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23/09/2010

Mark Krombas joins Charlemagne

p { margin-bottom: 0.08in; } Fund Strategy reports that Mark Krombas, who managed the Ocean Equities Mena Opportunities, SGAM Fund Equities Mena and SGAM Oasis funds at GLG and SGAM (UK), is joining Charlemagne Capital, where he will manage a Middle East and North Africa (MENA) sub-fund of the UCITS-compliant Sicav Magna.
23/09/2010

Large funds set the tone for inflows

p { margin-bottom: 0.08in; }a:link { } In an analysis of the German fund market in January-July 2010, the Kommalpha agency finds that often a small number of promoters, or funds, are enough to influence the evolution of inflows or outflows in their segment. For example, Pimco Europe has raised about EUR8.6bn, while bond funds as a whole attracted only EUR7.5bn. In the open-ended real estate fund segment, the four largest actors account for 50% of total assets, while among 2,500 equities funds, it recently occurred that only two large ETF funds between them managed to generate positive overall net inflows for the sector as a whole, which otherwise showed outflows. The trend towards large funds determining the direction of their sectors also applies to bond funds, diversified funds and money market funds (see the table on page 3, at the following address: http://www.kommalpha.com/cms_sources/dateien/fondsmarkt/Kommalpha_Fonds…)
23/09/2010

BlackRock looks to grow in Brazil

BlackRock on 21 September announced the appointment of Luiz felipe Andrade as managing director and country head for Brazil, and will aim to develop the group’s activities in Brazil.Andrade will oversee a team of 16 professionals at BlackRock’s offices in Sao Paulo. He previously worked for 13 years at Itaù-Unibanco, where he was most recently director of markets and liquidity risk.p { margin-bottom: 0.08in; }
23/09/2010

BVI welcomes new regulations for real estate funds

p { margin-bottom: 0.08in; }a:link { } The German federal government on 22 September passed a bill to improve investor protection and the functioning of the financial markets (Anlegerschutz- und Funktionsverbesserungsgesetz). The text of the law may be consulted at the following address: http://www.bundesfinanzministerium.de/nn_82/DE/BMF__Startseite/Aktuelle…. The law introduces a minimal investment duration for open-ended real estate funds of 2 years, and exit penalties of 10% in the third year and 5% in the fourth year, but authorised redemptions of up to EUR5,000 per month, per subscriber. It also relaxes the requirements for asset sales, when liquidation is inevitable, and authorises managers to sell properties at an increasing markdown from their book value (up to 20% in the first half of the third year). The BVI association of asset management firms has welcomed the passage of the law, which sanctions the segmentation which has set in in practice between retail investors on the one hand, and institutional and large-scale investors on the other. The BVI hopes that some improvements to the text will come as it is examined by Parliament. Open-ended real estate funds in January-July posted net subscriptions of EUR2.7bn.
23/09/2010

Belgrave Capital registers Vitruvius fund in Spain

p { margin-bottom: 0.08in; } On 10 September, the CNMV registered the UCITS-compliant, Luxembourg-domiciled Vitruvius fund, and its eleven sub-funds. The multi-portfolio, multi-adviser rage specialises in alternative strategies, with the London-based Belgrave Capital Management (BCM), an affiliate of Banca del Ceresio, as its promoter. Vitruvius is already licensed for sale in Germany, Austria, France, Italy, Luxembourg, Sweden, and Switzerland.
23/09/2010

Invesco registers 14 PowerShares funds in Austria

p { margin-bottom: 0.08in; } From 1 September, Invesco PowerShares is licensed by the FMA to sell 14 PowerShares funds in Austria. The products replicate Intelligent indices (Intelligent Index, Intelligent Exposure, Intelligent Access).
23/09/2010

Pimco launches two ETFs

p { margin-bottom: 0.08in; } With the Pimco Build America Bond Strategy Fund (BABZ), an actively-managed ETF, and the Pimco Investment Grade Corporate Bond Index Fund (CORP), a passively-managed fund, Pimco (Allianz Global Investors group) has added two products to its range, one with a management commission of 0.45%, and the other with fees of 0.20%. BABZ offers access to the taxable municipal bond markets, and aims to capture the performance of the best securities, while avoiding issues from municipalities which Pimco considers to have deteriorating credit quality. The fund is managed by John Cummings, executive vice president and head of the municipal bond desk. COPR invests in investment grade corporate bonds, most of which belong to the BofA ML US Corporate index, with careful balancing of the duration curve and the credit characteristics of the index.
23/09/2010

Euronext Paris lists 5 Asia ex Japan ETFs from Lyxor

p { margin-bottom: 0.08in; } On 22 September, NYSE Euronext announced that it has admitted five Asia ex Japan ETFs from Lyxor Asset Management (Société Générale), all of them registered in France, all with fees of 0.65%, to trading. The funds are the Lyxor ETF MSCI AC Asia Ex Japan Financials TR, Lyxor ETF MSCI AC Asia EX Japan Consumer Staples TR, Lyxor ETF MSCI AC Asia Ex Japan Materials TR, Lyxor ETF MSCI AC Asia ex Japan Information Technology TR and Lyxor ETF MSCI AC Asia Ex Japan Infrastructure Capped TR.
23/09/2010

Poland gets its first ETF

The Warsaw Stock Exchange is getting its first Exchange Traded Fund, says the Financial Times. It is created by Lyxor Asset Management and linked to the bourse’s blue chip WIG20 index.
23/09/2010

Singapore will overtake London as global asset management centre by 2025

Singapore is going to become the second largest global asset management cluster by 2025, says PricewaterhouseCoopers in a new research. By 2040, the three largest clusters by value of assets under management are projected to be New York, Singapore and London.Boston, London and New York are currently the largest clusters in asset management (based on the value of funds under management).But the threat of stricter regulation in some western financial markets has created opportunities for Asian and South East Asian markets, which are campaigning to attract funds to the region. Perhaps even more important is the potential for organic growth in Asia – driven by strong economic performance and large stock of private and public capital.PwC expects to see the existing asset management clusters of Hong Kong and Singapore grow rapidly. Both locations offer less burdensome tax regimes than their western counterparts and have “well-regulated but moderate”11 regulatory structures. However, in PwC’s view there can only be one dominant regional centre in Asia.In the first half of 2010 Hong Kong out-performed Singapore in attracting start up asset management funds with 65% of Asian fund launches during the period occurring in Hong Kong. However, with the Singaporean government actively promoting the city as a global centre for asset management and with a higher existing value of assets under management, Singapore is well-placed to compete with Hong Kong going forward, according to PwC.
23/09/2010

Pictet launches a long/short China fund

Pictet Funds, the fund distribution arm of the Swiss private bank Pictet & Cie, has launched the Pictet Total Return-Mandarin fund, an Asian equities long/short fund domiciled in Luxembourg, and compliant with the UCITS III directive.The fund, managed by Lan Wang Simond, invests in China, with diversification in Hong Kong, Taiwan, or other Asian countries outside Greater China. The Pictet Total Return-Mandarin fund replicates the management of the Cayman Islands-registered fund Asia Focus. The management team hopes to benefit from the “secular growth” of China, while minimising risk of losses in turbulent periods, and maximising outperformance through specific concepts in stock-picking.Management strategy aims to reduce market correlation and to generate “asymetric, less volatile, positive returns,” Pictet Funds says. The fund is currently licensed for sale in France, Germany, Luxembourg, Switzerland, and the United Kingdom. p { margin-bottom: 0.08in; }
23/09/2010

Institutionals should engage more in responsible investment

A recent analysis by Unctad (“Investment and Enterprise Responsibility Review”) of the 100 largest pension funds in the world, with total assets under management of USD8.6trn, or about EUR6.5trn, reveals that nearly half of the major pension funds publish one or several indicators based on the United Nations Principles for Responsible Investment (UN PRI). But the analysis finds no reference to responsible investment by 51 pension funds in the sample, representing 39% of total assets under management. Only 27 funds, with assets representing only 42% of all assets under management, publish four or more indicators.The authors of the study conclude that although the increasing spread of responsible investment is a reality, the fact is that many pension funds still have a long way to go. For this reason, they recommend that all institutional investors should be invited to formulate their position in regards to responsible investment to all parties. “Transparency of practices in terms of responsible investment is essential, not only to reduce imblances between contractual parties, but also to ensure the sustainable development of international markets,” the authors point out.p { margin-bottom: 0.08in; }
23/09/2010

Rebound in bonuses for management risk specialists

p { margin-bottom: 0.08in; } Pay scales for risk professionals in asset management rebounded last year, following declines in 2007 and 2008, according to the most recent edition of the annual study by Risk Talent Associates. Total pay increased 4%, with a stagnation or slight decrease in salaries, but a 7% increase in bonuses. The study finds that last year, 90% of alternative management professionals earned bonuses, compared with 86% in traditional asset management and 81% in insurance.
23/09/2010

Westwood acquires McCarthy

p { margin-bottom: 0.08in; } Westwood Holdings Group (USD9.7bn in assets as of 30 June) has acquired the investment advisory firm McCarthy Group Advisors (MGA) which advises the no-load funds McCarthy Multi-Cap Stock Fund (USD62.4m) and has about USD1bn under management for high net worth and institutional clients, for an undisclosed amount. Westwood announced on 22 September that MGA, whose 11 employees will be transferred to the group, will in the future operate as the Omaha, Nebraska, branch of Westwood Trust, an affiliate of Westwood Holdings with USD1.8bn in assets under management.
23/09/2010

New head of Latin American activities at BofA Global Wealth

p { margin-bottom: 0.08in; } Bank of America Global Wealth and Investment Management (GWIM) on 21 September announced the retirement next month of Brian Sepe, head of Latin American activities, and his replacement by Sonia Dula, currently head of Bank of America Merrill Lynch Corporate and Investment Banking for Latin America. In her new position, Dula, who will report to Sallie Krawcheck, chair of BofA GWIM, and Andrea Orcel, executive chairman of Global Banking and Markets, and president of emerging markets ex Asia, will be in charge of all onshore and offshore financial advisers in Latin America.
23/09/2010

Alfred Moeckli takes over at bank zweiplus

p { margin-bottom: 0.08in; } bank zweiplus, in which Sarasin bank controls a majority stake, announced on 22 September that it has appointed Alfred Moeckli as chief executive officer (CEO) and chairman of the board at the Zweiplus bank, effective immediately. Moeckli takes over from Marco Weber, who has decided to leave the ban after contributing to the success of its initial launch phase. Moeckli previously worked at Falcon Private Bank as deputy CEO, institutional and treasury head, and member of the board of directors.
23/09/2010

AMG plans to open Hong Kong office

p { margin-bottom: 0.08in; } Asian Investor reports that the US group AMG (USD250bn in assets under management) is planning to open a Hong Kong office by the end of the year. The head of AMG, Sean Healey, was recently in Hong Kong, where he announced that he has already recruited a head for Asia. AMG has only 30% of its assets invested in US equities, while 35% of its portfolio is dedicated to global equities, and at least 10% of assets under management are emerging markets equities.
23/09/2010

Lochiel Crafter appointed CIO for SSgA Asia

p { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) announced on 21 September that it has appointed Lochiel Crafter as chief investment officer for Asia-Pacific. “The newly-created position illustrates the importance of the Asia-Pacific region in SSgA’s growth straetgy,” a statement from the firm says. Crafter will be head of investment teams in Sydney, Hong Kong, Tokyo and Singapore. Before joining SSgA, where he had already worked in the past, Crafter was CEO of the Australian pension fund Australian Reward Investment Alliance (Sydney). He will continue to be based in Sydney.
23/09/2010

Two heads of private banking from Guipuzcoano join BES

p { margin-bottom: 0.08in; } Garikoitz Olabera, director of private banking at Guipuzcoano, has joined Banco Espirito Santo (BES) in Portugal as head of private banking, and the private wealth management arm of BES as head for the central Spanish region, Funds People reports. Eva Quintero, who was previously head of the private bank at Guipuzcoano for the Madrid region, will lead a new private banking centre which BES will open in Madrid. Guipuzcoano has been acquired by Banco Sabadell. Its private banking team manages 19 Sicavs with total assets of EUR181m. To replace Olabera, Guipuzcoano has appointed Ana Euba Aldape, head of the group’s management firm (EUR1bn). Quintero’s position is a newly-created one.
23/09/2010

Vision gets SEC subpoena

p { margin-bottom: 0.08in; } According to sources familiar with the matter cited by the Wall Street Journal, Vision Capital Advisors, a hedge fund management firm (USD700m) specialised in financing small publicly-traded businesses on the basis of privately negotiated transactions (PIPEs), has received a subpoena from the SEC requiring it to explain its activities. The firm was launched in 2005 by Adam Benowitz, who helped pay bills in college by playing poker, and Randall Cohen, who has taught at Harvard and MIT.
23/09/2010

Anima merges funds

p { margin-bottom: 0.08in; } Anima Sgr, the asset management firm founded on 31 December last year from the merger of Anima and Bipiemme Gestioni, is reorganizing its Italian-registered fund range, effective from 17 December 2010. The idea is to simplify the current product range, composed of two families of funds, through mergers of products. The number of funds will be reduced from 41 to 30.
23/09/2010
Fonds

Pictet lance un fonds long/short sur la Chine

Pictet Funds, la société de distribution de fonds de la banque privée suisse Pictet & Cie, lance le fonds Pictet Total Return-Mandarin, un fonds long/short en actions asiatiques domicilié au Luxembourg et conforme à la directive OPCVM III. Pilotée par la gérante Lan Wang Simond, le fonds est investi sur la Chine, avec une diversification sur Hong Kong, Taiwan ou dans d’autres pays asiatiques hors de la zone Grande Chine. Le Pictet Total Return-Mandarin réplique la gestion du fonds de droit Cayman Asia Focus. L'équipe de gestion prévoit de tirer parti de la «croissance séculaire» de la Chine, minimiser le risque de baisse en période de turbulences des marchés et maximiser la surperformance par le biais d’idées spécifiques en matière de sélection de titres. La stratégie de gestion vise à réduire la corrélation au marché et à générer des «rendements positifs asymétriques, moins volatils», souligne Pictet Funds. Le fonds est pour l’instant enregistré pour la distribution en France, en Allemagne, au Luxembourg, en Suisse et au Royaume-Uni.
Fonds
23/09/2010
Fonds

Les grands fonds donnent le ton de la collecte

Dans une analyse du marché allemand des fonds pour janvier-juillet 2010, l’agence Kommalpha souligne que souvent un nombre restreint de promoteurs, voire de fonds, suffisent à influencer l'évolution de la collecte ou de la décollecte dans leur segment.A titre d’exemple, Pimco Europe a levé environ 8,6 milliards d’euros, alors que l’ensemble des fonds obligataires drainait seulement 7,5 milliards d’euros. Dans le compartiment des fonds immobiliers offerts au public, les quatre plus gros acteurs se répartissent 50 % de l’encours total de la branche tandis que parmi les quelque 2.500 fonds d’actions, il est arrivé récemment qu'à eux seuls deux grands ETF arrivent à générer une collecte nette pour le secteur qui serait sans cela dans le rouge.La tendance selon laquelle les grands fonds déterminent l'évolution de leur secteur prévaut aussi pour les fonds obligataires, les fonds diversifiés et les fonds monétaires (voir tableau page 3 à l’adresse http://www.kommalpha.com/cms_sources/dateien/fondsmarkt/Kommalpha_Fondsmarkt_September_2010_BASIS.pdf)
Fonds
23/09/2010
Fonds

Invesco fait enregistrer 14 PowerShares en Autriche

A compter du 1er septembre, Invesco PowerShares bénéficie d’un agrément de la FMA pour la commercialisation de 14 ETF PowerShares en Autriche. Il s’agit de produits qui répliquent des indices «intelligents» (Intelligent Index, Intelligent Exposure, Intelligent Access).
Fonds
23/09/2010

Alfred Moeckli prend les rênes de bank zweiplus

bank zweiplus, détenue majoritairement par la banque Sarasin, a annoncé le 22 septembre la nomination avec effet immédiat de Alfred Moeckli en qualité de Chief Executive Officer (CEO) et président de la direction générale de la banque Zweiplus. Alfred Moeckli a repris le poste de Marco Weber qui a décidé de quitter la banque après avoir contribué à la réussite de la phase de lancement.Alfred Moeckli travaillait précédemment chez Falcon Private Bank en tant que deputy CEO, responsable Institutional and Treasury et membre du conseil d’administration.
23/09/2010

BlackRock veut se renforcer au Brésil

BlackRock a annoncé le 21 septembre la nomination de Luiz Felipe Andrade en qualité de managing director et responsable pays pour le Brésil, avec pour mission de développer les activités du groupe au Brésil.Luiz Felipe Andrade sera à la tête d’une équipe de seize professionnels installés dans les bureaux de BlackRock à Sao Paulo. Luiz Felipe Andrade a travaillé auparavant pendant treize ans chez Itaù-Unibanco où il était dernièrement director of markets and liquidity risk.
23/09/2010

Deux dirigeants de la banque privée du Guipuzcoano rejoignent BES

Garikoitz Olabera, directeur de la banque privée du Guipuzcoano rejoint la banque privée du Banco Espirito Santo (BES) en tant que responsable de l'établissement au Portugal. Il accède également au poste de responsable de la banque privée et patrimoniale du BES pour la zone centre de l’Espagne, rapporte Funds People. D’autre part, Eva Quintero, qui était responsable de la banque privée du Guipuzcoano pour la région madrilène, va diriger un nouveau centre de banque privée que le BES va ouvrir à Madrid. Le Guipuzcoano a été acheté par le Banco Sabadell. Son équipe de banque privée gère 19 sicav d’un encours total de 181 millions d’euros. Pour remplacer Garikoitz Olabera, le Guipuzcoano a nommé Ana Euba Aldape, qui dirige la société de gestion du groupe (1 milliards d’euros). Le poste d’Eva Quintero ne sera pas pourvu.
23/09/2010

Iberia verra le déficit de son régime de retraites comblé

L’Agefi rapporte que la compagnie aérienne espagnole Iberia a approuvé le plan de British Airways visant à combler les milliards de livres de déficit de son régime de retraites, ce qui lève le dernier obstacle à la fusion entre les deux compagnies d’ici la fin de l’année.
23/09/2010
Fonds

Belgrave Capital fait enregistrer Vitruvius en Espagne

Le 10 septembre, la CNMV a enregistré la sicav luxembourgeoise coordonnée Vitruvius et ses onze compartiments. Il s’agit d’une gamme «multi-portefeuilles» et multi-conseillers» spécialiste entre autres des stratégies alternatives dont le promoteur est le londonien Belgrave Capital Management (BCM), qui est filiale de Banca del Ceresio. Vitruvius bénéfice déjà d’un agrément de distribution en Allemagne, en Autriche, en France, en Italie, au Luxembourg, en Suède et en Suisse.
Fonds
23/09/2010

Lochiel Crafter nommé reponsable des investissements chez SSgA Asia

State Street Global Advisors (SSgA) a annoncé le 21 septembre la nomination de Lochiel Crafter en qualité de responsable des investissements pour la zone Asie-Pacifique. «Cette fonction nouvellement créée illustre l’importance de la zone Asie-Pacifique dans la stratégie croissance de SSgA», souligne la société dans un communiqué.Lochiel Crafter aura la responsabilité des équipes d’investissement à Sydney, Hong Kong, Tokyo et Singapour.Avant de rejoindre SSgA, où il a déjà travaillé dans le passé, Lochiel Crafter était le CEO du fonds de pension australien Australian Reward Investment Alliance (Sydney). Il restera basé à Sydney.

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