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21/06/2011

London & Regional acquiert les sièges de FCC

Selon Cotizalia, le gestionnaire britannique London & Regional (9 milliards d’euros d’encours) a obtenu l’exclusivité pour l’acquisition des sièges de l’espagnol FCC à Madrid et Barcelone. La transaction porterait sur 60-70 millions d’euros et FCC bénéficiera d’un bail de 20 ans dans le cadre de cette opération de sale-and-leaseback. Ce serait le premier investissement de London & Regional sur un marché espagnol, actuellement déprimé.
21/06/2011

Les fonds de pension britanniques changent de gérants

Selon un sondage annuel du Financial Times fund management, plusieurs grandes maisons de gestion ont vu leurs encours gérés pour le compte de fonds de pension britanniques chuter ces trois dernières années. C’est notamment le cas d’Alliance Bernstein, Axa IM, Scottish Widows IP, Goldman Sachs AM, Aberdeen AM et Henderson GI. En revanche, d’autres sociétés de gestion ont gagné des parts de marché sur ce segment : Insight IM, Legal & General IM et BlackRock.
21/06/2011

Skandia Global Funds recrute Susana García

Le britannique Skandia Global Funds a annoncé avoir embauché comme marketing executive Susana García, qui sera chargée de soutenir depuis Londres l'équipe de Skandia Investment Group pour l’Espagne et l’Amérique latine. Elle était auparavant responsable du marketing pour l’Espagne et le Portugal chez American Express Funds, précise Funds People.Susana García fera équipe avec Mercedes Azpiroz et Pilar Bravo et elle sera chargée aussi du développement des activités marketing pour l’Espagne et l’Amérique latine.
21/06/2011
Fonds

Des fonds de Prudential vont être absorbés par des fonds M&G

Le Corporate Bond trust de Prudential, dont les encours s'élèvent à 783 millions de livres, a été fusionné le 20 juin avec le M&G Corporate Bond fund, dont les encours totalisent 4,1 milliards de livres, rapporte Investment Week. Autrement dit, le fonds géré par richard Woolnough pèse désormais près de 5 milliards de dollars.Un autre fonds de Prudential, le North American Trust (60 millions de livres), sera intégré dans le M&G American fund (2,3 milliards de livres). En outre, le Managed trust (278 millions de livres) fusionnera avec le M&G Managed fund (717 millions de livres) tandis que le European Trust (90 millions de livres) sera absorbé par le M&G Pan European fund (175 millions de livres).
Fonds
21/06/2011
Fonds

Mouvements chez Fidelity outre-Manche

Fidelity a confirmé le départ de plusieurs membres des équipes outre-Manche, notamment le directeur produits de l'équipe responsable des actions britanniques, Peter Hicks, rapporte FundWeb. L’intérim, à compter de début juillet, sera assuré par William Russell.
Fonds
21/06/2011
Fonds

Skandia mise sur deux gérants français pour le European Best Ideas

Lee Freeman-Shor, gérant chez Skandia Investment Group (SIG), vient d’ajouter Marc Renaud de Mandarine Gestion et Cédric de Fonclare de Jupiter AM à la liste des gérants du fonds Skandia European Best Ideas Fund (EBI).Ces deux gérants français rejoignent ainsi leur compatriote Damien Lanternier de La Financière de l’Echiquier dans le cercle restreint des gérants mandatés pour gérer EBI qui compte dorénavant dix professionnels, avec la sortie de Tobias Klien de First Private. Lee Freeman-Shor considère d’ailleurs que dix mandats est une limite maximale de diversification à ne pas dépasser, afin de conserver une gestion suffisamment active et continuer à générer de la sur-performance.Marc Renaud et Cédric de Fonclare figuraient déjà dans l’équipe «de réserve» du fonds EBI.
Fonds
21/06/2011

Schroders recrute un ancien d’UBS GAM

Schroders vient de recruter Bob Jolly dans son équipe «fixed income» en tant que responsable du Global Macro à Londres, un poste nouvellement créé. L’intéressé vient d’UBS Global Asset Management où il était responsable de la gestion de portefeuilles souverains, devises et obligataires britanniques (head of global sovereign, currency and UK fixed income portfolio management). Chez Schroders, où il arrivera en septembre, Bob Jolly deviendra le gérant principal de plusieurs portefeuilles macro et multi-secteurs gérés par une équipe de dix personnes à Londres. Les mandats actuels incluent également des stratégies obligations souveraines et à rendement absolu représentant environ 15 milliards de dollars. Bob Jolly travaillera aussi avec des gérants de portefeuilles régionaux en Asie et aux Etats-Unis pour développer le segment global macro.
21/06/2011
Fonds

CB Richard Ellis Investors cède Citalys

La société de gestion de fonds d’investissement immobilier CB Richard Ellis a annoncé le 20 juin la cession de l’immeuble Citalys à la SCPI Valeur Pierre Alliance gérée par BNP Paribas Real Estate Investment Management. Citalys était détenu par le fonds CB Richard Ellis Strategic Partners Europe Fund III, un fonds d’investissement paneuropéen géré par CBRE Investors.Citalys est situé au coeur du Val d’Europe, l’un des principaux centres urbains et d’affaires de l’Est de l’Ile-de-France. L’immeuble de 9 000m² est certifié Haute Qualité Environnementale® (HQE) et labellisé Haute Performance Energétique (HPE).
Fonds
21/06/2011

Somangest confie la distribution d'une partie de ses fonds à Investeam

La société de gestion Somangest vient de confier la distribution de deux de ses fonds auprès des plateformes de distribution et des conseillers en gestion de patrimoine à la société de tierce partie marketing Investeam. Les produits concernés sont Somactiv et Sominter.Cet accord marque une nouvelle étape dans le développement de Somangest. «L'élargissement de notre gamme de fonds en 2008 avait marqué une nouvelle étape pour Somangest qui était jusqu’alors pricipalement dédiée à la gestion privée sous mandat. Le partenariat avec Investeam va permettre à Somangest d’accélérer son développement commercial au travers des plateformes de distribution et des conseillers en gestion de patrimoine», affirment Patrice Pailloux, président directeur général de Somangest et Jean-François Carour, directeur général-adjoint, responsable de la gestion institutionnelle.
21/06/2011

AnaCap acquires the Czech affiliate of Banco Popolare

The British private equity investor AnaCap Financial Partners (EUR1.3bn in assets) has teamed up with the asset management affiliates of Morgan Stanley and Goldman Sachs to acquire Banco Popolare Česká Republika, the Czech affiliate of Italy’s Banco Popolare, for EUR48m, the Wall Street Journal reports. Banco Popolare Česká has only seven locations and 100 employees. The transaction will generate capital gains of EUR12m for the parent company.
21/06/2011

AllianceBernstein loses two contracts to JP Morgan

JP Morgan has taken over the management of two advising mandates which were previously held by AllianceBernstein, Mutual Fund Wire reports. The two mandates in question are the MassMutual Select Diversified International Fund (USD146.1m), and the MassMutual Select Overseas Fund (USD572.6m).
21/06/2011

BNY Mellon AS to administer nine ETFs from Direxion

On 20 June, BNY Mellon Asset Servicing announced that it has been selected to provide custody, accounting and administration services to eight leveraged ETFs (leverage of 3) and one bear ETF recently released by Direxion Shares.The funds are the following:Direxion Daily Agribusiness Bull 3x Shares DAXglobal Agribusiness IndexDirexion Daily Agribusiness Bear 3x Shares DAXglobal Agribusiness IndexDirexion Daily Russia Bull 3x DAXglobal Russia+ Index Direxion Daily Russia Bear 3x Shares DAXglobal Russia+ IndexDirexion Daily Basic Materials Bull 3X Shares Russell 1000® Materials & Processing IndexDirexion Daily Basic Materials Bear 3X Shares Russell 1000® Materials & Processing IndexDirexion Daily Healthcare Bull 3X Shares Russell 1000® Healthcare IndexDirexion Daily Healthcare Bear 3X Shares Russell 1000® Healthcare Index and Direxion Daily Total Market Bear 1X Shares Russell 3000® Index.
21/06/2011

Paulson makes a loss on Sino Forest

Paulson & Co has lost more than USD500m after selling its entire stake in Sino Forest, the Chinese forestry company, which is suspected of fraud, the Financial Times reports. Paulson & Co was the largest shareholder in the firm, with a 14% stake as of the end of April. In May, Paulson & Co already saw a 6% fall in the value of its flagship fund, Paulson & Co Advantage Plus, bringing losses since the beginning of the year to 7.6%.
21/06/2011

Investec proposes an emerging markets debt fund

Investment Week reports that Investec Asset Management has launched an investment grade emerging markets debt fund. The offshore fund, Investec GSF Emerging Markets Investment Grade Debt fund, will invest as its top priority in government bonds rated investment grade and denominated in local currencies, with a particular interest in developed emerging markets (Brazil, Mexico, Hungary, South Africa). The fund will include 10 to 20 long and short positions, selected from among the best-rated bonds, in order to profit from returns as well as appreciation of local currencies.
21/06/2011

London & Regional acquires FCC headquarters

Cotizalia reports that the British asset management firm London & Regional (EUR9bn in assets) has obtained an exclusive right to acquire the headquarters of Spain’s FCC in Madrid and Barcelona. The sale would total EUR60-70m, and FCC would receive a 20-year lease as a part of the sale and leaseback operation. The acquisition would be London & Regional’s first investment in the currently depressed Spanish market.
21/06/2011

Aletti Gestielle appoints a new CIO

Aletti Gestielle Sgr, an Italian asset management firm of the Banco Popolare group, has appointed Fabrizio Fiorini as its new chief investment officer. Fiorini, who arrived at the group in 1997, has served in several positions, including head of fixed income, and since 2010, head of asset allocation.
21/06/2011

Ignis registers Argonaut European Alpha Fund in Spain

The CNMV on 10 June issued a sales license for Spain for shares in euros in the British-registered fund Ignis Argonaut Alpha Fund (EUR416m), which is managed by Barry Norris and Oliver Russ of Argonaut Capital Partners. The share classes, GB00B42LLR21 (A) and GB00B44P9H80 (I), will be available from RBC Dexia Investor Services España, and have received sales licenses for Germany and Austria. Ignis is also planning to register the fund shares for sale in France, Italy (only to institutional investors) and Switzerland.
21/06/2011

Prudential funds integrated into M&G fund range

The Corporate Bond trust from Prudential, with assets of GBP783m, was merged on 20 June with the M&G Corporate Bond fund, whose assets total GBP4.1bn, Investment Week reports. The fund, managed by Richard Woolnough, now has over USD5bn in assets. Another Prudential fund, the North American Trust (GBP60m) will be merged into the M&G American fund (GBP2.3bn). The Managed trust (GBP278m) will merge with the M&G Managed fund (GBP717m), while the European Trust (GBP90m) will be absorbed into the M&G Pan European fund (GBP175m).
21/06/2011

Skandia bets on two French managers for European Best Ideas

Skandia Investment Group’s (SIG) portfolio manager Lee Freeman-Shor has brought in Marc Renaud of Mandarine Gestion and Cedric De Fonclare from Jupiter to manage mandates within the Skandia European Best Ideas Fund (EBI).The move sees the two Frenchmen join their countryman Damien Lanternier of Financiere de l’Echiquier bringing the EBI team up to ten managers following the removal of Tobias Klien of First Private from the line-up.Freeman-Shor says that ten managers represents the maximum level of diversification for the fund while ensuring high active share is maintained in order to continue to generate excess returns.
21/06/2011

Frankfurt Trust launches an emerging markets consumer sector fund

The asset management arm of BHF-Bank, Frankfurt Trust, on 20 June announced the launch of the Luxembourg-registered fund FT Emerging ConsumerDemand, which is available in P (retail) and I (institutional) shares, and is managed by Thierry Misamer at Frankfurt Trust, and Tillo Wannow of BHF-Bank.In order to profit from growth in emerging markets, the fund will invest in companies in the consumer goods sector. Initially, the 40-position portfolio will be divided into two halves, one for consumer staples, and the other for discretionary consumer goods. The shares will be selected from among emerging markets companies as well as companies from developed countries which make more than 30% of their earnings in emerging countries.CharacteristicsName: FT Emerging ConsumerDemandISIN codes:P class: LU0632979331I class: LU0632979174Front-end fee:P class: 5%I class: no front-end fee at presentManagement commission:P class: 1.50%I class: 0.74%Depository banking commission: 0.04% (P and I classes)Minimal initial subscriptionP class: EUR2,500I class: EUR250,000
21/06/2011

Carolyn Clancy promoted to executive vice president of FundsNetwork

Fidelity has promoted Carolyn Clancy to become director of its mutual fund supermarket operation. Mutual Fund Wire reports that Clancy was appointed as executive vice president of FundsNetwork about a month ago. She replaces Paul Riley, who has left the group to join Bank of America Merrill Lynch.
21/06/2011

RBC Wealth Management number one in North America for customer satisfaction

According to the ninth annual customer satisfaction study by J.D. Power & Associates (“2011 U.S. Full Service Investor Satisfaction Study,”) covering 4,200 investors who use an advisor, RBS Wealth Management, the wealth management unit of the Canadian bank Royal Bank of Canada, has received the highest satisfaction score from its clients. On the basis of seven major criteria (advising, performance, information, product offerings, fees and commissions, website and problem resolution,) RBC scored a total of 814 points on a scale of 1 to 1,000, putting it ahead of Charles Schwab (805 points) and Fidelity Investments (796 points). The study also reveals that clients are increasingly using the Internet. 59% of investors have consulted the website of their management firm in the past twelve months, compared with 52% in 2009, and 51% of investors exchanged email with their advisor in 2011, compared with 19% in 2008. Among the investors who had viewed the website of their firm, clients aged over 64 averaged over 35 visits per year, compared with 23 visits per year for the 45-64 year-old age group, and only 12 visits per year for those aged under 45. The study also reveals that 85% of clients had either never heard of or had never understood the difference between the ssuitability tandard, which requires that the adviser offer investments adapted to the client’s profile, and the fiduciary standard, which requires the advisor to act in the best interest of clients and to disclose any conflicts of interest.
21/06/2011

Somangest retains Investeam for distribution for some of its funds

The French asset management firm Somangest has awarded a contract for distribution of some of its funds via distribution platforms and independent financial advisers (IFA) to the third-party marketing firm Investeam. The two funds included in the deal are Somactiv and Sominter.
21/06/2011

Fidelity hopes to build a presence in Brazil

Funds People reports that Fidelity International has decided to send its head of sales for Spain and Portugal, Pablo Anabitarte, to São Paulo, as head of development for Brazil. He will be assisted by other partners at Fidelity, which is not currently present elsewhere in Latin America, aside from Chile (where it has USD8.66bn in assets).Anabitarte will be transferred to Brazil from 1 July, and will be replaced on the executive board of the Madrid office by Domingo Barros and Martina Álvarez.
21/06/2011

Less than half of managers invest in the funds they manage

According to statistics from Morningstar compiled by InvestmentNews, only 40% of managers invest in their own funds, and of that 40%, 60% are equities managers.Morningstar has established that the more a manager invests in his own fund, the better the fund performs. For funds in which the manager has over USD1m invested, the average rating is 3.5 stars and the average tenure for the manager in charge of the fund is over 12 years.At the other end of the spectrum, funds in which the manager does not invest or invests a small amount have an average rating of 2.9 stars, and the average tenure for managers in charge of the funds is 4.6 years.Most asset management firms have no formal rules about whether managers are required to invest in their own funds. But Royce & Associates (Legg Mason group) requires that its lead managers invest at least USD1m in their funds, while co-managers are required to invest at least USD500,000.However, at Vanguard, the manager is not at all invested in 84 out of 114 funds.
21/06/2011

Altarius AM launches an investment platform based in Malta

Altarius Asset Management Limited, the asset management affiliate of the Altarius Group, based in Malta, at the end of last week announced that it has launched its investment platform, Paragon Sicav plc (Paragon), which is one of the first independent investment platforms in Malta created exclusively for third-party managers and family offices. Paragon, which is registered as a P.I.F. (professional investment fund), is described as extremely flexible in terms of investment strategy, liquidity, reporting, and debt. One of the major advantages of Paragon is that it is exempt from income and capital gains taxes. Among its other strong points, Paragon has an open architecture, which allows clients to name their own service provider. As a collective investment organism, it is also highly profitable, as creation and maintenance costs are distributed between all the sub-funds on the platform. Paragon does not impose a minimal portfolio, nor a lock-up period.
21/06/2011

Rab Capital: withdrawal from trading to take place in a matter of days

The news agency Reuters reports that the hedge fund firm RAB Capital, based in London, will in the next few days confirm its decision to withdraw from trading on the Alternative Investment Market. Assets under management at the firm, which peaked at about USD7bn in late 2007, have fallen to USD1bn. The 2010 fiscal year ended with losses of GBP20.2m.
21/06/2011

Departures from Fidelity UK

Fidelity has confirmed the departure of several members of its UK teams, including the director of products for the team responsible for UK equities, Peter Hicks, FundWeb reports. In the interim, from early July, the responsibilities will be handled by William Russell.
21/06/2011

ISS supports LSE-TMX merger

Institutional Shareholder Services (ISS) is recommending that shareholders in the London Stock Exchange (LSE) vote in favour of a merger with TMX, the operator of the Toronto Stock Exchange, the Wall Street Journal reports. The independent shareholder advisory firm has, however, not yet issued a recommendation for TMX shareholders, who are facing two rival offers, one from LSE and one from Maple Group Acquisition Corp.ISS is the second agency to recommend approval for the LSE-TMX merger, following Glass Lewis & Co, a independent advisory agency serving institutional investors, which considers the LSE offer “superior” to the Maple Group offer for TMX shareholders.Glass Lewis is an indirect affiliate of the Ontario Teachers’ Pension Plan Board, one of the founders and backers of Maple.

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