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24/10/2011

"Nous avons collecté plus d'un milliard de dollars en net cette année"

Des gestionnaires étrangers collectent fortement en France, en raison de leur offre de fonds ciblée et diversifiante pour les investisseurs. Avec sa structure "multi-boutiques", BNY Mellon Asset Management en France est de ceux-là, comme l'explique Anne-Laure Frischlander à Newsmanagers.
24/10/2011
Fonds

BNY Mellon remporte un mandat auprès de la banque chinoise ICBC

BNY Mellon a été sélectionné par la banque chinoise ICBC (Industrial and Commercial Bank of China) pour un mandat de conservation internationale pour le compte d’un fonds réservé à des investisseurs institutionnels domestiques qualifiés (QDII).Ce nouveau fonds, Harvest Gold Fund, a été lancé en juillet 2011 par Harvest Fund Management. Selon le patron de BNY Mellon Asset Servicing pour l’Asie, Chong Jin Leow, le nombre de fonds QDII a progressé de 50% sur les sept premiers mois de l’année. De son point de vue, le nombre de fonds QDII approuvés par le régulateur pourrait doubler d’ici à la fin de 2011.
Fonds
24/10/2011

Chassé-croisé de gérants chez Russell

Albert Jalso, qui gérait de Seattle le RIC Strategic Bond Fund (4,8 milliards de dollars), a été muté en août à Londres pour prendre en charge la gestion du RIC Global Fund (2,59 milliards de dollars) et de cinq autres fonds obligataires de Russell Investments, rapporte Fundweb.Ces cinq autres portefeuilles, selon Citywire, sont le RIC 2 Global Bond, le Russell OpenWorld Global Dynamic Bond fund, le Multi Style Multi Managed (MSMM) Global Bond, le RIML International Bond – Australia, et RIJ International Bond – Tokyo.Ces produits étaient gérés jusque récemment par Gerard Fitzpatrick, qui est pour sa part transféré de Londres à Seattle pour gérer le RIC Strategic Bond Fund.Les deux mutations sont présentées par Russell comme faisant partie de la démarche de «pollinisation croisée» des idées entre équipes de gestion dans le monde.
24/10/2011
Fonds

BlueBay lance une offre obligataire émergente

BlueBay Asset Management s’apprête à lancer un nouveau fonds investi dans les obligations d’entreprises à haut rendement des marchés émergents, rapporte IPE.com. Cela fait suite à la création d’un fonds d’obligations d’entreprises «investment grade» sur les émergents en mars.
Fonds
24/10/2011

Phil Wagstaff rejoint Skandia IG en tant que CEO

L’ancien patron de la distribution internationale chez Gartmore, Phil Wagstaff, va rejoindre Skandia Investment Group en qualité de chief executive officer.Marc Bulstrode, qui assure actuellement l’intérim, devrait ainsi retrouver ses fonctions de chief operating officer dès que la nomination est approuvée.
24/10/2011
Fonds

Blackstone soutenu par GE Capital

Blackstone va bénéficier d’une aide dans le financement immobilier de GE Capital via un prêt d’environ 800 millions de dollars, selon L’Agefi qui reprend une information de Bloomberg. Cette aide s’inscrit dans le cadre d’une acquisition d’immeubles de bureaux dans le Midwest et le Sud des Etats-Unis pour 1,08 milliard auprès de Duke Realty Corp.
Fonds
24/10/2011
Fonds

L'étoile des grands gérants obligataires pâlit

Les temps sont durs pour les gérants vedettes dans l’obligataire, constate The Wall Street Journal. Ainsi, Bill Gross, qui gère le Total Return Fund de Pimco (242 milliards de dollars), et Dan Fuss, co-gérant du Loomis Sayles Bond Fund (19,1 milliards), ont été pris à contre-pied par le rally des Treasurys. De son côté, Michael Hasenstab, qui gère le Templeton Global Bond Fund de Franklin Templeton, a été pris au dépourvu par la braderie sur les obligations émergentes au troisième trimestre.Résultat : sur les 12 mois à mercredi dernier, les fonds de Bill Gross et de Dan Fuss affichaient des performances de seulement 1,68 % et 3,12 % respectivement, alors que le Barclays Capital U.S. Aggregate Bond Index gagnait 6,95 %. Quant au fonds de Michael Hasenstab, il a perdu 0,61 % alors que son indice de référence, le Citigroup World Government Bond Index, gagnait 6,95 %.
Fonds
24/10/2011

Janus Capital publie des encours en baisse

Janus Capital Group a publié au titre du troisième trimestre un bénéfice net de 27,4 millions de dollars, contre 41,9 millions au deuxième trimestre et 32,5 millions au trimestre correspondant de l’an dernier.Au 30 septembre, les encours sous gestion de Janus Capital s'élevaient à 141,10 milliards de dollars, contre 169,8 milliards au 30 juin et 160,8 milliards au 30 septembre 2010. La baisse des encours au cours du troisième trimestre est imputable à la baisse des marchés à hauteur de 26,5 milliards de dollars. Les sorties nettes ont quant à elles représenté 2,4 milliards de dollars.
24/10/2011

Hausse de marge pour la gestion d'actifs de Raymond James

Pour l’exercice au 30 septembre 2011, le bénéfice avant impôt de la gestion d’actifs de Raymond James Financial a gonflé de 41 % à 66,18 millions de dollars pour un chiffre d’affaires en augmentation de 15 % à 226,51 millions en 2009-2010.Pourtant, l’encours hors fonds monétaires a diminué de 12 % à 31,1 milliards de dollars contre 36,6 milliards fin juin. Mais il a été supérieur de 3,7 % aux 30 milliards de fin septembre 2010.Raymond James Financial a fait état d’un accroissement de 22 % de son bénéfice net, à 278,4 millions de dollars.
24/10/2011
Fonds

Cinquième mois consécutif de pertes pour les hedge funds

En septembre, l’indice Hennessee des hedge funds, qui couvre de manière équipondérée un univers de plus de 3.500 hedge funds, a affiché une perte de 3,78 %, après un recul de 3,34 % en août. Il s’agit de la cinquième baisse mensuelle consécutive de l’indice général, qui avait été en hausse pour chacun des quatre premiers mois de l’année.Pour les trois premiers trimestres, les hedge funds accusent une perte moyenne de 5,53 %. Les plus fortes baisses depuis le début de l’année ont été supportées par les fonds spécialistes des valeurs financières (- 13,45 %) et par les fonds marchés émergents (- 11,75 %). Parmi les rares stratégies dans le vert, on remarque le «short bias», avec un gain de 9,73 % ainsi que le «high yield et le «market neutral» avec des performances respectives de 3,80 % et 2,92 %.
Fonds
24/10/2011
Fonds

Le global bond mega fund de Russell a un nouveau gérant

Selon les informations de Citywire, c’est Albert Jalso qui gère depuis début septembre le fonds Global Bond fund de Russell Investments (2,59 milliards de dollars d’encours). Il remplace l’ancien gérant Gerard Fitzpatrick, qui s’occupe désormais des fonds anciennement pilotés par Albert Jalso. Ce dernier a également repris la gestion de 5 autres fonds obligataires, précise Citywire.
Fonds
24/10/2011

Sail Advisors recruits a former Lyxor manager

The Hong Kong-based fund of hedge funds Sail Advisors has appointed Sjef Pieters as head of sales and distribution for Europe, particularly the Benelux countries, Asian Investor reports. Pieters will be based in London, and will report to the head of sales and marketing at the firm, Gunther Jost. Pieters previously worked at Lyxor as head of activities for Benelux.
24/10/2011

Inflows for Italian real estate funds

The 163 real estate funds active in Italy in first half had net inflows of over EUR1.5bn, according to the most recent study from Assogestioni, the Italian asset managers association, undertaken in partnership with IPD. Assets in the industry increased by 9.8%, to EUR24.3bn. Of 163 real estate funds on the books as of the end of first half, 140 are reserved for institutional clients, and 23 are dedicated to retail clients. The former category represents EUR18.89bn, compared with EUR5.5bn for the latter, Assogestioni reports.
24/10/2011

Hedge funds fear huge outflows

Hedge fund managers are nervous at the moment: due to 45- to 60-day advance notice periods for redemptions, they will soon be finding out how much money investors will be withdrawing by the end of the year, the Wall Street Journal reports. From this point of view, the next two months will be the most critical since the darkest days of the financial crisis.A survey by Barclays Capital on 12 October of 150 investors has shown that 35% of respondents have already applied to redeem their shares, or will do so very soon, while 20% were still hesitant.In the first three quarters, hedge funds have lost an average of 5.4%, according to Hedge Fund Research, thus outperforming the S&P 500, which has lost 10%.The newspaper also reports that Paulson & Co has announced that if all “eligible” investors redeem their investments, this would lead to outflows of 20% to 25% of assets but that the funds will have no difficulty in providing the necessary liquidity.
24/10/2011

“We have had net inflows of more than USD1bn this year”

Foreign asset management firms are seeing large inflows in France, due to their targeted and diversified fund ranges for investors. With its multi-boutique structure, BNY Mellon Asset Management in France is benefiting from that trend, Anne-Laure Frischlander explains to Newsmanagers.
24/10/2011

Madoff: AMF accuses two French managers of negligence

The sanctions commission of the AMF had to rule on 21 October in the case of two asset management firms, EIM France and ALF, which are accused of negligence in the selection and monitoring of several funds which were exposed to the fraud perpetrated by Bernard Madoff, Les Echos reports. For EIM France, a specialist in asset management for institutional investors, total exposure to Madoff as of 31 December 2008 was EUR63.5m, according to the reporter to the AMF sanctions committee, Michel Pinault. This amount is distinct from losses, whose total amount has not been disclosed. At ALF, exposure totalled several million euros. This is the first time that AMF judges have ruled in cases related to the Madoff scandal. The AMF representative is seeking a reprimand and a fine of EUR400,000 against EIM France. A reprimand and a fine of EUR200,000 is being sought by the AMF for ALF.
24/10/2011

BlueBay launches an emerging market bond range

BlueBay Asset Management is preparing to launch a new fund which will invest in emerging market high yield corporate bonds, IPE.com reports. The move follows the creation of an emerging market investment grade corporate bond fund in March.
24/10/2011

Amundi recruits for sales in Germany

Dennis Korrell, sales executive at Franklin Templeton Germany since 2004, and Patrick Sobotta, sales executive at Threadneedle Germany since 2009, have joined Amundi Deutschland as senior client relationship manager and client relationship manager, respectively.They will be in charge of developing distribution activities in Germany, and will report to Axell Ullmann, head of distribution.
24/10/2011

Natixis GA recruits a big name from Allianz GI

The head of product sales support in the group market management department (Vertriebsunterstützung) at Allianz Global Investors (Allianz GI), Cora Gibbons, has joined Natixis Global Associates (NGA) has head of international product group, also in Frankfurt. NGA is an affiliate of Natixis Global Asset Management (NGAM, EUR533bn in assets as of the end of June).Gibbons will report to Fabrice Chemouny, vice president and head of international marketing and strategy at Natixis Global Associates International.In her new role, Gibbons will contribute to the strategic positioning of the global product range from NGAM and will work with NGA development teams worldwide.
24/10/2011

New head of marketing for BlackRock in Germany

The head of marketing at Fidelity International for Germany and Austria, Alexander Barion, has been recruited by BlackRock as head of marketing for Germany, Austria and Eastern Europe. He will report to Dirk Klee, country director for those regions.Barion will work in close cooperation with Candida de Silva, head of retail marketing for the Europe, Middle East and Africa region, and Ralph Blöcher, director of marketing for iShares in Germany and Austria.
24/10/2011

PGGM buys a minority stake in SPH

As of 1 January 2012, PGGM (EUR103bn), the parent company of PFZW, a pension fund for the health care professions, will acquire an initial minority stake in DPFS, the operational entity for the pension fund for general practitioners, Stichting Pensioenfonds voor Huisartsen (SPH, EUR7bn).SPH says in a statement that the capital operation will be complemented by a partnership in fund administration and asset management.PGGM and DFPS also say that they are planning to extend their cooperation to other pension funds.
24/10/2011

Dutch pension funds in big trouble

The health of pension funds in the Netherlands is continuing to deteriorate. Of the 460 pension funds in the Netherlands, 200 were in a precarious situation as of September, Les Echos reports. The possibility of cutting benefits is no longer taboo. ABP, the largest pension fund in the kingdom, has already threatened such a move, due to a lack of improvement in short-term conjuncture. A reevaluation at the end of the year will be decisive as to whether benefits will be reduced from 2013. Due to negative conditions, the objectives of a recovery plan for the sector imposed by the Netherlands central bank (DNB) for 2013 are now out of reach.
24/10/2011

HSBC GAM recruits a product specialist for Asia

Christopher Adams, vice-chairman of BlackRock for active management of Asia ex Japan equities, has been recruited by HSBC Global Asset Management in Hong Kong as director, senior product specialist, equities, effective immediately. He will report locally to Alfred Yip, director, head of product, Asia-Pacific, and functionally to Melissa McDonald, global head of product – equities and responsible investment. In July, HSBC GAM transferred Geoffrey Lunt from London to Hong Kong as director, senior product specialist for bonds.
24/10/2011

BNY Mellon wins a mandate from China's ICBC bank

BNY Mellon has been selected by the Industrial and Commercial Bank of China (ICBC) for an international custody mandate to manage a fund reserved for qualified domestic institutional investors (QDII). The new fund, harvest Gold Fund, was launched in July 2011 by Harvest Fund Management. According to the head of BNY Mellon Asset Servicing for Asia, Chong Jin Leow, the number of QDII funds has risen 50% in the first seven months of the year. Leow predicts that the number of QDII funds approved by the regulator may double by the end of 2011.
24/10/2011

German institutional investors prefer platforms

Of 127 German institutional investors with a total of EUR740bn in assets under management surveyed by the consulting form Kommalpha, 60.3% already use platforms for their investments in open-ended funds. 58.9% say they rely on the services of a KAG (German-registered collective investment firm), while 28.8% say they rely on their house bank, while only 9.7% invest directly.The 24-page survey by Kommalpha finds that the selection of funds on a platform is the decisive criterion in the choice for more than 90% of the institutionals surveyed, while 73% like the flexibility (meaning the moderate cost levels) afforded by this support.The most frequently-used platforms are the Metzler Fund Exchange, Frankfurter Fondsbank, dws, Augsburger Aktienbank and DAB Bank, which are cited by more than 33% of respondents each, while the last two on the list are CortalConsors (which is considered the most inexpensive by the most respondents, at 34%), and comdirect, with less than 23% mentions each.
24/10/2011

Assenagon releases a credit fund

The German BaFin and the Austrian FMA on 18 October approved the Assenagon Credit Debt Capital fund for sale in Germany and Austria. The fund, with EUR93m in assets, currently aims for returns 450 basis points higher than the Euribor 3-month (after fees), regardless of the evolution of equity and bond markets. Assenagon Asset Management, the German asset management firm which manages the Source line of ETFs (see Newsmanagers of 30 June), says that the portfolio will be managed primarily so as to exploit valuation spreads between bonds and equities from the same issuer. The management team (Jochen Felsenheimer and Wolfgang Klopfer) are able to use a full range of instruments in structuring its capital. Credit, interest rate and forex risks will largely be neutralised through the use of appropriate hedging instruments. Characteristics Name: Assenagon Credit Debt Capital ISIN codes: LU0644385733 (P, retail share class)LU0644384843 (I, institutional share class)Front-end fee: maximum 3% (P share class only)Management commission1% (P share class)0.50% (I share class)Withdrawal penalty:1% until 29 September 20120.5% from 230 September 20120.25% between 30 September 2013 and 20 September 20140% thereafterPerformance commission: 20% of performance exceeding the hurdle rate, Euribor 3-month
24/10/2011

Vontobel releases a sustainable emerging markets equity fund

The Swiss private bank Vontobel has received sales licenses from Geramny’s BaFin and Austria’s FMA for the Global Responsibility Emerging Markets Equity fund, a new sub-fund of the Luxembourg Sicav Vontobel Fund, which was launched on 15 July.The new sustainable development equities product will be managed by Stephen Tong, who is also manager of the Global Responsibility Asian ex Japan Equity fund. The construction of the portfolio will be based exclusively on stock-picking based on financial stability and sustainable characteristics of companies, unconstrained by the benchmark, the MSCI Emerging Market TR net.The regional Global Responsibility fund range also includes four other products.CharacteristicsName: Vontobel Fund - Global Responsibility Emerging Markets EquityISIN code: LU0571085413 (B share class)Front-end fee: Maximum 5%Management commission: 1.65%
24/10/2011

Fifth consecutive month of losses for hedge funds

For September, the Hennessee hedge fund index, an equally-weighted index of over 3,500 hedge funds, shows a loss of 3.78%, following losses of 3.34% in August. This is the fifth consecutive month of declines for the general index, which showed gains in each fo the first four months of the year.In the first three quarters of the year, hedge funds have lost an average of 5.53%. The heaviest losses since the beginning of the year were for funds specialised in the financial sector (-13.45%) and emerging markets funds (-11.75%).Among the strategies that show gains is short bias, with gains of 9.73%, as well as high yield and market neutral, with returns of 3.80% and 2.92%, respectively.
24/10/2011

Dog days for big bond managers

Times are tough for star bond managers, the Wall Street Journal reports. Bill Gross, manager of the Total Return Fund from Pimco (USD242bn), and Dan Fuss, co-manager of the Loomis Sayles Bond Fund (USD19.1bn), were caught off guard by the rally in Treasurys. Meanwhile, Michael Hasenstab, manager of the Templeton Global Bond Fund from Franklin Templeton, was back-footed by the sell-off in emerging market bonds in third quarter.The result is that in the 12 months to last Wednesday, the funds managed by Gross and Fuss showed returns of only 1.68% and 3.12%, respectively, while the Barclays Capital U.S. Aggregate Bond Index had gained 6.95%. Hasenstab’s fund has lost 0.61%, while its benchmark index, the Citigroup World Government Bond Index, has gained 6.95%.

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