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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

Russell annonce six recrutements dans son équipe de gestion de transition

En 2010, Russell Investments a géré la transition de plus de 620 milliards de dollars d’actifs. Afin de pouvoir faire face à l’augmentation de la demande, la maison américaine a recruté six personnes dans le monde.A Londres, l'équipe a été renforcée par Tim Wilkinson, qui était managing director, EMEA business head of transition and beta management chez BNY Mellon et qui rejoint comme managing director, EMEA. Il a été rejoint par Catherine Darlington, vice president dans l’integrated transitions team chez BlackRock (ex BGI), qui devient gérante de portefeuilles, et par James Aylett, associate portfolio manager, qui était analyste de portefeuilles chez Russell Implementation Services.A Sydney, le groupe a été renforcé par l’arrivée de Daniel Birch, ancien gérant de portefeuille chez SW1 Capital à Londres.Enfin, au siège de Seattle, Russell a embauché Josh Houchin (ex Clearwater Analytics) et muté Eric Ellingson (ex Russell Implementation Services).
09/03/2011
Fonds

L'encours des hedge funds atteindrait 2.250 milliards de dollars fin 2010

Selon le sondage Deutsche Bank Alternative Investment Survey auprès de plus de 500 investisseurs dans le monde, les hedge funds devraient gérer d’ici à la fin de l’année 2.250 milliards de dollars, battant ainsi le record d’un peu plus de 1.900 milliards atteint en 2008 et presque atteint fin 2010, rapporte la Frankfurter Allgemeine Zeitung. 64 % des fondations et plus de 80 % des fonds souverains ont indiqué avoir augmenté leur allocation à ces produits l’an dernier. Les investisseurs ont de plus en plus tendance à investir directement dans des hedge funds sans passer par la case fonds de hedge funds. On note aussi une demande croissante pour les hedge funds gérant moins de 500 millions de dollars.
Fonds
09/03/2011
Fonds

Hausse des encours des fonds souverains

Les fonds souverains ont vu leurs encours augmenter de 11 % l’année dernière à 3.980 milliards de dollars, selon le Financial Times, qui cite une nouvelle étude. La part de ces fonds investis dans les infrastructures est passée de 47 % en 2010 à 61 % début 2011. La proportion de ceux investis dans l’immobilier et le private equity a aussi progressé, de 51 % à 56 % et 55 % à 59 % respectivement. Pour les hedge funds, la part est stable à 36 %.
Fonds
09/03/2011
Fonds

Mellon Capital Management lance une stratégie sur les matières premières

Mellon Capital Management (groupe BNY Mellon Asset Mangement) lance une stratégie sur les matières premières à destination des investisseurs institutionnels. Commodity Alpha Long-Bias Strategy a été créée afin de fournir à cette clientèle une diversification au-delà d’un investissement en actions et en obligations et de la protéger contre l’inflation. La stratégie prendra des positions longues et courtes sur des contrats de futurs sur une large gamme de matières premières (énergie, métaux précieux, bétail, matières premières agricoles etc).
Fonds
09/03/2011

GE AM renforce son équipe de relation avec les intermédiaires

GE Asset Management Incorporated annonce l’arrivée de deux personnes dans son équipe commerciale dédiée aux relations avec les intermédiaires, rapporte Mutual Fund Wire. Bill Manthorne rejoint la société de gestion au poste de vice-président des ventes auprès des conseillers intermédiaires, Brian McCarthy sera responsable de l’activité des contributions définies.
09/03/2011
Fonds

Carl Icahn va rembourser les souscripteurs de son fonds

Le milliardaire Carl Icahn a annoncé son intention de rembourser les porteurs externes des parts de son fonds à haut risque de 7 milliards de dollars créé en 2004 parce qu’il ne souhaite pas que ses clients courent eux-mêmes des risques s’il se produisait une nouvelle crise financière, rapporte Expansión. Ces clients ont apporté 1,75 milliard de dollars. Ils seront remboursés à 95 % en avril.
Fonds
09/03/2011

Aberdeen AM recruits a real estate specialist in Singapore

Aberdeen Asset Management Asia has recruited Christiaan van Beek as a senior property investment specialist, to be based in its Singapore HQ. He will promote the asset management firm’s European direct property strategies into Asia, as well as developing an Asian investor base for the local team’s indirect business. Christiaan van Beek, who joined on 1 March from CBRE – Real Estate Finance Asia in Hong Kong, has seven years’ property experience, primarily in deal sourcing for institutional investors.
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

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.
09/03/2011

Assets under management in Germany down in January

p { margin-bottom: 0.08in; } Although net subscriptions totalled EUR6.63bn in January (see Newsmanagers of 8 March), total assets under management in Germany as of 31 January fell by EUR36.06bn compared with the end of December, at EUR1.79442trn, according to statistics from the BVI association of asset management firms.The phenomenon affected open-ended funds, which were down to EUR706.16bn from EUR710.04bn, as well as mandates, which fell to EUR272.61bn from EUR307.07bn. However, assets under management by institutional funds rose to EUR815.66bn, from EUR813.38bn.Compared with the end of January 2010 (EUR1.70038trn), however, there were increases for open-ended funds, which stood at EUR651.22bn, and institutional funds, which had EUR732.51bn. However, assets in mandates totalled EUR316.65bn.
09/03/2011

Madoff victims will begin to receive reimbursement this year

p { margin-bottom: 0.08in; } Irving Picard, the court-appointed trustee for Bernard Madoff,'s businesses announced on 8 March that he hopes to recuperate over USD50bn involved in the fraud, and that some of this money (USD2.6bn) will be reimbursed to victims by the end of this year, pending a court decision expected next month, the Wall Street Journal reports.Picard has filed over 1,000 lawsuits in an effort to claw back over USD100bn from retail investors or entities which got money out of Madoff, or who had business relationships with Madoff’s companies. About USD10bn have already been recuperated, but cannot be distributed due to legal challenges.
09/03/2011

ETFs are not widely trusted in Austria

p { margin-bottom: 0.08in; } According to a study by StefanPerklin of PricewaterhouseCoopers, the Vienna stock exchange now lists only 22 ETF funds, our of about 450 ETFs and 4,500 funds of all kinds which are eligible for sale in Austria, e-fundresearch reports. The European market share for ETFs on the Vienna stock exchange is 0.04%, while Deutsche Börse accounts for 41.12%, Borsa Italiana 15.8%, the London Stock Exchange 12.4%, the Swiss stock exchange 11.64%, and Euronext Paris 6.46%.
09/03/2011

Carl Icahn to reimburse subscribers to fund

p { margin-bottom: 0.08in; } The billionaire Carl Icahn has announced that he plans to reimburse external shareholders for shares in his USD7bn high-risk fund, created in 2004, because he does not want clients themselves to run risks if another financial crisis occurs, Expansión reports. Clients have USD1.75bn invested in the fund. They will be 95% reimbursed in April.
09/03/2011

Sovereign fund assets up

p { margin-bottom: 0.08in; } Sovereign funds last year saw an 11% increase in their assets, to USD3.98trn, according to the Financial Times, citing a new report. The proportion of these funds invested in infrastructure has increased from 47% at the beginning of 2010 to 61% at the beginning of 2011. The proportion invested in real estate and private equity has also risen, from 51% to 56%, and from 55% to 59%, respectively. For hedge funds, the proportion has held stable at 36%.
09/03/2011

Hedge fund assets totalled USD2.25trn as of the end of 2010

p { margin-bottom: 0.08in; } According to the Deutsche Bank Alternative Investment Survey of more than 500 investors worldwide, hedge funds will has up to USD2.25trn in assets under management by the end of the year, beating the previous record of USD1.9trn set in 2008 and nearly beaten at the end of 2010, the Frankfurter Allgemeine Zeitung reports. 64% of charities and more than 80% of sovereign funds saw they increased allocation to these products last year. Investors are increasingly tending to invest directly in hedge funds, rather than via funds of hedge funds. There is also growing demand for hedge funds with less than USD500m in assets under management.
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

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

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

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

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

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).

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