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03/12/2009
Fonds

LFG lance une plate-forme pour les hedge funds Ucits III

Luxembourg Financial Group, société spécialisée dans les produits structurés, vient de lancer une plate-forme de hedge funds Ucits III en architecture ouverte, pour faire face à la demande croissance pour ce type de produits. Le lancement de Luxembourg Alternatives UCITS Platform (LAUP) s’effectue en partenariat avec Ganymede Partners, un conseiller spécialisé dans les hedge funds."Plus de la moitié des sociétés européennes de hedge funds prévoient soit de lancer des versions onshore et régulées de leurs stratégies ou l’ont déjà fait», indique LFG, citant HedgeFund Intelligence.
Fonds
03/12/2009
Fonds

Global X Management lance deux ETF sur la Chine

La société new-yorkaise Global X Management a annoncé le 1er décembre le lancement de deux nouveaux ETF, le China Consumer ETF et le China Industrials ETF. L’ETF consommation se propose de répliquer le S-BOX China Consumer Indewx alors l’eTF consacré aux industrielles tente de répliquer le S-BOX China Industrials Index. Global X Management souligne dans un communiqué la vigueur de l’activité en Chine, avec notamment une progression de plus de 16% sur un an des ventes de détail au mois d’octobre.
Fonds
03/12/2009

Citi s'installe chez Victory Capital Management

Victory Capital Management, une filiale de KeyCorp, a renouvelé son contrat avec Citi pour les services de sous-administration, de comptabilité et d’agent de transfert. Le renouvellement du contrat a pris effet au troisième trimestre.Victory gère plus de 45,4 milliards de dollars.
03/12/2009

Disappointing performance for guaranteed funds

In the first eleven months of the year, 64 Spanish guaranteed funds with assets of EUR5bn have matured, and Cinco Días reports that 38 of them have had to pay a supplement to subscribers since their net asset value was lower than the amount guaranteed in the prospectus. Only two funds finished with a lower NAV than at launch. The average annual performance of maturing funds this year is 2.54%, but 12 of these funds earned gains of over 4%, of which five were obliged to pay supplements under their guarantees.
03/12/2009

New hedge fund draws lessons from the crisis

Les Echos reports that Northlight, a hedge fund launched this week by three former Goldman Sachs, Lehman Brothers and GLG Partners managers, will seek to bring the interests of incoming and outgoing investors into line, to avoid panic when the markets are nervous. Its commissions are lower than the industry average. The fund will be invested in European high yield credit markets, and will start out with USD50m in assets. It will aim for USD300m-USD500m when it reaches full size. The test will come when the structure confronts market turbulence.
03/12/2009

Chinese sovereign fund invests in Apax

China Investment Corp., the Chinese sovereign fund, will invest up to EUR800m in Apax Europe VII, the EUR11.2bn private equity fund from Apax Partners, the Financial Times reports. At the same time, CIC may also acquire a 2.3% stake in Apax Partners LLP.
03/12/2009

Chinese sovereign fund invests in Apax

China Investment Corp, China’s sovereign wealth fund, is offering to invest as much as EUR800m into Apax Partners’ EUR11.2bn private equity fund - Apax Europe VII, says the Financial Times. The Chinese fund may also buy 2.3% of Apax Partners LLP.
03/12/2009

Global X Management launches two China ETFs

New York-based Global X Management on 1 December announced the launch of two new ETFs, the China Consumer ETF and the China Industrials ETF. The Consumer ETF will replicate the S-BOX China Consumer Index, while the industrial sector ETF will replicate the S-BOX China Industrials Index. Global X Management says in a statement that the Chinese economy has been looking healthy, with growth of more than 16% year on year in retail sales in the month of October.
03/12/2009

French investors still reluctant to make high-risk investments

Les Echos reports that French investors, still worried by the economic crisis, are dragging their feet on the way back to the stock markets. They prefer safer and less risky investments. They have begun to store up savings again in an environment of concern about employment and an economic environment that remains fragile, according to a survey undertaken by TNS Sofres for La Banque Postale and Les Echos in October.
03/12/2009

Real estate investment to rebound in 2010

The first edition of the IPD/ARD quarterly barometer of institutional investors’ outlooks on the market, unveiled at the SIMI expo, reveals that institutional investors see the economic recovery as a fragile one, accompanied by a considerable number of questions. Most respondents to the survey present at the premiere (including publicly traded realty firms, private management firms, insurers, SCPI and OPCI fund managers, and open-ended German funds) are concerned that the French economy is headed for a W-shaped scenario in which a second downturn will come for several quarters in 2010, followed by a return to positive territory and a redirection towards an exit from the crisis in 2011. Against this background, investment may rise nonetheless, with an average of EUR10bn in investments pledged for next year, compared with about EUR6bn this year, EUR12bn in 2008, and EUR27bn in 2007. The most active investors on the French market in 2010 were German funds, insurers, and publicly-traded realty firms. Overall returns will continue to be negative in 2009 and 2010, at -7.7% for this year, and -0.4% in 2010. However, though investors largely agreed in their evaluations of the year 2009, opinions are more varied for 2010, with estimates ranging from -10% to +10%. Overall returns on the French market, as measured by IPD, fell from 21.9% in 2006 to 17.8% in 2007, and then -0.9% last year.
03/12/2009

EUR500m per person at BlackRock

With the close of the deal on 1 December to complete BlackRock’s acquisition of Barclays Global Investors (BGI), the BGI team in Paris has moved into the BlackRock offices, located in the Washington Plaza building. The new entity has less than 20 people, with assets that may be estimated at slightly over EUR10bn, on the basis of figures which had been published in the last few weeks. An e-mail was sent out on Tuesday to clients of the two asset management firms. Responsibility for the merged entity (see Newsmanagers of 19 October) will be placed in the hands of Eric Wohleber, who was previously head of BGI (which promotes the iShares ETF brand) for France.
03/12/2009

Tim McCarron to leave Fidelity

Fidelity is losing its European manager Tim McCarron, who after 16 years at the firm has decided to retire in first quarter 2010. The European fund, which has roughly GBP3.5bn in assets, will be taken over by Sam Morse from 1 January 2010. McCarron will remain to ensure a smooth transition until the middle of first quarter 2010. He has managed the European fund since January 2003.
03/12/2009

Are active managers lucky or talented?

It is impossible to tell whether actively managed funds that beat the market do so out of luck or skill, according to a new study by Eugene Fama and Kenneth French («Luck Versus Skill in the Cross Section of Mutual Fund Returns»), cited by the Wall Street Journal. It means that investors can not know for sure how good their active manager is.
03/12/2009

E-Fund launches an Asia ex Japan fund

Three days after attracting CNY19bn for an ETF feeder fund, E-Fund has announced the launch of an enhanced QDII fund on 7 December, which will be focused on Asia-Pacific ex Japan (the E-Fund Enhanced Asia-Pacific QDII Fund), consulting firm Z-Ben Advisors reported on Thursday, adding that there is a “reasonable” expectation that the new product will attract USD500m in subscriptions. However, in the space of a few days, the manager may attract as much as USD1bn in subscriptions, since the distributor for the product is the powerful ICBC network, and management commissions are only 150 basis points, below the 185 basis point price of other QDII products. Z-Ben also notes that E-Fund has not named a sub-advisor for the fund.
03/12/2009

LFG launches a platform for UCITS III hedge funds

In response to the continued growth in market demand for UCITS III hedge funds, Luxembourg Financial Group, a structured products boutique, starts an open-architecture hedge funds UCITS platform. LFG cooperates with Ganymede Partners, a specialist hedge fund advisor, in the roll-out of LAUP. «More than half of European hedge fund companies either plan to launch regulated, onshore versions of their strategies or have already done so», according to LFG, citing HedgeFund Intelligence, a research group.
03/12/2009

Oliver Clasen joins BVI board

Oliver Clasen, CEO of Allianz Capital Investors Kapitalanlaggesellschaft mbH and cominvest Asset Management GmbH, has been elected as a member of the board of the German BVI association of management firms until Autumn 2011. The BVI stated on Thursday morning that Clasen will finish out the term of Horst Eich, ex co-head of AGI Deutschland, who resigned on 12 October (see Newsmanagers of 28 September).
02/12/2009

"German Madoff" scandal breaks hard in Principality of Liechtenstein

The government of Liechtenstein in Vaduz has confirmed reports in Handelsblatt that the current Minister of Justice, Aurelia Frick, was previously director of K1 Distribution in London, and then a partner in the structure, which sold shares in the K1 hedge fund, managed by the “German Madoff,” Helmut Kiesner. Aurelia Frick is said to have resigned from her position as director in December 2008, just as investigations by the German prosecutor’s office were beginning, and she was replaced in this position by her father, Anton Frick. The Liechtenstein attorney general has announced that an investigation has been opened focusing on five individuals suspected of money-laundering as part of the K1 scandal, but Aurelia Frick is not one of these individuals.
02/12/2009

GLG withdraws management of an Asia-Pacific fund from SGAM

Bart Turtelboom and Karim Abdel-Motaal of GLG Partners will replace Shaun Giacomo of SGAM Singapore as managers of the GLG Asia Pacific fund (GBP68.5m), Money Marketing reports. GLG has concluded that its own equities fund management capacities in Asia-Pacific ex Japan will provide better service to investors. The British management firm plans to modify the objectives and investment process for the fund, as well as its risk profile, in the next few months.
02/12/2009

Funds of hedge funds do better than hedge funds in October

German hedge funds did not earn convincing performances in October. The Deutscher Hedge Fund Index (DH X) from Absolut report shows losses in October of 1.39%, as the overall index was penalised by the poor performance of hedge funds invested in managed futures and market neutral strategies. By comparison, the HFRX Global Hedge Fund EUR Index showed losses of 0.09% for the month. German funds of hedge funds, however, remained in positive territory. The Deutscher Hedge Fund Index (DH X) of funds of hedge funds shows returns of 0.73% for the month. The HFRI Fund of Funds Composite Index, for its part, shows losses of 0.27%.
02/12/2009

Fitch Ratings upgrades rating of Fimit

Fitch Ratings has upgraded its rating of FIMIT sgr, Fondi Immobiliari Italiani’s (FIMIT) Asset Manager Rating for its Rome-based real estate investment operations to ‘M2-' from ‘M3+' and removed it from Rating Watch Negative.
02/12/2009

Cygnus raises minimal subscription for its flagship fund

Funds People reports that the Spanish alternative fund manager Cygnus AM has announced that it has raised the minimal subscription for its single hedge fund Cygnus Utilites Infraestructuras & Renovables FIL (launched on 29 November 2006) from EUR100,000 to EUR1m, with the objective of privileging institutional investors. The performance of the fund, which has over USD500m in assets, was 20% as of the end of October, with volatility slightly over 10%.
02/12/2009

BNP Paribas-Fortis merger: EUR131m in synergies for Investment Solutions

BNP Paribas on Tuesday morning unveiled its industrial plan for the integration of Fortis. In the Investment Solutions unit, which includes the asset mangaement and private banking operations, EUR131m in annual synergies are predicted from 2012, equivalent to 15% of the EUR900m in synergies estimated for the group as a whole. These synergies will primarily come from “synergies in cost and the combination of management expertise,” the group explains. In asset management, the merger will raise BNP Paribas’ assets to EUR511bn, with the integration of Fortis Investments, which manages EUR163bn and operates in 34 countries, into BNP Paribas Investment Partners. This will, of course, also allow the French group to strengthen its presence on the Belgian and Dutch markets, each of which represents about one quarter of total assets at Fortis Investments. It will also give the group a new dimension in Asia, which represents 10% of assets for the firm being acquired, and 9% of the new merged group. In terms of client type, 46% of assets under management by BNP-Fortis are for businesses and institutional investors, while 41% is for individuals, and 13% via third-party distribution. In private banking, the integration of Fortis Wealth Management increases assets at BNP Paribas to EUR237bn. The group adds that it is “planning to reproduce in Belgium the internal joint venture model which has proven successful in France and Italy; BNP is also a leader in Luxembourg, with a 10% market share, and has strengthened its presence in Asian financial centres.”
02/12/2009

Mandarine Gestion recruits another manager from Axa IM

Mandarine Gestion has recruited Diane Bruno, previously a small caps analyst and manager of the AXA L Small Caps Benelux fund from Axa Investment Managers. The French management boutique has confirmed reports published by Citywire on Tuesday to Newsmanagers. Bruno will join the team led by Joëlle Morlet Selmer, a former colleague from Axa IM who was recruited last year by Mandarine Gestion. They will collaborate on the management of the Mandarine Opportunities fund and a fund of European smidcaps, which will be launched in early January, Citywire reports.
02/12/2009

BNPP Fortis : Quel avenir pour la banque privée ?

Dans le cadre du plan d’intégration, BNP Paribas Fortis vise lacréation d’une «nouvelle banque privée» et la création de 24 nouveaux centres. On affirme même chez BNPP Fortis qu’un centre de «Wealth management» (pour une fortune minimale de 4 millions d’euros) sera installé dans les prestigieux locaux bruxellois du groupe, rue Royale.

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