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11/05/2010

Pimco has stopped buying Spanish bonds

Bill Gross (Pimco), Edouard Carmignac (Carmignac Patrimoine), Fidelity, DWS (Deutsche Bank), Investec and several other major international managers have not been buying up any more Spanish bonds for some time. The funds which are beginning to turn their backs on Spanish bonds already hold 17.3% of the country’s public debt, Expansión points out. The newspaper adds that managers are explaining that their abstinence is due to an increase in volatility and not by a risk of default.
11/05/2010

Target-date funds should be more conservative after retirement

A study recently published by Russell Investments considers the question of the best investment strategy for target-date funds when they mature, entitled «The date debate : Should target date fund glide paths be managed «to» or «through» retirement?» The debate pits those who favour a static investment policy against those who tend to favour a management which continues to be active after the contract matures. Russell finds in favour of the former approach, on the grounds that during retirement years, a conservative allocation is more attractive in terms of the risk/return profile. According to the study, an allocation of 32% to equities at retirement time provides a 94% likelihood of capital preservation, while an allocation of 60% puts that probability at 88%.
11/05/2010

Helvetia Wealth buys J.D. Murphy

The Swiss wealth management firm Helvetia Wealth has announced the acquisition of the Irish boutique J.D. Murphy Investment Life & Pension Benefits, based in Kilkenny, and founded in 1969. The acquisition is the fifth external growth deal for Helvetia since the beginning of the year. The acquisition, whose details have not been disclosed, increases assets at Helvetia Wealth by CHF100m, to a total of CHF1.2bn.
11/05/2010

AIFM vote postponed until 17 May

The European Parliament committee on economic and monetary affairs, which was slated to vote on 10 May on the draft AIFM directive, has decided to delay the vote by one week, until 17 May, to allow the legal affairs committee to deliver a more complete opinion. Many voices have been raised against the planned legislation in the past few days in the asset management and private equity industries.
11/05/2010

Ingenico in sustainable development offer

Ingenico France, the French affiliate of the payment solutions specialist Ingenico, is now offering its clients a complete solution for the collection and disposal of superannuated payment terminals. The offer applies to terminals for which the owners are responsible for disposal, including payment terminals sold before 13 August 2005, when new legal requirements came into effect. Ingenico France says in a statement that the firm is stepping “well beyond its legal obligations for the disposal of expired electrical and electronic equipment (DEEE).”
11/05/2010

AlphaClone launches ETF 100 service

The consulting firm AlphaClone LLC has made a new tool available online. The ETF 100 allows clients to follow the evolution of the portfolios of 100 managers who invest in ETFs. Currently, the portfolio, which replicates the portfolios of the best managers on the markets, is 40% positioned on ETF funds based on gold, 17% on emerging markets, and 7% each for precious metals, South Korea, India, South Africa, Taiwan, and the S&P 500.
11/05/2010

New head of marketing at Vanguard

Mutual Fund Wire reports that Mike Ma, chief business officer at the consulting firm Kasina, is leaving the business where he spent nine years to join Vanguard next month. He will serve as head of marketing in the retail marketing department.
11/05/2010

Henderson GI steps up development of institutional client base in France

After several years of presence in France with a distribution office in Paris, Henderson Global Investors (HGI) now has assets under management of over EUR1bn for clients served by the French office. In France, the clients of Henderson Global Investors continue to consist largely of funds of funds. “But we have diversified into institutionals, which now represent 20% to 30% of our clients, compared with 20% for private banks,” says Patricia Kaveh, director of development for Henderson Global Investors in France, Monaco and Geneva. At the end of May, a new recruit from OFI AM will join the HGI sales team in Paris. “This person will clearly have an institutional client bias, and will help us to strengthen our market share in this target area,” says Kaveh. So far, the first months of this year have proved promising for HGI, Kaveh says. Net subscriptions in France have totalled EUR200m since the beginning of 2010. In 2009, HGI posted net inflows of EUR100m in France.
11/05/2010

Fidelity appoints two heirs apparent to Ed Johnson III

Fidelity has clarified the question of who will succeed Edward C. Johnson III, with the appointment of two people to work directly under the orders of the president & CEO. The management firm has recruited Ronald P. O’Hanley, president and CEO of BNY Mellon Asset Management, as director of asset management and corporate services, while Abigail Johnson, president of personal & workplace investing, and also Johnson’s daughter, is promoted to the head of all distribution channels, and also becomes president of institutional services, the Wall Street Journal reports. Jacques Perold will retain his position as head of the mutual fund management firm, Fidelity Management & Research Co. At BNY Mellon AM, the position left vacant by O’Hanley will be occupied in the interim by Jonathan Little, vice chairman, and Mitchell Harris, head of the currencies and bonds division.
11/05/2010

Legg Mason spends USD200m on rationalisation of activities

For the fourth quarter of its fiscal year, ending on 31 March, Legg Mason has announced net profits of USD63.6m, compared with USD44.9m in October-December, and a loss of USD330.2m in the corresponding period of last year. For the fiscal year as a whole, net profits totalled USD204.4m, compared with losses of USD2bn due to impairment charges and bailouts of money market funds. Assets as of the end of March totalled USD684.5bn, compared with USD681.6bn as of the end of December, and USD632.4bn one year previously. Net redemptions in the period were down to USD82bn from USD158.9bn, and market effects were positive to the tune of USD134.1bn, compared with negative market effects of USD157.7bn in 2008-2009. Mark R. Fetting, chairman & CEO, also announced that Legg Mason, which has Usd1bn in cash, is planning to rationalise its activities, and will spend USD190m to USD210m on the project over 18 months, to result in sustainable savings of USD130m-USD150m per year, and a 6-8% improvement in profit margins by the end of the 2011-2012 fiscal year.
11/05/2010

Henderson GI plans international push

Henderson Global Investors (HGI) is developing new strategic areas of activity. “One of our major axes is international expansion of our acitvities,” says Andrew Formica, CEO of the British management firm. For HGI, which managed GBP58.1bn in assets as of the end of 2009, this will mean diversifying international distribution. “The objective is to reduce the weight of the United Kingdom as a percentage of assets, from 70% currently, or about GBP40bn as of the end of 2009,” he says. This international expansion will be driven by targeted acquisitions and organic growth. “In the United States, we are in talks to acquire some of the activities of the US firm RidgeWorth Capital Management Inc., which will allow us to strengthen our offerings of fixed income and equities products in this market,” says the CEO. To develop in the Scandinavian markets, the recruitment of one person is planned. This person will be based in London. London will also be the launching-point for a campaign to conquer Latin America, spearheaded by Ignacio de la Manza, sales manager for the region, and Giorgio Giovanni, director of distribution for southern Europe. And, “after the opening of a Chinese office in Beijing in 2009, HGI has not ruled out the possibility of doing the same in Australia,” says Formica. And the management firm has not forgotten about France, where the sales team will be growing in the very near future (see elsewhere in today’s Newsmanagers).
11/05/2010

Dodge & Cox targets institutional investors

The US management firm Dodge & Cox (USD172bn in assets as of the end of 2009) has founded a UK affiliate, Dodge & Cox worldwide Investments Ltd., which will serve as an outlet for its products to institutional investors from London. The London office will be headed by Mary Ann Milias St. Peter. The new affiliate comes as an addition to the UCITS-compliant umbrella fund Dodge & Cox Worldwide Funds plc, registered in Dublin on 1 December 2009, which includes four funds (U.S. Stock Fund, Global Stock Fund, International Stock Fund and U.S. Income Fund). The Global Stock Fund becomes the first to be put on sale. The portfolios and investment strategies of Dodge & Cox Worldwide Funds will replicate those of the Dodge & Cox Funds domiciled in the United States.
11/05/2010

Skandia awards a mandate to an Aegon manager

Skandia Investment Group has withdrawn one of its largest mandates from Lazard, and instead awarded it to Audrey Ryan of Aegon Asset Management. The GBP130m mandate for UK equities includes a range of UK equities funds, including the Global Dynamic Equity fund (GBP850m) and a variety of funds with risk objectives. The mandate was previously managed by Alain Custis, who is also manager of hte Lazard UK Alpha fund (GBP288m). Skandia states that the change is not related to underperformance at Lazard, but rather to a desire to have a manager who is more pragmatic and flexible in a much more volatile market. Skandia is already well acquainted with Audrey Ryan, who already manages all or part of four Skandia funds (UK Best Ideas, Global Best Ideas, Ethicalet UK Equity Blend).
11/05/2010

GAM considering soft closure of two funds

Investment Week reports that GAM is said to be about to soft close two of its recently-launched funds, Star Global Rates and Star Discretionary FX, which are nearing their targets of GBP1bn. The funds are versions of an alternative strategy adapted to the UCITS III format, which were launched on the retail market in late 2009.
11/05/2010

IFAs recommending exposure to Middle East and North Africa, according to Barings

A survey by Barings Asset Management of 33 independent financial advisers (IFA) conducted between 15 and 18 February has found that 67% of advisers say retail investors should expose their portfolios to the Middle East and North Africa (MENA) region. 73% say the recommendation is driven by allocations to natural resources, while 55% explain it as related to an increase in infrastructure spending in the region, and 48% think investment in this region may be attractive as the presence of sovereign funds limits the need for external financing. In terms of allocation, Barings (which recently launched a fund dedicated to the MENA region) reports that 39% of IFAs estimate that retail investors should dedicate 5% of their portfolios to the region, in addition to their exposure to global emerging markets. 21% recommend a total exposure of 11% to 20%.
11/05/2010

Assets at Rathbones top GBP14bn

As of 31 March, assets under mangaement at Rathbones totalled GBP14.05bn, 7.3% higher than the GBP13.10bn recorded at the end of 2009. As of the end of March 2009, assets totalled GBP9.87bn. Susbcriptions in first quarter totalled GBP241m, while organic asset increases totalled GBP96m. Meanwhile, an agreement with Lloyds Banking Group signed in October 2009 (see Newsmanagers of 21 October 2009) has brought in GBP598m from 3,000 new clients.
11/05/2010

Skandia adds to UK sales staff

Skandia Investment Group (SIG) has appointed two new sales managers for the United Kingdom. Martin Canavan, previously of Aegon, will become head of fund sales for north England, Scotland and Northern Ireland. Chris Nuttall, previously head of the broker desk at SIG, will supervise distribution in south and south-west England. SIG is seeking a third head for sales in London and the Midlands. Skandia is also adding to its staff for the German, Swiss and Austrian markets, with the recruitment of a head of sales for Berlin.
11/05/2010

CA Cheuvreux publishes its fourth study of liquidity fragmentation

Crédit Agricole Cheuvreux on 10 May announced the publication of “Navigating Liquidity 4,” its fourth biannual study of liqudity fragmentation. The study provides detailed analysis of the impact that MTF platforms (particularly Chi-X, Turquoise, BATS and Nasdaq-OMX) have had on the efficiency of the markets and the fragmentation of liquidity, as well as the challenges this poses to primary markets. As the responsibilities, interactions and microstructure of the market have been radically changed by the NMS regulations and the MiFID directive, Navigating Liquidity 4 explains and provides details of the phenomenon which has resulted in a paradigm shift in the role of market actors. The study addresses several questions related to high frequency trading, demonstrating, for example, through a comparison of the Spanish and British situations that an increase in high-frequency trading does not have a positive effect on intra-day volatility.
11/05/2010

Legg Mason consacre 200 millions de dollars à la rationalisation de ses activités

Pour le dernier trimestre de l’exercice au 31 mars, Legg Mason déclare un bénéfice net de 63,6 millions de dollars contre 44,9 millions en octobre-décembre et une perte de 330,2 millions pour la période correspondante de l’an dernier. Sur l’ensemble de l’exercice, le bénéfice net ressort à 204,4 millions de dollars contre une perte de 2 milliards imputable aux dépréciations d’actifs (impairment charges) et au renflouement des fonds monétaires.L’encours à fin mars se situait à 684,5 milliards de dollars contre 681,6 milliards fin décembre et 632,4 milliards un an auparavant. Les remboursements nets ont diminué sur l’exercice à 82 milliards de dollars contre 158,9 milliards et l’effet de marché a été positif de 134,1 milliards contre un effet négatif de 157,7 milliards pour 2008-2009.Mark R. Fetting, chairman & CEO, a annoncé par ailleurs que Legg Mason, qui dispose d’un milliard de dollars de liquidités, a l’intention de rationaliser son activité et de consacrer à ce projet entre 190 millions et 210 millions de dollars sur 18 mois, le résultat devant être une économie durable de 130-150 millions de dollars par an et une amélioration de 6-8 points de pourcentage de la marge bénéficiaire d’ici à la fin de l’exercice 2011-2012.
11/05/2010
Fonds

KKR bientôt coté à New York

Selon la Tribune, le fonds d’investissement américain KKR a annoncé qu’il avait soumis au régulateur boursier son projet de mise sur le marché des titres appartenant aux « limited partners » de la société. Ils seront cotées sur le New York Stock Exchange, précise le quotidien.
Fonds
11/05/2010

Fidelity désigne deux dauphins pour succéder à Ed Johnson III

Fidelity a clarifié la succession potentielle d’Edward C. Johnson III en désignant deux personnes pour travailler directement sous les ordres du president & CEO. Le gestionnaire a recruté Ronald P. O’Hanley, president & CEO de BNY Mellon Asset Management, pour diriger la gestion d’actifs et les «corporate services» tandis qu’Abigail Johnson, president of personal & workplace investing, la fille d’Ed Johnson, est promue à la tête de tous les canaux de distribution et prend aussi le titre de president of institutional services, rapporte The Wall Street Journal.Jacques Perold conserve la tête de la société de gestion de mutual funds, Fidelity Management & Research Co.Chez BNY Mellon AM, l’intérim de Ronald O’Hanley sera assuré par Jonathan Little, vice chairman, et Mitchell Harris, qui dirige la division devises et obligations.
11/05/2010

Nouveau reponsable du marketing chez Vanguard

Selon Mutual Fund Wire, Mike Ma, chief business officer au sein du cabinet de conseil Kasina, quitte l’entreprise où il est resté neuf ans pour rejoindre Vanguard le mois prochain. Il y occupera poste de responsable du marketing dans le département dédié au «marketing retail».
11/05/2010

Optima Fund Management créé une nouvelle fonction

La société de gestion américaine Optima Fund Management (3,5 milliards de dollars d’actifs sous gestion) vient d’annoncer le recrutement de Rachel Minard au poste nouvellement créé de Partner et managing director.Rachel Minard, qui a plus de dix-huit ans d’expérience dans la commercialisation et les ventes de hedge funds, sera responsable du développement des relations avec la clientèle institutionnelle.
11/05/2010
Fonds

Morgan Stanley RE gèle aussi les souscriptions du P2 Value

Lundi, l’allemand Morgan Stanley Real Estate Investments GmbH a annoncé qu’il suspend aussi les souscriptions pour son fonds P2 Value (1,45 milliard d’euros) dont les remboursements sont déjà gelés jusqu’au 30 octobre. Cette décision est liée explicitement au fait que la valeur de plusieurs actifs va probablement devoir être révisée à la baisse ainsi qu’aux derniers développements sur le plan réglementaire. En clair sur ce dernier point, Morgan Stanley Real Estate fait allusion au projet d’amendement des préavis, de la période de détention et d’abattement de 10 % sur la valeur des actifs qui a provoqué la fermeture des fonds grundinvest chez KanAm et ImmoInvest chez SEB AM.
Fonds
11/05/2010

La Fondation Hertie a reconstitué ses réserves

Avec un patrimoine d’environ 800 millions d’euros, ce qui en fait l’une des plus importantes d’Allemagne, la Fondation Hertie, reconnue d’intérêt public, a distribué pour 2009 un montant record de 29,4 millions d’euros sous forme d’aides dans les domaines de l'éducation scolaire, des études universitaires et de la recherche.Les recettes tirées du placement des encours ont atteint 27,1 millions d’euros dont 15,5 millions générés par les valeurs mobilières et 5 millions des immeubles. La performance de 9,2 % a permis à la fondation de compenser presque totalement la perte d’actifs de 2008. Les plus-values sur le portefeuille ont été affectées à la reconstitution des réserves latentes qui avaient servi à couvrir une grande partie des pertes de 2008.Actuellement, le portefeuille est alloué à hauteur de 19 % aux actions, de 22 % à l’imobilier et à 49 % à l’obligataire.
11/05/2010
Fonds

Edrim lance un fonds flexible sur les émergents

Edmond de Rothschild Investment Managers (Edrim) a annoncé le 10 mai le lancement d’un fonds flexible, le Multiflex Emerging, qui vise à participer au dynamisme des marchés émergents tout en assurant, au terme de chaque année, une protection du capital investi à hauteur de 80% minimum par rapport à son niveau constaté à la fin de l’année civile précédente.Le fonds utilise deux approches qui permettent de s’exposer aux marchés émergents tout en baissant fortement la volatilité par rapport à un investissement en direct : d’une part la multigestion par sa diversification et d’autre part le processus MultiFlex avec son mécanisme d’allocation progressive quand les marchés augmentent et de réduction de l’allocation lorsqu’ils baissent. L’allocation du fonds combine un actif de dynamisation et un actif de protection. Le premier constitue la principale source de performance du portefeuille et bénéficie des opportunités d’investissement présentes sur les marchés émergents grâce à l’assemblage des meilleurs gérants spécialisés sur ces marchés, sélectionnés par Edmond de Rothschild Investment Managers. L’actif de protection, quant à lui, est utilisé dans le cadre de la gestion du risque. Il est constitué d’obligations d’Etats de la zone euro des meilleures qualités de notation détenues en direct, et d’instruments monétaires. Caractéristiques du fonds Forme juridique FCPClassification AMF OPCVM diversifiéCode ISIN Part C : FR0010863571 Part I : FR0010878322Durée de placement recommandée 5 ansCommission de souscription Part C Part I 3% maximum 3% maximum Commission de rachat Néant NéantFrais de gestion fixes 2% max. TTC 1% max TTCCommission de surperformance Néant NéantMin. de souscription initiale 1 part 100.000 eurosVL d’origine 100 euros 10.000 euros
Fonds
11/05/2010

Henderson GI accélère le développement de sa clientèle institutionnelle en France

Après plusieurs années de présence en France et un bureau de distribution à Paris, Henderson Global Investors (HGI) gère aujourd’hui des encours de plus d’un milliard d’euros gérés pour le compte de ses clients rattachés au bureau français.En France, la clientèle de Henderson Global Investors demeure principalement constituée de fonds de fonds. «Mais nous nous sommes diversifiés vers les institutionnels, qui représentent aujourd’hui 20 % à 30 % des clients, contre une vingtaine de pourcents pour les banques privées», précise Patricia Kaveh, directeur du développement de Henderson Global Investors pour la France, Monaco et Genève. Fin mai, une nouvelle recrue, en provenance d’OFI AM, devrait venir rejoindre l'équipe commerciale de HGI à Paris. «Cette personne aura clairement un biais clientèle institutionnelle’ et nous aidera à renforcer notre part de marché sur cette cible», ajoute Patricia Kaveh. Le début d’année s’est jusque là révélé assez prometteur pour HGI, estime la responsable. Les souscriptions nettes en France s'élèvent en effet à 200 millions d’euros depuis début 2010. En 2009, HGI avait enregistré une collecte nette de 100 millions d’euros dans l’Hexagone.
11/05/2010
Fonds

HSBC Trinkaus lance un nouveau fonds de rotation sectorielle

Lundi, HSBC Global Asset Management (Deutschland) GmbH a annoncé l’extension de sa gamme de fonds de rotation avec le HSBC Trinkaus Global Country Rotation (DE0009757310) qui résulte d’un changement de concept du HSBC Trinkaus Top Europa (lancé le 2 mars 1998) et qui est géré comme le HSBC Trinkaus Sector Rotation par Babak Kiani. Toutefois, alors que le Sector Rotation est un fonds «long-only», le nouveau produit est un long/short multi classes d’actifs qui se focalise sur les indices pays et ne priorise pas la sélection de titres individuels. L’exposition au risque de marché ne peut dépasser 200 % du portefeuille hors dérivés.Caractéristiques Dénomination : HSBC Trinkaus Global Country Rotation Code ISIN : DE0009757310 Droit d’entrée : 5 % Commission de gestion : 1,25 %Commission de performance : 20 % de la surperformance par rapport au MSCI-World-Total-Return-Index en euros
Fonds
11/05/2010
Fonds

Le fonds immobilier de Credit Suisse Euroreal souffre peu

Credit Suisse (Deutschland) a indiqué vendredi que, jusqu'à présent, le fonds immobilier offert au public CS Euroreal (6,28 milliards d’euros fin mars) a été épargné par les retraits massifs qui ont pu affecter d’autres produits comme le SEB Immoinvest ou le KanAm grundinvest (lire notre article du 10 mai). Après des souscriptions nettes durant les quatre premiers mois de l’année, les sorties de la semaine après la publication du projet de loi sur les fonds immobiliers se sont limitée à 80 millions d’euros soit 1,27 % de l’encours.
Fonds

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