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04/03/2010

Jason Mackay leaves GLG

Jason Mackay, co-head of British equities at GLG Partners, will be leaving the group at the end of the year, Investment Week reports. Mackay has decided to retire, but he will remain invested in British equities strategies, and will continue to serve GLG in an advisory role.
04/03/2010

Jupiter recruits a director from Investec

John Tevenan will join the British management firm Jupiter as director of sales to international financial institutions, Money Marketing reports. Tevenan, who has more than 28 years of experience in asset management, had been sales director at Investec Asset Management since September 2005. In his new role, Tevenan will be in charge of developing relations with wealth management specialists.
04/03/2010

A ratings agency within the ECB?

L’Echo reports, citing Handelsblatt, that the Euro zone countries are considering creating a European ratings agency which would be lodged within the European Central Bank (ECB). The newspaper cites sources close to European finance ministers as saying that Euro zone governments do not want to depend on the opinions of Standard & Poor’s (S&P), Moody’s and Fitch, which, according to an anonymous sources cited by Handelsblatt “were completely wrong in the case of Lehman Brothers.”
04/03/2010

Rafael Hurtado becomes CIO of Popular Gestión

Rafael Hurtado, manager of the asset allocation fund of funds Popular Selección and head of multi-management since 2000, has been appointed as director of investments for the asset management division of Popular Gestión, replacing Miguel Colombás, who is taking over as CEO of the firm, replacing Carmen Ortiz (see Newsmanagers of 18 February).
04/03/2010

“You liked BRIC? You will love Africa”

Under this attention-grabbing headline in Cinco Días, Baldwin Berges, CEO of Silk Invest, launches a plea for investment in Africa to promote the development of emerging markets. In Nigeria and South Africa, he sees similarities with Brazil: populations of over 200 million consumers, an abundance of natural resources, and the advantage of leading positions in regions with populations of over 500 million. Egypt and Morocco are comparable with India: few natural resources of their own, but a growing demographic pyramid and competitive advantages over Europe in terms of the manufacturing prices and services.
04/03/2010

Aquitaine launches a strategy investing in Asian hedge funds

Aquitaine Investment Advisors is launching a fund whose strategy is to buy stakes in Asian hedge fund management firms, Asian Investor reports. The Crescent Fund, based in the Cayman Islands, will aim for USD200m in assets. It is available to US charaities and Asian family offices.
04/03/2010

Sovereign funds on the comeback

Sovereign funds, which like other investors have been affected by a crisis that they did not anticipate, are now returning to the market. According to a study by International Financial Services London (IFSL), investments by sovereign funds increased from USD10bn in first half (their lowest level since 2005) to USD500bn in second half, mostly in Europe and the United States. The Chinese sovereign fund was particularly active, with investments of about USD15bn over the year as a whole. Two thirds of assets at sovereign funds, which totalled about USD2.5trn as of the end of 2009, are in the hands of funds which are supplied by exports of commodities, especially oil and gas, by countries. The percentage of assets in other funds, which are supplied largely from currency reserves, will increase to 38% by 2012, from 34% currently. However, assets under management by sovereign funds fell 3% for the year as a whole to USD3.8trn. According to estimates by IFSL, assets at sovereign funds may total about USD5.5trn by 2012.
04/03/2010

Threadneedle builds sales team in Frankfurt

Threadneedle has announced the recruitment of Bernd Klapper and Patrick Sobotta, who join the sales team in Frankfurt, Germany. Klapper will be in charge of the northern and central regions of Germany. He was formerly sales director for ÖKOWORLD LUX S.A. Sobotta, for his part, becomes head of sales. He was previously sales support at Crédit Agricole Asset Management in Frankfurt.
04/03/2010

Pimco results set tone for AGI bottom line

Good results at Allianz Global Investors (AGI) in 2009 are largely attributable to Pimco, whose assets increased by EUR195bn (of which EUR107bn were in net subscriptions) to a total of EUR689bn as of the end of the year, Handelsblatt reports. Joachim Faber, head of AGI and an Allianz board member, admits that 84% of operating profits were generated by Pimco, which is specialised in bond management, while only 16% of profits were from equities management. For a few weeks now, there has been an added source of friction, as Pimco has announced plans to move into equities management, for which Allianz had previously relied on the US firm RCM. But Faber points out that Pimco’s management process is altogether different from RCM’s stock-picking technique. The manager has not ruled out the possibility that RCM may also make an foray into the world of bonds, especially corporate bonds.
04/03/2010

Deutsche Bank plans to release 30 ETF funds

Mitsuhisa Murata, managing director and head of global markets structuring at Deutsche Securities, has told Reuters that the German group is planning to list 30 or more ETF funds (db x-trackers) in Japan in the coming year, the Guardian reports. Deutsche Bank has initially been offering six of its 13 db x-trackers listed in Hong Kong since February. The next funds to be offered on the Japanese market will also be products listed in Hong Kong and Singapore, though in a later phase there are plans to list ETFs directly in Japan.
04/03/2010

Schroders, Carmignac, CAAM and Robeco lead subscriptions

As the Inverco association announced that foreign real estate firms had gained ground in the Spanish market (see Newsmanagers of yesterday), Funds People was running reports, also relayed in Expansión, that the funds which attracted the largest subscriptions were the Robeco US Premium for equities, Schroder ISF Euro Corporate Bond for bonds, the Carmignac Patrimoine among diversified funds, and the CAAM Dynarbitrage Volatility for hedge funds.
04/03/2010

German government seeks to toughen regulations applicable to several financial instruments

Wolfgang Schäuble, the German federal finance minister, announced on Wednesday that his services will prepare proposed legislation for April which would strengthen protection for investors and increase liquidity on capital markets. The bill would aim for passage during the summer before the Cabinet. The major points to be included in the legislation would be tougher measures to protect investors in the grey market, and tougher sanctions on financial services providers who give fallacious advice. The bill will also forbid naked shorts and introduce transparency requirements for declared short positions. The German government is also proposing to implement added disclosure for financial instruments, in order to prevent surprise take-overs of businesses. The minister is planning to introduce a minimum time period for retention of shares in open-ended real estate funds and minimal liquidity requirements which will be a function of the delay period for redemptions. In addition, the German government would create an “orderly” liquidation procedure for real estate funds which have been closed for a long period of time.
04/03/2010

La gratuité n'est pas un bon argument de vente pour les ETF

Selon un sondage effectué en février par Phoenix Marketing International auprès de 924 investisseurs disposant d’une épargne financière d’au moins 100.000 dollars, les émetteurs d’ETF préférés du public sont Charles Schwab, E*Trade, Fidelity, Scottrade, TD Ameritrade, Vanguard et Wells Fargo/Wachovia, devant un second peloton composé de Bank of America, Citibank, Edward Jones, ING/Sharebuilder, Merrill Lynch, T. Rowe Price et UBS.Cette analyse a aussi mis en évidence que réduire les commissions sur les ETF n’a pratiquement aucune utilité en tant qu’argument commercial pour toucher la majorité des investisseurs. L’auteur de l'étude, Kristina Terzieva, précise que près 64 % des investisseurs aisés attachent la plus grande importance au fait que les fonds viennent faire le complément de leur style d’investissement, qu’ils répliquent des indices de marché larges, qu’ils soient commercialisés au travers d’un service complet et qu’ils puissent faire l’objet d’ordres en ligne.En revanche, renoncer aux commissions sur un nombre limité d’ETF ou sur des ETF d’une marque ou encore sur des ETF commercialisés au travers d’un courtier donné n’a qu’une incidence minimale pour toucher de nouveaux investisseurs.
04/03/2010

Nevsky to close flagship fund

Nevsky Capital, the London hedge fund manager, is poised to wind down its flagship emerging markets fund. Sources close to the fund have told the Financial Times that the USD3.3bn Nevsky hedge fund would “highly likely” be liquidated after the departure of its two star managers, Martin Taylor and Nick Barnes, was announced on Wednesday. The pair will continue to manage the fund for another 12 months.
04/03/2010

Barings to launch its MENA fund in three and a half weeks

As we announced at the end of last year (see Newsmanagers of 15 December 2009), Baring Asset Management will finally launch its OEIC fund of Middle East and North Africa (MENA) shares by the end of first quarter. Investment Week reports that the product, managed by Ghadir Abu Leil-Cooper will be placed on the market on 29 March, which coincides with the end of first quarter 2010, the deadline the firm announced last year for the launch. For Barings, the MENA region offers attractive long-term outlooks, despite the risks in the region, including political ones. The countries of the region are rich in commodities and are profiting from a continuing rise in energy consumption. In addition, oil and gas are not the only resources in these countries, which also have a young and growing population. In the past few years, the financial and tourism sectors have seen strong growth, and these trends are likely to continue, while governments are committed to developing infrastructure in the region.
04/03/2010

BlackRock in prudent investment: Treasury bonds

In response to uncertain growth outlooks, looming problems for sovereign debt, and “continued” inflation risks, BlackRock has increased its allocation to US Treasury bonds, the Wall Street Journal reports. The management firm has meanwhile “noticeably” reduced its overweight position in other categories of bonds, such as corporate bonds and MBS, which saw major rallying last year. BlackRock is now neutral on Treasuries, where it was previously underweight on securities in this category.
04/03/2010

Nomura and Kepler come top for analysis in 2009

Les Echos reports that the most recent edition of the StarMine rankings of French equities investment firms puts Nomura at the top of the annual rankings for the quality of its recommendations for CAC 40 companies. It is followed yb Oppenheim Research, Deutsche Bank Securities, and Exane BNP Paribas in the study, which takes into account stock market performance in 2009. Nomura’s analysts stood out in particular with a recommendation to buy Schneider Electric, which gained about 50% between January and December 2009. The firm, born of the acquisition of the European teams from Lehman Brothers by Nomura, was not included in the rankings in previous years. StarMine also evaluates the comparative accuracy of estimates by the brokerage firms of results for French large caps: in this area, Kepler Capital Markets takes first place, followed by Exane BNP Paribas and Credit Suisse.
04/03/2010

Asset management decision makers have their eyes on the globe

Senior executives from the investment management industry feel confident enough about the future that they are expanding into new geographical locations, according to a survey taken at Investit’s bi-annual industry conference. The conference, held on 28 January 2010, was attended by 60 delegates from 19 investment management firms with GBP3.5 trillion of assets under management, and six third party administrators with GBP25 trillion of assets under custody and management.95% of respondents to the survey expressed confidence about the year ahead. Furthermore 64% expected the outlook to improve significantly by the end of the year. This is in sharp contrast to early 2009, when 41% of participants had put their projects on hold and only 27% expected the picture to improve. As confidence is returning, 88% of delegates stated that expanding into new regions is their top priority for the year ahead. In terms of where the industry is looking to expand, 56% of the participants ranked Asia Pacific as their number one destination, while the Middle East and North Africa region came second with 27% of the vote. North and South America followed with 9% and 7% respectively. As for other major areas of focus identified by respondents, UCITS (88%), data management (79%) and client reporting (77%) continue to feature prominently.
04/03/2010

Singapore sovereign fund invests in UBS

Agefi Switzerland reports that the GIC, one of the two major Singapore sovereign funds, will on 5 March convert a loan it made to the Swiss UBS group into shares in the firm. The CHF11bn, which it lent to UBS in 2007, will give GIC a stake of at least 6% in a capitalisation estimated at CHF59.453bn. This CHF11bn stake has nonetheless lost about 70% of its value in two years, giving it a potential value of CHF5.5bn, though the Singapore fund also holds about CHF2bn in coupons. It appears unlikely that GIC will seek to sell its stake off in the short term, and will be likely to hold it at least until it can break even on its initial outlay.
04/03/2010

HSBC Private Bank builds presence in Switzerland

Agefi Switzerland reports that HSBC Private Bank will open a new branch office in Gstaad, which will be operational by mid-2010. The move comes as part of a strategy to significantly increase the bank’s presence in the Swiss onshore market.
04/03/2010

Sal. Oppenheim launches five barrier reverse convertibles

The Sal. Oppenheim bank is adding to its product range with the launch of five Barrier Reverse Convertibles to mature on 8 March 2011. The underlying shares are Actelion, Geberit, Nestlé, Swisscom and Syngenta. Due to their protection mechanism, these products make it possible to earn gains even when markets are stagnating or decreasing slightly. So long as no share falls by 25% or more at any time, investors will receive maximal gains.
04/03/2010

Nomura et Kepler meilleurs bureaux d’analyse en 2009

Selon Les Echos, le dernier palmarès de StarMine sur les valeurs françaises place Nomura en tête de ce classement annuel sur la qualité des recommandations sur les sociétés du CAC 40. Il est suivi par Oppenheim Research, Deutsche Bank Securities et Exane BNP Paribas dans cette étude prenant en compte les performances boursières en 2009. Les analystes de Nomura se sont notamment distingués sur un conseil d’achat sur Schneider Electric, qui a avancé d’environ 50% entre janvier et décembre2009. Issu de l’acquisition des équipes européennes de Lehman Brothers par Nomura, l'établissement n’apparaissait pas l’an dernier dans ce palmarès. StarMine évalue parallèlement la justesse des prévisions de résultats sur les grosses capitalisations françaises des brokers les uns par rapport aux autres: pour ce deuxième podium, c’est Kepler Capital Markets qui s’adjuge la première place, suivi par Exane BNP Paribas et Credit Suisse.
04/03/2010

Cowen lance une plate-forme de comptes gérés

Cowen Group vient de créer Ramius Trading Strategies, une filiale de Ramius Alternative Solutions, selon Hedge Week. Le groupe a par ailleurs lancé le RTS Global Fund, qui propose une exposition aux hedge funds spécialisés dans les stratégies de trading actives, notamment les managed futures et le global macro, par le biais de la plate-forme de comptes gérés récemment mise en place par Ramius Trading Strategies.Ramius Trading Strategies est dirigé par William Marr, précédemment responsable international de la recherche hedge funds et de la construction de portefeuilles chez Merrill Lynch. Cowen a fait état pour l’exercice 2009 d’une perte nette de 55,3 millions de dollars, ou 1,35 dollar par action, contre 141,8 millions ou 3,78 dollars par action l’année précédente. Au 1er janvier 2010, les actifs sous gestion s'élevaient à 7,85 milliards de dollars, en recul de 26% d’une année sur l’autre en raison d’une décollecte nette de 3,05 milliards de dollars compensée en partie par des gains de performance de 329 millions de dollars.
04/03/2010

Jason Mackay quitte GLG

Jason Mackay, co-responsable des actions britanniques chez GLG Partners, devrait quitter le groupe à la fin de l’année, selon Investment Week.L’intéressé a décidé de prendre du recul mais il restera investi dans les stratégies actions britanniques et il devrait garder une activité de conseil auprès de GLG.
04/03/2010

Jupiter recrute chez Investec

John Tevenan va rejoindre le britannique Jupiter en tant que directeur des ventes pour les institutions financières internationales, selon Money Marketing.L’intéressé, qui a plus de dix-huit ans d’expérience en gestion d’actifs, était depuis septembre 2005 sales director chez Investec Asset Management. Dans ses nouvelles fonctions, John Tevenan aura en charge le développement des relations avec les spécialistes de la gestion de fortune.
04/03/2010
Fonds

Evercore lance ses premiers fonds retail

Evercore Pan Asset Capital Management vient de lancer ses premiers fonds dédiés au marché retail. Pan Dynamic Balanced et Pan Dynamic Growth investiront en priorité dans des ETF. L’investissement minimal a été fixé à 1.000 livres pour les particuliers. Les frais d’entrée sont de 3%, les commissions de 0,9% par an.
Fonds
04/03/2010
Fonds

Nevsky va fermer son fonds phare

Selon le Financial Times, la société de hedge funds Nevsky Capital, basée à Londres, est sur le point de fermer son fonds vedette sur les marchés émergents. Des sources proches du dossier affirment que le hedge fund, de 3,3 milliards de dollars, serait très probablement liquidé après que le départ de ses deux gérants stars, Martin Taylor et Nick Barnes, a été annoncé mercredi. Ces derniers sont censés partir dans 12 mois.
Fonds
04/03/2010
Fonds

Barings lance son fonds MENA dans trois semaines et demie

Comme nous l’avions annoncé en fin d’année dernière (lire notre article du 15 décembre 2009), Baring Asset Management va finalement lancer son OEIC d’actions du Moyen-Orient et d’Afrique du Nord (MENA) avant la fin du premier trimestre. D’après Investment Week, ce produit géré par Ghadir Abu Leil-Cooper serait mis sur le marché le 29 mars, ce qui cadre avec l'échéance de la fin du premier trimestre 2010 évoquée l’an dernier.Pour Barings, l’espace MENA offre des perspectives attrayantes sur le long terme, les pays de la région, riches en matières premières, bénéficiant de la hausse continue de la consommation d'énergie. De surcroît, le pétrole et le gaz ne constituent pas les seules ressources de ces pays qui bénéficient aussi d’une population jeune et en pleine expansion. Au cours des dernières années, les secteurs de la finance et du tourisme ont enregistré de fortes croissances, tendances qui devraient perdurer tandis que les gouvernements se sont nettement engagés à développer les infrastructures au sein de la région. Pour les souscripteurs, investir dans cette région est une source de diversification attrayante, souligne Barings. Cependant, les MENA comportent des risques, car les marchés locaux ont toujours été volatils, exposés au risque politique et à une liquidité restée relativement faible par rapport à la liquidité des marchés développés. Investir sur cette région s’adresse donc plus particulièrement à des investisseurs expérimentés, disposant de portefeuilles diversifiés, précise le gestionnaire.
Fonds
04/03/2010
Fonds

La gratuité n'est pas un bon argument de vente pour les ETF

Selon un sondage effectué en février par Phoenix Marketing International auprès de 924 investisseurs disposant d’une épargne financière d’au moins 100.000 dollars, les émetteurs d’ETF préférés du public sont Charles Schwab, E*Trade, Fidelity, Scottrade, TD Ameritrade, Vanguard et Wells Fargo/Wachovia, devant un second peloton composé de Bank of America, Citibank, Edward Jones, ING/Sharebuilder, Merrill Lynch, T. Rowe Price et UBS.Cette analyse a aussi mis en évidence que réduire les commissions sur les ETF n’a pratiquement aucune utilité en tant qu’argument commercial pour toucher la majorité des investisseurs. L’auteur de l'étude, Kristina Terzieva, précise que près 64 % des investisseurs aisés attachent la plus grande importance au fait que les fonds viennent faire le complément de leur style d’investissement, qu’ils répliquent des indices de marché larges, qu’ils soient commercialisés au travers d’un service complet et qu’ils puissent faire l’objet d’ordres en ligne.En revanche, renoncer aux commissions sur un nombre limité d’ETF ou sur des ETF d’une marque ou encore sur des ETF commercialisés au travers d’un courtier donné n’a qu’une incidence minimale pour toucher de nouveaux investisseurs.
Fonds
04/03/2010
Fonds

Le "billion dollar club" grossit un peu

D’après Absolute Return, les 213 hedge funds américains dont l’encours dépasse le milliard de dollars, ceux du «billion dollar club», ont affiché en 2009 une augmentation de 48 milliards de dollars ou de 4,2 %, de leur encours total, qui est ressorti à 1.182 milliards de dollars. Il était de 1,6 billion de dollars fin 2007.JPMorgan a détrôné Bridgewater comme numéro un par les actifs sous gestion tandis que Soros Fund Management s’est installé en quatrième position, évinçant D.E. Shaw.
Fonds

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