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13/11/2009

Net subscriptions in 2009 total double net outflows in 2008

In January-October, net subscriptions to mutual funds in the United States represented USD314.1bn (of which USD40.3bn were in October), while net redemptions in the corresponding period of last year totalled USD154.2bn, according to statistics from Morningstar. For ETF funds, net inflows have totalled USD63.9bn in the first ten months of the year, of which USD8bn were in October.The strongest net subscriptions in January-October were USD81.96bn for Vanguard and USD56.14bn for Pimco Funds, Fidelity and Franklin Templeton, which attracted USD17.08bn and USD14.37bn. However, American Funds saw net redemptions of USD21.28bn.
13/11/2009

Hans Rademaker to replace Jean-Louis Laurens at Robeco

Hans Rademaker, currently head of fiduciary management at Kempen Capital Management, will join the Dutch management firm Robeco (EUR127bn in assets as of the end of September) on 1 February 2010, as head of mainstream investments, a position which was left vacant on 1 December 2008 with the departure of Jean-Louis Laurens, who has since become head of Rothschild & Cie Gestion, a position he has held since 1 September.Mainstream investments at Robeco are divided between five locations in Rotterdam, Paris, Boston, New York, and Hong Kong.
13/11/2009

Kneip opens an office in Paris

The Luxembourg-based provider of services to the investment fund market announced on 12 November that it has opened an office in Paris with Christian Mavides at its head. The opening of the Paris office follows the recent acquisition of La Cote Bleue, which is located in the historic Palais de la Bourse, the former stock market building in the heart of Paris at Brongniart palace. Christian Mavides, former director of financial advertising at BFM Radio and head of the financial, banking and insurance sectors, will be in charge of development for French clients and management of relations with existing clients. “The opening of a Paris office fits wholly within Kneip’s enlargement strategy, as it seeks to bring support to clients in France, where the investment fund industry is currently experiencing strong growth,” says a statement. In addition to its new Paris office, Kneip is also present in London and Switzerland, and is planning to open a location in Germany in early 2010.
13/11/2009

DWS launches an inflation protection fund

DWS Investment is launching DWS Sachwerte, a diversified fund which invests in asset classes which provide the investor the best possible protection in case of steep inflation. The portfolio is composed of equities, stakes in real estate properties, commodities, metals (particularly gold), inflation-indexes bonds, and currencies. The equities portion will not exceed 10% of the portfolio, says DWS.
13/11/2009

Scott Rothstein's miniature Madoff fraud took in over USD1bn

On Thursday, the FBI estimated that the Ponzi type pyramid fraud scheme operated by lawyer Scott W. Rothstein probably ran to over USD1bn, the Wall Street Journal reports. On Monday, the US government filed a civil case against the high-profile Florida lawyer, accusing him of selling investors participations in fictitious legal settlements, promising double-digit returns. The fraud began in 2005, and only came to light in October, when investors complained of not having been paid. The FBI says the investigation will take time, and criminal charges are not expected to be filed for several more weeks.
13/11/2009

Sarasin launches Islamic wealth management services

On Thursday, the Sarasin group announced the launch of an Islamic wealth management range, including the full spectrum of private banking products and services compatible with Sharia law. This includes inheritance and wealth transmission planning, financing, and wealth management, as well as money market investments and structured products based on wakala, murabaha, and maraya. Sarasin’s compliance with the precepts of Sharia law will be guaranteed by an independent committee of specialists.
13/11/2009

Harcourt teams up with Weston CM and WR Group

Independent asset management firm Weston Capital Management LLC has announced the creation of a joint venture with the Swiss asset management firm Harcourt Investment Consulting, to form a hedge fund incubator. The joint venture will bring together Weston CM’s expertise in hedge funds in the early stages of development and in marketing, with Harcourt’s abilities in manager selection, due diligence, and risk management. The goal is to create a fund with USD250m in assets.Harcourt and WR Group Holdings have also agreed to combine their managed accounts platforms. The Swiss firm, specialised in alternative investment solutions for institutional investors, will allow access to its managed accounts platform and will provide exclusive due diligence services to funds of the WR Group platform. It will also provide analysis and portfolio construction services.The objective is to create a single platform to serve institutional investors with products from 50 managers; this will be increased to 75 managers in first quarter 2010. Currently, the platform from WR Group includes 30 managers, with assets of USD200m, while Harcourt has 15 managers and USD150m.
13/11/2009

Clive closes fund to new investors

Clive Capital, the world’s largest commodity hedge fund, is shutting its doors to new investors just two years after its launch, says the Financial Times. People familiar with Clive said the fund wanted to stay nimble in relatively small commodity markets. The fund has swelled to USD3.5bn in assets.
13/11/2009

GLG to launch five absolute return funds

The management firm GLG Partners is planning to launch five absolute performance funds on the British market, according to Money Marketing, which will become part of its range of 12 UCITS III-compliant funds domiciled in Dublin. They include four emerging markets funds - emerging markets credit opportunity, equity, fixed income and currencies - and a pan-European long/short alpha fund.
13/11/2009

ETF Securities launches four commodities ETCs

On Thursday, ETF Securities (ETFS) announced the launch of four “long” ETF products based on cocoa, lead, pewter and platinum, which are listed on the London Stock Exchange. The new products bring the number of producs in the ETFS range of ETC products to 148. Its commodities platform now has over USD16bn in assets, triple their levels twelve months ago.
13/11/2009

iShares continues to develop bond ETF product range

iShares announced on 12 November that it has launched three new bond ETF products, which will be available to French investors: iShares Barclays Euro Government Bond 5-7, iShares Barclays Euro Government Bond 10-15, and iShares Barclays Euro Treasury Bond. The three new funds are additions to the iShares bond ETF range, which now includes 21 products registered for sale on the French market. In this range, a statement says, the iShares € Corporate Bond (based on the iBoxx Euro Liquid Corporate Bond index), launched in March 2003, has been particularly successful, and is now the largest bond ETF in Europe, with more than EUR3bn in assets. More recently, iShares launched the iShares Barclays Euro Corporate Bond fund, which already has assets of EUR325m after only 7 months of existence. This fund, like the three new products, is part of the Barclays Capital Aggregate fund, which previously bore the Lehman Brothers brand name, and which is among the most popular in the world.
13/11/2009

Evonik Degussa chooses Prudential Retirement

The US affiliate of the German firm Evonik Industries, Evonik Degussa Corporation, has selected Prudential Retirement to manage all its corporate retirement savings plans. Prudential which was already one of the providers of defined-benefit solutions to Evonik Degussa Corp, will now administer all of Evonik Degussa’s programs, including defined-benefit and defined-contribution as well as other programs. These now represent more than USD650m, manages for about 11,000 active and retired employees.
13/11/2009

Axa IM appoints a director for Asia-Pacific region

Axa Investment Managers has announced the appointment of Jean-Pierre Leoni as director for the Asia-Pacific region. He will be based in Hong Kong, and will oversee development of the management firm’s presence in the Asia-Pacific region. He will begin in his new role from 1 January 2010, and will be a member of the executive board at Axa IM and Axa Rosenberg. Leoni joined Axa IM in 1998 as head of the credit expertise team, and in 2005 created a specialist products unit, which he has led until the present time. “The appointment of Jean-Pierre Leoni confirms our commitment to growing our activities in this region,” says Dominique Carrel-Billiard, CEO of Axa IM. To increase its presence in Asia, the asset management firm is also planning to strengthen its sales teams in the next few months.
13/11/2009

Deka buys a building in Prague

The German firm Deka Immobilien has bought the 40,000 square-metre Gemini office building in Prague, for its open-ended real estate fund Deka-ImmobilienEuropa (EUR10bn). The acquisition price is about EUR110m. The vendor is the Austrian Sparkassen Immobilien AG.
13/11/2009

Fonditel authorised to combine orders for investment and pension funds

The CNMV has issued its first authorisation to group together orders for investment funds and pension funds to Fonditel, Expansión reports. The manager of investment funds and of the Telefónica pension fund (EUR363m in assets as of the end of October) will be the first Spanish asset management firm to be allowed to make combined transactions for both the former and the latter, a practice which was previously considered irregular, as it was considered necessary to maintain a strict separation (Chinese walls) between pension fund and investment fund activities, in order to avoid conflicts of interest in asset allocation. Luis Peña, CEO of Fonditel, explained to Expansión that this aspect is overseen by an external risk manager.
13/11/2009

OTC derivatives on the rise in first half

The market for over-the-counter derivative products grew by 10% in the first six months of the year compared with the previous half, to a total of nearly USD604.6trn, the Bank of International Settlements (BIS) has announced in its most recent semiannual report. The markets for derivative instruments based on fixed income, currencies, and equities all grew in the period under review, while assets in contracts based on commodities stabilised. The CDS market continued to contract, losing 14% to USD36trn, following a 27% contraction in the second half of 2008.
13/11/2009

FSA calls in Serious Fraud Office to investigate Dynamic Decision FM

At the request of the Financial Services Authority (FSA), the Serious Fraud Office (SFO) is investigating Dynamic Decision Fund Management, an alternative asset management firm based in the Cayman Islands, which managed GBP500m, Handelsblatt reports. The FSA and the SFO have both been flooded with complaints from subscribers about investment practices at Dynamic Decision. Investigators are focusing on the Dynamic Decisions Growth Premium Master Fund, the firm’s main hedge fund, which was closed last year after suffering heavy losses.
13/11/2009

Liechtenstein removed from OECD "grey list"

The Organisation for Economic Cooperation and Development (OECD) has removed Liechtenstein from its “grey list” of countries which refuse to exchange tax information. The OECD is still monitoring 28 countries which, in many cases, have engaged to comply with OECD standards for tax information sharing, but have not yet done so in practice.
13/11/2009

Hedge funds face pay scale restrictions

European hedge funds will be confronted with more severe restrictions in terms of pay scales than banks, under last-minute changes to the draft directive on alternative management (AIFM). The most recent version of the bill, obtained by the Financial Times, now includes a three-page appendix of provisions restricting pay policies.
13/11/2009

CalPERS calls for strengthened regulation of placement agents

The chairman of the board of trustees at CalPERS, Rob Feckner, has called on his colleagues on the board to militate for strengthened legislation to regulate the activities of placement agents or organizations which use their services, in order to make them subject to the same ethical and reporting standards which apply to lobbying groups. CalPERS says in a statement that Feckner has sent a letter to this effect to the 13 members of the board of trustees, following recent events in which placement agents attempted to unduly influence the California pension fund’s investment decisions.
13/11/2009
Fonds

Liquidation des compartiments de BG Umbrella

Les compartiments Global Classic, Global Dynamic, Global Challenge, Gobal Balance, Global Discovery et Stable value de la Sicav luxembourgeoise BG Umbrella Fund seront liquidés au premier janvier 2010 en raison de l’affaire Madoff et les souscripteurs pourront récupérer à ce moment là leurs actifs, indique LRI Invest .
Fonds
13/11/2009
Fonds

Clive ferme son fonds aux nouveaux investisseurs

Clive Capital, le plus gros hedge fund de matières premières dans le monde, ferme ses portes à de nouveaux investisseurs, deux ans seulement après son lancement, rapporte le Financial Times. Des personnes proches du dossier expliquent que le fonds souhaite rester maniable dans un marché des matières premières relativement petit. Le fonds a atteint 3,5 milliards de dollars d’encours.
Fonds
13/11/2009
Fonds

ETF Securities lance quatre ETC sur des matières premières

Jeudi, ETF Securities (ETFS) a annoncé le lancement de quatre ETF «longs» sur la cacao, le plomb, l’étain et le platine qui sont cotés sur le London Stock Exchange (LSE). Ces nouveaux produits portent à 148 le nombre d’ETC dans la gamme d’ETFS, dont la plate-forme matières premières dépasse les 16 milliards de dollars d’encours, grâce à triplement sur les douze derniers mois.
Fonds
13/11/2009
Fonds

GLG veut lancer cinq fonds de performance absolue

La société de gestion GLG Partners envisage de lancer sur le marché britannique cinq fonds de performance absolue, selon Money Marketing, qu’elle compte prendre dans sa gamme de douze fonds Ucits III domiciliés à Dublin. Il s’agit de quatre fonds marchés émergents, emerging markets credit opportunity, equity, fixed income et devises, et du fonds alpha long/short paneuropéen.
Fonds
13/11/2009

Le fonds K1 sur le point d’être liquidé

Selon Les Echos citant Bloomberg, le fonds K1 Invest va être mis en liquidation par la société Grant Thornton, à la suite de l’arrestation de son fondateur, Helmut Kiener, fin octobre sur de nombreux griefs : malversation, abus de confiance, tromperie et même blanchiment d’argent sale. Le montant globalement en jeu est de l’ordre de 400 millions de dollars. « Une liquidation volontaire est dans le meilleur intérêt du groupe et de ses investisseurs », a indiqué le gestionnaire du fonds, FISI Financial Services, dans un courrier obtenu par l’agence Bloomberg.
13/11/2009
Fonds

Credit Suisse va commercialiser ses ETF Xmtch en Allemagne

La presse allemande est invitée par Credit Suisse à un petit-déjeuner le 17 novembre. Il s’agit de lui présenter la gamme d’ETF de la marque Xmtch, qui a été récemment élargie (lire notre article du 6 juillet) et que l'émetteur helvétique a l’intention de faire coter sur le segment XTF de la plate-forme de négociation électronique Xetra de la Deutsche Börse. De fait, le Credit Suisse envisage de faire admettre ses Xmtch, jusqu'à présent cantonnés au marché suisse, à la négociation dans d’autres pays européens, en dehors de l’Allemagne.
Fonds
13/11/2009
Fonds

DWS lance un fonds pour se protéger de l'inflation

DWS Investment lance DWS Sachwerte, un fonds diversifié investi dans des classes d’actifs permettant à l’investisseur de se protéger au mieux en cas de forte inflation. Le portefeuille est composé d’actions, de participations dans des actifs immobiliers, de matières premières, de métaux (surtout l’or), d’obligations indexées sur l’inflation et de devises. La part actions ne devrait pas, selon DWS, dépasser les 10 %.
Fonds
13/11/2009

Hans Rademaker va remplacer Jean-Louis Laurens chez Robeco

Actuellement director of fiduciary management chez Kempen Capital Management, Hans Rademaker rejoindra au 1er février 2010 le gestionnaire néerlandais Robeco (127 milliards d’euros fin septembre) en tant que responsable de la gestion traditionnelle (mainstream investments), poste qui avait été pourvu le 1er décembre 2008 par Jean-Louis Laurens, qui a entre-temps pris la tête de Rothschild & Cie Gestion à Paris depuis le 1er septembre.La gestion traditionnelle de Robeco est répartie sur des sites à Rotterdam, Paris, Boston, New York et Hong-Kong.

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