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03/03/2011

Trial of “German Madoff” begins

p { margin-bottom: 0.08in; } On Wednesday, the trial of Helmut Kiener, the “German Madoff,” began in Wurzburg, the Frankfurter Allgemeine Zeitung reports. Kiener, who has been in preventive custody since October 2009, is accused of orchestrating a Ponzi pyramid scheme which allowed him to defraud 5,000 retail investors and two banks of EUR345m.
03/03/2011

Assets up by more than 16% at HSBC Trinkhaus

p { margin-bottom: 0.08in; } The German management firm HSBC Trinkhaus has posted the highest pre-tax profits in its 225-year history for 2010, totalling EUR210m, up from EUR163.7m in 2009, an increase of 28.3%. Net profits increased 27.7%, to total EUR139.4m. The cost/income ratio improved to 66.9% from 68.3%. As of 31 December, assets under management and administration totalled EUR115.3bn, compared with EUR99.1bn. Pre-tax profits for the institutional segment (investment banking, equities investments) were up 7.7%, to EUR72.3m, while the high net worth private client segment was up 2.1%, to EUR29.7m, due to an increase in revenues from asset management and securities transactions.
03/03/2011

Software-systems.at to launch 6 sustainable development indices

p { margin-bottom: 0.08in; }a:link { } The Austrian consulting firm software-systems.at, which already calculates 150 indices of funds which are used as benchmarks for peer groups of categories, sectors, regions and themes, is planning to launch six sustainable development indices in mid-May, which will take into account the ethical and dynamic rating (EDA) of funds. Details can be found at http://www.software-systems.at/eda/docs/EDA_Beschreibung.pdf.The six IX EDA indices are the 50 Aktien SK75 Europa, 25 Aktien SK75 Deutschland (Germany), 25 Aktien SK75 Österreich (Austria), 25 Aktien SK75 Schweiz (Switzerland), 25 Aktien SK75 Emerging Markets and 50 Aktien SK75 Global. The numbers 25 and 50 refer to the number of appropriate funds selected for each country or region. The abbreviation SK75 indicates that at least 75% of standard criteria must be respected.Richard Lernbass, CEO of software-systems.at, says the indices must allow investors to determine the genuine “sustainable development” content of funds on an ongoing basis, without having to rely on marketing materials from fund issuers.
03/03/2011

Banque Piguet recruits a former Lombard Odier employee

p { margin-bottom: 0.08in; } Gioacchino Puglia has recently been named first vice-president of institutional business development at Banque Piguet. His previous employer was Lombard Odier, where he was most recently senior vice-president of institutional client relationship management.
03/03/2011

Arca SGR launches three bond funds

p { margin-bottom: 0.08in; } The asset management firm Arca SGR, an affiliate of 12 Italian cooperative banks, is launching three bond funds: Arca Cedola Bond Globale Euro III, Arca Cedola Bond Paesi Emergenti, and Arca Bond Paesi Emergenti Valuta Locale. The first two are funds with quarterly distribution, the first of which is invested primarily in Euro zone government bonds, as well as in investment grade corporate bonds denominated in euros, while the second is invested in emerging markets government and corporate bonds. The third fund is an international bond product oriented to government bonds from emerging markets and countries that are net exporters of commodities.
03/03/2011

New directors for Putnam bond team

p { margin-bottom: 0.08in; } Putnam has announced the arrival of three people to direct its bond management team, which was previously overseen by Rob Bloemker, who has decided to leave the firm. The three specialists are D. William Kohli, Michael V. Salm, and Paul D. Scanlon, former heads of portfolio construction and global strategies, liquid markets, and US high yield.
03/03/2011

“$20 billion club” has a USD121bn hole in its coverage

p { margin-bottom: 0.08in; } In 2010, retirement liabilities on the books of the 16 publicly-traded US companies with liabilities of over USD20bn, known as the “$20 billion club,” increased to USD740bn, from USD700bn the previous year, according to a study by Russell Investments.Meanwhile, the value of assets owned by these businesses increased yo USD619bn, from USD578bn.Bob Collie, chief research strategist at Russell, points out that the $20 billion club accounts for nearly 40% of total pensions for US publicly-traded businesses. Their coverage deficit of about USD121bn is likely to trigger substantial increases in contribution charges, in order to catch up in the next few years, due to increased requirements in the Pension Protection Act of 2006.The study finds that these businesses contributed USD21bn last year, as in 2009, which is more than double the total paid into pensions in 2008.
03/03/2011

Aviva Investors recruits an FFTW veteran

Aviva Investors has appointed Dan James as head of global aggregate portfolio management. In this role, Dan will be responsible for implementing strategies and asset allocation across all global aggregate portfolios. He will also be responsible for promoting Aviva Investors global aggregate products and developing high-margin absolute return solutionsStarting on 1 March, Dan James will be based in Aviva Investors London office and will report to Shahid Ikram, deputy CIO of fixed income. Dan James will be joining Aviva Investors from Fischer Francis Trees and Watts where he was most recently head of short duration and absolute return. Prior to this, he was CIO aggregate and absolute return at Fortis Investments.
03/03/2011

Invesco gives shares to new employees

p { margin-bottom: 0.08in; } Following its acquisition of the Asian fund and asset management activities of AIG Global Real Estate Investment, Invesco has announced that it will distribute stakes in the firm (totalling 50,664 shares) to 10 new employees.
03/03/2011

Aberdeen AM wins a real estate mandate in Sweden

Aberdeen Asset Management has been appointed to manage a Danish-owned property portfolio in Sweden to a value of EUR300 million on behalf of Provinsfastigheter AB. Provinsfastigheter was previously part of the now restructured Allokton group, the current majority owner is a consortium of several Danish financial institutions. The portfolio is dispersed across Sweden, however with most of the properties in and around Stockholm and with an equal share of offices and residential properties. A significant proportion of the properties will require active management to reach their full potential. Consequently, in addition to the mandate to manage and optimise the total property portfolio, Aberdeen will also manage the financial administration reporting directly to the board of directors, until the portfolio is ready to be sold.
03/03/2011

GLG Partners recruits in Hong Kong

p { margin-bottom: 0.08in; } Andrew Thatcher, who previously worked in Europe for GLG Partners, has moved to Asia, and will be based in Hong Kong, where he will develop the alternative management firm’s Asian activities, Asian Investor reports. As executive director, Thatcher will report directly to Tim Rainsford, managing director of Man Investments in Asia, and will be in charge of relations with high net worth and institutional investors, as well as family offices and fund of hedge fund managers.
03/03/2011

Nomura AM signs up to PRI

p { margin-bottom: 0.08in; } Nomura Asset Management has signed the United Nations Principles for Responsible Investment (UN PRI). Among other recent signatories of the principles are AllianzGI Investments Europe, Santander Empelados Pensiones and Allegro Private Equity. Assets under management at Nomura Asset Management total about EUR212bn.
03/03/2011

Nomura AM signe les PRI

Nomura Asset Management vient de signer les Principes pour l’investissement responsable (PRI) des Nations Unies. Parmi les signataires récents figurent également Allianz GI Investments Europe, Santander Empleados Pensiones ou encore Allegro Private Equity.Les actifs sous gestion de Nomura Asset Management s'élèvent à environ 212 milliards d’euros.
03/03/2011
Fonds

Warburg-Henderson lance un fonds immobilier dédié à quatre caisses de retraite

Le gestionnaire hambourgeois Warburg-Henderson KAG für Immobilien (3,7 milliards d’euros d’encours) lance le fonds Warburg-Henderson KOOP qui est dédié à quatre caisses de retraite municipales avec des profils similaires. Ces caisses vont apporter 200 millions d’euros et le fonds investira jusqu'à 300 millions dans des immeubles de bureaux et commerciaux en Europe occidentale. L’objectif de performance (taux de rendement interne) est de 6,5 % par an, avec des dividendes stables.Le premier actif est en cours d’acquisition. Warburg-Henderson s’appuie sur les conseils exclusifs de HIH Hamburgische Immobilien Handlung pour l’Allemagne et de Henderson Global Investors pour les autres pays européens. Un autre mandat KOOP pour des assureurs allemands est actuellement en préparation.Afin de gérer le premier fonds, Warburg-Henderson a recruté Daniel Fahrer comme gérant de portefeuille senior. L’intéressé gérait jusqu'à présent des fonds Europe chez Axa Investment Managers. Auparavant, il avait travaillé chez RREEF et chez Citigroup.
Fonds
03/03/2011
Fonds

Les fonds de grande taille trustent les souscriptions outre-Rhin

Le bilan 2010 des souscriptions-rachats et des encours établi par l’agence Kommalpha fait ressortir que la grande majorité des fonds allemands offerts au public a joué un rôle de figurant l’an dernier. La plupart des segments sont dominés par un petit nombre de produits de grande taille, qui attirent l’essentiel des flux. A titre d’exemple, environ 50 % des encours totaux des fonds d’actions se répartissent entre moins de 5 % de grands fonds. Pour l’obligataire et les fonds diversifiés, la situation n’est guère différentes : dans ces domaines, environ 15 % des fonds couvrent la moitié des actifs sous gestion.Parallèlement, on observe que les trois quarts des fonds d’actions les plus petits ne gèrent que 10 % des encours totaux. Pour les fonds obligataires et diversifiés, environ 60 % des produits se partagent un dixième seulement des actifs.Les meilleures ventes ont été réalisées l’an dernier par Pimco (17,5 milliards d’euros) et par les ETF de db x-trackers (Deutsche Bank) avec 5,4 milliards. En revanche, Deka et Union Investment ont subi des sorties nettes respectives de 6,4 milliards et 2,8 milliards d’euros (lire notre article du 11 février 2011). Kommalpha relève également que, parmi les quelques douzaines de fonds qui ont «fait» le marché en 2010, on observe un nombre croissant d’ETF. Bien que ces derniers représentent en termes absolus un petit groupe par rapport aux fonds à gestion active, ils ont enregistré des souscriptions nettes d’environ 8,6 milliards d’euros l’an dernier, à rapprocher avec les 10,7 milliards d’euros drainés par les fonds à gestion active.
Fonds
03/03/2011

Hausse de plus de 16 % de l'encours de HSBC Trinkaus

Pour l’exercice 2010, l’allemand HSBC Trinkaus a enregistré le bénéfice avant impôt le plus élevé de ses 225 ans d’existence, avec 210 millions d’euros contre 163,7 millions en 2009, soit un gonflement de 28,3 %. Quant au bénéfice net, il a augmenté de 27,7 % pour ressortir à 139,4 millions d’euros. Le coefficient d’exploitation s’est amélioré à 66,9 % contre 68,3 %.Au 31 décembre, les actifs sous gestion et administration représentaient 115,3 milliards d’euros contre 99,1 milliards.Le bénéfice avant impôt du segment institutionnel (banque d’investissement, placements d’actions) a affiché une hausse de 7,7 % à 72,3 millions d’euros tandis que celui du segment clientèle privée haut de gamme progressait de 2,1 % à 29,7 millions d’euros, grâce à l’augmentation des recettes de la gestion d’actifs et des transactions sur valeurs mobilières.
03/03/2011
Fonds

Arca SGR lance trois fonds obligataires

La société de gestion Arca SGR, filiale de 12 banques populaires italiennes, lance trois fonds obligataires : Arca Cedola Bond Globale Euro III, Arca Cedola Bond Paesi Emergenti et Arca Bond Paesi Emergenti Valuta Locale.Les deux premiers sont des fonds à distribution semestrielle qui sont investis pour le premier principalement dans des obligations gouvernementales des pays de la zone euro, ainsi que dans des obligations d’entreprises «investment grade» libellées en euros. Le second investit dans des obligations souveraines des pays émergents et des obligations d’entreprises. Le troisième fonds est un produit obligataire international axé sur les titres d’Etat des pays émergents et des pays exportateurs de matières premières.
Fonds
03/03/2011

Aberdeen AM remporte un mandat immobilier en Suède

Aberdeen Asset Management a été choisi pour gérer un portefeuille immobilier en Suède pour une valeur de 300 millions d’euros pour le compte de Provinsfastigheter AB, qui faisait précédemment parti du groupe Allokton et qui est détenu actuellement en majorité par un consortium de plusieurs institutions financière danoises. Les biens du portefeuille – des bureaux et des résidences - sont dispersés en Suède, mais la plupart se trouvent à proximité de Stockholm ou dans l’enceinte de la capitale suédoise. Une part importante des biens immobiliers requiert une gestion active pour atteindre leur potentiel. Aberdeen va aussi gérer l’administration financière et reportera directement au conseil d’administration jusqu’à ce que le portefeuille soit vendu.
03/03/2011

De nouveaux directeurs pour l'équipe obligataire de Putnam

Putnam annonce l’arrivée de trois personnes pour diriger son équipe de gestion obligataire, auparavant sous la responsabilité de Rob Bloemker, qui a décidé de quitter la société. Les trois spécialistes sont D. William Kohli, Michael V. Salm et Paul D. Scanlon, respectivement anciens responsables de la construction de portefeuilles et des stratégies globales, des marchés liquides et du haut rendement américain.
03/03/2011

JPMorgan conclut un accord avec BlackRock dans le traitement des ordres

JPMorgan a signé un accord avec BlackRock pour fournir au géant de l’asset management un service d’externalisation pour le traitement des ordres concernant les fonds asiatiques et effectués par fax. Il s’agit principalement de fonds domiciliés au Luxembourg ou en Irlande.
03/03/2011
Fonds

Dépréciation de la part du UniImmo: Global

Selon Das Investment, Union Investment Real Estate (UIRE) a abaissé le prix de la part du fonds immobilier offert au public UniImmo: Global (DE0009805556) de 2,40 euros ou de 4,45 % à 51,51 euros du fait de la dépréciation de trois immeubles qui avaient été achetés à Tokyo en 2008, lorsque le marché nippon était encore «intact».L’encours du fonds se situe à plus de 2,3 milliards d’euros.
Fonds
03/03/2011

Swiss & Global launches a healthcare fund for Julius Baer

p { margin-bottom: 0.08in; } The range of thematic equities products from Swiss & Global Asset Management, the exclusive provider of Julius Baer funds, has now gained the addition of the JB Health Opportunities Fund. The fund, a sub-fund of a UCITS-compliant Luxembourg Sicav, invests in 35-45 positions worldwide on publicly-traded companies active in all areas of the health care sector, including in emerging markets (up to 30%). The two co-managers of the fund, which was launched on 30 September 2010, are Nathalie Flury and Christophe Eggmann.CharacteristicsName: Julius Baer Multistock Health Opportunities FundISIN code: LU0529502287Management commission: Maximum 1.60%Benchmark index: MSCI World Healthcare
03/03/2011

Skandia releases its Spectrum range on several platforms

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) has announced that its Spectrum range, managed with volatility objectives, is now available on the FundZone, Wrap, International Bond and SIPP platforms. The range, launched in 2008, had total assets as of 31 January 2011 of GBP843m.
03/03/2011

JOHCM launches a European equities fund capped at GBP2bn

p { margin-bottom: 0.08in; } Two former fund managers from Fidelity Investments and then Thames River Capital who joined JO Hambro Capital Management (JOHCM) in January as senior fund manager and fund manager, respectively Trygve Toraasen and Carlos Mureno, have been assigned to manage the new JOHCM All Europe Dynamic Growth Fund, launched on 28 February. The capacity of the new sub-fund of the Irish Sicav is limited to GBP2bn.Minimal subscription is set at GBP1,000 for retail and GBP125,000 for institutional investors.The two managers will apply the qualitative stock-picking methodology which brought them success at Fidelity and then at Thames River. The strategy is to invest in undervalued businesses using both growth and value strategies, but with a growth bias. The portfolio will be concentrated, with 40 to 50 positions in all cap sizes. The investment universe is all of Europe, including Eastern Europe. Initially, about 80% of the positions in the portfolio will be the same as those of the Thames River European Dynamic Growth Fund.CharacteristicsName: JOHCM All Europe Dynamic Growth FundBenchmark index: MSCI Europe (net dividends reinvested)ISIN codes:Retail GBP IE00B41H8D62 Retail EUR IE00B4R51P79Institutional GBP IE00B3ZL4730Institutional EUR IE00B4KJFH62Front-end fee: 5% maximumManagement commission: 1.50% (retail shares)0.75% (institutional shares)Performance commission: 15% of performance exceeding the index
03/03/2011

KKR recruits for European special situations unit

p { margin-bottom: 0.08in; } Mubashir Mukadam, who was managing director of the multi-strategy hedge fund York Capital Management (USD14bn), has been appointed as European head of special situations for KKR Asset Management LLC (KAM), the asset management platform from Kohlberg Kravis Roberts (KKR), which manages USD14.8bn. He will report to Nat Zilkha and Jamie Weinstein, co-heads of special situations.
03/03/2011

SEC proposes rules for hedge fund bonuses

p { margin-bottom: 0.08in; } The Securities and Exchange Commission has voted (three to two) in favour of new restrictions on bonuses for brokers and investment advisors, including hedge funds, the Wall Street Journal reports. Firms which have over USD1bn in assets will be required to disclose the structure of bonuses paid to their management to the SEC each year. Bonuses which encourage inappropriate risk-taking or which may provoke financial losses will be banned. The proposal will now go to a second vote before final approval.
03/03/2011

SEC charges a hedge fund manager

p { margin-bottom: 0.08in; } Hedge Week reports that the SEC has filed a lawsuit in a San Francisco district court against Lawrence R Goldfarb and his alternative management firm Baystar Capital Management LLC (BCM). The regulator accuses the manager of fraudulently misappropriating USD12m placed in side pockets and reinvesting them without the knowledge of subscribers in a real estate firm and a record company owned by Goldfarb. Goldfarb has agreed to pay USD14m to settle the charges.
03/03/2011

First ETF for corporate bank loans launched

The first ETF for corporate bank loans begins to trade on Thursday, the Financial Times said. Invesco PowerShares Capital Management will manage the ETF, which will be based on the S&P/LSTA US Leveraged Loan 100 Index.
03/03/2011

Nordea to launch several funds

p { margin-bottom: 0.08in; } According to Citywire, Nordea is preparing to launch six new funds focused on high yield, debt and emerging markets equities in the next few months. In bonds, the Scandinavian firm will team up with the US management firm MacKay Shields to launch a US short-duration high yield bond fund.

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