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16/07/2010

The Hartford slashes fees for 36 funds

From 1 July, management commissions have been reduced for 36 products from The Hartford Mutual Funds (USD95.8bn as of 31 March). The asset management subsidiary of The Hartford has reduced fees for institutional, retirement and retail shares in the Diversified International, Fundamental Growth, Global Research, International Growth, International Opportunities and Value funds by 30 basis points. The objective is to put these funds in the foreground compared with their peers in their respective Morningstar categories, Keith Sloane, senior vice president at The Hartford Mutual Funds, announced on Wednesday. Fees have also been reduced by 15 basis points for institutional and retirement share classes in 30 other funds, with the goal of increasing institutional market share by targeting consultants and IFAs.
16/07/2010

ABP coverage ratio down 9 points

For January-June, the ABP pension fund for about 2.8 million public sector employees and teachers in the Netherlands has posted returns of 4.6%, and its assets as of 30 June totalled EUR218bn, compared with EUR208bn at the end of 2009, the Wall Street Journal reports. Gains are largely due to investments in corporate and government bonds, emerging markets equities, private equity and hedge funds. However, the coverage ratio for the fund has fallen to 95% at the end of June, compared with 104% at the end of December, while the legal minimum is 105%. This decline is largely due to historically low long-term interest rates.
16/07/2010

OMAM registers Old Mutual Dublin Funds with CNMV

On 9 July, the CNMV registered the Irish-domiciled Sicav Old Mutual Dublin Funds Plc from Old Mutual Asset Management (OMAM), including its sub-funds Global Bond Fund (bonds), Global Equity Absolute Return Fund, UK Dynamic Equity Fund and UK Select Smaller Companies Fund (equities). The products are available on the Allfunds Bank platform.
16/07/2010

DWS adds to British product range

DWS Investments has released three new funds domiciled in Luxembourg on the British retail market: DWS Invest Top Dividend, Diversified Fixed Income Strategy, and Global Thematic, according to Fund Strategy. DWS returned to the British market last year with a series of regional and thematic funds, after withdrawing from the market five years ago with the sale of its full range to Aberdeen Asset Management. To strengthen its coverage of the British market, DWS has also appointed Stephen Moore as head of sales for the United Kingdom. Moore was previously at Julius Bär Asset Management.
16/07/2010

Deka Immobilien earns gains in London

The German management firm Deka Immobilien has announced that it resold the office property St. James House in London to Standard Life on 1 July for EUR53.5m. The 3,317 square metre property was purchased for EUR45.5m in March 2003 for an institutional fund from Deka Immobilien; it is wholly leased to Jeffries International Ltd. It becomes the third property to be sold above market value by the management firm in three months (the first two were in Korea and Germany).
16/07/2010

DWS to liquidate its last local hedge fund

On 29 October 2010 and 16 June 2011, DWS Investments will liquidate the DWS Hedge L/S Global Macro and DWS Hedge L/S Currency funds, its last German-registered hedge funds, the asset management firm from Deutsche Bank confirmed to Newsmanagers on Thursday evening. The DWS website actually states that the last date to accept subscriptions for the DWS Hedge L/S Global Macro fund, launced on 1 August 2005, was 30 June, and that assets now total only EUR0.01m. The performance of the fund has been 1.90% per year since its launch. However, the closure date for the DWS Hedge L/S Currency fund published by the Frankfurter Allgemeine Zeitung is not yet mentioned in the documentation for the fund (launched on 1 July 2004), which has assets of EUR10.42m. Performance has totalled 3.58% per year. DWS Investments had already liquidated the DWS Invest Dynamic fund last year, then, in April 2010, the DWS Hedge L/S Equity Opportunistic and the DWS Hedge L/S Market Neutral. Like other German asset management firms, DWS is reeling from the consequences of legislation which has complicated sales (warnings on documents, only private placement for single hedge funds). In addition, hedge funds have had a negative image in Germany since the “locust” controversy.
16/07/2010

Investors turn their backs on FoHFs

According to a survey by the consulting firm Preqin in June, more than one third of institutional investors in funds of hedge funds are planning to withdraw their money from the sector to reallocate it to single hedge funds, the Financial Times reports. Preqin finds that 80% of investors who have already withdrawn their money from funds of hedge funds did to after the beginning of the financial crisis in 2008. The most frequently cited reason for the withdrawals is high levels of fees.
16/07/2010

Bond funds regaining popularity, according to Robeco

The BSI index of investment adviser morale, undertaken by TNS Infratest for Robeco Deutschland, has slipped by 0.2 points in second quarter compared with January-March, to 100.1. Robeco Germany observes that the opinions of professionals as to sales of bond funds have returned to a near-normal level, with 17% satisfied, compared with 10% in first quarter. For the next six months, 13% of advisers (compared with 12%) predict that sales will increase. Among the other findings of the survey of 350 client advisers at commercial banks, savings banks and co-operative banks in Germany are that 35% of specialists are optimistic about the evolution of sales of open-ended funds by the end of December (compared with 36%), and that 46%, compared with 45%, are convinced that sales of equities funds will increase. However, advisers’ estimation of sales of money market funds in second quarter fell to all-time low levels, with only 13% satisfied. And for the next six months, only 7%, as in first quarter, are optimstic.
16/07/2010

AGI liquidates a EUR130m Pimco fund

As of 31 July 2012, Allianz Global Investors will close the Allianz PIMCO Genusscheinfonds (formerly cominvest Genusscheinfonds), which was launched on 16 July 2001, and which has assets of over EUR130m. Subscriptions and redemptions for the fund of entitlement warrant notes had been frozen since 3 March 2009. In light of the highly limited liquidity of the market segment, the assets in the fund could not be dispersed at suitable prices, while reopening the redemption window would most likely result in redemption requests that would exceed available liquidity. The date of liquidation has been set according to the maturity dates of most of the securities remaining in the portfolio.
16/07/2010

Hedge funds limit losses in June

The global hedge fund index calculated by Greenwich Alternative Investments lost 0.84% in the month of June, while the S&P 500 lost 5.23%. However, merger and acquisition arbitrage strategies earned gains of 70 basis points, while bond arbitrage funds gained 1.06%. However, the long/short equity index lost 1.57%.
16/07/2010

Inversis launches a product based on Carmignac Patrimoine

The Spanish Inversis Banco is marketing a structured product issued by Morgan Stanley which uses the Carmignac Patrimoine fund as its underlying, Funds People reports. The product guarantees 100% of invested capital after four years, plus 80% of the performance of the Carmignac Patrimoine fund during this period. Minimal subscription is set at EUR20,000, and the distribution commission is 3%. Inversis Banco is the sole distributor of the product until the end of the month.
16/07/2010

Santander AM launches a UCITS-compliant fund of hedge funds

The Santander Absolute Strategy fund, which Santander Asset Management has registered with the CNMV, becomes the first newcits fund from the management firm. It is a fund with daily liquidity, which invests in 15 to 25 UCITS III-format hedge funds. It will be available on the Allfunds Bank platform, and will be advised by Allfunds Alternative, Funds People reports. The objective is to achieve net annual performance of 5-7%, with volatility of 3-8%.
16/07/2010

Prudential and Mubadala launch a joint venture

Prudential Real Estate Investors (Prei) and Mubadala Development Company have announced that they have signed an agreement to create a joint venture to raise capital from investors, with the objective of investing in real estate projects in Abu Dhabi and other international markets. The joint venture is entitled Mubadala Pramerica Real Estate Investors. As of 31 March this year, gross real estate assets at PREI totalled about USD43.8bn (USD22.8bn net).
16/07/2010

Fitch confirms M2+ rating for Man Investments

The Fitch ratings agency announced on 15 July that it has confirmed its M2+ rating for Man Investments for its alternative multi-management activities. The rating reflects the stabilisation of multi-management activities by the firm in the wake of its restructuring. The agency also notes that multi-management activities have largely not been affected by the acquisition of GLG, but that cross-border functions such as sales, risk, and middle office will need to be integrated.
16/07/2010

Management roles reassigned at Swip

Fund Strategy reports that Scottish Widows Investment Partnership (SWIP) has reassigned five of its funds to new managers following the departure of the heads of emerging markets and developed market equities. Ian Fulton, manager of the Swip Global fund, has replaced Kim Catechis, formerly head of emerging markets, as manager of the Swip Emerging Markets fund. Johnny Russell has taken over sole management of the Swip SRI fund, following the departure of Ian Vose, head of developed market equities. Ken Adams becomes sole manager of the Clerical Medical Adventurous fund. Jeff King, head of diversified funds, has pulled out of the co-management of the fund. Following the resignation of Chris Bamberry, Gregor McDonald becomes the sole manager of the Swip UK Smaller Companies fund, while Guy Skinner has been appointed lead manager of the Clerical Medical International fixed Income fund.
16/07/2010

Threadneedle recruits head of investment grade credit from GSAM

In October, Jim Cielisnki, who has spent 12 years at Goldman Sachs Asset Management (GSAM), most recently as managing director and head fo global investment grade credit, will join the management team at Threadneedle as head of the fixed income desk, a team with 38 investment professionals, on 31 March. As of the end of March, the team managed GBP22.6bn in assets.
16/07/2010

González Delgado family looks to British real estate

According to reports in Cotizalia, the González Delgado family has asked the Knight Frank consulting firm to reinvest the remaining capital gains on the sale of its 6% stake in El Corte Inglés for EUR500m in the British real estate market. Through its portfolio management firm Hemera Capital, the family has already bought the Fortis Bank headquarters in calle Serrano in Madrid (3,300 square metres) from Standard Life Investments, and another property in Madrid, located on Arturo Soria avenue.
16/07/2010

Appointment at Fidelity

Fidelity has appointed Pete Burtonshaw has head of platforms, including FundsNetwork and platforms dedicated to defined contribution programmes. Burtonshaw, who has been at Fidelity since 2008, will begin in his new role in August, replacing his predecessor as head of FundsNetwork, david Dalton-Brown, who left last October.
16/07/2010
Fonds

Les investisseurs veulent tourner le dos aux fonds de hedge funds

D’après le sondage du cabinet de consultants Preqin en juin, plus d’un tiers des investisseurs institutionnels dans les fonds de hedge funds ont l’intention de retirer leur argent du secteur pour le réaffecter à des single hedge funds, rapporte le Financial Times. Preqin rapporte que 80 % des investisseurs ayant déjà retiré leur argent de fonds de hedge funds l’ont fait après le début de la crise financière en 2008. La raison la plus communément citée pour ces retraits est le montant élevé des commissions.
Fonds
16/07/2010

Prudential et Mubadala lancent une joint venture

Prudential Real Estate Investors (Prei) et Mubadala Development Company viennent d’annoncer la signature d’un accord prévoyant la création d’une co-entreprise pour lever des capitaux auprès des investisseurs avec l’objectif d’investir dans des projets immobiliers à Abou Dhabi et sur d’autres marchés internationaux. La co-entreprise se dénomme Mubadala Pramerica Real Estate Invstors.Au 31 mars dernier, les actifs immobiliers bruts de Prei s'élevaient à environ 43,8 milliards de dollars (22,8 milliards de dollars en net).
16/07/2010

MBK s'intéresse à KEB

Selon the Wall Street Journal, le capital investisseur MBK Partners a l’intention de soumettre une offre pour la participation de 51 % que détient Lone Star dans la Korea Exchange Bank (KEB), un paquet qui vaut actuellement environ 3,4 milliards de dollars. D’après un proche du dossier, MBK serait prêt à s’associer à d’autres investisseurs.
16/07/2010
Fonds

L'Efama publie des données sur la standardisation des ordres en Irlande

L’Association européenne de la gestion d’actifs a publié le 15 juillet un rapport sur les tendances récentes observées en matière de standardisation et d’automatisation des ordres relatifs aux fonds d’investissement reçus par les agents de transfert en Irlande. Le rapport couvre près de 80% du total des volumes d’ordres des fonds irlandais.Le rapport relève notamment que le taux d’automatisation des ordres traités par les agents de transfert s’est élevé à 86% au quatrième trimestre 2009, ce qui souligne le niveau très limité du traitement manuel. Le pourcentage des ordres utilisant des messages «propriétaires» atteint 78% au quatrième trimestre contre 8% pour les ordres réalisés sur la base des messages ISO 20022. L’Efama signale qu’elle publiera à l’automne un rapport sur le marché irlandais des fonds transfrontaliers et qu’elle proposera par la suite deux rapports par an sur les problématiques de standardisation et d’automatisation des ordres.
Fonds
16/07/2010

SG Private Banking nomme une directrice générale pour la Chine

Société Générale Private Banking a annoncé le 15 juillet la nomination de Mme Hsiao-Yun Lee au poste de directrice générale de Société Générale Private Banking en Chine. Mme Hsiao-Yun Lee aura pour mission de promouvoir l’offre de produits et services de la banque privée auprès des clients fortunés en Chine. Elle a rejoint Société Générale Private Banking (Asie Pacifique) à Hong Kong en 1997 pour développer une offre de gestion de fortune destinée aux clients fortunés chinois puis elle a été ensuite nommée responsable de Private Banking China à Shanghai en 2007.
16/07/2010

Michel Longhini rejoint l'UBP

Jeudi, l’Union Bancaire Privée a annoncé avoir recruté Michel Longhini, directeur général de la banque privée internationale de BNP Paribas depuis 2008, comme directeur général de sa division private banking. L’impétrant entrera en fonction début septembre et siégera au comité exécutif de l’UBP.Les liens étroits de Michel Longhini avec la région Asie-Pacifique, où il a travaillé de nombreuses années, sont considérés comme des atouts de premier ordre par son futur employeur, qui fait du développement de ses activités dans les pays émergents un axe central de sa stratégie de croissance. Il aura pour mission principale d’ouvrir de nouveaux marchés en Asie, au Moyen-Orient et en Europe de l’Est.
16/07/2010

Vontobel reprend la tête du marché suisse des structurés

Selon L’Agefi suisse, la Banque Vontobel a repris la tête du marché suisse des produits structurés en juin avec une part de plus de 28%, devant la Banque Cantonale de Zurich - qui en un mois a perdu près de 10% du marché à 18,9% -, position en fait équivalente à celle occupée au début de l’année. En troisième position, UBS de son côté apparaît aussi comme l’un des gagnants du mois et du trimestre écoulés avec une part de 14,4% du marché suisse, devant Deutsche Bank et Julius Bär. Quant à la part des produits structurés dans les dépôts de la clientèle auprès des banques, elle est demeurée inférieure à 5% selon les dernières statistiques de la BNS disponibles pour le mois d’avril.
16/07/2010

Redistribution des rôles chez Swip

Selon Fund Strategy, Scottish Widows Investment Partnership (Swip) a remanié le pilotage de cinq de ses fonds suite au départ des responsables marchés émergents et actions des pays développés.Ian Fulton, gérant du Swip Global fund, a ainsi remplacé Kim Catechis, enacien responsable des marchés émergents, sur le Swip Emerging Markets.Johnny Russell a pris seul la direction du Swip SRI fund après le départ de Ian Vose, responsable actions des pays développés. Ken Adams est devenu le seul gérant du Clerical Medical Adventurous fund. Jeff King, le responsable des fonds diversifiés, a renoncé à la co-gestion du fonds. Gregor McDonald, après la démission de Chris Bamberry, est devenu le seul gérant du Swip UK Smaller Companies, tandis que Guy Skinner était nommé lead manager sur le Clerical Medical International Fixed Income fund.
16/07/2010

Threadneedle recrute le patron du crédit investment grade de GSAM

En octobre, Jim Cielisnki, qui vient de passer 12 ans chez Goldman Sachs Asset Management (GSAM), en dernier lieu comme managing director et head of global investment grade credit, va rejoindre l'équipe dirigeante de Threadneedle comme head of the fixed income desk, une équipe comptant 38 professionnels de l’investissement au 31 mars. Cette équipe gérait fin mars 22,6 milliards de livres.
16/07/2010

Nomination chez Fidelity

Fidelity vient de nommer Pete Burtonshaw en qualité de responsable des plates-formes, à savoir FundsNetwork ainsi que les plates-formes dédiées aux programmes à cotisations définies.Pete Burtonshaw, chez Fidelity depuis 2008, va ainsi combler à compter du mois d’août le vide laissé par le départ, en octobre dernier, du responsable de FundsNetwork, David Dalton-Brown.
16/07/2010
Fonds

Deka Immobilien réalise une plus-value à Londres

L’allemand Deka Immobilien a annoncé avoir revendu pour 53,5 millions d’euros l’immeuble de bureaux St James House de Londres à Standard Life au 1er juillet. Cet actif de 3.317 mètres carrés avait été acheté pour 45,5 millions d’euros en mars 2003 pour un fonds institutionnel de Deka Immobilien ; il est loué en totalité à Jeffries International Ltd. C’est le troisième immeuble vendu au-dessus de sa valeur de marché en trois mois par le gestionnaire allemand (les deux premiers l’avaient été en Corée et en Allemagne).
Fonds

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