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09/03/2011

Aberdeen AM recrute un spécialiste de l’immobilier à Singapour

Aberdeen Asset Management vient de recruter Christiaan van Beek en tant que spécialiste senior des investissements immobiliers à Singapour. Il travaillait précédemment chez CBRE – Real Estate Finance Asia à Hong Kong. Chez Aberdeen, depuis le 1er mars, Christiaan van Beek est chargé de promouvoir les stratégies d’immobilier direct européen en Asie, ainsi que de développer une base d’investisseurs asiatiques pour l’activité d’immobilier indirect de l’équipe locale (représentant plus de 1 milliard de dollars d’actifs).
09/03/2011
Fonds

Les ETF restent largement méconnus en Autriche

Selon une étude de Stefan Perklin, de PricewaterhouseCoopers, la Bourse de Vienne ne cote pour l’instant que 22 ETF sur les quelque 450 ETF et les quelque 4.500 fonds de toutes sortes qui bénéficient d’un agrément de commercialisation en Autriche, rapporte e-fundresearch. La part du marché européen des ETF de la Bourse de Vienne se limite à 0,04 %, alors qu’elle est de 41,12 % pour la Deutsche Börse, 15,8 % pour Borsa Italiana, 12,4 % pour le London Stock Exchange, 11,64 % pour la Bourse Suisse et 6,46 % pour Euronext Paris.
Fonds
09/03/2011

Promotion chez Allianz Invest en Autriche

Passée en 2001 d’Allianz Investment Bank chez Allianz Invest KAG, Sonja König a été promue membre du comité exécutif de cette société de gestion (11 milliards d’euros), la quatrième par importance en Autriche. Depuis 2009, elle était responsable de la gestion et du contrôle du risque pour la centaine de fonds d’Allianz Invest.
09/03/2011
Fonds

Baisse mensuelle des encours de la gestion allemande en janvier

Bien que les souscriptions nettes aient porté sur 6,63 milliards d’euros en janvier (lire newsmanagers du 8 mars), l’encours total de la gestion allemande avait diminué au 31 janvier de 36, 06 milliards d’euros sur fin décembre pour revenir à 1.794,42 milliards d’euros, révèlent les statistiques de l’association allemande BVI des sociétés de gestion. Le phénomène affecte aussi bien les fonds offerts au publics, qui sont revenus à 706,16 milliards d’euros contre 710,04 milliards que les mandats, tombés à 272,61 milliards d’euros contre 307,07 milliards. En revanche, les actifs gérés par les fonds institutionnels se sont accrus à 815,66 milliards d’euros contre 813,38 milliards.Par rapport à fin janvier 2010 (1700,38 milliards d’euros), en revanche, des hausses sont constatées pour les fonds offerts au public, qui arrivaient à 651,22 milliards et les fonds institutionnels, qui se situaient à 732,51 milliards. En revanche l’encours dans les mandats était de 316,65 milliards d’euros.
Fonds
09/03/2011
Fonds

Lyxor fait coter un ETF supplémentaire à Francfort

La Deutsche Börse a annoncé le 8 mars que la cote du segment XTF de sa plate-forme électronique Xetra comporte désormais 798 ETF. En effet, Lyxor (groupe Société Générale) a fait admettre à la négociation le fonds de droit français Lyxor ETF iBoxx € Liquid High Yield 30 (FR0010975771), chargé à 0,45 %.
Fonds
09/03/2011

Saxo ouvre un bureau à Hong Kong

Saxo Capital Markets annonce l’ouverture d’un quatrième bureau en Asie. La filiale du danois Saxo Bank va s’installer à Hong Kong. Saxo Capital Markets HK Limited permettra aux clients retail de la région d’accéder à la plateforme de trading.
09/03/2011
Fonds

Nouveaux rachats nets en février pour les fonds en Italie

En février, les fonds commercialisés en Italie ont accusé des rachats nets de 1,7 milliard d’euros, après avoir vu sortir 3,7 milliards en janvier, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion. Ensemble, les fonds actions, diversifiés et flexibles ont recueilli, en net, 1,1 milliard d’euros. Mais cette collecte a été plus qu’effacée par les forts rachats sur les fonds obligataires (-1,1 milliard), les fonds monétaires (-1,4 milliard) et les hedge funds (-287 millions). A fin février, les encours des fonds vendus en Italie ressortaient à 454 milliards d’euros, soit le même niveau qu’en janvier. Assogestioni souligne que les fonds de droit étranger (qu’ils soient gérés par des sociétés italiennes ou des groupes d’autres pays) ont terminé le mois de février sur des rentrées nettes de 1,3 milliard d’euros, portant les encours de ces produits à 266 milliards d’euros, soit plus de 58 % des encours totaux. A fin janvier, 76 % des encours étaient gérés par des groupes italiens, et 24 % par des groupes étrangers. Les trois principaux groupes dans le paysage italien des fonds sont ainsi Intesa Sanpaolo avec Eurizon et Fideuram et une part de marché de 25,18 %, devant Pioneer (14,32 %) et AM Holding (6,69 %). A noter qu’en février, c’est Pioneer qui a accusé les plus forts rachats nets avec 416,5 millions d’euros, juste devant BNP Paribas qui voit sortir 410 millions d’euros. Du côté des sociétés ayant le plus fortement collecté figurent Generali avec 200 millions d’euros et JP Morgan Asset Management avec 177,8 millions d’euros.
Fonds
09/03/2011
Fonds

Les événements d'Egypte provoquent le report de la fusion de deux fonds du Credit Suisse

La succursale espagnole de Credit Suisse a notifié à la CNMV le 7 mars que la fusion des compartiments Equity Middle East & North Africa (MENA) et Global Emerging Markets de la sicav luxembourgeoise Credit Sicav One (Lux) Equity, qui devait intervenir le 7 mars, avec le 10 mars comme date de valeur, est reportée sine die en raison de la fermeture de la Bourse du Caire. Elle sera effective lorsque le marché égyptien sera rouvert.En attendant, le gel du remboursement des parts du MENA, mis en place le 25 février 2011, est prorogé jusqu'à nouvel ordre.
Fonds
09/03/2011
Fonds

UBS lance un fonds haut rendement duration courte

La gamme des fonds obligataires à haut rendement d’UBS Global Asset Management a été complétée par le lancement le 18 février d’un compartiment Short Duration High Yield Fund de la UBS (Lux) Bond SICAV.Il s’agit d’un produit investissant principalement en obligations notées entre BB et B) avec une duration courte (jusqu'à trois ans) qui est géré par Matthew Iannucci. Le portefeuille, très diversifié (avec une centaine de lignes) peut aussi comporter des titres avec une notation CCC ou inférieure, mais aussi des titres «qualité investissement» (investment grade).Caractéristiques : Dénomination : UBS (Lux) Bond SICAV – Short Duration High YieldCodes Isin : (USD) P-acc: LU0577855355 / (EUR hedged) P-acc: LU0577855942Frais de gestion forfaitaires : 1,26 %
Fonds
09/03/2011

UBS launches a short-duration high yield fund

p { margin-bottom: 0.08in; } The range of high-yield bond funds from UBS Global Asset Management on 18 February gained the addition of the Short Duration High Yield Fund, a sub-fund of the UBS (Lux) Bond SICAV. The product invests primarily in bonds rated between B and BB, with a short duration (up to three years), and is managed by Matthew Ianucci. The portfolio, which is highly diversified, with 100 positions, may also invest in bonds with a rating of CCC or lower, as well as in quality investment securities. Characteristics Name: UBS (Lux) Bond SICAV – Short Duration High Yield ISIN codes: (USD) P-acc: LU0577855355 (EUR hedged) P-acc: LU0577855942 Management fee: 1.26%
09/03/2011

Events in Egypt delay merger of two Credit Suisse funds

p { margin-bottom: 0.08in; } The Spanish arm of Credit Suisse on 7 March notified the CNMV that the merger of the Equity Middle East & North Africa (MENA) and Global Emerging Markets sub-funds of its Luxembourg Sicav Credit Sicav One (Lux) Equity, which had been scheduled for 7 March, with completion on 10 March, has been postponed until further notice, due to the closure of the Cairo stock exchange. The merger will take place when the Egyptian market reopens. Meanwhile, a freeze on redemptions of shares in the MENA fund, which was put in place on 25 February 2011, will be extended until further notice.
09/03/2011

Russell announces six recruitments for its transition management team

p { margin-bottom: 0.08in; } In 2010, Russell Investments managed the transition of over USD620bn in assets. In order to meet rising demand, the US management firm has recruited six people worldwide. In London, the team has gained the addition of Tim Wilkinson, who was managing director, EMEA business head of transition and beta management at BNY Mellon, who becomes managing director, EMEA. He is joined by Catherine Darlington, vice president for the integrated transitions team at BalckRock (formerly BGI), who becomes a portfolio manager, and James Aylett, associate portfolio manager, who was a portfolio analyst at Russell Implementation Services. In Sydney, the group has been reinforced with the arrival of Daniel Birch, formerly a portfolio manager at SWI Capital in London. In the Seattle headquarters, Russell has recruited John Houchin (formerly of Clearwater Analytics), and transferred Eric Ellingson (formerly of Russell Implementation Services).
09/03/2011

Lyxor Hedge Fund index up in February

p { margin-bottom: 0.08in; } In February 2011, the Lyxor Hedge Fund index gained 1.10%. For the month, the alternative strategies which performed best were the Lyxor L/S Equity Variable Bias Index (+2.30%), Lyxor Special Situations Index (+1.88%), and the Lyxor L/S Equity Market Neutral Index (+1.59%). The only strategy which saw losses in February was the Lyxor L/S Equity Short Bias Index (-6.25%).
09/03/2011

Threadneedle appoints a co-manager for Enhanced Commodities fund

p { margin-bottom: 0.08in; } Threadneedle has appointed Nicolas Robin as co-manager for the Threadneedle (Lux) Enhanced Commodities Fund, alongside David Donora, head of commodities. Robin joined the commodities team at Threadneedle in May 2010, and was actively involved with the investment strategies of the Threadneedle (Lux) Enchanced Commodities Fund and the Threadneedle Commodities Crescendo Fund. The Threadneedle (Lux) Anhanced Commodities Fund is a Luxembourg Sicav that complies with UCITS III. The fund is long-only, and invests solely in commodities.
09/03/2011

BVK awards a major mandate to Man Group

p { margin-bottom: 0.08in; } UK-based hedge fund manager Man Group on 8 March announced that it has received a managed accounts mandate totalling an initial EUR1.2bn from Bayerische Versorgungskammer (BVK), a group of 12 German pension funds.Man Group, whose assets in managed accounts totalled USD8.7bn as of the end of January, will undertake operational due diligence, pre-selection of managers, and risk management for BVK. The management firm will remain responsible for selection of managers and construction of portfolios.
09/03/2011

Gartmore bond manager does not plan to remain at Henderson

p { margin-bottom: 0.08in; } According to information obtained by Investment Week, the bond manager John Anderson is not planning to remain at Henderson Global Investors after the company acquires Gartmore, where he works currently. He is reportedly seeking another position.
09/03/2011

Skandia UK increases assets by 20% in 2010

p { margin-bottom: 0.08in; } Skandia UK, a part of the wealth management activity of Old Mutual, has announced operating profits adjusted to IFRS accounting standards of GBP140m for the year 2010, an increase of 56% compared with 2009. The increase in profits was due to an increase in assets and cost reductions, Skandia says. Assets under management increased by 20% over the year, to GBP33.9bn, largely due to net sales of GBP2.3bn (+77%). The cost reduction program at Old Mutual Wealth Management also saved GBP35m.
09/03/2011

BNY Mellon AS recruits a head from Northern Trust

p { margin-bottom: 0.08in; } Sue Baines has joined BNY Mellon Asset Servicing as head of sales for the Europe, Middle East & Africa (EMEA) region. Baines will be based in London, and will report to Frank Froud, head of EMEA. She was previously senior vice president, head of GFS sales, EMEA, at Northern Trust, and previously served as deputy head of sales at Clearstream in Luxembourg. She was also the founder chairperson of the International Capital Market Services Association.
09/03/2011

HSBC GAM promotes Andy Clark

p { margin-bottom: 0.08in; } Investment Week reports that HSBC Global Asset Management has appointed Andy Clark as head of wholesale clients for the EMEA region (Europe, the Middle East and Africa). He remains as wholesale director for the United Kingdom and the Middle East and North Africa region.
09/03/2011

Saxo opens an office in Hong Kong

p { margin-bottom: 0.08in; } Saxo Capital Markets has announced the opening of a fourth office in Asia. The affiliate of the Danish Saxo Bank will open a location in Hong Kong. Saxo Capital Markets HK Limited will allow retail clients in the region access to the trading platform.
09/03/2011

Groupama AM pleased with 2010 results

p { margin-bottom: 0.08in; } Accounts at Groupama Asset Management (313 personnel) for 2010 show a net profit of EUR25.6m, compared with EUR24.6m the previous year (+6%), on earnings of EUR136m, compared with EUR134.4m (+3%), a result which the firm calls “satisfactory in a difficult context.”Assets as of the end of December totalled EUR89.9bn, compared with EUR88.8bn one year earlier, EUR81.3bn at the end of 2008, and EUR87.9bn as of the end of 2007. The manager saw net redemptions of EUR1.9bn, largely from money markets, despite subscriptions of EUR1.1bn in France and EUR1bn internationally.Foreign affiliates of the group had EUR7.6bn in assets as of the end of December, compared with EUR6.8bn twelve months previously, of which EUR5bn were in Italy, where Groupama received investments from external pension funds. In Spain, where 26 funds were already registered with the CNMV, assets under management total about EUR100m.Clients from outside the group as of the end of last year represented EUR15.1bn, compared with EUR17.2bn at the end of 2009, and EUR15.2bn at the end of 2008. In France, Groupama AM has seen outflows of EUR3bn from clients outside the group, of which EUR2.3bn were from markets, and EUR0.7bn from diversified management, to retirement planning institutions (IRP), following pension reforms. However, international clients brought in EUR0.5bn.SRI assets now total EUR6.4bn, compared with EUR5.5bn as of the end of 2009.
09/03/2011

Allianz Invest promotes an employee in Austria

p { margin-bottom: 0.08in; } Sonja König, who moved from Allianz Investment Bank to Allianz Invest KAG in 2001, has been promoted to become a member of the executive board at the management firm (EUR11bn), the fourth-largest in Austria. Since 2009, König has been head of management and risk control for the approximately 100 products from Allianz Invest.
09/03/2011

GE AM adds to intermediary relations team

p { margin-bottom: 0.08in; } GE Asset Management Incorporated has announced the arrival of two people for its sales team dedicated to relations with intermediaries, Mutual Fund Wire reports. Bill Manthorne is joining the management firm as vice-president for sales to intermediary advisers, while Brian McCarthy will be in charge of defined contributions activities.
09/03/2011

Mellon Capital Management launches a commodities strategy

p { margin-bottom: 0.08in; } Mellon Capital Management (BNY Mellon Asset Management group) is launching a commodities strategy aimed at institutional investors. The Commodity Alpha Long-Bias Strategy fund was created to provide clients with diversification beyond investments in equities and bonds, and to protect them against inflation. The strategy will take long and short positions on futures on a wide range of commodities (energy, precious metals, livestock, soft commodities, and others).
09/03/2011

Groupama AM makes international activities and multi-management its priority development areas

Jean-Marie Catala, head of development, explained on 8 March that the internationalisation of the product range is at the core of the strategy of Groupama Asset Management. The strategy has already resulted in the creation of an international sales team, led by Arnaud Ganet (see Newsmanagers of 12 October 2010). The French manager will then add to its teams dedicated to international development, with the creation of a team to handle central and northern Europe (Benelux, German-speaking Switzerland, and the Scandinavian countries).The strategy also resulted in the recent creation (14 December 2010) of the Luxembourg Sicav G Fund, which already has three sub-funds, with a total of EUR200m in assets. As Francis Ailhaud, CEO of Groupama AM, explains, the vehicle will be highly useful for international sales, and not only in Europe.Groupama AM is also planning to add to its multi-management offerings, at Groupama Fund Pickers, directional multi-management, at Groupama Alternative Asset Management, alternative multi-management, and the absolute return and high-conviction management units. These will all be included in the Σ (sigma) platform, should the merger of the entities, slated for 15 April, be approved by the AMF. Σ will also be equipped to handle mixed mandates combining direct management and multi-management.Personnel in the new management unit is nearly complete. It will include 15 fully-operating managers. The new CIO, Antoine de Salins (see Newsmanagers of 13 January 2011) has announced that initial assets at Σ will total EUR2bn, with 15 products.
09/03/2011

CIAM buys a stake in the incubator firm APG

p { margin-bottom: 0.08in; } The French alternative management firm CIAM, founded in 2010 by three women, has announced that it has received an investment for its fund from IMQubator, an incubation firm for young hedge funds owned by APG, the Netherlands pension fund, which has EUR277bn in pension assets. The entity has invested EUR20m in the CIAM Merger Arbitrage fund, which invests in operations which have been officially announced in Europe and North America, taking the firm’s total assets under management above EUR40m. In parallel with the entry into the fund’s capital, CIAM, which is headquartered in Paris, will soon be opening an office in Amsterdam, pending approval from the AMF. ImQubator, which aims to attract the most talented hedge fund managers, made it a condition of its investment that the management firm set up shop in the same building as the IMQubator headquarters.
09/03/2011

Thierry Bogaty becomes CEO of Ideam

Thierry Bogaty, ex editor in chief of the French newspaper Investir, has been appointed CEO of Ideam, Amundi’s business centred on extra-financial analysis, as of 1st March 2011. He reports to Pierre Schereck, who as a member of Amundi’s Executive Committee supervises Employee Savings and Sustainable and Responsible Investment (SRI).Michèle Jardin and Xavier de Bayser have left Ideam.
09/03/2011

State Street offers a centralised collateral management service

p { margin-bottom: 0.08in; } With the new Collateral Tracking Service, State Street Corporation is offering managers and owners of assets a centralised tracking system for their collateral, whoever the counterparties may be. Clients may now receive updated reporting on the location and status of all collateral.Clients may transfer their contracts for collateral services to the exclusive platform established by State Street, which will automatically bill for status and location monitoring services.In addition, the completely adaptable operation of the service allows clients to schedule report deliveries for regular intervals or custom dates, using any combination of dates, clients, counterparties, funds, and types of products.Jeff Conway, head of investment manager operations services, says the Collateral Tracking Service is at the core of State Street’s strategy for derivatives, which now includes handling and management of collateral, and independent evaluation of the end-to-end chain for both publicly traded and over-the-counter (OTC) derivatives.
09/03/2011

Net redemptions continue for funds in Italy in February

p { margin-bottom: 0.08in; } In February, funds on sale in Italy saw net redemptions of EUR1.7bn, following outflows of EUR3.7bn in January, according to the most recent statistics from Assogestioni, the Italian association of asset managers. As a whole, equities, balanced and flexible funds took on a net total of EUR1.1bn. But these inflows were more than offset by heavy redemptions from bond funds (-EUR1.1bn), money market funds (-EUR1.4bn) and hedge funds (-EUR287m). As of the end of February, assets in funds on sale in Italy totalled EUR454bn, the same level as in January. Assogestioni says that foreign-registered funds (managed either by Italian or foreign firms) finished the month of February with net inflows of EUR1.3bn, bringing assets in these funds to EUR266bn, or more than 58% of total assets. As of the end of January, 76% of assets were managed by Italian group, while 24% was managed by foreign groups. The three largest asset management firms in the Italian fund market are Intesa Sanpaolo, with Eurizon and Fideuram, and a market share of 25.18%, followed by Pioneer (14.32%) and AM Holding (6.69%). As of the end of February, Pioneer has seen the largest net redemptions, with EUR416.5m, followed by BNP Paribas, with outflows of EUR410m. Of firms with the largest inflows, the top place goes to Generali, with EUR200m, followed by JP Morgan Asset Management, with EUR177.8m.
09/03/2011

Lyxor lists another ETF in Frankfurt

p { margin-bottom: 0.08in; } Deutsche Börse on 8 March announced that the XTF segment of the Xetra electronic platform now includes 798 ETF products. Lyxor (Société Générale) has added the French-registered fund Lyxor ETF iBoxx € Liquid High Yield 30 (FR0010975771), with fees of 0.45%, to trading.

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