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03/11/2011

OSS Capital Management to close hedge fund

Oscar Schafer is planning to liquidate his hedge fund at O.S.S. Capital Management in the next six months, sources familiar with the matter have told the Wall Street Journal. The fund did not manage to make back the heavy losses it suffered in 2008, and its assets as of the end of August fell to USD500m, compared with a peak of over USD2.5bn.
03/11/2011

Vanguard launches two bond funds with ETF share classes

The US firm Vanguard has filed with the SEC for two international bond funds, Vanguard Total International Bond Index Fund and Vanguard Emerging Markets Government Bond Index Fund.The Vanguard Total International Bond Index Fund will aim to replicate the performance of the Barclays Global Aggregate ex-USD Float Adjusted Index (Hedged) and will thus use currency hedging techniques.The product will be a part of the Vanguard Total product range, which has about USD300bn in assets.The Vanguard Emerging Markets Government Bond Index Fund will track the Barclays Emerging Markets Sovereign Index (USD). The portfolio will invest exclusively in emerging market government bonds denominated in US dollars, which eliminates currency risks for investors based in the United States.Vanguard will offer both traditional share classes for the two new funds (Investor, Admiral and Institutional), and ETF share classes. The latter will cost 0.30% for the Total International Bond Fund, and 0.35% for the Emerging Markets Government Bond Index Fund.
03/11/2011

Henderson sees net outflows in third quarter

Henderson has undergone net outflows of nearly GBP2bn between June and September 2011. In detail, the UK asset management firm saw net outflows of GBP692m from Henderson retail and GBP254m from Gartmore retail and GBP1.0bn net outflows from institutional clients spread evenly between Henderson and Gartmore. The net outflows during the period include GBP224m of previously notified Gartmore redemptions from the time of the acquisition announcement in January 2011. In this environment, and due to unfavourable market and FX movements, total assets under management at Henderson decreased by GBP9bn, to GBP65.4bn. This decline also includes the sale of GBOP1.1bn in assets from New Star Institutional Managers. Henderson has also announced that the integration of Gartmore is now largely complete. «The integration of Gartmore continued through the period with the rebranding of the Gartmore funds to Henderson and the merger of 13 funds in the UK fund range. (...) Gartmore outflows since the acquisition announcement to the end of the period, net of previously notified redemptions and excluding market movements, were GBP2.1bn resulting in 87% of the assets being retained».
03/11/2011

BNP Paribas IP: Outflows of EUR22.5bn in 9 months

The Investment Partners unit at BNP Paribas saw net outflows of EUR22.5bn in the first nine months of the year, according to quarterly results from the bank, published on Thursday. Outflows affected all asset classes, particularly money market funds, the firm says. These redemption demands were only partly offset by inflows in private banking, insurance and Personal Investors. Overall, the Investment Solutions unit at BNP Paribas saw net outflows of EUR7.9bn in nine months. With the addition of the steep decline of equity markets, assets under management by the unit have fallen 5.5% in nine months, to EUR851bn. In this environment, revenues from asset management fell from EUR825m in third quarter 2010, to EUR804m in third quarter 2011. The unit as a whole has seen an increase in its revenues of 2.5%, to EUR1.551bn. Pre-tax income for institutional and private management are also down from EUR250m to EUR195m year on year. For the Investment Solutions unit as a whole, income are down heavily, by 46.4%, to EUR266m.
03/11/2011

La Française AM recruits a legal director

La Française AM has appointed Karina Perwald-Leroy as group legal director. Perwald-Leroy will report to Jérôme Coirier, director of the organisation and group partnerships, and will be in charge of legal management and administration of the group’s companies, clients, partners and distribution platforms, as well as monitoring M&A’s internal and external operations. Before joining La Française AM, since November 2007 Perwald-Leroy had been head of the legal service at State Street France, and a member of its board of directors.
03/11/2011

Royal London Asset Management recruits one

Royal London Asset Management (RLAM) has announced the recruitment of Grant Hadland as head of consultant relations in its Institutional Business Development team. He had previously served in a similar position at Fidelity International.
03/11/2011

Threadneedle toughens SRI policy

The British asset management firm Threadneedle Investments (EUR76.2bn in assets as of the end of June) on 2 November announced that, in keeping with the United Nations convention on cluster bombs, which came into force on 1 August 2010, it will no longer invest in shares in firms which produce “controversial” weapons. This will extend not only to cluster bombs, but also to land mines, chemical weapons and depleted Uranium.The decision comes as a part of Threadneedle’s socially responsible investment (SRI) policy, and respect for environmental, social and governance (ESG) criteria. However, Threadneedle has not ruled out short positions on these assets.The British asset management firm points out that its SRI policies were developed internally, and are based on the best international practices, including the United Nations Principles for Responsible Investment (UN PRI), the UN Global Compact, and the UK Stewardship Code.
03/11/2011

Standard Life to pull out of funds of hedge funds

Standard Life Investments is planning to close its fund of fund boutique Aida Capital, acquired last year, according to reports in Financial News. Assets at the structure have reportedly not boomed.
03/11/2011

Schroders closes a fund to new subscriptions

Schroders will soft close its European Alpha Plus fund, managed by Leon Howard-Spink, Investment Week reports. Schroders has confirmed the information to Newsmanagers. The firm has contacted its major investors to inform them that it is in their interest no longer to put money in the fund, Robin Stoakley, managing director, has told the website.
03/11/2011

Appointment at Henderson GI

Henderson Global Investors has hired Ilna Patel as assistant portfolio manager for its Central London office funds (CLOF I and CLOF II). Working alongside fund managers Clive Castle and Nick Deacon, she will be based in Henderson’s London office where she will support new business initiatives and investment activity as well as focusing on the fund’s current major projects which include Smithfield, the Soho Estate, Regent Quarter and the Leadenhall Triangle.Ilna Patel joins Henderson from the DTZ Central London valuation team.
03/11/2011

St James's Place posts strong inflows

UK-based asset management firm St James’s Place has reported net inflows in third quarter of GBP800m.In an interim report published on 2 November, the asset management firm adds that despite significant subscriptions, assets under management have fallen 8% in the same period, to a total of GBP26.7bn, largely due to negative market effects.
03/11/2011

Heavy fall in inflows at Royal London AM

Net inflows to Royal London Asset Management (RLAM) in the first nine months of the year totalled GBP218m, compared with GBP649m in the corresponding period of 2010, the firm announced on 2 November.The UK asset manager has announced that retirement plans and life insurance policies, however, have posted net inflows of GBP2.59bn in nine months, up 12% compared with the corresponding period of 2010.
03/11/2011

John Chatfeild-Roberts steps down as manager of Jupiter Global Managed Fund

John Chatfeild-Roberts, chief investment officer at Jupiter, will step down as the manager of the GBP256m Jupiter global managed fund and will hand responsibility to Simon Somerville. He will become deputy manager on the fund and will continue to provide input to the Fund’s asset allocation strategy.Simon Somerville, who has worked as deputy manager on the fund since September 2010, will take over the fund from John Chatfeild-Roberts with effect from 14 November 2011. He will remain lead manager of the Japan funds (the GBP478m Jupiter Japan Income Fund and the GBP51m Jupiter Japan Select fund) , supported by Dan Carter, who has been appointed deputy manager for both portfolios. John Chatfeild-Roberts, chief investment officer at Jupiter, said: “With my role having expanded since I became CIO last year, I feel the time is right to hand over full-time responsibility for this portfolio to Simon. It is also pleasing to be able to appoint Dan as deputy manager on both our Japan funds. He has worked hard and deserves greater responsibility.”
03/11/2011

Axa IM recruits a head of sales for UK institutionals

AXA Investment Managers has announced the appointment of Madeline Forrester as head of institutional sales UK. She will report to Irshaad Ahmad, head of UK and Nordics and member of the AXA IM executive committee. She will be responsible for the ongoing development and promotion of AXA IM’s proposition for the institutional market in the UK and will lead the sales efforts across this key channel.Madeline Forrester joins from Threadneedle where she had direct responsibility for building the UK Institutional Business.
03/11/2011

Third consecutive quarter of losses for SRI funds

Falling markets have not spared socially responsible investment (SRI) funds. Novethic reports that SRI mutual funds on sale in France have seen a third consecutive quarter of losses. Assets were down 9.3% to EUR41.9bn for 304 funds as of 30 September 2011.This contraction is due to losses from funds (-7.8%) more than outflows (-1.7%), Novethic notes in its publication “SRI essentials.” Market effects which affected equity funds represent losses of EUR3.6bn. For the bond and money market segments, “the slightly positive market trend barely offsets outflows from a few large funds,” Novethic adds.
03/11/2011

Assets down for Chinese funds in third quarter

As of the end of September, assets in Chinese funds totalled CNY2.1trn, which represents a 9.8% contraction in one quarter, largely due to a negative market effect of CNY251bn, the highest since second quarter 2010, according to Z-Ben Advisors.With the exception of money market funds, all segments have seen losses in July-September, with a decline of 11.76% for equity funds, and 22.4% for QDII funds.Meanwhile subscriptions have fallen to an average of less than CNY1bn, and the number of new fund launches has fallen to 58, from 63 in the previous quarter.Organic outflows have fallen to CNY27.25bn from CNY61bn in April-June, probably because the CSI index has lost 15.2% in third quarter, which would have motivated retail investors to hold off on redemptions.
03/11/2011

Le spread OAT-Bund bat un nouveau record

L’écart de rendement entre les taux longs à dix ans français et allemand a atteint hier un nouveau sommet depuis la création de la zone euro, jusqu’à 129 points de base en matinée, avant de refluer en fin d’après-midi vers les 125 pb. Après le sommet européen de la semaine dernière, le spread était revenu dans la zone des 90 pb.
03/11/2011

Foncière Paris France se sépare d’Invest Securities

Foncière Paris France (FPF) a annoncé avoir résilié son contrat de liquidité avec Invest Securities pour en ouvrir un avec Kepler Capital Markets. Le groupe justifie ce changement pour de simples raisons techniques. Pourtant, une note d’analyse d’Invest Securities de cet été avait fortement critiqué le projet de rachat de FPF par Foncière des Régions, provoquant la colère des dirigeants de FPF.
03/11/2011

La Fed s'en tient au statu quo

Les divisions persistent au sein de la banque centrale américaine sur la conduite à tenir, alors que son président a présenté les rachats de MBS comme une « option viable ».
03/11/2011

Coup de frein pour la promotion immobilière en Chine

Le quotidien, citant une source au sein du propriétaire du principal site internet consacré à l’immobilier, SouFun Holdings, souligne que le mois dernier 133 villes chinoises ont cédé un total 20 millions de mètres carrés de terrains à destination de la promotion immobilière résidentielle, soit une surface 45% inférieure à celle vendu en octobre 2010. Les promoteurs sont en manque de liquidités.
03/11/2011

Berlin pour une taxe sur les transactions

Le quotidien hambourgeois assure que le ministre des finances allemand Wolfgang Schaüble entend mettre au menu des discussions du G20 à Cannes l’instauration d’une taxe mondiale sur les transactions financières. Le ministre l’indique dans un entretien. Faute d’accord avec les Etats-Unis, les pays européens devrait mettre en œuvre leur propre taxe.
02/11/2011

L'Allemagne émet 4 milliards d’euros de dette à 5 ans

L’Allemagne a adjugé quatre milliards d’euros d’obligations à cinq ans (Bobls) avec des rendements en baisse, montrent les données publiées mercredi par la Bundesbank. L'émission a rencontré une demande plus importante qu'à la précédente adjudication en septembre, de 6,075 milliards d’euros. Le rendement moyen s’est élevé à 1%, contre 1,22% lors de la dernière émission.
02/11/2011

La contraction se poursuit dans l'industrie de la zone euro

L’activité manufacturière de la zone euro a poursuivi sa contraction en octobre à un rythme encore plus marqué que ne l’annonçait une première estimation, la crise de la dette ayant lourdement pesé sur les commandes à l’industrie. L’indice PMI Markit des directeurs d’achats s’est contracté pour le troisième mois d’affilée à 47,1 en octobre, contre 47,3 en estimation flash et après 48,5 en septembre.

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