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29/04/2013

UBS loses a US equity manager

The manager Sam Console has decided to leave UBS, only six months after being appointed to replace manager Lawrence Kemp on two US equity strategies by the group, Citywire reports. Console and analyst Peter Bye had managed the UBS (Lux) Equity – USA Growth+ and UBS US Growth+ funds since November 2012, when Kemp left the firm.
29/04/2013

FCA prohibits rebates to platforms

The Financial Conduct Authority (FCA), one of the two newmarket watchdog authorities in the United Kingdom created as part of a reshuffle of the FSA, on April 26 released new remuneration rules for platforms. Commission kickbacks are now prohibited. Currently, providers of investment products, such as investment managers, generally pay a rebate to some platforms in order to have their products included on a platform. This rebate comes from the annual management charge (AMC) which is paid by the investor to the fund manager. As a result, some platforms are able to give the impression that they are offering a free service, which means that the investor may not understand the true cost of the service provided by the platform. The FCA says that it can be difficult for investors to compare prices and products available on different platforms. There is also a risk that these payments could lead to product bias in the investment market, as products offered by providers who are unwilling or unable to pay a rebate to the platform from their product charges may not have their products available to the investors using that platform.The FCA is making changes to ensure that investors can make fully informed choices if they wish to use a platform and understand what they are paying for the service the platform provides. These rules will come into force on 6 April 2014 but platforms will have two years to move existing customers to the new explicit charging model. At the end of the two year transitional period (6 April 2016) platforms will have to charge its customers a platform charge for both new and existing business.
29/04/2013

AGI launches renewable energy fund

For institutional investors, Allianz Global Investors (AGI) has released a “Spezialfonds” which allows for investment in projects in the area of renewable energies, the Allianz Renewable Energy Fund (AREF), Das Investment reports.The product, which will start with subscription commitments of EUR100m, and a duration of 25 years, is managed by the team led by Armin Sandhövel, CIO Renewable Energy / Infrastructure Equity, who in late 2012 transferred to AGI from Allianz Climate Solutions.The portfolio will be invested primarily in the euro zone, in wind farms and photovoltaic plants, but may also be invested in hydroelectric plants and bioenergy production units.
29/04/2013

Deka replaces manager of EUR12bn RE fund

“As Björn Thiemann has decided to leave the business to take on other professional challenges,“ Deka Immobilien Investment has appointed Esteban de Lope to replace him from 1 May as the principal manager of the open-ended real estate fund Deka-ImmobilienEuropa (DE0009809566), which as of the end of December had assets of EUR11.98bn, out of total assets of EUR24bn for DekaImmobilien Investment and WestInvest.Thiemann joined Deka in 2002, and for seven years has managed the open-ended real estate fund Deka-ImmobilienGlobal (DE0007483612), whose assets as of the end of 2012 totalled nearly EUR3.11bn. In this position, he will be replaced by Till Schulz-Eickhorst, who is a member of the international real estate acquisition, sale and management team.
29/04/2013

Charlemagne preparing UCITS-compliant version of Oaks E&F Opportunities

The British firm Charlemagne Capital has announced plans to launch a UCITS-compliant version of its long/short equity fund Oaks Emerging and Frontier Opportunities Fund, whose lead manager is Stefan Böttcher. The offshore hedge fund has since its launch generated returns of over 25%, with ex-ante volatility of 12%. The portfolio may be invested up to 15% in bonds.The long equity allocation may vary between 50% and 100%, while the short allocation will total between 15% and 50%. Overall, gross exposure to equities will range from 70% to 150%.The UCITS-compliant fund will serve weekly liquidity, and assets will be limited to EUR150m. It is designed so that 75% of the portfolio may be liquidated within five trading days.The standard deviation will be limited to 12%, but has so far never exceeded 8.5%, less than half of the 24-25% which are generally shown by emerging market long only equity funds. Beta compared with the MSCI Emerging index will total between 0.2 and 0.4, while the fund will aim for double the performance of the standard deviation.
29/04/2013

SAC Capital gives investors time to think

Initially, clients of the hedge fund management firm SAC Capital, led by Steven A. Cohen, had had until 15 February to request redemption of their investments, a quarter of it per quarter, but this deadline had been extended to 15 May, under pressure from Blackstone. On Friday, Tom Coheeney, chairman of SAC Capital, announced that investors will have an additional extension until mid-August to request redemption of their shares by the end of the year. That will allow for information which the firm hopes will be more favourable about ongoing insider trading investigations to be released, the Wall Street Journal reports.Since the beginning of the year, clients have already sought redemptions of USD1.7bn, about one quarter of all outside investors’ money at SAC Capital.According to a source familiar with the matter, SAC Capital in February offered subscribers an opportunity to be reimbursed for one third of their investment in each of the following three quarters. The proposal on Friday would allow investors to redeem 50% of their investments in third, and 50% in fourth quarter.
29/04/2013

iShares launches four target-date ETFs

The US-based asset management firm iShares (BlackRock) has announced the launch of four target-date ETF funds, which will each mature on 31 March of their respective year. Each charges fees of 0.10%, Index Universe reports.The products are the following funds:• iShares 2016 Investment Grade Corporate Bond ETF (NYSEArca ticker: IBCB)• iShares 2018 Investment Grade Corporate Bond ETF (IBCC)• iShares 2020 Investment Grade Corporate Bond ETF (IBCD)• iShares 2023 Investment Grade Corporate Bond ETF (IBCE)
29/04/2013

iShares closes ETF for the first time since 2002

The largest provider of ETFs in the world, BlackRock, is planning to liquidate the iShares Diversified Alternatives Trust, an actively-managed ETF available on the market since 2009, which has USD57.6bn in assets, IndexUniverse reports.The fund has posted annual returns of 0.87% since its launch, with low volatility and very low correlations with markets, but investors do not appear interested in the vehicle, which has seen outflows in the past two years, from a peak of USD141m in 2011. st1:*{behavior:url(#ieooui) }
29/04/2013

Commerz Real replaces CRO

As of 1 June, Eduardo Moran will join the board at Commerz Real (the real estate unit of Commerzbank) as chief risk officer. Moran, who who joined Commerzbank in 1997, is currently chief credit officer corporates for all of the German and international portfolio of business clients of the SMB bank (Mittelstandsbank), for both enterprise clients and the corporates & markets division.Moran will replace Frank Jenes, who will now sit on the board with responsibility for participations in businesses and asset structuring.
29/04/2013

Profits down at comdirect

For first quarter 2013, comdirect bank has posted net profits of EUR16.85m, compared with EUR19.45m in October-December 2012, and EUR22.05m for the corresponding period of last year. A fall in market interest rates has led to a 20% fall in revenues from interest, after risk provisions, at EUR33.4m.Assets under management or administration as of 31 March were up by nearly EUR2bn compared with the end of December, at EUR50.82bn, compared with EUR48.85bn, of which EUR28.98bn were for B2C (comdirect) and EUR21.84bn, compared with EUR20.95bn, for B2B (ebase).
29/04/2013

Four former Berenberg employees found a wealth management firm

Sven Albrecht, Andreas Kitta, Holger Knaup and Carsten Riehemann, who spent years as private bankers at Berenberg until summer 2012, have founded the wealth management firm Albrecht, Kita & Co. in Hamburg, with each of them holding an equal stake.The new firm is aimed at retail clients, family businesses, family offices and foundations. st1:*{behavior:url(#ieooui) }
29/04/2013

Profits rebound at Van Lanschot

In first quarter 2013, the Netherlands-based firm Van Lanschot has posted net profits of EUR24.8m, compared with a loss of EUR164.7m in October-December, and a net profit of EUR16.8m in the corresponding period of last year.Client assets (including savings deposits and current accounts) increased by EUR700m to EUR53bn as of 31 March, largely due to market appreciation and net subscriptions to the asset management division.
29/04/2013

Kempen CM recruits for team dedicated to hedge funds

Igor Puljic and Marjoleine van der Peet will join the Hedge Funds team at Kempen Capital Management (KCM) in Amsterdam. Igor Puljic (36) will join KCM’s Hedge Funds team in May as senior portfolio manager. He has thirteen years of manager selection experience. Most recently, he spent eight years at London-based Key Asset Management where he was deputy CIO and portfolio manager for the firm’s flagship multi-strategy fund of hedge funds. Marjoleine van der Peet (38) will also start as senior portfolio manager for KCM’s Hedge Funds team in July. She has ten years of manager selection experience, the first three years as investment consultant at Watson Wyatt and the last seven years as senior investment analyst and portfolio manager at GAM Plc in London. MKCM manages two funds of hedge funds, Kempen Orange Investment Partnership and Kempen Non- Directional Partnership, for both institutional investors and private clients. Aggregate AUM across these funds was USD 738 million per 31 March 2013.
29/04/2013

Assets up at Sabadell

Thanks to its acquisition of Gestión del Mediterraneo, an affiliate of the savings bank CAM (see Newsmanagers of 6 June 2012), assets at the asset management unit of Banco Sabadell totalled EUR8.97bn as of the end of March, compared with EUR8.585bn three months previously, and EUR8.295bn one year previously. Assets in the pension funds operation, for their part, rose by 27.4% year on year, to EUR3.731bn, compared with EUR2.929bn; they totalled EUR3.709bn as of 31 December.Profits at Banco Sabadell in January-March fell by 51.1% compared with the corresponding period of 2012, to EUR51.1m, largely due to provisions of EUR324.9m imposed by the government to improve the balance sheet (Guindos plan). st1:*{behavior:url(#ieooui) }
29/04/2013
Fonds

iShares lance quatre ETF à horizon

Le gestionnaire américain iShares (BlackRock) a annoncé le lancement de quatre ETF obligataires à horizon qui arrivent à échéance chacun le 31 mars de leur année de référence. Tous sont chargés à 0,10 %, précise Index Universe.Dans le détail, il s’agit des fonds suivants :• iShares 2016 Investment Grade Corporate Bond ETF (acronyme sur NYSEArca : IBCB)• iShares 2018 Investment Grade Corporate Bond ETF (IBCC)• iShares 2020 Investment Grade Corporate Bond ETF (IBCD)• iShares 2023 Investment Grade Corporate Bond ETF (IBCE)
Fonds
29/04/2013

Citigroup rachète l'activité conservation de titres d'ING en Europe de l'Est

Le groupe bancaire américain Citigroup a annoncé le 26 avril l’acquisition des activités de conservation de titres de sa concurrente néerlandaise ING en Europe de l’Est.Les activités reprises pèsent quelque110 milliards d’euros d’actifs financiers dans sept pays (Bulgarie, Hongrie, République tchèque, Roumanie, Russie, Slovaquie et Ukraine), selon son communiqué. La transaction, dont le montant n’a pas été divulgué, devrait être finalisée au premier trimestre 2014. Les actifs sous conservation de Citigroup s'élèvent à 13.500 milliards de dollars. Cette opération s’ajoute à la longue liste des désinvestissements consentis depuis un an par ING pour rembourser l’aide publique de 10 milliards d’euros qui lui a été accordée en 2008 lors de la crise financière. La banque a ainsi récemment cédé ses 49% dans l’assureur vie coréen KB Life Insurance (pour 115 millions d’euros) et ses 5% dans le groupe financier sud-coréen KB Financial Group (500 millions d’euros. ING a aussi vendu sa participation dans le groupe financier américain Capital One (pour 2,4 milliards d’euros), ainsi que ses activités de banque en ligne en Grande-Bretagne (pour un montant non précisé), au Canada (pour 2,5 milliards d’euros) et aux Etats-Unis (pour 9 milliards de dollars).
29/04/2013

KBC Securities Pologne recentre ses activités locales

KBC Securities Pologne a annoncé, vendredi 26 avril, la concentration de ses services de titres (« Securities Services ») sur différentes activités : l’Electronic Desk Access, l’accès téléphonique et l’accès direct à la Bourse de Varsovie et aux marchés internationaux ; les services de compensation, de règlement et de conservation sur les marchés polonais et internationaux ; les prêts et les emprunts de titres ; le courtage intégré et les services de dépositaire pour les marchés polonais et internationaux ; les services d’internalisation des tâches (Business Process Insourcing), couvrant toute la chaîne du traitement des titres, à d’autres organismes financiers, y compris l’exécution des ordres, le dépôt, le front end, le back office et d’autres solutions informatiques y afférentes.À la suite de ce recentrage, les autres activités polonaises de KBC Securities (courtage au détail, ventes institutionnelles, market making, recherche et corporate finance) cesseront d’exister, indique un communiqué. KBC Securities Pologne a signé un accord cadre avec Dom Maklerski Banku Ochrony Środowiska S.A. (“DM BOŚ”), qui a préparé une offre pour les clients de détail. Cette offre n’oblige nullement les clients de détail à adhérer à un accord avec DM BOŚ. Les clients de détail concernés seront informés personnellement. Cette procédure, précise KBC, n’entraînera aucuns frais pour eux.
29/04/2013
Fonds

Charlemagne Capital prépare une version coordonnée d'un de ses fonds equity long/short

Le britannique Charlemagne Capital a annoncé son intention de lancer dans les prochaines semaines une version coordonnée de son fonds equity long/short Oaks Emerging and Frontier Opportunities Fund dont le gérant principal est Stefan Böttcher. Le hedge fund «offshore» a généré depuis son lancement une performance supérieure à 25 % avec une volatilité ex-ante de 12 %. Le portefeuille peut être investi au maximum à 15 % en obligations.La poche longue actions doit évoluer entre 50 et 100 % pendant que la poche «courte» sera comprise entre - 15 et - 50 %. En brut, l’exposition actions peut varier entre 70 et 150 %.Le fonds coordonné aura une liquidité hebdomadaire et l’encours sera limité à 150 millions d’euros. Il est prévu que 75 % du portefeuille puissent être liquidés en cinq séances boursières.L'écart-type sera plafonné à 12 %, mais il n’a jamais dépassé jusqu'à présent 8,5 %, soit moins de la moitié des 24-25 % qui sont généralement affichés par les fonds d’actions émergentes long-only. Le beta par rapport à l’indice MSCI Emerging se situera entre 0,2 et 0,4, alors que le fonds vise une performance double de celle de l'écart-type.
Fonds
29/04/2013
Fonds

Forte performance pour le fonds pétrolier norvégien

Au premier trimestre, le rendement des investissements du Government Pension Fund - Global (GPFG) a été de 8,3 % sur la poche actions et de 1,1 % sur le portefeuilles d’obligations. Au total, précise Yngve Slyngstad, CEO de Norges Bank Investment Management (NBIM), qui gère l’ex fonds pétrolier par délégation de la Banque de Norvège, la performance du GPFG a été de 0,3 % supérieure à celle de son indice de référence.Dans la mesure où la couronne norvégienne s’est affaiblie au premier trimestre par rapport à plusieurs des monnaies principales du monde, l’effet de change positif pour le fonds a été de 93 milliards de couronnes. De plus, le GPFG a bénéficié d’un transfert de 60 milliards de couronnes de la part de l’Etat. A fin mars, l’encours ressortait à 4.182 milliards de couronnes, dont 62,4 % en actions, 36,7 % en obligations et 0,9 % en immobilier.
Fonds
29/04/2013

Rendement au plus bas depuis octobre 2010 pour l’émission italienne

L’Italie a adjugé six milliards d’euros de dette sur des échéances de cinq et 10 ans, avec des rendements revenus à des plus bas sans précédent depuis octobre 2010. Les investisseurs semblaient rassurés après l’annonce de la formation du gouvernement. Le Trésor a levé trois milliards d’euros à échéance 2018, avec un rendement brut en baisse à 2,84% contre 3,65% lors de la précédente adjudication de ce type.Sur l'échéance à 2023, Rome a également adjugé trois milliards d’euros de titres à un rendement de 3,94% contre 4,66%.
29/04/2013

Les gros CLO sont de retour en Europe

Intermediate Capital Group et Lloyds Bank seraient en négociations pour lancer le CLO (collateralised loan obligation) le plus important en Europe depuis la crise financière, indique le journal qui cite des sources proches. ICG aurait serait ainsi en phase de collecte d’un fonds pour monter un véhicule de financement structuré de 400 millions d’euros. L’opération pourrait être clôturée avant l’été.

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