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07/07/2010

DWS launches a new Direkt fund focused on German equities

On 26 July, DWS Investments (Deutsche Bank) will launch the German variant of its Luxembourg fund DWS Dividende Direkt 2014 (see Newsmanagers of 25 January 2010), the DWS Dividende Deutschland Direkt 2014, a target date fund which offers a payout of EUR6 per year. The fund will be managed by Jens Labusch, like its predecessor (which raised EUR380m in five months), and will rely on the expertise of Tim Albrecht. The concept is to invest in equities which are likely to continue to pay high dividends and to feed this performance with option premiums. Subscriptions are already open for the fund. CharacteristicsName: DWS Dividende Deutschland Direkt 2014ISIN: LU0454735118Initial price per share: EUR100Front-end fee: maximum 4%Management commission: 1.45%
07/07/2010

Significant increase in assets at db x-trackers

In the first six months of the year, db x-trackers has received net subscriptions of EUR1.2bn, and its assets have risen to EUR28.7bn as of the end of June. The range includes 156 ETF products, of which 40 have been launched since the beginning of this year. Among the new products, 17 have emerging markets equity indices as their underlying, while 10 others are leveraged ETFs, either long or short. db x-trackers says that Deutsche Bank is planning to develop its ETC range this year (currently 23 products), particularly in the area of precious metals. In July, the firm also plans to launch physical Platinum and Palladium ETCs. At the end of the month, the management firm is planning to list physical ETCs hedged for currency risks of gold, silver, Platinum and Palladium on Deutsche Börse. Currently, management commission is 0.29% for the Physical Gold ETC; the fees are 0.46% for the other physical ETC funds. Commission for the currency hedge represents 0.30% per year.
07/07/2010

ETF Securities lists 12 more currencies ETNs in Frankfurt

Deutsche Börse has announced that it has admitted eight ETN products (four long and four short) denominated in Euros on the Australian dollar, the Canadian dollar, the New Zealand dollar, and the US dollar. The products from ETF Securities (ETFS) are all registered in Germany, and charge management commissions of 0.39%. Four ETN products denominated in dollars have also been listed in Frankfurt covering emerging market currencies, including the Chinese yuan and the Indian rupee, also in both long and short versions. These products are also German-registered ETNs, with management commissions of 0.59%. With these new products, the exchange-traded products segment of Deutsche Börse now includes 674 ETFs, 171 ETCs, and 31 ETN products.
07/07/2010

Henry Kravis and George Roberts hold USD1.65bn in KKR shares

Shares in KKR will be launched on the New York Stock Exchange on 15 July, following approval on Tuesday from the SU regulator after the private equity investor published details of the stakes and remuneration of co-founders Henry Kravis and George Roberts, the Wall Street Journal reports. Each of the two founders controls 13% of capital in the firm, which gives them a combined interest of USD1.65bn in the operation, valuing KKR at USD6.35bn on the basis of the trading price of KKR shares in Europe. Last year, Kravis and Roberts each received USD22m in cash and USD250,000 in salary. KKR manages USD54bn in assets.
07/07/2010

New management at Paris office of Russell Investments

Russell Investments on Tuesday, 6 July announced the composition of the new management of its Paris office. Dominique Dorlipo and Michael Sfez become parter CEOs at Russell Investments for France. The two partners will oversee efforts to reinforce asset management and implementation services at Russell in France, Benelux, Switzerland, and North Africa, and maintenance of strategic relationships with clients and partners of the Paris office, a statement says. Dorlipo, 44, previously shared direction of the Paris office with Serge Heringer, who arrived in 2008 and left the firm this year to pursue other entrepreneurial projects. Sfez, 36, had been director of sales and partnerships for France, Switzerland, Benelux, and North Africa at the firm since 2009.
07/07/2010

Threadneedle recruits former head of Pioneer Germany

As of 30 June, Dominik Kremer officially left his position as CEO of Pioneer Investments KAG (see Newsmanagers of 25 May), where he was also head of institutional distribution for Italy, Austria, Germany, and central and eastern Europe. On Tuesday, Threadneedle announced his appointment as head of European distribution. Kremer will join the British asset management firm on 19 July, and will report to the Australian Campbell Fleming, who has been head of distribution for less than one year (see Newsmanagers of 9 October 2009).
07/07/2010

Larry Morgenthal joins UBP

On Tuesday, Union Bancaire Privée (UBP) announced the appointment of Larry Morgenthal as chief executive officer (CEO) of UBP Asset Management, the US arm of the UBP group. He will also serve as chief investment officer of the alternative affiliate. Morgenthal will head the recently expanded alternative management activities on the fund of hedge fund platform from UBP, whose risk management and investment teams have been growing continually since 2009. UBP has been investing in hedge funds since 1972, and offers a complete range of products and services ranging from custom recommendations to funds of funds. Morgenthal was previously a managing partner at Opus Capital Group, and COO and later CEO, at Ivy Asset Management (BNY Mellon Asset Management).
07/07/2010

Marco Siero becomes CEO of RBC Dexia in Zurich

Marco Siero, director of relationship management at RBC Dexia in Luxembourg, where he was more specifically in charge of major multi-market clients, has been appointed as CEO of the UBC Dexia office in Zurich, Switzerland. He will report to Simon Shapland, head, sales & distribution, Continental Europe.
07/07/2010

NYSE Euronext lists two more Amundi ETFs

From Tuesday, NYSE Euronext has admitted the French-registered Euro Stoxx Small Cap (FR0010900076) and Dow Jones Euro Stoxx 50 (D) (FR0010908251) funds, denominated in Euros, to trading, bringing the number of ETF listings on the market to 542 listings of 494 funds. The first of these two funds charges fees of 0.30%, and the second, 0.15%. At the end of June, NYSE Euronext announced that it had 541 listings of 493 ETF funds from 17 issuers, covering more than 300 indices of several asset classes (equities, bonds, commodities, short, leveraged, etc). Compared with the end of June 2009, the number of ETF funds had increased 18.5%, and 46 new ETF funds were added to trading on NYSE Euronext. As of the end of June 2010, assets in all ETFs listed on European markets of NYSE Euronext represented EUR118.9bn, 39.3% more than the USD83.7bn recorded at the end of June 2009.
07/07/2010

Fernanda Kremer leaves BNPP IP for Santander AM

The head of client relations for external distribution and private banking in Spain at BNP Paribas Investmetn Partners, Fernanda Kremer Abreu, formerly of Fortis Investments, has joined the open market team at Santander Asset Manaegmetn as head of institutional sales for Europe, Funds People reports.
07/07/2010

Goldman Sachs to develop Asian bond management

Asian Investor reports that Goldman Sachs Asset Management (GSAM) is planning to develop its investment strategies in Asian bonds. The offensive is being led by Owi Ruivivar, who has been working at GSAM since 2002, in the emerging global bond portfolio management team, and who has recently moved from New York to Singapore. His mission is to develop a pan-Asian bond strategy, particularly for local markets. International investors are often underweight on emerging markets, and particularly those which are denominated in local currencies. Ruivivar follows a more long-term strategy, as the short-term future of Asian bonds is not particularly attractive. In the wake of the financial crisis, Asia has recovered quickly, and exit strategies of central banks are already at an advanced stage. Investors are also interested in Asia for its growth potential, and they give priority to currencies and equities to the detriment of bonds. In the longer term, the outlooks are much more attractive. Bond issues from emerging markets currently represent 11% of the aggregate GNP of emerging markets. If these economies continue to grow, this percentage may rise as high as 40% by 2050.
07/07/2010

Fund assets at their lowest levels since 1997

According to statistics from the Bank of Spain, assets in Spanish funds were down 6.9% in the first five months of the year, to a total of EUR126.05bn as of the end of May, their lowest level since December 1997.
07/07/2010

Nomura AM plans to extend its German product range

Currently, Nomura Asset Management is well known in Germany only for its Japanese equities funds, particularly in the institutional investor market. Koichi Katakawa, CEO of Nomura Bank (Deutschland) says that the firm’s market share in institutional mandates for Japanese equities is about 10%, the Frankfurter Allgemeine Zeitung reports. Andreas Körner, CEO of Nomura Asset Management (which in June absorbed the German manager Maintrust), is planning to develop its range of products, particularly in the area of inflation-linked bond funds and tracker funds.
07/07/2010

Julius Bär makes a major recruitment from HVB

From 1 January 2011, Heiko Schlag will join the board at Bank Julius Bär Europe AG, and will take over as director of private banking activities in Germany, where the firm has a full banking license, and runs branches in Frankfurt, Düsseldorf, Hamburg, Munich, and Stuttgart. Schlag is a board member at the private bank of HypoVereinsbank (HVB, UniCredit group).
07/07/2010

SIG awards an ethical management mandate to Impax

Skandia Investment Group (SIG) is relaunching the Skandia Ethical Fund, and is awarding a GBP74bn mandate to Impax Asset Management, which has been working in the environmental sector since 1998, and whose flagship fund (Impax Environmental Markets) posted returns as of 31 May last year of 67.57%, compared with 31.39% for the MSCI World index. Previously, the fund used a multi-manager approach, with four managers, including JP Morgan, which had a specific mandate to manage most of the fund. The fund also invested in other ethical funds managed by Aviva, Aegon – and Impax. The environmental portion of the Skandia Ethical Fund covers alternative energies, energy efficiency, water, pollution control, and waste management.
07/07/2010

Sanlam releases a sub-Saharan frontier markets fund

Sanlam Investment Management has released an Irish-registered UCITS fund for sale in Europe, entitled Sanlam African Frontier Markets. The product was launched in January 2009, and its shares are denominated in pounds Sterling or US dollars. The portfolio, managed by Eric Kibe, is highly concentrated on undervalued shares, without concerning itself with efforts to reproduce an index. The fund invests in sub-Saharan countries, excluding South Africa. Minimal subscription is set at GBP1,000.
07/07/2010

Oakley recruits for management teams

Hedge Week reports that the British management firm Oakley Alternative Investment Management has added to its London-based teams with the appointment of Fabio Corteas as head of macro for the fund of hedge funds Oakley Absolute Return. Cortes will work with Nick Hannan, chief investment officer, and Teun Johnston, chief investment officer. Cortes previously worked at Amundi AI SAS as managing director.
07/07/2010

A departure at Tudor Europe

Financial News reports that Tom Sargeant, director of international product development at Tudor Europe, the London-based affiliate of the US hegde fund firm founded by Paul Tudor Jones, is leaving the firm to join Sankaty Advisors (Bain Capital group) from next month, as head of European investor relations, according to sources familiar with the matter cited by the newspaper.
07/07/2010

SWIP recruits a director from Barclays Wealth

On 5 July, Ramsay Urquhart joined Scottish Widows Investment Partners (SWIP) as finance director; he reports directly to Dean Buckley, managing director. Since September 2006, Urquhart had been head of investment operations at Barclays Wealth. He previously spent 14 years at ING, most recently as head of financial markets operations.
07/07/2010

Incapital acquires Blue Sky AM

The US-based firm Incapital, a specialist in structured financing and bonds, on 5 July announced the acquisition of the British structured investment specialist Blue Sky Asset Management. Blue Sky will be integrated into the Incapital structure based in the UK, Incapital Europe, which will soon announce initiatives in the UK, as well as in continental Europe. The strategic alliance of Blue Sky with the research specialist Redtower Asset Management will remain in place, Incapital says in a statement.
07/07/2010

HSBC clients investigated for tax evasion

The US Department of Justice has informed at least six HSBC clients based in the United States who have accounts abroad that they are suspected of tax evasion, and that a criminal investigation has been opened, according to sources familiar with the matter. The Financial Times reports that letters sent to the clients were signed by Kevin Downing, a Federal prosecutor who assisted the US government in its tax evasion proceedings against UBS.
07/07/2010

Barclays Cap may offer indices for Chinese ETFs

On Monday, Barclays Capital signed a memorandum of understanding (MoU) with the Shanghai stock exchange, by the terms of which the investment bank of the Barclays group will become the first licensed provider of global bond indices in China, the Wall Street Journal reports. Currently, according to Waqas Samad, head of index, portfolio and risk solutions at Barclays Cap, the British firm is in talks with several Chinese fund managers who are planning to launch ETFs to invest in foreign bond products using Barclays indices as benchmarks. But the Chinese regulator will still need to license these managers to issue ETF products under the Qualified Domestic Institutional Investors (QDII) regime to allow Chinese subscribers to invest in funds based on foreign indices directly in China.
07/07/2010

Un départ chez Tudor Europe

Selon Financial News, Tom Sargeant, director of international product development chez Tudor Europe, la filiale londonienne de la société de hedge fund américaine créée par Paul Tudor Jones, quitte la société pour rejoindre, à compter du mois prochain, Sankaty Advisors (Groupe Bain Capital) en tant que head of European investor relations, selon des sources proches du dossier citées par Financial News.
07/07/2010

Oakley renforce ses équipes

Selon Hedge Week, le britannique Oakley Alternative Investment Management renforce ses équipes londoniennes avec la nomination de Fabio Cortes en qualité de responsable de la macro du fonds de hedge funds Oakley Absolute Return. Fabio Cortes travaillera avec Nick Hannan, chief investment officer, et Teun Johnston, responsable des investissements.Fabio Cortes travaillait précédemment chez Amundi AI SAS en tant que managing director.
07/07/2010

SWIP recrute chez Barclays Wealth

Depuis le 5 juillet, Ramsay Urquhart a rejoint Scottish Widows Investment Partners (SWIP) comme finance director ; il est directement subordonné à Dean Buckley, managing director. Depuis septembre 2006, l’impétrant était head of investment operations chez Barclays Wealth. Auparavant, il avait passé 14 ans chez ING, en dernier lieu comme global head of financial markets operations.
07/07/2010
Fonds

Sanlam commercialise un fonds "frontière" sub-saharien

Sanlam Investment Management commence à commercialiser en Europe un fonds coordonné de droit irlandais, le Sanlam African Frontier Markets fund, un produit de droit irlandais qui a été lancé en janvier 2009 et dont les parts sont libellées en livres ou en dollars. Le portefeuille géré par Eric Kibe est très concentré sur des titres très sous-évalués sans se préoccuper de reproduire un indice. Il s’agit d’actions de pays sub-sahariens hors Afrique du Sud. La souscription minimale est fixée à 1.000 livres.
Fonds
07/07/2010

Incapital acquiert Blue Sky AM

L’américain Incapital, spécialiste des financements structurés et de l’obligataire, a annoncé le 5 juillet l’acquisition du spécialiste britannique de l’investissement structuré Blue Sky Asset Management.Blue Sky sera intégré dans la structure d’Incapital basé au Royaume-Uni, Incapital Europe, qui devrait annoncer des initiatives au Royaume-Uni mais également en Europe continentale. L’alliance stratégique de Blue Sky avec le spécialiste de la recherche Redtower Asset Management est maintenue en l'état, souligne Incapital dans un communiqué.
07/07/2010

Sensible augmentation de l'encours de db x-trackers

Pour les six premiers mois de l’année, db x-trackers a bénéficié de souscriptions nettes de 1,2 milliard d’euros et son encours a atteint 28,7 milliards d’euros à fin juin. La gamme comporte 156 ETF, dont 40 ont été lancés depuis le début de l’année. Parmi les nouveaux produits, 17 ont comme sous-jacents des indices d’actions de pays émergents tandis que 10 autres correspondent à des ETF avec effet de levier, soit positif soit négatif.db x-trackers indique que la Deutsche Bank a l’intention de développer cette année sa gamme d’ETC (23 produits actuellement), notamment dans le domaine des métaux précieux. Pour juillet, il est ainsi prévu de lancer des ETC sur le platine et le palladium physiques. A la fin du mois, le gestionnaire prévoit de faire coter à la Deutsche Börse des ETC physiques couverts du change sur l’euro pour l’or, l’argent, le palladium et le platine.Actuellement, la commission de gestion se limite à 0,29 % pour le Physical Gold ETC ; elle ressort à 0,46 % pour les autres ETC «physiques». Quant à la commission de couverture du taux de change, elle représente 0,30 % par an.
07/07/2010
Fonds

DWS lance un nouveau fonds Direkt focalisé sur les actions allemandes

Le 26 juillet, DWS Investments (Deutsche Bank) lancera la variante allemande du fonds luxembourgeois DWS Dividende Direkt 2014 (lire notre article du 25 janvier 2010), le DWS Dividende Deutschland Direkt 2014, un fonds à échéance qui promet une rémunération de 6 eruos par an. Le fonds sera géré comme son prédécesseur (qui a levé 380 millions d’euros en cinq mois) par Jens Labusch en utilisant l’expertise de Tim Albrecht. Le concept se résume à investir dans des actions de sociétés susceptibles de continuer à servir des dividendes élevés et à agrémenter la performance grâce à des primes d’options. La souscription est ouverte dès à présent.CaractéristiquesDénomination ; DWS Dividende Deutschland Direkt 2014Code isin : LU0454735118Droit d’entrée : 4 % maximumCommission de gestion : 1,45 %Prix initial de la part : 100 euros
Fonds
07/07/2010

Nomura AM entend diversifier son offre en Allemagne

Actuellement, Nomura Asset Management n’est connu en Allemagne, essentiellement des investisseurs institutionnels, que pour ses fonds d’actions japonaises. D’après Koichi Katakawa, directeur général de Nomura Bank (Deutschland) sa part de marché dans les mandats institutionnels d’actions japonaises se situe à environ 10 %, rapporte la Frankfurter Allgemeine Zeitung.Andreas Körner, directeur général de Nomura Asset Management (qui a absorbé en juin le gestionnaire allemand Maintrust), compte développer l’offre de produits notamment dans le domaine des fonds d’obligations indexées sur l’inflation ainsi que dans celui des fonds indiciels.

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