grec validé par la troïka

Le gouvernement grec et des représentants de la troïka (FMI, UE, BCE) ont trouvé hier soir un accord concernant le programme d’austérité à cinq ans, qui doit être soumis au Parlement le 28 juin. Des mesures additionnelles ont été présentées afin de combler un déficit de financement.
23/06/2011

Reprise marquée de la collecte sur le livret A

Selon le Rapport de l’Observatoire de l’épargne réglementée 2010 présenté ce matin par le gouverneur de la Banque de France, Christian Noyer, les encours de Livret A ont crû de 10,1 milliards d’euros à 193 milliards fin 2010. Son taux ayant été porté à 2% en janvier 2011, l’encours a atteint 203 milliards fin avril, soit 8,4% en glissement annuel. La nouvelle collecte a été essentiellement réalisée par les nouveaux distributeurs dont la part de marché s’élève à 23% (46,4 milliards) contre 77% pour les réseaux historiques (156,2 milliards).
23/06/2011

Papandreou doute de la validation des réformes

Le Premier ministre grec a exprimé de sérieux doutes sur le vote par le parlement du plan d’austérité réclamé par les créanciers internationaux, a déclaré jeudi le Premier ministre slovaque Iveta Radicova à la commission parlementaire slovaque chargée des Affaires européennes. «Le Premier ministre lui même ne peut pas garantir que les propositions qu’il soumettra trouveront le soutien du parlement.»
23/06/2011

Ralentissement généralisé du secteur privé dans la zone euro

Le secteur privé de la zone euro a vu sa croissance ralentir en juin et serait retombé en contraction sans le soutien de l’Allemagne et de la France, montre l’enquête Markit auprès des directeurs d’achats. L’indice composite «flash» de la zone s’est établi à 53,6 en juin (consensus 55,1) contre 55,8 en mai, touchant ainsi son plus bas niveau depuis octobre 2009. Dans les services l’indice PMI flash a reculé à 54,2 (consensus 55,5) contre 56 en mai, et touche un plus bas depuis décembre 2010. Côté industrie, l’indice PMI flash a également baissé à 52,0, au plus bas depuis décembre 2009, après 54,6 en mai.
23/06/2011

Dexia prêt à un «rollover» sur ses 5,4 milliards de dette grecque

Dexia est prêt à accepter de manière volontaire un accord de reconduction («rollover») de ses 5,4 milliards d’euros d’exposition à la dette grecque, rapporte Reuters. Le groupe bancaire franco-belge a pris part à des discussions avec la banque centrale belge à ce sujet. Le journal De Tijd a rapporté que l’assureur belge Ageas et la banque KBC étaient également présents lors de ces discussions.

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