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23/03/2011

ETFlab launches a bond ETF

The 804th ETF to be listed on the XTF segment of the Zetra electronic platform is the ETFlab iBoxx € Liquid Non-Financials Diversified, a German-registered physical replication product (DE000ETFL383) which charges fees of 0.20%, and tracks the Markit iBoxx € Liquid Non-Financials Diversified index.As its name indicates, the fund invests in corporate bonds from non-financial sectors. The index includes up to 40 positions, bonds issued by companies whose main headquarters are located in the Euro zone, in Denmark, the UK, Norway, Sweden, or Switzerland, with minimal volume of EUR750m. The limit for each position is set at 7.5%, and the portfolio may not include more than two issues from the same company.
23/03/2011

Man Group sells off its stake in BlueCrest

Man Group on 22 March sold off the 25% stake which it had held in the Guernsey-based hedge fund manager BlueCrest, for USD633m, back to BlueCrest Capital Management. The transaction will generate pre-tax profits of about USD250m. The proceeds of the sale will increase the regulatory capital surplus at Man Group by more than USD500m, from a level of about USD300m at the end of 2010.
23/03/2011

Two sales staff cover French market for F&C

At the end of last year, Aurélien Lafaye left F&C, leaving the Paris representative office of the British asset management firm unoccupied (see Newsmanagers of 6 December 2010). The asset management firm is not giving up on the French market yet. Institutional investors will now be served by Michel Bernard, who is based in London. “Wholesale” clients (funds of funds, etc.) have been taken over by James Beddall, in the sales department at Thames River Capital, the firm acquired by F&C in 2010, who served the French market from Luxembourg. The division of institutional and wholesale clients corresponds to a Europe-wide decision following the acquisition of Thames River by F&C.
23/03/2011

Jamie Stuttard leaves Schroders

Jamie Stuttard is leaving Schroders «to pursue other opportunities». Following this departure, the fund management company announces that Philippe Lespinard, fixed income chief investment officer and also lead manager of the Global Multi-Strategy team, will take over responsibility for the UK and Euro Aggregate portfolios, that is to say the Schroder ISF Euro Short Term Bond, the Schroder ISF Euro Bond, the Schroder Special Situations Fund Sterling Broad Market Libor and the Schroder Institutional Sterling Broad Market. Wes Sparks, head of US Fixed Income, continues as co-fund manager for Global Credit portfolios (Schroder ISF Global Credit Duration Hedged and Schroder ISF Global Corporate Bond) but his remit has expanded beyond his current focus on the US component of the strategy to include the asset allocation process for the broader strategy.
23/03/2011

M&G recruits a bond manager

M&G Investments has hired James Tomlins from Cazenove Capital Management to join its retail fixed income investment team.James Tomlins, deputy fund manager of the Cazenove Strategic Bond Fund, will work alongside Stefan Isaacs and Richard Woolnough. He has worked previously for Merrill Lynch Investment Managers (now Blackrock) and KBC Alternative Investment Management before signing up with Cazenove Capital Management in February 2006. He will join M&G on 20 June.
23/03/2011

Castlestone launches a precious metals equities fund

The US management firm Castlestone Management has created an equities fund dedicated to precious metals and gold, Investment Week reports. The new fund, Aliquot Gold and Precious Metals Equities fund, whose benchmark index is the FTSE gold mining index, has a diversified allocation in terms of geographical regions, sizes and investment styles. It may also invest in physical gold, in order to protect itself against the effects of macroeconomic and geopolitical developments.
23/03/2011

IndexIQ launches its first agriculture ETF

The US management firm IndexIQ has announced the launch on January 22 of its first agriculture ETF on NYSE Arca. The IQ Global Agribusiness Small Cap ETF (CROP) charges 0.75%. The new product offers exposure to small caps worldwide in the areas of agricultural machinery, breeding, agricultural production, biocarbons and alternative energies, replicating the performance of the IQ Global Agribusiness Small Cap Index before fees. To be included in the index, companies must have a minimal average capitalisation of USD150m in the 90 days preceding admission, and a minimal daily trading volume of USD1m per day.
23/03/2011

State Street inaugure de nouveaux bureaux "verts" à Hangzhou

State Street a annoncé l’inauguration de ses nouveaux bureaux à Hangzhou en Chine. Présent depuis 2001 dans la ville chinoise, State Street emploie aujourd’hui plus de 1.000 personnes dans l'élaboration de solution techniques pour le groupe. Les nouveaux locaux sont conformes aux standards LEED des bâtiments à haute qualité environnementale.
23/03/2011
Fonds

Castlestone lance un fonds actions sur les métaux précieux

La société de gestion d’origine américaine Castlestone Management vient un fonds actions dédié aux métaux précieux et à l’or, rapporte Investment Week.Le nouveau fonds, Aliquot Gold and Precious Metals Equities fund, dont l’indice de référence est l’indice des mines d’or du FTSE, affiche une allocation diversifiée en termes de zones géographiques, de taille et de styles d’investissement. Il peut aussi investir dans l’or physique afin de se couvrir contre les effets des évolutions macroéconomiques et géopolitiques.
Fonds
23/03/2011

Joaquin Almunia défavorable au modèle Deutsche Börse

Le commissaire européen à la Concurrence a exprimé ses doutes pour la concurrence concernant les schémas d’intégration verticale tels que celui qui résultera de la fusion entre Deutsche Börse et Nyse Euronext. Le nouveau groupe détiendra à la fois des marchés boursiers et des activités de post-marché (Eurex Clearing, Clearstream). «Du point de vue de la concurrence, j’ai tendance à préférer les modèles qui ne sont pas en intégration verticale», a déclaré Joaquin Almunia lors d’une audition au Parlement européen.
23/03/2011

Le FMI souhaite concurrencer la Fed

Le Fonds monétaire international serait en train d’élaborer une proposition afin de devenir un prêteur plus important en devises en période de crise, partageant ainsi plus équitablement le rôle de prêteur en dernier ressort avec la Fed, indique le quotidien qui ne cite aucune source. L’institution fournirait ainsi en devises les banques centrales des pays en voie de développement quand elles en manqueraient.
22/03/2011

Le montant de l'intervention sur le yen se précise

Les pays du G7 pourraient avoir vendu un total de 530 milliards de yens (6,5 milliards de dollars) le 18 mars pour faire baisser la devise nippone, selon des statistiques monétaires publiées mardi par la Banque du Japon. S’il se confirmait, ce montant serait inférieur aux rumeurs de vente de 2.000 milliards de yens qui ont circulé sur le marché.
22/03/2011

L'inflation britannique à un plus haut de 28 mois sur un an en février

L’inflation en Grande-Bretagne a progressé plus que prévu en février, pour atteindre son plus haut niveau depuis octobre 2008. Les prix à la consommation ont augmenté de 0,7% le mois dernier et de 4,4% sur un an, selon les chiffres publiés par l’Office national des statistiques (ONS).
22/03/2011

Trader claims hedge funds should accept higher taxes in London

Hedge funds should accept higher taxes in London and stop threatening to move elsewhere, according to Michael Farmer, a Conservative party donor who runs the near-USD1bn Red Kite metals hedge funds. “If one is a citizen and your country’s having a tough time, you pay your taxes and that’s it – although rather reluctantly if they are not spending it wisely,” he told the Financial Times.
22/03/2011

UK government to make acquisitions of British firms more difficult

p { margin-bottom: 0.08in; } The Takeover Panel in the UK is planning to make the publication of commissions received by bankers and business lawyers compulsory, Les Echos reports. The proposal was published on 21 March in a 172-page document. The proposals are open to consultation until May, after which time the law will be changed, most likely during summer. “Shareholders should receive all the information about the sums spent by businesses in acquisition bids, and consulting commissions represent a significant portion of those amounts,” the Takeover Panel says. Commissions paid by the predator and the target businesses to bankers, lawyers, consultants and communication advisers are included.
22/03/2011

Asia adopts ETFs

p { margin-bottom: 0.08in; } A growing number of Asian investors are considering ETFs as a means to diversify their investments in the region. Daniel Farley, head of allocation strategies for institutional clients at State Street Global Advisors (SSgA), says that Asian investors are using the asset class to develop controlled exposure to some countries in the region, Asian Investor reports. The Asian region was home to 218 ETFs as of the end of December, with assets of USD84.1bn, far behind the 1,663 ETFs available in Europe, with USD318.5bn in assets. State Street estimates that interest in ETFs is related to their liquidity, transparency, and easier exposure to assets which are sometimes difficult to access, such as equities listed in China.
22/03/2011

2010 a mixed bag for Belgian fund industry

p { margin-bottom: 0.08in; } The Belgian investment fund industry had a good year in 2010, L’Echo reports. Assets in funds available for public sale in Belgium increased 2.2% to EUR127.03bn, according to figures from the Belgian asset management association (BeAMA). Market effects were responsible for the increase in net assets in the industry. Variable revenue funds are the cause of the development, with net subscriptions of EUR120m and gains of EUR2.93bn. For pure and mixed equities funds, Belgium followed the European trend in 2010, with an upward movement. However, Belgian bond funds were down in 2010 (though they rose in Europe), while net assets in money market funds rose in Belgium, but fell in Europe.
22/03/2011

Russia to create a USD10bn sovereign fund

p { margin-bottom: 0.08in; } Russian president Dmitri Medvedev on 21 March announced the creation of a sovereign fund with USD10bn in assets which will finance modernisation in the country, partly with foreign investments, by June of this year, Agefi Switzerland reports. The minister of economic development, Elvira Nabioullina, soon after announced that the fund may have up to USD10bn in assets.“In the first year, capitalisation of USD2bn is planned, from budget surpluses. In the following five years, the fund will reach USD10bn,” she announced, cited by the Ria Novosti news agency.
22/03/2011

Credit Suisse Gestión releases a flexible duration bond fund

p { margin-bottom: 0.08in; } Credit Suisse Gestión, a Spanish affiliate of the Swiss group, has announced the release of the CS Duracion Flexible fund, which will invest at least 75% of its assets in debt rated from AAA to A-, and at least 10% in bonds with a rating of BBB- or lower, with the added possibility of exposure to equities hybrids or derivatives for up to 20%.The product is the result of the conversion of the Diner 2000 fund, which was licensed by the CNMV on 11 March. It has a total average duration of -3 years and +6 years, where the negative average duration is obtained via derivative instruments.The fund is managed by Gregorio Oyaga and Alba Gutiérrez, and carries a management commission of 0.65%
22/03/2011

HSBC releases five more ETF funds in Spain

p { margin-bottom: 0.08in; } HSBC has registered five ETFs listed in London with the CNMV. The funds charge fees of 0.60%, except the Canadian fund, with management commissions of 0.35%, Funds People reports. The products are the HSBC EM Latin America, S&P BRIC 40, MSCI China, MSCI South Africa and MSCI Canada.
22/03/2011

Axel Schwarzer resurfaces as head of asset management at Vontobel

p { margin-bottom: 0.08in; } Axel Schwarzer, the man who turned around Scudder and who spent 22 years of his career at the Deutsche Bank group, with high-responsibility positions at DWS, will take over on 4 May 2011 as head of asset management at the Swiss Vontobel gorup (CHF119bn in assets as of the end of 2010). He left his job at DWS as head of strategic distribution partnershiops at the end of last year (see Newsmanagers of 30 December 2010).Schwarzer replaces Zeno Staub, who will take over as CEO, succeeding Herbert J. Scheidt, who will become chairman of the board of directors.
22/03/2011

Appointments to international consulting committee at Edhec Risk Institute

p { margin-bottom: 0.08in; } The Edhec Risk Institute has announced the appointment of three new members of its international consulting committee. They are Tomas Franzen, chief investment strategist at AP2 – Andra AP-fonden, Jaap van Dam, managing director in charge of investment strategy at PGGM, and Stuart Lewis, chief credit officer and deputy chief risk officer at Deutsche Bank.
22/03/2011

Tikehau Investment Management will soon take on a new partner

p { margin-bottom: 0.08in; } The management firm Tikehau Investment Management (Tim) announced on Monday, 21 March, that Fabrice Damien will be arriving in the next few weeks as a partner at Groupe Tikehau. Damien will strengthen TIM’s presence in credit and Private Debt activities in particular, a statement says. Damien, 34, was previously Managing Director at Bank of America Merrill Lynch, in charge of corporate and leverage finance activities in France.
22/03/2011

EBITDA and assets up at Nuveen in 2010

p { margin-bottom: 0.08in; } For the fiscal year ending on 31 December 2010, Nuveen Investments has announced an adjusted EBITDA of USD470.75bn, compared with USD379.73m. As of 31 December, assets totalled Usd196.98bn, compared with USD144.8bn twelve months earlier, due to USD27bn in asset acquisitions, USD13.56bn in net subscriptions, and USD11.44bn in positive market effects.
22/03/2011

Bruno Bernard leaves Pastel & Associés

p { margin-bottom: 0.08in; } Bruno Bernard, who was director of commercial development at Pastel & Associés, has left the management firm. His clients will be taken over by Patrick Delaroque. Meanwhile, Valérie Salomon has joined the business to handle institutionals.
22/03/2011

Norwegian sovereign fund invests in Spain

p { margin-bottom: 0.08in; } The Government Pension Fund – Global (GPFG, formerly known as the Petroleum Fund), managed by Norges Bank Investment Management (NBIM), an affiliate of the Bank of Norway, in 2010 invested about NOK258m (EUR33m) in bonds issued by the Spanish banking restructuring fund (FROB), Expansión reports. The fund holds more than 1.5% of capital in Telefónica, Santander and BBVA, and controls more than 3% of Ferrovial and Gamesa.The fund also has NOK37.8bn, or EUR4.8bn in bonds issued by La Caixa, Maja Madrid and other Spanish savings banks in its portfolios. The GPFG last year also doubled its exposure to participation shares in the Caja de Ahorros del Mediterráneo (CAM), to NOK1.5m.The fund’s portfolio of Spanish government bonds as of the end of 2010 includes NOK25.66bn, compared with NOK9.66bn one year previously.

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