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21/01/2011

Legg Mason releases an absolute return bond fund in Spain

p { margin-bottom: 0.08in; } Legg Mason Global Asset Management has announced that it has recently registered the Legg Mason Western Asset Global Credit Absolute Return Fund, which is managed by Western Asset Management, an affiliate of Legg Mason specialised in international bonds, with the CNMV.The product is an absolute return product which invests in a diversified portfolio of corporate and high yield bonds, Funds People reports. The objective is to generate returns of 8-10%, with similar volatility, over a three-year cycle.The UCITS-compliant fund, with daily liquidity, is domiciled in Dublin, and managed by Dipankar Shewram.
21/01/2011

Net assets up 21% for Sweden's Investor

p { margin-bottom: 0.08in; } The Swedish investment firm Investor on 20 January announced a net year-on-year increase in the value of its portfolio in 2010, Agefi Switzerland reports. Net asset value, which means the value of investments, minus debt, increased 21% in one year, to SEK167bn (EUR18.7bn) as of 31 December 2010. This total, driven up by increases in the value of Swedish large caps, puts the value of the firm at SEK224 per share, compared with a value of SEK187 per share one year ago, and SEK200 at the end of third quarter. The board of directors has therefore proposed to increase the annual dividend to SEK5 per share, from SEK4 per share in 2009.
21/01/2011

Pictet soon to release a UCITS fund

p { margin-bottom: 0.08in; } Pictet is presently still awaiting AMF approval to release a UCITS-compliant fund of hedge funds, managed by Cristina Bagnoli Mandic at Pictet Alternative Investments (PAI), in France. The product invests in CTA (futures), global macro and long/short equity markets, with a preference for liquid strategies, a major preoccupation of PAI (see Newsmanagers of 15 December 2010). The fund has weekly liquidity, and does not use swaps on offshore funds.
21/01/2011

Rothschild & Cie Gestion launches R Sovereign EuroRecovery

p { margin-bottom: 0.08in; } Rothschild & Cie Gestion has launched R Souverain EuroRecovery, a fund which invests in “high risk” government bonds of the Euro zone, including Greece, Spain and Ireland, Sébastien Barbe, director and head of fixed income management at the management firm, announced at its most recent quarterly strategy committee meeting. The French-registered FCP fund, created on 30 December, will aim to outperform the Euro MTS Global index.
21/01/2011

CalPERS earned net returns of 12.5% in 2010

p { margin-bottom: 0.08in; } The Californian pension fund CalPERS on 20 January announced that it earned net returns of 12.5% on its investments last year. Assets under management as of the end of 2010 totalled USD225.7bn, an increase of over USD65bn compared with their low point in March 2009 (USD160bn).Among the various asset classes, private equity performed best, with gains of 21.5% more than 7 percentage points more than its benchmark index. Equities earned returns of 14.6%, with gains of 17.3% for US equities and 12.8% for international equities. Fixed income has finished the year with returns of 11.6%.The only negative result was for real estate, were losses were limited to 5%, the lowest since the onset of the financial crisis, CalPERS reports.
21/01/2011

MAN Group's AUM total USD68.6bn

p { margin-bottom: 0.08in; } Assets under management at Man Group totalled USD68.6bn as of the end of its third quarter, on 31 December 2010, compared with USD65.9bn as of 30 September, of which USD40.5bn were at Man, and Usd25.4bn related to the acquisition of GLG.MAN says in a statement that hedge funds saw a net inflow of USD100bn in third quarter. Long-only funds saw an outflow of USD1.1bn in third quarter, due to a redemption of over USD1bn on a low-margin mandate, as the investor wanted to pull out of European equities.
21/01/2011

JO Hambro IM recruits two managers

p { margin-bottom: 0.08in; } Two managers from Spencer House Capital Management (SHCM), Charles Martyn-Hemphill and Will kenney, will join JO Hambro Investment Management (JOHIM) in February, Investment Week reports. The two managers, founding partners of SHCM, will also continue to manage the Spencer House Capital Management fund, as well as other dedicated mandates.
21/01/2011

BlackRock: the largest shareholder in Germany

p { margin-bottom: 0.08in; } In an article dedicated to the history of BlackRock, Handelsblatt says that the US management firm is the only investor to hold shares in all companies of the Dax index. It is the largest shareholder in German businesses overall, and via its active or passive funds, it controls from 5% to 9% of nine Dax companies: Adidas, Allianz, BASF, Bayer, Deutsche Bank, Heidelberg Cement, Infineon, Merck, and Munich Re. Such a situation has never before been observed in the history of the German stock market.
21/01/2011

Amundi in pole position to take over Pioneer

p { margin-bottom: 0.08in; } Il Sole – 24 Ore reports that Amundi is in pole position to take over Pioneer Investments from UniCredit, with an integration proposal which would give the Italian bank a place as a minority shareholder in the asset management firm controlled by Crédit Agricole and Société Générale. The candidates, who also include Natixis and Resolution, must submit their final bids in March. The Italian newspaper estimates that if the price is not high enough, UniCredit may decide to “freeze” the Pioneer deal. That would raise the possibility of a sale of the US activities of the asset management firm, and a merger of the Italian part of the business with Eurizon, the asset management unit of Intesa Sanpaolo.
21/01/2011

State Street to manage a portfolio of US bonds for Lærernes Pension

p { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) on Thursday, 20 January announced that it has been selected by Lærernes Pension, the life insurance and pension fund for over 127,000 teachers in Denmark, to manage its portfolio of investment grade US corporate bonds. The size of the portfolio is USD271m. It will be invested according to a passive strategy, on the basis of environmental, social and governance (ESG) criteria, for the group’s EUR5.5bn fund. The SRI filter which SSgA will use was defined by Lærernes Pension.
21/01/2011

Fresh blood at Baillie Gifford

p { margin-bottom: 0.08in; } The Scottish asset management firm Baillie Gifford Investment Management on 20 January announced the appointment of three new partners, effective from 1 May 2011, bringing the number of members at the college of partners working full-time for the business to 37.The new partners include Malcolm MacColl, senior portfolio manager and one of the three decision-makers for the global alpha equities team, Bill Pacula, who will become the first international partner, and who is in charge of business development for the United States and Canada, and David Salter, client director in the institutional clients department.As of 30 April 2012, the partners Edward Hocknell, Nigel Morecroft and Leslie Robb will be retiring. From 1 May 2012, Andrew Telfer will become joint senior partner, in charge of directing the business. He will succeed Alex Callander, who will be retiring after a 30-year career at the firm. Telfer is currently head of the institutional clients department.
21/01/2011

Assets under management at Aberdeen up 2.6% in 2010

p { margin-bottom: 0.08in; } As of 31 December 2010, assets under management at the Scottish group Aberden totalled GBP183.3bn, up 2.6% compared with 30 September 2010. Fourth quarter 2010 ended with net outflows of GBP0.8bn, which were more than adequately offset by positive market effects of GBP5.4bn. Equities funds posted a net inflow of GBP3.4bn for the quarter, largely thanks to emerging markets, but all other asset classes finished the quarter in the red: -GBP900m for alternative strategies, -GBP900m for real estate, -GBP400m for money market funds, and -GBP2bn for fixed income. Under the double impact of net inflows and market effects (over GBP5bn), assets under management at equities funds totalled GBP80.8bn as of 31 December 2010, compared with GBP72.1bn one quarter earlier.
21/01/2011

German government may revise real estate fund legislation

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that the German parliamentary CDU/CSU and FDP groups are planning to amend the proposed open-ended real estate fund legislation. They are planning to remove the required markdown on property valuations when properties are resold within 2 years (10%) or 3 years (5%), and to reduce the minimal period a property should be held from 2 years to 1 year, to allow retail investors to make withdrawals limited to EUR30,000 per year, and to lower the maximal leverage level for the funds from 50% to 30%.
21/01/2011

Absolute return: British management association may make changes to categories

p { margin-bottom: 0.08in; } The British investment management association (IMA) is considering changes to the absolute return fund category, which would add two subsectors for one-year and three-year funds, Money Marketing reports. This distinction would allow funds whose strategies are more long-term to retain their status as absolute return funds. Money Marketing reported last week that the FSA considers the absolute return label inappropriate in its current form (see Newsmanagers of 14 January 2011).
21/01/2011

British asset management association in another warning over new AIFM rules

p { margin-bottom: 0.08in; } The British investment management association (IMA) on 20 January announced that the introduction of new clauses in the AIFM directive could be damaging to investors.The professional association is reacting to a call for comments by the European Securities Markets Authority (ESMA) last month.The association claims that the directive is already a highly detailed document. “As a result, we call on ESMA now to introduce useless new terms in the level 2 and 3 measures, and to use directives rather than regulations at this level,” says Julie Patterson of the IMA.
21/01/2011

La Turquie surprend en baissant ses taux

La Banque Centrale de Turquie a abaissé jeudi son taux directeur de 25 points de base à 6,25%. «L’inflation devrait baisser sensiblement en janvier, restant inférieur à l’objectif de fin d’année de 5,5% durant le premier trimestre», explique la banque centrale dans un communiqué.
21/01/2011

La SEC renforce la transparence autour des ABS

La SEC a voté à l’unanimité en faveur de nouvelles règles permettant aux investisseurs de recevoir une information de meilleure qualité préalablement à un investissement dans des ABS (Asset-backed securities). Concrètement, les investisseurs pourront voir à quelle fréquence les émetteurs de titres ont reçu des demandes de rachat, notamment pour les actifs liés à des créances toxiques.
21/01/2011

Calpers rebondit

Le fonds de pension des retraités du secteur public californien a enregistré une performance de gestion de 12,5% en 2010, soutenue par les actifs alternatifs (+21,5%) et les actions américaines (+17,3%). Le montant des actifs gérés à fin décembre par le plus important fonds de pension outre-Atlantique s’élève à 228 milliards de dollars.
21/01/2011

Le LSE est ouvert aux partenariats

Dans un entretien accordé au quotidien, le président du London Stock Exchange, Chris Gibson-Smith, assure qu’il reste ouvert à de «nouveaux partenariats» dans le futur. Une fusion resterait toutefois à ses yeux «difficile à mettre en œuvre, en raison de la diversité des régulations sur les différents marchés».
21/01/2011

PAI vendra SPIE cette année

La société d’investissement PAI Partners, qui compte lancer une levée de fonds critique, devrait initier la vente de sa dernière participation phare, SPIE, au second semestre de cette année, indique le journal qui ne cite pas ses sources. Le fonds, qui envisageait un scénario de cotation en Bourse, aurait finalement favorisé un processus de vente classique, «qui lui offre une visibilité sur la valorisation» poursuit le quotidien.
21/01/2011

Le marché du CO2 encore décrédibilisé

L’arrêt des transactions sur le marché spot traduit le décalage existant avec les marchés dérivés. Bruxelles envisage aussi de renforcer sa régulation.
21/01/2011

La majorité des gérants surperforme le marché

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de décembre 2010. Ces performances sont mises en perspective par le calcul de la volatilité et du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
21/01/2011

Le risque est peut-être un peu trop rémunéré

Le graphique ci-contre montre l’évolution de l’appétit pour le risque, mesuré par la corrélation de rang entre les rendements des facteurs de risque et la volatilité qui leur est associée. Si la corrélation est positive, l’aversion pour le risque a baissé ; si la corrélation est négative, elle a augmenté.

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