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21/06/2011

Aletti Gestielle nomme un nouveau directeur des investissements

Aletti Gestielle Sgr, société de gestion italienne du groupe italien Banco Popolare, vient de nommer Fabrizio Fiorini en tant que nouveau directeur des investissements directs. Arrivé dans le groupe en 1997, l’intéressé a occupé différentes fonctions dont celles de responsable obligataire et, depuis 2010, responsable de l’allocation d’actifs.
21/06/2011

AnaCap achète la filiale tchèque de Banco Popolare

Le capital-investisseur britannique AnaCap Financial Partners (1,3 milliard d’euros d’encours) s’est associé aux filiales de gestion d’actifs de Morgan Stanley et de Goldman Sachs pour acquérir moyennant 48 millions d’euros Banco Popolare Česká Republika, la filiale tchèque du Banco Popolare italien, rapporte The Wall Street Journal.Banco Popolare Česká n’a que sept agences et 100 salariés. La transaction génère une plus-value de 12 millions d’euros pour la maison-mère.
21/06/2011

Fidelity veut prendre pied au Brésil

Selon Funds People, Fidelity International a décidé d’envoyer son directeur des ventes pour l’Espagne et le Portugal, Pablo Anabitarte, à São Paulo comme directeur du développement au Brésil. Il devrait être suivi d’autres collaborateurs de Fidelity qui n’est pour l’instant présent en Amérique latine qu’au Chili (avec 8,66 milliards de dollars d’encours).Pablo Anabitarte étant muté au Brésil à compter du 1er juillet, il sera remplacé au comité exécutif du bureau de Madrid par Domingo Barroso et Martina Álvarez.
21/06/2011
Fonds

Investec propose un fonds de dette émergente

Selon Investment Week, Investec Asset Management vient de lancer un fonds de dette émergente en catégorie d’investissement.Le fonds offshore Investec GSF Emerging Markets Investment Grade Debt fund investira en priorité dans des obligations souveraines notées en catégorie d’investissement et libellées en monnaies locales, avec un intérêt plus marqué pour les marchés émergents «développés» (Brésil, Mexique, hongrie, Afrique du Sud). Le fonds comprendra 10 à 20 positions longues et courtes parmi les dettes les mieux notées afin de tirer parti tant des rendements que de l’appréciation des monnaies locales.
Fonds
21/06/2011

Carolyn Clancy a été promue executive vice president de FundsNetwork

Fidelity a choisi de promouvoir Carolyn Clancy pour diriger son activité de supermarché de mutual funds. Mutual Fund Wire rapporte qu’elle a été nommée executive vice president de FundsNetwork voici environ un mois. Elle remplace Paul Riley qui a quitté le groupe pour rejoindre Bank of America Merrill Lynch.
21/06/2011
Fonds

AllianceBernstein perd deux contrats au profit de JP Morgan

JP Morgan vient de prendre la gestion de deux mandats de conseil précédemment entre les mains d’AllianceBernstein, rapporte Mutual Fund Wire. Les deux mandats concernés sont le MassMutual Select Diversified International Fund (146,1 millions de dollars) et le MassMutual Select Overseas Fund (572,6 millions de dollars).
Fonds
21/06/2011
Fonds

BNY Mellon AS va administrer neuf ETF lancés par Direxion

Le 20 juin, BNY Mellon Asset Servicing a annoncé avoir été sélectionné pour fournir des services de conservation, de comptabilité et d’administration à huit ETF à effet de levier (levier de 3) et un ETF inversé (bear) lancés récemment par Direxion Shares.Il s’agit dans le détail des fonds suivants : Direxion Daily Agribusiness Bull 3x Shares DAXglobal Agribusiness IndexDirexion Daily Agribusiness Bear 3x Shares DAXglobal Agribusiness IndexDirexion Daily Russia Bull 3x DAXglobal Russia+ IndexDirexion Daily Russia Bear 3x Shares DAXglobal Russia+ IndexDirexion Daily Basic Materials Bull 3X Shares Russell 1000® Materials & Processing IndexDirexion Daily Basic Materials Bear 3X Shares Russell 1000® Materials & Processing IndexDirexion Daily Healthcare Bull 3X Shares Russell 1000® Healthcare IndexDirexion Daily Healthcare Bear 3X Shares Russell 1000® Healthcare Index et Direxion Daily Total Market Bear 1X Shares Russell 3000® Index.
Fonds
21/06/2011

RBC Wealth Management numéro un outre-Atlantique pour la satisfaction client

Selon la neuvième étude annuelle de satisfaction réalisée par J.D. Power & Associates («2011 U.S. Full Service Investor Satisfaction Study») auprès de 4.200 investisseurs faisant appel à un conseiller, RBC Wealth Management, le pôle gestion de fortune de la banque canadienne Royal Bank of Canada, a obtenu la meilleure note de satisfaction de la part de la clientèle. Sur la base de sept critères principaux (conseil, performance, information, offres, frais et commissions, site internet et résolution des problèmes), RBC a totalisé 814 points sur une échelle de 1.000 points, devant Charles Schwab (805 points) et Fidelity Investments (796 points). L'étude montre aussi que la clientèle utilise de plus en plus l’internet. On observe ainsi que 59% des investisseurs ont consulté le site internet de leur société de référence au cours des douze derniers mois, contre 52% en 2009. Et 51% des investisseurs ont échangé un courriel avec leur conseiller en 2011, contre 19% en 2008. Parmi les investisseurs qui consultent le site internet de leur société, les clients de plus de 64 ans rendent en moyenne plus de 35 visites par an, contre 23 visites par an pour la tranche d'âge 45-64 ans, et seulement 12 visites par an pour les moins de 45 ans. L'étude révèle aussi que 85% des clients n’ont soit jamais entendu parler soit ne comprennent pas la différence entre le standard d’adaptabilité, qui exige du conseiller qu’il propose des investissements adaptés au profil du client, et le standard fiduciaire, qui exige du conseiller qu’il agisse dans le meilleur intérêt des clients et qu’il divulgue tous les conflits d’intérêts.
21/06/2011
Fonds

Paulson accuse une perte sur Sino Forest

Paulson & Co a perdu plus de 500 millions de dollars après avoir vendu la totalité de sa participation dans Sino Forest, la société chinoise spécialisée dans les forêts qui est soupçonnée de fraude, rapporte le Financial Times. Paulson & Co était le principal actionnaire de l’entreprise, avec 14 % fin avril. En mai, Paulson & Co a déjà vu la valeur de son fonds vedette Paulson & Co Advantage Plus chuter de 6 %, ce qui porte la perte depuis le début de l’année à 7,6 %.
Fonds
21/06/2011

AnaCap acquires the Czech affiliate of Banco Popolare

The British private equity investor AnaCap Financial Partners (EUR1.3bn in assets) has teamed up with the asset management affiliates of Morgan Stanley and Goldman Sachs to acquire Banco Popolare Česká Republika, the Czech affiliate of Italy’s Banco Popolare, for EUR48m, the Wall Street Journal reports. Banco Popolare Česká has only seven locations and 100 employees. The transaction will generate capital gains of EUR12m for the parent company.
21/06/2011

Carolyn Clancy promoted to executive vice president of FundsNetwork

Fidelity has promoted Carolyn Clancy to become director of its mutual fund supermarket operation. Mutual Fund Wire reports that Clancy was appointed as executive vice president of FundsNetwork about a month ago. She replaces Paul Riley, who has left the group to join Bank of America Merrill Lynch.
21/06/2011

Somangest retains Investeam for distribution for some of its funds

The French asset management firm Somangest has awarded a contract for distribution of some of its funds via distribution platforms and independent financial advisers (IFA) to the third-party marketing firm Investeam. The two funds included in the deal are Somactiv and Sominter.
21/06/2011

RBC Wealth Management number one in North America for customer satisfaction

According to the ninth annual customer satisfaction study by J.D. Power & Associates (“2011 U.S. Full Service Investor Satisfaction Study,”) covering 4,200 investors who use an advisor, RBS Wealth Management, the wealth management unit of the Canadian bank Royal Bank of Canada, has received the highest satisfaction score from its clients. On the basis of seven major criteria (advising, performance, information, product offerings, fees and commissions, website and problem resolution,) RBC scored a total of 814 points on a scale of 1 to 1,000, putting it ahead of Charles Schwab (805 points) and Fidelity Investments (796 points). The study also reveals that clients are increasingly using the Internet. 59% of investors have consulted the website of their management firm in the past twelve months, compared with 52% in 2009, and 51% of investors exchanged email with their advisor in 2011, compared with 19% in 2008. Among the investors who had viewed the website of their firm, clients aged over 64 averaged over 35 visits per year, compared with 23 visits per year for the 45-64 year-old age group, and only 12 visits per year for those aged under 45. The study also reveals that 85% of clients had either never heard of or had never understood the difference between the ssuitability tandard, which requires that the adviser offer investments adapted to the client’s profile, and the fiduciary standard, which requires the advisor to act in the best interest of clients and to disclose any conflicts of interest.
21/06/2011

AFIC modernises governance

Members of the French association of capital investors (AFIC) have massively voted to modernise the governance of the association at its general assembly, held on 15 June. The professional association says in a statement release on 20 June that it is “adopting an exemplary and modern governance for itself, which is more formally regulated and which clarifies the role and missions of each individual. The reforms also aim to strengthen the stability, transparency, effectiveness and representativeness of the association, as well as to open its environment further.” Meanwhile, AFIC has also strengthened its deontology code, clarifying rules and procedural points based on them.In order to improve continuity in the association’s representation, in particular to government entities, social partners and economic decision-makers, the term of AFIC’s chairman has been lengthened from one to two years. Following the reforms, Hervé Schricke (chairman of the board at XAnge Private Equity and XAnge Capital) was re-elected for a two-year term as chairman of the AFIC board of directors.
21/06/2011

LBB-Invest teams up with Pall Mall to advise institutional investors

The German affiliate of the London-based Pall Mall Investment Management (PMIM) has signed a partnership with the Berlin-based asset management firm LBB-Invest to advise institutional clients in the areas of asset allocation and risk management. PMIM becomes the exclusive partner of LBB-Invest.The range of services will be based on the Risk@Work method, developed by PMIM three years ago. The objective is both to preserve the portfolio in periods of falling markets, and to ensure a high participation rate in rising markets. The method is based on the determination of a value at risk factor which is appropriate for portfolios with risk budgets. The two partners say that unlike methods adopted by many competitors, Risk@Work takes into account the differences in liquidity between various asset classes.
21/06/2011

London & Regional acquires FCC headquarters

Cotizalia reports that the British asset management firm London & Regional (EUR9bn in assets) has obtained an exclusive right to acquire the headquarters of Spain’s FCC in Madrid and Barcelona. The sale would total EUR60-70m, and FCC would receive a 20-year lease as a part of the sale and leaseback operation. The acquisition would be London & Regional’s first investment in the currently depressed Spanish market.
21/06/2011

Aletti Gestielle appoints a new CIO

Aletti Gestielle Sgr, an Italian asset management firm of the Banco Popolare group, has appointed Fabrizio Fiorini as its new chief investment officer. Fiorini, who arrived at the group in 1997, has served in several positions, including head of fixed income, and since 2010, head of asset allocation.
21/06/2011

Prudential funds integrated into M&G fund range

The Corporate Bond trust from Prudential, with assets of GBP783m, was merged on 20 June with the M&G Corporate Bond fund, whose assets total GBP4.1bn, Investment Week reports. The fund, managed by Richard Woolnough, now has over USD5bn in assets. Another Prudential fund, the North American Trust (GBP60m) will be merged into the M&G American fund (GBP2.3bn). The Managed trust (GBP278m) will merge with the M&G Managed fund (GBP717m), while the European Trust (GBP90m) will be absorbed into the M&G Pan European fund (GBP175m).
21/06/2011

Skandia bets on two French managers for European Best Ideas

Skandia Investment Group’s (SIG) portfolio manager Lee Freeman-Shor has brought in Marc Renaud of Mandarine Gestion and Cedric De Fonclare from Jupiter to manage mandates within the Skandia European Best Ideas Fund (EBI).The move sees the two Frenchmen join their countryman Damien Lanternier of Financiere de l’Echiquier bringing the EBI team up to ten managers following the removal of Tobias Klien of First Private from the line-up.Freeman-Shor says that ten managers represents the maximum level of diversification for the fund while ensuring high active share is maintained in order to continue to generate excess returns.
21/06/2011

Fidelity hopes to build a presence in Brazil

Funds People reports that Fidelity International has decided to send its head of sales for Spain and Portugal, Pablo Anabitarte, to São Paulo, as head of development for Brazil. He will be assisted by other partners at Fidelity, which is not currently present elsewhere in Latin America, aside from Chile (where it has USD8.66bn in assets).Anabitarte will be transferred to Brazil from 1 July, and will be replaced on the executive board of the Madrid office by Domingo Barros and Martina Álvarez.
21/06/2011

Frankfurt Trust launches an emerging markets consumer sector fund

The asset management arm of BHF-Bank, Frankfurt Trust, on 20 June announced the launch of the Luxembourg-registered fund FT Emerging ConsumerDemand, which is available in P (retail) and I (institutional) shares, and is managed by Thierry Misamer at Frankfurt Trust, and Tillo Wannow of BHF-Bank.In order to profit from growth in emerging markets, the fund will invest in companies in the consumer goods sector. Initially, the 40-position portfolio will be divided into two halves, one for consumer staples, and the other for discretionary consumer goods. The shares will be selected from among emerging markets companies as well as companies from developed countries which make more than 30% of their earnings in emerging countries.CharacteristicsName: FT Emerging ConsumerDemandISIN codes:P class: LU0632979331I class: LU0632979174Front-end fee:P class: 5%I class: no front-end fee at presentManagement commission:P class: 1.50%I class: 0.74%Depository banking commission: 0.04% (P and I classes)Minimal initial subscriptionP class: EUR2,500I class: EUR250,000
21/06/2011

AllianceBernstein loses two contracts to JP Morgan

JP Morgan has taken over the management of two advising mandates which were previously held by AllianceBernstein, Mutual Fund Wire reports. The two mandates in question are the MassMutual Select Diversified International Fund (USD146.1m), and the MassMutual Select Overseas Fund (USD572.6m).
21/06/2011

BNY Mellon AS to administer nine ETFs from Direxion

On 20 June, BNY Mellon Asset Servicing announced that it has been selected to provide custody, accounting and administration services to eight leveraged ETFs (leverage of 3) and one bear ETF recently released by Direxion Shares.The funds are the following:Direxion Daily Agribusiness Bull 3x Shares DAXglobal Agribusiness IndexDirexion Daily Agribusiness Bear 3x Shares DAXglobal Agribusiness IndexDirexion Daily Russia Bull 3x DAXglobal Russia+ Index Direxion Daily Russia Bear 3x Shares DAXglobal Russia+ IndexDirexion Daily Basic Materials Bull 3X Shares Russell 1000® Materials & Processing IndexDirexion Daily Basic Materials Bear 3X Shares Russell 1000® Materials & Processing IndexDirexion Daily Healthcare Bull 3X Shares Russell 1000® Healthcare IndexDirexion Daily Healthcare Bear 3X Shares Russell 1000® Healthcare Index and Direxion Daily Total Market Bear 1X Shares Russell 3000® Index.
21/06/2011

Paulson makes a loss on Sino Forest

Paulson & Co has lost more than USD500m after selling its entire stake in Sino Forest, the Chinese forestry company, which is suspected of fraud, the Financial Times reports. Paulson & Co was the largest shareholder in the firm, with a 14% stake as of the end of April. In May, Paulson & Co already saw a 6% fall in the value of its flagship fund, Paulson & Co Advantage Plus, bringing losses since the beginning of the year to 7.6%.
21/06/2011

Investec proposes an emerging markets debt fund

Investment Week reports that Investec Asset Management has launched an investment grade emerging markets debt fund. The offshore fund, Investec GSF Emerging Markets Investment Grade Debt fund, will invest as its top priority in government bonds rated investment grade and denominated in local currencies, with a particular interest in developed emerging markets (Brazil, Mexico, Hungary, South Africa). The fund will include 10 to 20 long and short positions, selected from among the best-rated bonds, in order to profit from returns as well as appreciation of local currencies.
21/06/2011

Ignis registers Argonaut European Alpha Fund in Spain

The CNMV on 10 June issued a sales license for Spain for shares in euros in the British-registered fund Ignis Argonaut Alpha Fund (EUR416m), which is managed by Barry Norris and Oliver Russ of Argonaut Capital Partners. The share classes, GB00B42LLR21 (A) and GB00B44P9H80 (I), will be available from RBC Dexia Investor Services España, and have received sales licenses for Germany and Austria. Ignis is also planning to register the fund shares for sale in France, Italy (only to institutional investors) and Switzerland.
21/06/2011

High yield bond funds deserted by investors

Troubles related to Greek debt have exacerbated the risk aversion of investors, who in mid-June pulled out of the high yield bond sector, in favour of funds dedicated to US equities.In the week to 15 June, high yield bond funds suffered a record net outflow of USD2.09bn, according to the most recent weekly statistics from EPFR Global. Bond funds overall still showed a net inflow of USD679m in the week under review.Equities funds attracted over USD6bn, while inflows to a group of US ETF funds, stimulated by a series of options which matured on 17 June, more than compensated for redemptions from the major groups of equities funds. Funds dedicated to European equities finished the week with outflows of USD741m.Money market funds also saw their largest outflows in over four months.In terms of sectors, funds dedicated to health and biotechnologies continued to post subscriptions, putting inflows since the beginning of the year at over USD3bn.
21/06/2011

Concentration expected in wealth management, according to PwC

According to the Wealth Management Report 2011 from PricewaterhouseCoopers (PwC), cited by the Börsen-Zeitung, 30% of 275 directors of banks and financial sector groups in 67 countries are expecting a major concentration movement in the wealth management sector in the next two years. The movement will be a delayed result of the financial crisis, particularly of toughening regulations with financial implications for businesses in the sector. However, the profitability of wealth management operations is expected to increase.
21/06/2011

Collateral: a new challenge for hedge funds

According to a survey undertaken by service provider Algorithmics and consultant Chromozome, covering 80 buy-side companies (asset management firms, hedge funds, and pension funds), entitled “Collateral Management for the Buy Side: Emerging Challenges and Best Practices in a Changing Regulatory Environment,” rising costs for collateral management related to settlement requirements for over-the-counter derivative trades on both sides of the Atlantic could drive hedge funds to make less use of, or no longer to trade, OTC products.The study, published on 20 June, finds that 54% of respondents currently make margin calls only on a weekly basis. Where new regulations are in place, central counterparty clearing houses (CCP) may make daily margin calls, and even intra-day calls. In other words, hedge funds need to adapt their infrastructure to these new requirements, which also imply an increase in collateral levels.Andrew Aziz, executive vice president of the Risk Solutions unit at Algorithmics, says that buy-side professionals are facing an interesting evolution. “For the first time, they are subject to the same risk and operational requirements as their sell-side counterparts, due to regulatory requirements.”

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