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24/01/2011

Sicavs have more than doubled their investments in bank savings accounts

p { margin-bottom: 0.08in; } Retail investors are earning “succulent yields” thanks to the ongoing pitched battle between financial institutions to get their hands on liquidity, Cinco Días reports. According to statistics from the Bank of Spain, the interest being offered by banks and savings banks for savings accounts has risen by 20.8% since the end of 2009. Banks are offering an average of 3.14% on one and two-year products.Since then, managers of about 3,200 Sicav funds registered with the CNMV did not pass up the opportunity to allocate EUR3.59bn to bank savings accounts as of the end of September. That represents 13.7% of their assets, whereas the percentage was only 6.6% as of the end of third quarter 2009. This increase has come largely to the detriment of listed bonds and investment funds, particularly money markets.
24/01/2011

Swiss & Global sells its stake in Atlas Capital

p { margin-bottom: 0.08in; } The fund management firm from Julius Baer, Swiss & Global Asset management, has sold the 31% stake it had held for seven years in the Spanish independent private bank Atlas Capital. Expansión reports that the transaction will take place at book value, while the stake was purchased for EUR3m. As of the end of 2010, Atlas Capital had assets of EUR660m, managed on behalf of 2,400 clients. Net profits totalled EUR1.14m. Following the exit of Julius Baer, the group’s capital is controlled by its 14 managing partners, with the largest shareholder being deputy director Jorge Sanz.
24/01/2011

Citi Private Bank adds to family office worldwide

p { margin-bottom: 0.08in; } Citi Private Bank will soon launch its family office in Hong Kong, to serve the north Asian region. The new activity will be directed by Richard Straus, Asian Investor reports. According to a spokesperson for the bank, plans to serve south-east Asia are also in preparation, and recruitments are underway. Earlier in the week, Citi Private Bank announced the appointment of James Holder as director for its family office for Europe, the Middle East and Africa.
24/01/2011

Investors worried by inflationary risk

Some of the world’s biggest investors have turned increasingly negative on government bonds from developed countries as they warn of the growing danger of inflation, according to the Financial Times. “Why would you want to be a bondholder with bond yields so low and that sort of inflationary trend,” Bill Gross, who runs the world’s largest bond fund at Pimco, asked the Financial Times. Jim Rogers, the investor based in Singapore, said western governments were concealing the extent of inflation, leading him to avoid bonds and continue his preference for commodities.
24/01/2011

Barings plans rare additions to product range

In theory, Barings has already largely covered its areas of excellence well with appropriate products. The British asset management firm, whose funds dedicated to emerging markets represent about EUR16bn, out of a total of EUR37bn, already include heavyweight players such as the Hong Kong China fund, with EUR3.36bn, Eastern Europe (EUR2.41bn), and Global Emerging Markets (EUR1.63bn), as well as Global Resources (USD1.23bn), Marino Valensise, CIO, announced on Friday.In these conditions, the need for new products is not urgent. Barings may, however, soon fill a gap in its product range with an Asian emerging market bond fund, to take advantage of appreciation of local currencies and the fact that Asian and Middle Eastern investors, including sovereign funds, are seeking local investment opportunities, which ultimately carry less risk than US Treasuries.Asset allocation mandates and funds which have been offered by Barings hitherto have aimed at returns 400 basis points higher than the Libor or the consumer price index. The management firm will also add to its range of products of this type. The British asset management firm has not ruled out the possibility of releasing a more aggressive product, which would aim to achieve returns 600 basis points higher than the Libor.
24/01/2011

Isabell Mössler joins Scott Thompson as head of European distribution at ETF Securities

p { margin-bottom: 0.08in; } The former head of European distribution at iShares, Isabell Mössler, has been recruited as co-head of European distribution at ETF Securities LLP, where she joins Scott Thompson. She will be in charge of the German-speaking markets (Germany, Austria, and Switzerland), northern Europe, and the Iberian peninsula. She will report to Mark Weeks, partner at ETF Securities Marketing, and replaces Tim Harvey, who will join the New York office to develop distribution in North America.
24/01/2011

Aberdeen satisfied with 2010 results in Germany

p { margin-bottom: 0.08in; } Aberdeen Asset Management Deutschland on 21 January announced that its fiscal year to 30 September brought gross subscriptions to EUR1bn in Germany and Austria. As of this date, assets totalled EUR8.1bn, of which EUR3.8bn were in securities funds, and EUR4.5bn in the distressed real estate branch (redemptions from two DEGI funds are frozen, while a third is to be liquidated).Since the beginning of October, Aberdeen AM has won mandates totalling about EUR300m.Among plans announced for 2011 by CEO Hartmut Leser are the launch of institutional real estate funds (see Newsmanagers of 18 January). In terms of sales, Aberden AM will emphasize emerging markets funds, global equities, European corporate bonds and pan-European institutional real estate funds.
24/01/2011

DB Hedge Fund index up 2.3% in December

p { margin-bottom: 0.08in; } The DB Hedge Fund index gained 2.33% in December, according to the most recent statistics from Deutsche Bank. The strategies which contributed most to the performance of the index were Equity Hedge, event-driven, Systematic Macro, Global Macro and credit and convertible indices.
24/01/2011

Record volume on European ETP markets in 2010

p { margin-bottom: 0.08in; } According to iShares data provided to Agefi, the European market in exchange-traded products (ETP) finished last year with an inflow of EUR4bn in December, compared with EUR2.6bn in November. In 2010, the sector absorbed EUR38.5bn in new inflows, which brings assets under management to a record EUR234bn, the newspaper reports.
24/01/2011

Bankinter launches a reverse fund based on Euro Stoxx 50

p { margin-bottom: 0.08in; } Bankinter has announced the launch of the Fondo Bankinter Eurostoxx Inverso, an equities product which, as its name indicates, seeks to inversely replicate the evolution of the Euro Stoxx 50 index. The minimal recommended investment duration is 1 year.The passive management fund, which was registered on 16 December and founded on 9 October 2008, will invest in futures, and will be authorised to invest up to 10% of its assets in other funds.CharacteristicsName: Bankinter Eurostoxx InversoISIN code: ES0164585004Management commission: 1%Minimal subscription: 60
24/01/2011

RREEF buys wind farms

p { margin-bottom: 0.08in; } According to sources close to the case, the RREEF Infrasctructure fund from Deutsche Bank has acquired a 49% stake in thee Spanish firms which have five wind farms in the Castille-Leon province, for an undisclosed amount, Cotizalia reports.The vendor is the real estate promoter Rafael González Vallinas, head of Inversiones Empresariales Vapat, who is selling up to 200 megawatts of the installated power to the German fund.
24/01/2011

Charles Schwab launches two ETFs with fees of 0.13%

p { margin-bottom: 0.08in; } The ETF range from Charles Schwab has gained two new members, and now includes 13 products. The new ETFs are the Schwab U.S. REIT ETF (acronym SCHH) and the Schwab U.S. Mid-Cap ETF (SCHM), both of which charge fees of 0.13%.Like the other ETFs of the range, they may be bought and sold without a commission from Schwab online accounts.
24/01/2011

1for3 share split of Van Eck Indonesia ETF

p { margin-bottom: 0.08in; } Van Eck Global has announced that the board of trustees at the Market Vectors ETF Trust has approved a 1-for-3 split share split in the Market Vectors Indonesia Index ETF (acronym: IDX). Shares were trading at USD75.54 on Friday, 21 January.The split will take place at the close of trading on 28 January 2011, and shares resulting from the operation will begin to be traded on 1 February.The split will allow for a lower unit price for shares, making the fund more accessible to investors. Van Eck global estimates that the move will increase liquidity, and by extension, tighten bid-ask spreads.Assets in the fund, focused on the most liquid Indonesian shares, on Friday totalled USD494.79m.
24/01/2011

Frost launches a mutual fund with a hint of alternative

p { margin-bottom: 0.08in; } With the Frost Diversified Strategies Fund (actonym FDSFX), Frost Investment Advisors has launched a mutual fund which offers investors access to alternative strategies which have previously been available only to hedge fund and private equity fund clients. The objective is to preserve capital and to reduce potential losses while also offering potential outperformance. About 60% of the portfolio will be allocated to traditional investments (equities, bonds, cash and publicly-traded options). The hedge fund replication portion will total 30% to 40%, and will rely on beta and hedge fund index replication strategies, using freely available products.The fund will be managed by four people: Tom Stringfellow, president of Frost, David Telling, principal portfolio manager, Brad Thompson, director of research, and Jeffrey Elswick, fixed income director.Front-end fees will be limited to a maximum of 5.75%, and TER will total 2%.
24/01/2011

Deka Immobilien invests EUR105m in Berlin

p { margin-bottom: 0.08in; } The life insurer Württembergische Lebensversicherung has sold four of the seven buildings of the Friedrich Carré complex in Berlin, totalling 23,500 square metres, including 18,000 square metres of office space and 3,400 of retail space, to Deka Immobilien. The property will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal. It is the second German property to be acquired by Deka in 2010, following the Krankenhaus Süd hospital in Cologne.
24/01/2011

C-Quadrat closes two funds and launches one

p { margin-bottom: 0.08in; } The Austrian-German management firm C-Quadrat on 1 April will close the C-Quadrat Arts Total Return Global-AMI fund (EUR700m) and the C-Quadrat Arts Total Return Dynamic to new retail and institutional investments, as well as to new investments from unit-linked savings plans. However, payments from existing savings plans will continue to be accepted, along with investments from life insurance policies of existing or future clients. The two funds will be replaced by the German-registered flexible fund C-Quadrat Arts Total Return Flexible (DE000A0YJMN7), which was launched in November 2010, and whose “highly active” allocation to equities and more exactly to equities funds may vary from 0% to 100%, depending on market conditions. The new fund, managed by Arts Asset Management, currently has assets of EUR9.63m.
24/01/2011

Pension funds concerned by insider trading investigation

p { margin-bottom: 0.08in; } The Wall Street Journal reports that Phil Roblee, head of alternative investments for the School Employees Retirement System of Ohio pension fund (USD10bn) has asked the hedge funds Level Global Investors LP (USD4bn) and Diamondback Capital Management LLC (USD5bn), who are among the asset management firms involved in a wide-ranging investigation by the SEC and the FBI of possible insider trading, for an explanation. They have not learned anything so far, and Diamondback has replies that it cannot provide any information while the investigation is underway.Roblee has hot withdrawn the money invested in the fund, nor has the Public Employees Retirement System of Pennsylvania, which has also maintained its allocation to Diamondback. The fund, which will have to handle redemption requests of USD400m by mid-February, has offered its clients a discount on management commissions to 1.75% from 2%. It is also planning to charge 1% on redemptions, to pay for potential sentencing that could require disgorgements.
24/01/2011

Morgan Stanley named in Galleon insider trading

A Morgan Stanley banker allegedly leaked details of Advanced Micro Devices plan to buy ATI Technologies, which was ultimately passed to Galleon Group co-founder Raj Rajaratnam, prosecutors say, according to the Financial Times. A spokesman for Morgan Stanley said that the banker has been placed on leave and that the bank is fully co-operating with the government’s investigation.
24/01/2011

Asset managers required to pay for failure of structured product provider

p { margin-bottom: 0.08in; } The Financial Services Compensation Scheme in the United Kingdom has asked fund management firms to compensate investors who lost money in the bankruptcy of Keydata, a provider of structured products, the Financial Times reports.Ordinarily, reimbursements in such a case would have been the responsibility of financial advisers, but the amount of money in question is so large (GBP326m) that the FSCS has had to turn to asset managers to provide part of the amount (GBP236m). The cost will be shared between management firms who sell products to retail clients.
24/01/2011

Carmignac Gestion appoints a head of sales for Switzerland

p { margin-bottom: 0.08in; } Carmignac Gestion on Friday, 21 January announced the arrival of Marco Fiorini as a member of the sales team at the management firm. He will serve as director of professional clients for Switzerland, and will aim to develop the presence of Carmignac Gestion in the professional client segment. Fiorini will report to Davide Fregonese, director of professional clients for Europe, a statement says.Fiorini, 40, previously served as CEO and head of professional clients at Clariden Leu Asset Management.
24/01/2011

Sara Lee aiguise les appétits

Le groupe américain va selon des sources concordantes étudier cette semaine une offre le valorisant à près de 13 milliards de dollars et émanant d’un consortium de sociétés de capital-investissement. Les offres étaient attendues par Sara Lee jusqu’à vendredi dernier. Apollo Global Management, Bain Capital et TPG offriraient ainsi ensemble jusqu’à 20 dollars par titre, contre un cours de clôture vendredi de 18,70 dollars.
24/01/2011

Les investissements immobiliers se reprennent en Europe

Les investisseurs ont réalisé des transactions pour 96 milliards d’euros dans l’immobilier d’entreprise européen en 2010 d’après le conseil en immobilier DTZ. Le volume a donc doublé par rapport à 2009. Au quatrième trimestre, les marchés français et allemands ont été les plus dynamiques. Pour 2011, DTZ table sur 123 milliards d’euros d’investissement, soit une progression de 28 % par rapport à 2010.
24/01/2011

La SEC en faveur d’une norme fiduciaire

L’autorité américaine des marchés plaide pour la mise en place d’un standard fiduciaire commun s’appliquant aux courtiers et aux conseillers financiers enregistrés. Selon la SEC, cette uniformisation se justifie en raison de la confusion dans laquelle sont plongés nombre d’investisseurs particuliers face aux rôles joués par les conseillers en investissement et les broker-dealers.

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