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01/02/2011

Un gérant obligataire quitte Threadneedle

Selon les informations de Citywire, Roman Gaiser a quitté Threadneedle. Il gérait le fonds Threadneedle European High Yield Bond (970 millions d’euros) et co-gérait le Credit Opportunities. Il devrait rejoindre une autre grande maison londonienne, selon Citywire.
01/02/2011

Heptagon recrute deux spécialistes confirmés

Alexander Gunz, qui était en dernier lieu responsable de la stratégie actions et de la rédaction des «best ideas reports» pour les investisseurs institutionnels chez Edison Investment Research, a été recruté par Heptagon Capital (3,3 milliards de dollars d’encours) comme gérant de fonds dans la division gestion d’actifs, rapporte Hedge Week.D’autre part, Heptagon a embauché comme vice president au sein du groupe des particuliers très haut de gamme (UHNWI) principalement scandinaves, Sebastian Hybbinette, qui était directeur des investissements d’un grand family office installé au Royaume-Uni, où il avait la responsabilité d’une portefeuille composé de private equity, de hedge funds, d’immobilier et d’actifs cotés.
01/02/2011
Fonds

JP Morgan AM lance un fonds à coûts réduits

Selon Fundstrategy, JP Morgan Asset Management lance un fonds géré activement à faibles coûts, le JPM UK Active Index plus fund, (en fait l’offre modifiée du UK Active 350), dont le taux de frais sur encours (TER) s'élève à 0,55%. Un produit qui devrait faire concurrence aux véhicules de gestion passive.Les frais de gestion ont été ramenés à 0,25% par an, les frais fixes à 0,15% par an. La commission de performance de 10% sera plafonnée de façon à ce que le TER ne dépasse pas la barre de 0,55%. Un responsable de JP Morgan AM souligne que ce produit est le premier, ou en tout cas l’un des tout premiers, à être conforme à la réglementation RDR dans la mesure où toutes les commissions de conseil ont été supprimées.
Fonds
01/02/2011
Fonds

Fidelity lance un fonds opportuniste

Selon Investment Week, Fidelity International va lancer le 10 février prochain un fonds opportuniste dédié aux petites capitalisations britanniques sur le marché retail britannique.La nouvelle offre destinée à la clientèle des particuliers va intégrer le fonds UK Opportunities réservé à la clientèle institutionnelle. Le fonds comprendra une centaine de valeurs, dont 80% de petites sociétés, le reliquat étant partagé entre moyennes et grosses capitalisations. L’indice de référence sera le Hoare Govett Smaller Companies ex IC. Aucune ligne ne dépassera la barre des 4%.
Fonds
01/02/2011

Guillermo Osses rejoint HSBC Global AM

Selon Investment Week, Guillermo Osses, un ancien de chez Pimco, a rejoint HSBC Global Asset Management en qualité de responsable de la gestion de la dette des pays émergents (EMD). Guillermo Osses remplace Peter Marber, qui avait été nommé responsable intérimaire jusqu’au remplacement d’un trio de gérants EMD, Denise Simon, Arif Joshi et George Varino, partis chez Lazard Asset Management en septembre dernier. Peter Marber reste dans le groupe en qualité de chairman de la gestion des activités EMD et du comité de développement.
01/02/2011
Gestion d'actifs

Le Fonds de dotation du Louvre sélectionne de nouveaux gérants sur les obligations High Yield, Emergents et Corporate

Le fonds de dotation du Louvre (120 millions d’euros d’actifs), a récemment choisi BNP Paribas Asset Management pour gérer un mandat de 60 millions d’euros sur les obligations investment grade de la zone euro, et a ajouté quatre autres fonds obligataires actifs à la liste. Mercer Investment Consulting à Paris et Amadeis ont conseillé le fonds de dotation du Louvre. PIMCO et Loomis Sayles & Co héritent de 6 millions d’euros chacun sur des fonds d’obligations high yield tandis que Investec et Pictet ont été sélectionnés sur la dette des pays émergents (5 millions d’euros chacun dans des fonds ouverts). La prochaine étape, selon le directeur Thierry Brevet, sera de sélectionner des produits actions actifs sur les marchés émergents, et explique: « Dans les actions des marchés émergents, je pense qu’il y a de l’alpha pour la gestion active. Et ce seront les marchés émergents mondiaux, car nous n’avons pas la taille pour investir au niveau régional.
Gestion d'actifs
01/02/2011

Launch of the first ESG index covering Middle Eastern markets

Index provider Standard & Poor’s has announced the launch in early February of the first index to track and rate the level of transparency and performance for more than 100 companies listed on stock markets of the Middle East in the area of environmental, social and governance (ESG) criteria.The index is the fruit of a collaboration between Hawkamah, the Institute for Corporate Governance and Standard & Poor’s, with the support of the International Finance Corporation (IFC).The index will be unveiled on 1 February (today) in Dubai.
01/02/2011

Deutsche Bank creates an international risk management centre

p { margin-bottom: 0.08in; } Deutsche Bank on 31 January announced the created of an international centre in Berlin dedicated to risk management. The objective for the new centre is to develop global monitoring models and processes for risk management, including market, liquidity and credit risks.The bank has already set up a team in Berlin with 50 members, including mathematicians and statisticians. By the end of the year, the centre will have about 300 people. Staff may increase to 500-700 people in the mid- to long-term.
01/02/2011

Heptagon recruits two expert specialists

p { margin-bottom: 0.08in; } Alexander Gunz, who was most recently head of equities strategy and the edition of best ideas reports for institutional investors at Edison Invesment Research, has been recruited by Heptagon Capital (USD3.3bn in assets) as a fund manager in the asset management division, Hedge Week reports.Heptagon has also recruited Sebastian Hybinette, who was previously chief investment officer for a large family office in the United Kingdom, where he was in charge of a portfolio composed of private equity, hedge funds, real estate and publicly traded assets, as vice president of the ultra-high net worth investor (UNHWI) group, mainly to serve Scandinavian clients.
01/02/2011

Hedge funds seek clarity on “expert networks”

p { margin-bottom: 0.08in; } Richard Baker, president of the Managed Funds Association, on Monday asked the Securities and Exchange Commission (SEC) to provide clear directives for its approximately 3,000 members, including many hedge funds, on the use of the services of “expert networks,” which have been the subject of a vast Federal investigation into suspected insider trading, the Wall Street Journal reports.The association is seeking to establish clearly whether or not hedge funds are allowed to use the often internal information which is provided by these expert networks, which employ as independent consultants people who may be employees of publicly-traded companies.
01/02/2011

Non-financial risks are overlooked by fund sector, according to Edhec

p { margin-bottom: 0.08in; } The fund sector in Europe has not paid enough attention to non-financial risks, such as liquidity, counterparty, compliance, and misinformation risks, and has not measured the operational consequences of financial innovation, the Edhec-Risk Institute finds in a new study undertaken with Caceis, by the research chair in “risks and regulation of the fund industry in Europe.” “Even the UCITS IV directive itself does not sufficiently take into account the operational consequences of financial innovation. Although investment funds are internationally diversified, use more derivatives and other complex strategies, and have developed in many areas, and although European regulations and recommendations have admitted, or fostered these changes, no study of their impact has been undertaken, and no regulations have been modified as a result,” the authors of the study continue. The Edhec-Risk Institute finds that “although member states of the European Union have not reached agreement on reforms, a distinction must be drawn between UCITS funds which are not exposed to non-financial risks, and more modern UCITS funds, which are potentially more exposed to non-financial risks.”
01/02/2011

Bond manager leaves Threadneedle

Roman Gaiser has quit Threadneedle, Citywire can reveal. He managed the EUR970 million Threadneedle European High Yield Bond fund and was co-manager on its Credit Opportunities fund. He is going to join another big London-based fund manager, according to a Citywire source.
01/02/2011

Barings repositions its emerging markets portfolios

p { margin-bottom: 0.08in; } James Syme, head of global emerging markets, has announced that Barings has repositioned its emerging markets strategies for the short to mid-term, to focus more on companies, particularly in South Korea, which are benefiting from global growth. Bets on household retail consumption is beginning to be integrated into the share prices on several markets.Currently, the portfolio includes South Korean exporters of refined materials, naval shipyards, automobile and technology manufacturers, Indian IT service providers and Taiwan consumer electronics companies. Barings is underweight on energy, but overweight on oil; in the materials sector, the British manager has a bias for bulk metals such as iron and nickel, as well as gold.Barings also says the strength of emerging economies represents a supporting factor for the currencies of these countries, which increases local purchasing power.Inflation remains a cause for concern, particularly in Indonesia and India. Returns on equities in these markets has been high, but valuations may be attractive elsewhere, particularly in Russia and South Korea.
01/02/2011

Roman Gaiser leaves Threadneedle

p { margin-bottom: 0.08in; } Barrie Whitman, manager of the Credit Opportunities Fund and head of the high yield team, will become the principal manager of the Threadneedle European High Yield Bond Fund (GB0009692087, GBP1.03bn in assets as of 31 December), which was previously managed by Roman Gaiser. Gaiser has resigned to return to Switzerland, according to a spokesperson for Threadneedle. Whitman, who set up the high yield strategy 12 years ago, will be assisted by Michael Poole for the management of the fund.Gaiser also co-managed the Credit Opportunities Fund (see Newsmanagers of 7 and 11 May 2009) with Whitman and Alasdair Ross.According to Funds People, Gaiser may soon join another London management firm.
01/02/2011

Several asset managers exposed to Egypt

p { margin-bottom: 0.08in; } Barings, BlackRock, Fidelity, Franklin Templeton, Investec, Schroders, and Silkinvest were invested in Egypt to varying extends as of the end of last year, according to Fund Strategy.The highest relative exposures are for the MENA fund from Barings (USD21.1m), with 21.7%, and the African Lions Fund from Silkinvest (21.67%).The Schroder ISF Middle East Fund (USD321m) was underweight on Egyptian equities as of the end of December, with 8.7%, where the benchmark index has a weight of 9.1% for Egypt.At BlackRock, exposure of the Frontier Investment Trust was “very minimal,” lower than the 1.6% allocation to Jordan.
01/02/2011

Guillermo Osses joins HSBC Global AM

p { margin-bottom: 0.08in; } Investment Week reports that Guillermo Osses, formerly of Pimco, has joined HSBC Global Asset Management as head of emerging markets debt (EMD).Osses replaces Peter Marber, who had been appointed interim head until a replacement could be found for the three EMD managers, Denise Simon, Arif Joshi and George Varino, who moved to Lazard Asset Management last September.Marber will remain in the group as chairman for management of EMD operations and the development committee.
01/02/2011

AcomeA takes over Leonardo Sgr

p { margin-bottom: 0.08in; } AcomeA, the asset management firm created last July and led by Alberto Foà, has announced the acquisition of Leonardo Sgr, with which it will merge, Il Sole – 24 Ore reports. The operation means that the former Banca Sai, in which FonSai controls 10%, will add the EUR120m in assets managed by Leonardo Sgr to its own assets of EUR450m. The agreement also states that funds managed by AcomeA will be distributed by the Leonardo Private Banking network.
01/02/2011

UBP recruits five MENA specialists

p { margin-bottom: 0.08in; } On 31 January, Union Bancaire Privée (UBP) announced that it has recruited a complete team from Majid Al Futtaim Asset Management, a Dubai-based management firm. The five specialists, including two senior portfolio managers (Habib Oueijan, director, and Mahmoud El Safty), and three analysts, will continue to manage their MENA fund, which has recently been transferred to the Swiss firm, at UBP.In 2010, UBP recruited 11 investment professionals for emerging markets, and launched three equities funds (Emerging Europe, Turkey, and Russia) in connection with this theme, as well as a corporate bond fund and a fund of hedge funds.
01/02/2011

One departure and several appointments at SAM

SAM, the investment boutique focused on sustainability investing, part of Robeco, has announced the departure of its CIO, Stephanie Feigt and a series of appointments.Effective immediately, the head of portfolio management, Raimer Baumann, and head of research functions, Daniel Wild, will be represented on SAM’s executive committee. Neil Johnson, previously in charge of sales at SAM USA, has been appointed head of global clients & marketing and will also join the executive committee. He takes over the position that was vacant since the appointment of Michael Baldinger as CEO. The company’s executive team now consists of Michael Baldinger (CEO), Rainer Baumann (head of portfolio management), Stefan Gordijn (COO), Neil Johnson (head global clients & marketing), Andrew Musters (head of private equity) and Daniel Wild (head of research).
01/02/2011

RBS offers two retail volatility funds on British market

p { margin-bottom: 0.08in; } The Royal Bank of Scotland (RBS) is launching two retail volatility funds on the British market, the Volatility Controlled Cautious Managed Fund and the Volatility Controlled Balanced Managed Fund, two vehicles which offer the same levels of volatility that would ordinarily be expected for cautious and balanced funds, Fundstrategy reports.RBS says that independent financial advisers refuse to recommend 33% of balanced managed products and 28% of cautious managed products, as they consider the risk too high. But this does not prevent these advisers from investing 44% of their clients’ capital in cautious and diversified funds in second half 2010. A minority (8%) estimate that this percentage may decline in first half 2011.
01/02/2011

JP Morgan AM launches a low-cost fund

p { margin-bottom: 0.08in; } Fundstrategy reports that JP Morgan Asset Management has launched a low-cost actively-managed fund, the JPM UK Active Index Plus Fund (a modified version of the UK Active 350), whose total expense ratio (TER) is 0.55%. The product may compete with passive management products.Management fees have been lowered to 0.25% per year, with set costs of 0.15% per year. A performance commission of 10% will be limited to as to prevent the TER for the fund from exceeding 0.55%.A head at JP Morgan AM says that the product is the first, or at any rate one of the very first funds to comply with RDR regulations, in that all advisory commissions have been removed.
01/02/2011

Fidelity launches an opportunistic fund

p { margin-bottom: 0.08in; } Investment Week reports that Fidelity International will launch an opportunistic fund on the British retail market on 10 February, which will be dedicated to British small caps. The new product aimed at retail clients will integrate the UK Opportunities fund, which is reserved for institutional clients. The fund will include 100 shares, 80% from small firms, while the remainder will be divided between mid- and large caps. The benchmark index will be the Hoare Govett Smaller Companies ex IC. No position will exceed 4% of the portfolio.
01/02/2011

AIMCo and ANZFF acquire forestry assets of Great Southern Plantations

p { margin-bottom: 0.08in; } The Canadian Alberta Investment Management Corporation (AIMCo), which represents 26 pension funds, foundations and governments in the province of Alberta, in partnership with the Australia New Zealand Forest Fund (ANZFF) from New Forests, has acquired about 2,500 square kilometres of forests and agricultural land for AUD415m, from Great Southern Plantations (GSP), a firm which has been under legal administration since May 2009.New Forests is an Australian management firm specialised in investments in forests and other themes related to the environment, such as water, biodiversity and carbon. The ANZFF, its first fund, was created in October, and has AUD500m in assets. The transaction is the largest ever realised by private investors in the area of forestry in Australia.
01/02/2011

La Deutsche Bank crée un centre international pour la gestion du risque

La Deutsche Bank a annoncé le 31 janvier la création à Berlin d’un centre international dédié à la gestion du risque. L’objectif de ce nouveau centre est de développer des modèles et des processus mondiaux de surveillance et de pilotage des risques, entre autres les risques de marché, de liquidité et de crédit.La banque a déjà installé à Berlin une équipe d’une cinquantaine de collaborateurs, notamment des mathématiciens et des statisticiens. D’ici à la fin de l’année, le centre devrait compter quelque 300 personnes. L’effectif pourrait monter jusqu'à 500/700 personnes à moyen/long terme.
01/02/2011
Fonds

Berenberg fait absorber son fonds Ukraine par son fonds Osteuropa

Au 1er janvier, l’ancien Balkan Baltikum Fonds de Berenberg Bank, a absorbé le Berenberg Emerging Ukraine. Le fonds fusionné prend le nom de Berenberg Osteuropa ; l’absorption s’est effectuée sur la base d’une action du Osteuropa pour deux du Emerging Ukraine, rapporte Das Investment, citant le gérant Peter Reichel.De fait, le fonds Ukraine n’affichait que 7 millions d’euros d’encours et certains investisseurs institutionnels s’en étaient servis pour des aller-retour qui pénalisent la performance d’un produit qui est aussi pénalisé par des coûts de transaction se situant en Ukraine entre 1 et 1,5 %. En outre, le marché ukrainien est étroit, avec un volume de transactions journalier moyen de 10 millions d’euros seulement.Le Osteuropa peut détenir entre 0 et 20 % d’actions ukrainiennes (2,5 % actuellement). Les pays préférés du gérant sont le Kazakhstan,, la Roumanie et la Croatie.
Fonds
01/02/2011
Fonds

Egypte : plus de 2 milliards d'euros sont potentiellement concernés

Selon les calculs de la Frankfurter Allgemeine Zeitung, les fonds d’actions commercialisés en Allemagne et potentiellement exposés à l’Egypte affichent un encours de plus de 2 milliards d’euros, dont 1,1 milliard pour des fonds investissant entre autres en Afrique du Nord et un peu plus d’un milliard pour les fonds qui investissent dans la région Proche-Orient, Afrique du Nord et Afrique, ce à quoi il faut ajouter l’allocation de fonds marchés émergents ou «marchés frontière». Parmi les produits qui pourraient être touchés figurent, à des degrés divers en fonction de la pondération attribuée à l’Egypte, le CS Sicav One (Lux) Equities Middle East & North Africa, le Deka Middle East and Africa, le DWS Invest Africa, le BB Africa Opportunities, le Silk African Lions ou le ING (L) Invest Mena.
Fonds
01/02/2011

AcomeA rachète Leonardo Sgr

AcomeA, la société de gestion née en juillet dernier et dirigée par Alberto Foà, a annoncé l’acquisition de Leonardo Sgr avec laquelle elle va fusionner, rapporte Il Sole – 24 Ore. Grâce à cette opération, l’ancienne Banca Sai, dont FonSai détient 10 %, ajoute à ses propres encours de 450 millions d’euros les 120 millions gérés par Leonardo Sgr. L’accord prévoit également que les fonds gérés par AcomeA seront vendus via le réseau de Leonardo Private Banking.
01/02/2011
Fonds

AIMCo et ANZFF acquièrent les actifs forestiers de Great Southern Plantations

Pour 415 millions de dollars australiens, le canadien Alberta Investment Management Corporation (AIMCo), qui représente 26 fonds de pension, fondations et fonds gouvernementaux de la province d’Alberta, a acheté en partenariat avec l’Australia New Zealand Forest Fund (ANZFF) de New Forests quelque 2.500 kilomètres carrés de forêts et de terres agricoles appartenant à Great Southern Plantations (GSP), une société sous administration judiciaire depuis mai 2009.New Forests est une société de gestion australienne spécialiste des investissements dans les forêts et d’autres thèmes liés à l’environnement comme l’eau, la biodiversité et le carbone. L’ANZFF, son premier fonds, a été bouclé en octobre et pèse 500 millions de dollars australiens. La transaction est la plus importante jamais réalisée par des investisseurs privés dans le domaine forestier en Australie.
Fonds
01/02/2011

L'encours des fonds étrangers a gonflé de 49 % en 2010

Selon les statistiques de l’association espagnole Inverco des sociétés de gestion, l’encours des gestionnaires d’origine étrangère sur le marché espagnol se situait fin 2010 à 48 milliards d’euros, ce qui représente un gonflement de 49 % par rapport aux 32,2 milliards de fin 2009. Selon les établissements fournissant leurs chiffres à Inverco, les souscriptions nettes sur l’ensemble de l’an dernier ont dépassé 5,2 milliards. En extrapolant sur l’ensemble des gestionnaires d’origine étrangère, ces souscriptions nettes devraient avoir été de l’ordre de 9,5 milliards d’euros.Trois établissements français et/ou leur filiale locale figurent dans le classement : Amundi Iberie affiche 3.855 millions d’euros d’encours et se classe deuxième des étrangers derrière JPMorgan Asset Management (5.738 millions). Il précède BNP Paribas IP (avec Fortis Investments) et ses 3.061 millions. Le numéro treize est Axa Investment Managers, avec 594 millions d’euros. Douze maisons affichent plus d’un milliard d’euros d’encours et huit plus de 2 milliards. En plus de JPMAM, d’amundi et de BNPP IP, il s’agit de Schroders (2,98 milliards), de BlackRock (2,79 milliards), Franklin Templeton (2,5' milliards), Fidelity (2,23 milliards) et DWS (2,02 milliards).

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