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09/11/2009

Universal and Vescore open absolute return fund to retail investors

Universal Investment and the Munich-based management boutique Vescore Deutschland have opened their absolute return fund Glocap Vega, launched earlier this year, to retail investors in Germany and Austria. The product aims for total annual returns of 9% to 11%, while volatility is 9.5%, or half that of an equities portfolio for which the MSCI World index serves as benchmark. The German-registered fund has already attracted about EUR150m in investment. Most of the portfolio is invested in bonds which present virtually no credit risk. For the remainder, the management team may use short-term options on bond or equities indices, such as the S&P 500 or the Euro Stoxx 50. Backtesting shows that the Glocap strategy would have produced no negative annual results between January 1998 and December 2008. The model functioned correctly for two thirds of all the months in this period. Characteristics Name: GLOCAP VegaISIN: DE000A0RLFC4Advisor: Vescore Deutschland GmbHManagement commission: Currently 1.75%Front-end fee: 5% maximumMinimal subscription: EUR500/EUR50 per month for savings plans
06/11/2009

UBS fined by FSA

UBS will be required to pay the third-largest fine ever handed down by the Financial Services Authority, after four employees in the bank’s international wealth management division, including a desk head, used clients’ money to speculate on foreign currencies and commodities, the Financial Times reports. Their activities lost the clients nearly GBP26m over two years. UBS must pay a fine of GBP8m and reimburse 39 clients for their losses.
06/11/2009

Legg Mason veteran joins JPMAM

Andy McNulty has joined JP Morgan Asset Management, where he will be in charge of regional sales for North England, Investment Week reports. He was previously at Legg Mason, as head of UK retail sales, before he was laid off in June.
06/11/2009

Kathryn Langridge to manage a new fund at Lloyd George Management

Lloyd George Management is launching a global emerging market high yield equity fund, which will be managed by Kathryn Langridge, a former manager at Invesco Perpetual, who joined LGM in 2007. The product will be a UCITS III-compliant fund domiciled in Dublin, Citywire reports.
06/11/2009

Institutional redemptions weigh on Man Group

In the first half of its fiscal year, to 30 September, the hedge fund firm Man Group has seen net redemptions of USD1.8bn. These have been primarily to institutional clients, who withdrew a net total of USD4.6bn. However, the asset management firm received net subscriptions from private clients totalling USD2.7bn. In total, between 1 April and 30 September, assets under management dipped 6% to USD44bn. Average assets under management fell by USD54.5bn in the second half of 2009 to USD43.2bn. In this environment, revenues for the first six months of the fiscal year fell 41% to USD692m, compared with the second half of the previous fiscal year. Revenues from management commissions and other fees fell 16% to USD649m. Pre-tax profits totalled USD302m, an increase from the USD121m reported for the previous half, but a heavy decline from the USD622m in the corresponding period of last year.
06/11/2009

Rory Hammerson to join Kempen

Citywire reports that Rory Hammerson, the former head of European equities at Scottish Widows Investment Partnership, will join Kempen Capital Management in Edinburgh.
06/11/2009

Managed accounts at MAN Group show strong growth

Multi-manager activities at Man Group are doing well, the firm has announced in a statement. As of the end of September, it had USD17.8bn in assets under management. Managed accounts totalled USD6bn as of 30 September, compared with USD4bn six months ago.
06/11/2009

Natixis Global Associates International opens Taiwan affiliate

Natixis Global Associates International (NGAI), the international distribution arm of Natixis Global Asset Management (NGAM), on Thursday, 5 November officially opened its affiliate in Taiwan, Natixis Securities Investment Consulting Co., Ltd. The announcement follows the issue of a SICE license to the firm by Taiwan’s Securities and Futures Commission (SFC).
06/11/2009

ETF Securities launches a platform for ETC currency funds

ETF Securities is planning to launch a platform for Exchange Traded Currency (ETC) funds. Initially, 18 ETC products will be listed on the London Stock Exchange. They will track the recently-launched Morgan Stanley Foreign Exchange indices.
06/11/2009

Church of England lost pastors' money on the stock markets

Although the Church of England has recently been expressing criticism of “savage capitalism,” it appears that it has lost a lot of money on the stock market in the past few years. Shaun Farrell, head of the pension fund for the church, says that it is facing a deficit of about GBP400m. Allocations have privileged equities, Fondsprofessionell reports.
06/11/2009

Inflows to funds of funds quadruple in third quarter

In third quarter 2009, funds of funds in the United Kingdom posted net subscriptions of GBP1.4bn, according to statistics from IMA, the British association of management professionals. This represents a 17% increase over second quarter (GBP1.2bn), and amounts to more than four times the amount recorded one year ago (GBP297m). Funds of funds finished the quarter with GBP39.3bn in assets under management, 21% more than in the previous quarter, and 27% higher than third quarter 2008. Diversified funds represent the majority of assets under management, at 63%, followed by equities funds. There are 49 more funds of funds on the market than there were last year, bringing the total to 369. The IMA also reports that index funds have posted net subscriptions of GBP79m in third quarter, compared with GBP259m in the previous quarter, and net redemptions of GBP34m in third quarter 2008. Net sales of Ethical funds were GBP59m in Q3 2009, reversing the previous quarter’s exceptional GBP18m outflow, and more than double the GBP21m net sales in Q3 last year.
06/11/2009

Inflows to bond funds

In October, mutual funds on sale in Italy posted net subscriptions of EUR1.26bn, after EUR1.58bn in subscriptions in September, according to the most recent statistics from Assogestioni, the Italian association of management professionals. Like last month, inflows were driven by bond funds, with EUR1.1bn. Equities, diversified and flexible mutual funds also show positive balances, with EUR488m, EUR156m, and EUR229m in inflows, respectively. However, treasury funds saw net outflows of EUR532m, while hedge funds lost EUR183m. Despite this good month, mutual funds on sale in Italy have seen net redemptions since the beginning of the year of EUR6.3bn, of which EUR5.4bn were from hedge funds, whose assets now represent only EUR16bn. As of the end of October, total assets in the fund sector totalled EUR422bn, a slight decrease from the previous month. The market is dominated by Gruppo Intesa Sanpaolo, Pioneer Investments and Gruppo Ubi Banca, which control 47% of assets. The three groups have posted net subscriptions in October of EUR190.1m, EUR131.4m, and EUR94.5m, respectively. Among the other firms to have posted strong inflows for the month are Gruppo Mediolanum, with EUR227.4m, and BNP Paribas, with EUR177.1m. The heaviest net redemptions were from Allianz (-EUR172m), Gruppo Banco Popolare (-EUR91.3m), and UBS (-EUR52m).
06/11/2009

Germany and Luxembourg in tax information sharing agreement

The German finance minister, Wolfgang Schäuble, and his counterpart in Luxembourg, Lux Frieden, have decided to modify the double taxation agreement in place between the two countries, to enable them to exchange taxation information, L’Echo reports.
06/11/2009

Galleon: FBI arrests 14 more suspects

The FBI has arrested 14 more people as part of its swoop on an insider trading ring linked to the hedge fund Galleon, bringing the number of suspects to 20, including not only professionals in the finance sector, but also lawyers, Handelsblatt reports. The SEC is also participating in the investigation. Raj Rajaratnam, the founder of Galleon, has been released on bail of USD100m.

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