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12/04/2010

Eaton Vance launches commodities fund managed by Armored Wolf

Eaton Vance Management, an affiliate of Eaton Vance Corp (USD161.6bn in assets as of the end of January) on Thursday announced the launch of the Eaton Vance Commodity Strategy fund, whose benchmark is the UBS Commodity Index Total Return. The initial objective is to earn returns comparable to the benchmark, but with lower volatility, while outperformance will come from commodities derivatives, inflation-linked bonds and emerging market bonds. The sub-adviser for the fund is Armored Wolf LLC, a specialist in global macro focused on “real” assets. The two managers of the fund will be John B. Brynjolffson, CIO and managing director of Armored Wolf, and Paul Dickson, managing director and emerging markets bond portfolio manager at Armored Wolf. Management fees total 1.25% for I-class shares, 1.50% for A-class shares, and 2.25% for C-class shares.
12/04/2010

Russell Investments adds to staff in Asia

Russell Investments has added to its workforce in Singapore and South Korea to meet growing demand in the region. Asian Investor reports that the firm is also planning to apply for a license to begin operating in Seoul, and is hoping to open a representative office in China in second half, and to obtain QFII (qualified foreign institutional investor) status in the country. The Korean team, which was reduced to two people last year, has been rebuilt, with the appointment of Kim Dong Ki as chief representative at the Seoul office. Kim was previously at Korea Life.
12/04/2010

Lyxor Hedge Fund Index up 2.12% in March

The Lyxor Hedge Fund Index posted gains of 2.12% in March 2010. For the month, the best-performing alternative strategies were: Term Index (+4.84%), L/S Credit Arbitrage Index (+3.85%), and Arbitrage Index (+2.73%). The only strategy to post losses in March was L/S Equity Short Bias Index (-6.58%). In first quarter, the Lyxor Hedge Fund Index gained 2.03%.
12/04/2010

Gains for hedge funds in March

Hedge Fund Research reports that hedge funds in March posted their strongest results since September, with a gain of 2.7%, and that they earned 2.56% in first quarter. According to Hennessee, funds gained 3.05% in March, after gains of 0.99% in February, and losses of 0.55% in January, putting returns for January-March at 3.50%. In March, according to Hennessee, only the short bias strategy posted losses (of 5.24%), while all others were in positive territory, including emerging markets, with gains of 5.47%. In first quarter, the best-performing strategy was financial sector equities, with gains of 6.83%, followed by event-driven (6.20%).
12/04/2010

LCH.Clearnet extends its SwapClear service to Ireland and Switzerland

The specialist group LCH.Clearnet on 8 April announced that it has been granted permission by the Financial Services Authority (FSA) to extend its settlement service for swaps and fixed income assets, SwapClear, to Ireland and Switzerland. The change in the area covered by the service will allow institutional investors to process their transactions via member agencies in the United States, France, Germany, Ireland, and Switzerland. SwapClear handles about 40% of the global market in swaps and fixed income assets.
12/04/2010

Blackstone interested in bank branches put up for sale by RBS

La Tribune reports that Blackstone on Tuesday made an indicative offer to buy 318 bank branches which have been offered for sale by the Royal Bank of Scotland (RBS). RBS has already received 4 bids from Santander, BBVA, Virgin Money and National Australia Bank, the newspaper reports.
12/04/2010

L&G head joins Fidelity

Fidelity has recruited Ben Waterhouse as head of wholesale sales for the United Kingdom, Investment Week reports. Waterhouse previously worked at L&G Investments, as director of sales. He will begin in his new position in the next few months, and will consolidate and develop activities with wealth managers in particular.
12/04/2010

Martin Currie closes a China hedge fund

Investment Week reports that Martin Currie has closed a hedge fund dedicated to China which had assets under management of USD203m. The fund, launched seven years ago, has earned annualised returns of 16.2%. In the past two years, the fund has earned returns of 22.8%, compared with losses of 15.4% for the MSCI Golden Dragon index in the same period.
12/04/2010

GBP1bn bonus for F&C chief

The chief executive of F&C Asset Management collected a GBP1 million bonus last year, according to the Times, which cites F&C’s annual report. Alain Grisay received GBP700,000 in cash and GBP300,000 in shares deferred for three years. The bonus came on top of Mr Grisay’s GBP325,000 salary. It will rise by 7.7 per cent to GBP350,000 this year.
12/04/2010

Deutsche Bank builds hedge fund advising activities

Deutsche Bank has announced that Doug Kline has joined the Global Prime Finance activity of its Global Markets division as managing director and head of hedge fund advising. Kline previously worked at Viking Global Investors, where he was a partner and chief information officer. Kline is based in New York, where he reports directly to Pam Kieman, managing director and global head of development, and Scott Carter, managing director and head of Global Prime Finance Sales and Capital Introduction for North America.
12/04/2010

Sciens acquires Partners managed accounts platform

The Swiss asset management firm Partners group has concluded the sale of its managed accounts platform to Sciens Capital Management, an independent alternative management firm based in New York and London. This will allow the Swiss group, which manages CHF25bn in assets, to focus on private investments (including private equity, private debt, private real estate and private infrastructure), a press release states.
12/04/2010

New contract for BNY Mellon

The University of Ohio has contracted BNY Mellon Asset Servicing to provide custody services for its long-term fund, the Ohio State Endowment Fund. The fund has nearly USD2bn in assets. BNY Mellon succeeds State Street in this role.
12/04/2010

Small Wall Street businesses facing rising tide of cyber-attacks

Les Echos reports that a growing number of US businesses are falling victim to market manipulations initiated by spam emails which spread false information about them. The spam messages target small companies with low liquidity and low daily trading volumes in particular, especially companies whose share prices are low, which are not listed on the major organized markets (NASDAQ or NYSE), and which generally release limited amounts of public information to the markets.
12/04/2010

Eurazeo considering capital increase

Les Echos reports that the investment holding company Eurazeo is currently considering a capital increase, in order to regain some manoeuvering room when the LBO markets recover. It may raise as much as EUR500m.
12/04/2010

ESAF launches an absolute return fund of funds

The Portuguese management firm Espirito Santo (ESAF), as promoter of the product, and Blue Activos Financeiros (BAF), as advisor, have announced the launch of the Luxembourg-registered fund Dynamic Alpha Portfolio III, which invests actively in funds, particularly UCITS III hedge funds. The objective is to earn returns 400-800 basis points higher than the Euribor 3-month, with volatility of less than 6%, an all market conditions. Among the preferred strategies of the fund are long/short equity, global macro, CTA, currencies, and volatility.
12/04/2010

Italian senator speaks out over powers amassed in the hands of Assogestioni chairman

The Italian senator Elio Lannutti has expressed surprise at the “deafening silence” which has prevailed over the appointment of Domenico Siniscalco, former Italian minister of the economy, and current president of Morgan Stanley, as chairman of Assogestioni, the Italian association of asset managers, the Italian news agency Asca reports. The politician claims that the variety of positions now held by Siniscalco imply “obvious conflicts of interest.” He points out that as chairman of Assogestioni, Siniscalco is able to appoint independent directors in publicly-traded companies, with which he would also work in his capacities at Morgan Stanley. Lannutti is critical of the silence of the Bank of Italy and the market regulatory agency on this subject.
12/04/2010

Seven new ETF funds from db x-trackers listed in Frankfurt

Deutsche Börse announced on Friday that it has admitted seven new “strategy” ETF funds from db x-trackers (Deutsche Bank) to trading on the XTF segment of its Xetra electronic platform, all of them registered in Luxembourg. Management commissions for the product vary from 0.35% for the Daily LevDax, and 0.70% for the S&P 500 Daily 2x Investor. Four of the funds invest with double leverage in the Euro Stoxx 50, SevDax, FTSE 100 and S&P 500 funds, while three others provide short, and also double leveraged, replicas of the Euro Stoxx 50, Dax and S&P 500 indices. With these seven funds, the XTF segment now includes 651 products. The launch of the new “daily leveraged” ETFs adds to the range of products from db x-trackers, which now includes 16 short products. db x-trackers states that the new daily leveraged ETFs are mostly aimed at “discerning” institutional investors. The funds are intended to be used for short-term trading or to deploy real-time hedging strategies in order to react to market fluctuations within a single day. Shares in the funds may be used as substitutes for other short-term derivatives such as futures, CFD, or swaps. The seven ETFs will be listed in Milan on the Borsa Italiana from 14 April, and on the London Stock Exchange from 26 April. db x-trackers Euro Stoxx 50 Leveraged Daily ETF Isin LU0411077828 management fees 0.35% db x-trackers LevDAX Daily ETF LU0411075376 0.35% db x-trackers FTSE 100 Leveraged Daily ETF LU0412625088 0.50% db x-trackers S&P 500 2x Leveraged Daily ETF LU0411078552 0.60% db x-trackers Euro Stoxx 50 Double Short Daily ETF LU0417510616 0.50% db x-trackers ShortDAX x2 Daily ETF LU0411075020 0.60% db x-trakcers S&P 500 2x Inverse Daily ETF LU0411078636 0.70%
09/04/2010

"Nous voulons diversifier notre offre en misant sur d'autres actifs et d'autres produits"

Transfuge de La Banque Postale Asset Management arrivé en octobre 2009 chez Tocqueville Finance tombée dans l'escarcelle de La Banque Postale, Bruno Julien sait que l'avenir de sa société de gestion, afin de retrouver le niveau de collecte qui était le sien avant la crise, passe par une diversification de son offre de produits et aussi par l'apport de nouveaux clients. Une entreprise ambitieuse qui doit notamment s'appuyer sur le développement de synergies avec la maison mère.
09/04/2010
Fonds

HSBC lance un ETF sur le FTSE 250

Jeudi, HSBC a lancé un nouveau compartiment de la sicav de droit irlandais HSBC ETFs plc, le fonds d’actions HSBC FTSE 250 ETF (IE00B64PTF05) qui utilise la réplication physique d’un portefeuille de titres d’entreprises de taille moyenne représentant environ 10 % de la capitalisation boursière totale du Royaume-Uni. Ce produit affiche un TFE de 0,35 %.
Fonds
09/04/2010
Fonds

Russell prépare onze ETF

Par une notification à la SEC (form N-1A), Russell Investments a annoncé son intention de lancer onze ETF répliquant des indices maison, les Russell Global 1000, 2000 et 3000, chacun en versions simple, growth et value. A ces neuf produits conseillés par Russell Investment Management Company s’ajouteront deux ETF de grandes capitalisations, le Russell Developed ex US Large Cap et le Russell Emerging Markets Large Cap.Ce seront les premiers produits lancés par Russell depuis le recrutement fin janvier de deux anciens dirigeants d’iShares, James Polisson et Andrew Arenberg (lire notre article du 27 janvier).
Fonds
09/04/2010

CalSTRS en quête d'un consultant sur les hedge funds

Selon Hedge Week, le fonds de pension des enseignants californiens CalSTRS recherche un consultant qui pourra l’aider à sélectionner et surveiller des gérants de hedge funds pour une stratégie global macro.Le consultant devrait assister CalSTRS pour retenir entre trois et six gérants de hedge funds qui investiront 200 millions de dollars dans des stratégies global macro.
09/04/2010

Blue Mountain lève 250 millions de dollars pour trois fonds

Selon Hedge Week, Blue Mountain a levé plus de 250 millions de dollars pour trois nouveaux fonds dont l’objectif est de repérer des opportunités d’investissement dans l’univers du crédit post-crise.Les trois fonds évoqués sont le BlueMountain Long/Short, le BlueMountain Distressed Fund et un fonds dédié aux titrisations. Blue Mountain envisage par ailleurs de lancer un fonds ABS multi-client d’ici à la fin du troisième trimestre.Ces fonds permettront à la clientèle d’avoir accès à des stratégies déjà éprouvées par le fonds phare de la société, le BlueMountain Credit Alternatives, mais dans le cadre de produits dédiés avec des conditions de liquidité sur mesure.
09/04/2010

BNY Mellon crée un poste de responsable mondial des dérivés

BNY Mellon a annoncé le 7 avril la nomination de Roderic Prat au poste nouvellement créé de responsable mondial des dérivés, en charge notamment du trading et de la distribution. Roderic Prat était précédemment consultant pour le compte du gouverneur de Bank of Canada.
09/04/2010
Fonds

Source fait coter quatre ETF supplémentaires à Francfort

Depuis jeudi, le segment XTF de la plate-forme électronique Xetra (Deutsche Börse) cote quatre ETF supplémentaires de Source, tous des produits de droit irlandais chargés à 0,30 %. Les indices répliqués sont tous des sous-indices optimisés du Stoxx Europe 600.Il s’agit du Consumer Discretionary European Source ETF (IE00B62RK662), du Consumer Staples European Source ETF (IE00B6222Y34), du Defensives European Source ETF (IE00B633JD33) et du Cyclicals European Source ETF (IE00B62SYX47).Ces nouveaux produits portent à 651 le nombre de fonds cotés sur XTF.
Fonds

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