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11/05/2011
Fonds

Omgeo lance un forum à destination des hedge funds

Le fournisseur de solutions post-marché Omgeo a annoncé le 9 mai le lancement d’un forum d'échanges, le Hedge Fund Operations Forum (HOF), dédié aux meilleures pratiques opérationnelles des hedge funds basés au Royaume-Uni.Parmi les membres fondateurs du forum figurent notamment BlueBay Asset Management, Cairn Capital, Cheyne Capital, CQS, Marshall Wace et RAB Capital.
Fonds
11/05/2011

BlackRock nomme un directeur de la distribution CGPI et réseaux de CGPI

Le gestionnaire américain BlackRock a annoncé la création au Royaume-Uni du poste de «head of nationals & networks» qui est confié à Sanjay Gohil. Ce dernier était déjà chargé en dernier lieu du développement des relations avec les CGPI et les réseaux de CGPI chez Friends Provident. L’intéressé sera subordonné à Mark Elliott, head of UK retail sales.
11/05/2011
Fonds

Theadneedle nomme une gérante pour son Global Emerging Markets Equity Fund

Threadneedle a nommé au premier mai Irina Miklavchich gérante de son fonds marché émergents Threadneedle Global Emerging Markets Equity Fund, qui pèse 130 millions de livres. Le produit était jusqu’alors piloté par Vanessa Donegan, head of Asia ex Japan et Rafael Polatinsky. Irina Miklavchich a rejoint la société de gestion britannique en février, après avoir travaillé dans l'équipe marches émergents de Goldman Sachs.
Fonds
11/05/2011

Julius Baer cherche à mener des opérations à l'international

Julius Baer Group Ltd a confirmé dans un communiqué, mardi 10 mai, avoir eu des discussions préliminaires avec Gruppo Mediolanum SpA, en Italie, concernant la participation de l'établissement transalpin dans Banca Esperia. Ces discussions ont été abandonnées, précise un communiqué.Par ailleurs, au cours d’une interview à Reuters, Thomas Meier, directeur pour l’Asie et le Moyen-Orient de Julius Baer a indiqué que sa maison souhaitait prendre pied en Inde. L’objectif étant de s’adresser à une clientèle aisée dans un pays où des fonds importants affluent. Dans ce cadre, l'établissement suisse n’exclut pas d’y réaliser une acquisition.
11/05/2011

Lombard Odier va accueillir un nouvel associé-gérant

La banque privée genevoise Lombard Odier devrait accueillir dès le premier janvier prochain un huitième associé-gérant en la personne d’Arthur Caye. Agé de 41 ans et né à Paris, il est actuellement associé auprès du gestionnaire Capital Group à Genève, où il a notamment été responsable de la recherche financière et d’investissements, plus spécifiquement dans les domaines de la finance et de la nutrition.
11/05/2011

Santander redeploys underlying funds for its Superselección FoF

Four funds out of eight will be maintained until next year in the portfolio of the guaranteed fund of funds Santander Superselección (EUR320m), when its annual mandates are renewed. The changes will come into effect on 13 May, and the next revision will take place in March 2012. The funds retained are The Alger American Asset Growth fund, with a weighting of 1.8% (compared with 4.5% until 13 May 2011), the Allianz RCM US Equit, at 18.8% (compared with 20.5%), the BGF Euro Bond Fund from BlackRock, at 29.4% (compared with 27.1%), and the BL Global Bond Cap from Banque du Luxembourg, at 5.8%, compared with 4.42% (see Newsmanagers of 10 May 2010).The new funds added to the portfolio are the Jupiter European Growth, at 11.2%, the Franklin European Growth, with 13.8%, the BNP Paribas Opportunities USA, with 4.4%, and the Schroders ISF Euro Bond, with 14.6%.Management commissions for the fund, which were raised last year to 1.66% from 1.61% in 2009, will be reduced this year to 1.5%.
11/05/2011

Hedge funds perform less well than the markets in April

The Hennessee hedge fund index gained 1.3% in April, while the S&P 500 index gained 2.9%. In the first four months of the year, the index has gained 3.8%, compared with 8.4% for the S&P 500.The Lyxor index also rose, with gains of 1.37% in April, and 2.14% since the beginning of the year.The HFRI Fund Weighted Composite index, meanwhile, gained 1.86% in April, with positive contributions from all strategies. Macro strategies were the best performers, with gains of 3.36%.
11/05/2011

Robeco releases Emerging Conservative Equities fund

Since 12 April, German investors may subscribe to shares in the new Luxembourg-registered, UCITS-compliant fund Robeco Emerging Conservative Equities, which Robeco Germany released for active sales on 10 May. Assets now total EUR21m.The fund of emerging markets equities has no benchmark index, and volatility of less than 30% on average, while retaining potential for outperformance. Investments are based on the “low value anomaly” theory developed by Pim van Vliet, who oversees risk management for the fund, and David Blitz; the theory demonstrated that a lower level of risk does not necessarily result in a reduction in performance. The manager in charge of stock-picking is Arlette van Ditshuizen.The fund is configured in such a way that it may be expected to outperform in falling, stagnant and slightly positive markets. However, in rapidly rising markets, the conservative equity method will tend to underperform, as it would have done in 1997 and 1999. The methodology has been in use since 2006 for the Robeco Global Conservative Equities fund, and since 2007 for the Robeco European Conservative Equity fund. Backtesting shows that the strategy would have nearly completely avoided losses in 2000 and 2002; in 2008, losses would have been considerably reduced.Robeco manages emerging markets funds totalling about EUR17bn (as of the end of April).CharacteristicsName: Robeco Emerging Conservative EquitiesISIN code: LU0582533245 (D share class)Front-end fee: 5% maximumManagement commission: 1.25%Service commission: 0.12%
11/05/2011

Union Investment rationalises product range

As a part of a regular update of its product range, Union Investment on 31 May announced that its fund suite will be marginally redeployed. The UniConClusio: European Equities A fund, which is a share class in an institutional fund, with assets of only EUR12m, will be liquidated. Institutional shares will continue to exist, while retail investors may instead opt for the UnionGeldmarktFonds (EUR768m).The UniDoubleChance (EUR3m) fund will be absorbed into the UniValueFonds: Global A, with EUR354m, while the UniEuroFlex (EUR142m) will join the UniMoneyMarket: Euro (EUR1.39bn), and the UniEuroRenta Corporates T fund (EUR64m) will be merged into the UniEuroRenta Corporates A (EUR187m).
11/05/2011

Royal London AM launches an ethical fund

Investment Week reports that Royal London Asset Management has launched a UK ethical fund, which will be managed by Bradley Mitchell. The UCITS III-compliant fund will invest in a concentrated portfolio of 40 to 60 positions, and will aim for annual returns 2% to 3% higher than the FTSE All-Share index. Front-end fees are 4%, and management commissions are set at 1.4% per year for a minimum investment of GBP1,000.
11/05/2011

G2AM soon to launch its first fund

FundWeb reports that Generation Asset Management (G2AM), the management firm founded about a year ago by the Geneva-based bank Generation Groupe and the Canadian firm Arrow Capital Management, is awaiting regulatory approval to launch its first fund. The new vehicle will be a UCITS-compliant fund, which will be based in Luxembourg and dedicated to emerging markets.
11/05/2011

US hedge fund launches a CTA strategy in Europe

The Florida-based hedge fund Dunn Capital Management, a CTA fund with assets under management of about USD1bn, is planning to launch a UCITS III-compliant version of its flagship fund World Monetary and Agriculture (WMA), Citywire reports. The fund may be launched as soon as 1 July. Since its launch in 1984, the WMA fund has earned annualised returns of 14.61%.
11/05/2011

US management firm to launch a UCITS III-compliant fund

Citywire reports that DUNN Capital Management, a hedge fund firm based in Florida, with USD1bn in assets under management, will launch a UCITS III-compliant version of its global money market and agriculture fund. The WMA UCITS Fund will be based on the MontLake UCITS platform from ML Capital.
11/05/2011

Entheca launches a fund which invests in stock-pickers

As Newsmanagers reported on 12 January this year, Entheca Finance has launched the Entheca Top European Manager fund, a fund of funds explosed to European equities via investments in shares in mutual funds (up to 100% of net assets). The funds selected are from entrepreneurial and independent asset management firms, with the objective of profiting from talented stock-pickers, in the large, mid and small cap segments. The various management styles are also represented (growth, value, and returns). The fund ultimately aims for returns higher than the MSCI Europe index, over a minimal investment duration of 7 years. In terms of risk management, each fund may represent no more than 20% of total net assets, and 80% of the funds selected must offer daily liquidity.CharacteristicsISIN code: I share class: FR0010999771/ R share class: FR0011021112Front-end fee: 2% maximumAnnual management fees: 1.8%, + 20% of performance exceeding the MSCI Europe indexShare size: R share class: EUR100 / I share class: EUR1mBenchmark index: MSCI Europe The new FCP fund is an addition to the fund range on offer from Entheca Finance, which also includes Entheca Régularité (ISIN: FR0010555920), an enhanced money market fund which aims to outperform the Eonia index by 1%, with regular management and low volatility; Entheca Pérennité (ISIN: FR0010550632), a balanced international diversified fund, which may be 0% to 75% exposed to equities markets; Entheca Rareté (ISIN: FR0010567438), an international equities fund which privileges sectors with strong growth potential, which are directly or indirectly involved in combating global warming, or in managing scarce resources.
11/05/2011

Entheca Finance launches a fund dedicated to European equities

Entheca Finance on 10 May announced the launch of the FCP Entheca Top European Manager, whose creation was reported by Newsmanagers earlier this year (12 January 2011). The new fund, which is eligible for PEA tax status, is exposed to European equities via investment in OPCVM mutual fund shares (up to 100% of net assets). The fund uses an original approach, which involves selecting exclusively mutual funds from entrepreneurial and independent management firms, meaning those firms which are not majority owned affiliates of institutional financial groups. The investment strategy is the result of two observations: on equities markets, the past decade was a “lost decade” for investors in index-based management. However, it was a partticularly strong period for investors in active and diversified management, due to the contribution of small and midcaps. The Entheca Top European Manager fund will select conviction-based managers, whose stock-picking on the basis of capitalisation size (small, medium and large caps) and management style (growth, value, returns) allows them to outperform the major indices over a complete market cycle. The fund aims for higher returns than the MSCI Europe index, over a minimal investment duration of 7 years.
11/05/2011

Swedish investors return to equity funds

After two months of net outflows, savings in equity funds sold in Sweden showed positive inflows again in April, a total of SEK 9.3 billion (about EUR1bn), according to the most recent statistics from the Swedish investment fund association Fondbolagens Förening. A good part of inflows went to funds investing in Swedish equities, which took on slightly over SEK3bn (EUR335m). Balanced funds recorded net inflows of SEK 4.2 billion (EUR469m). Bond and money market funds, however, both recorded net withdrawals during the month of SEK900m and SEK5.7bn, respectively (EUR100m and EUR637m). Overall, in April, Swedish funds posted net subscriptions of SEK7bn (EUR782m). So far in 2011, total net sales of fund amounted to SEK 14.6 billion (EUR1.6bn). As of the end of April, the Swedish fund industry had assets of SEK1.968trn (EUR220bn), of which SEK1.178trn (EUR132bn) were managed in equities funds.
11/05/2011

Azimut acquires 50% of Compagnie de Gestion Privée Monégasque

The Italian asset manager Azimut, through its Luxembourg subsidiary AZ International Holdings sa, reached an agreement for the acquisition of a 50% stake in CGM (Compagnie de Gestion privée Monegasque sam), an independent asset management company which, also with its Italian subsidiary, holds total assets for around EUR800 million. According to the signed binding contract, Azimut will buy a total 50% stake, of which 30% from CGM’s current management (who will keep the remaining total 50%) as well as an additional 20% previously held by BSI Monaco. The consideration paid is around EUR15 million and it will be entirely constituted by treasury shares; the exact amount of these will be according the share price of Azimut Holding at the closing date, which will be after obtaining the regulatory approval. The entrance in the shareholding is the first step of a broader cooperation and partnership between CGM, (headquartered in the Principality of Monaco and characterised by services targeting UHNWI) and the Azimut Group, also in the perspective of its international expansion.
11/05/2011

Lombard Odier to take on a new managing partner

The Geneva private bank Lombard Odier on 1 January next year will welcome an eighth managing partner. Arthur Caye, 41, was born in Paris, and is now a partner at the management firm Capital Group in Geneva, where he was responsible for financial and investment research, more specifically in the areas of finance and nutrition.
11/05/2011

Capital gains boost profits at CF Alba

In first quarter 2011, Corporación Financiera Alba, the investment vehicle for the March family, in a filing to the CNMV declared net profits of EUR187.3m, which represents a 137% increase over the corresponding period of last year. These profits came largely from a pre-tax capital gain of EUR187.5m, related to the sale of a 5% stake in ACS in early February for EUR535.2m. The investment generated an internal annual rate of return of 18.2% over 17 years. Alba remains the largest shareholder in ACS, with 18.3% of capital.In April, the firm paid out a one-time dividend of EUR3 per share, in addition to the ordinary dividend of EUR1.
11/05/2011

Sustainable development assets at Deka up 82% in 2010

In the sustainable development section of its 2010 annual report, DekaBank, the central asset management firm for the German savings banks, says that total assets in its sustainable development funds, including the fund of funds DekaSelect Nachhaltigkeit, the equities fund Deka-UmweltInvest (environment) and the diversified fund Deka-Stiftungen Balance (aimed at charities), at the end of December had EUR1.2bn in assets, which represents an increase of 82% in one year.Deka has also announced that in March 2011 it officially signed the Equator Principles (which deal with project financing), and the United Nations Global Compact. The manager says that it has been internally adhering to the Equator Principles for two years already.
11/05/2011

Abu Dhabi Investment House invests in Middle East Best Select

The Abu Dhabi sovereign fund, Abu Dhabi Investment House (ADIH, USD1.5bn in assets) has bought a 50% stake in the management firm Middle East Best Select, based in Bremen, the Frankfurter Allgemeine Zeitung reports.Initially, the German investment firm will raise USD50m for a cancer treatment centre in Abu Dhabi. Other funds totalling USD1bn are planned by the end of the year, to invest in real estate and realty projects, as well as in the healthcare sector in the Gulf region. The firm also plans to acquire minority stakes in German firms, involving German technologies in the healthcare, renewable energies and agricultural sectors, in order to help countries in the Gulf region to prepare for the “post-oil” era.
11/05/2011

Two financial advisers specialists join Convictions AM

Convictions Asset management has hired Stéphane Petit and Emmanuel d’Ythurbide, two specialists in relations with French independent financial advisers, who previously worked for the 30% stakeholder in the firm, UFG-LFP. With the two men, who have been working together for over 10 years, the French boutique, which has over EUR1bn in assets under management, is creating a team dedicated to relationships with financial advisers, a market segment in which it is hoping to grow strongly. Petit, who has been appointed head of partnership relationships, was preivously head of IFA clients and partners at La Française des Placements. In 2009, he became head of IFA development in the western France region for UFG-LFP. D’Ythurbide, who will take charge of partnership relationships, previously led IFA activities at La Française des Placements (2000-2009). In 2009, he became head of IFA development for the south-western France region for UFG-LFP.
11/05/2011

Raiffeisen releases a fund in Italy

Raiffeisen International Fund Advisory GmbH has received a sales license in Italy for the Raiffeisen 337 – Strategic Allocation Master I fund, Bluerating reports. The product is a flexible fund investing in Raiffeisen funds and funds from other management firms (including ETFs), global equities and bonds, as well as commodities and money market assets. The fund will be available from 130 distributors.
11/05/2011

State Street creates a position for a head of fixed income product sales for the EMEA region

State Street on 10 May announced the appointment of Craig Butterworth to the newly-created position of head of fixed income product sales for the Europe, Middle East and Africa (EMEA) region.Butterworth will be head of the sales team at State Street Global Markets dedicated to fixed income products, and will aim to develop fixed income activities serving existing clients and new clients. He will be based in London, and will report to Jon Thoresen, head of interest-bearing assets for fixed income products for Europe, the Middle East and Africa, and Peter Turk, global head of fixed income product sales.State Street Global Markets in 2010 launched its interest-bearing asset activities for fixed income products in response to demand from the market and to opportunities to integrate and diversify brokerage strategies. The operation, which provides interest transactions for fixed income products and sales coverage of institutional clients, now has over 60 professionals on the ground, largely in the United Kingdom and the United States.Butterworth was previously at Royal Bank of Scotland (RBS), where he spent seven years, most recently as CEO in charge of sales of interest rate flows for British funds and hedge funds.
11/05/2011

Madoff: Italian victims join forces

Italian victims of the Bernard Madoff fraud have decided to join forces to file suit against Zolfo Cooper, the British trustee for the feeder fund Kingate Euro, in an effort to get their money back or participate in a distribution of USD9bn that has already been recovered in the United States, Il Sole – 24 Ore reports. Kingate Euro had assets of USD800m, of which USD500m came from Italian investors (institutionals, funds of funds, and private clients). The managers of the fund were two Italians, Carlo Grosso and Federico Ceretto.
11/05/2011

BlackRock appoints a director of IFA sales and IFA networks

The US management firm BlackRock has announced the creation of a position in the United Kingdom for a head of nationals & networks. The position will be occupied by Sanjay Gobil, who was most recently in charge of relationship development for IFAs and IFA networks at Friends Provident. Gohil will report to Mark Elliott, head of UK retail sales.
11/05/2011

Threadneedle names a manager for its Global Emerging Markets Equity Fund

Threadneedle has named Irina Miklavchich as fund manager of the GBP130m Threadneedle Global Emerging Markets Equity Fund from 1 May 2011, following her appointment to the company in February this year. The fund has been co-managed by Vanessa Donegan, head of Asia (ex Japan) and Global Emerging Markets Equities, and Rafael Polatinsky, fund manager, since September 2010. They will continue to support Irina Miklavchich with idea generation for the asset class through Threadneedle’s integrated team approach. Irina Miklavchich joined Threadneedle earlier this year from Goldman Sachs where she worked for eight years within the Global Emerging Markets and Principal Strategies groups. She will be taking responsibility for other Emerging Markets portfolios at a later stage.
11/05/2011

Omgeo launches a forum for hedge funds

The post-market solution provider Omgeo on 9 May announced the launch of a trading forum, the Hedge Fund Operations Forum (HOF), dedicated to the best operational practices for hedge funds based in the United Kingdom.Among the founding members of the forum are BlueBay Asset Management, Cairn Capital, Cheyne Capital, CQS, Marshall Wace, and RAB Capital.

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