Selon L’Agefi suisse, la Banque cantonale argovienne (Aargauische Kantonalbank/AKB) lance une plateforme de négoce boursier en ligne entièrement électronique, «5trade», adaptée au négoce international. Avec un tarif de courtage de base de 5 francs pour la Bourse suisse, cette plateforme est de loin la meilleur marché en Suisse, affirme la banque.

La China Construction Bank (CCB) a sélectionné BNY Mellon Asset Servicing comme conservateur international pour le fonds QDII que va lancer en Chine Bank of China Investment Management Co., Ltd (BOCIM), une coentreprise de Bank of China Co., Ltd. et de BlackRock, Inc. Ce fonds, le BOC Global Strategic Fund (FOF), devrait être lancé en mars 2011.

On connait désormais le nom de la société de gestion qui participait au championnat amLeague mais avait souhaité, un temps, garder l’anonymat : il s’agit d’Ecofi Investissements. Cette dernière concourt dans les catégories «Actions Euro Flexible» - où elle figure actuellement aux toutes premières places -, «Actions Euro Fully Invested» et «Allocation d’Actifs».

Pour le groupe scandinave Nordea, 2010 aura été une année record avec une collecte nette de 6,9 milliards d’euros sur les onze premiers mois de l’année. Autrement dit, la société qui doit présenter ses résultats annuels le 2 février prochain, pourrait terminer l’année sur une collecte supérieure à 7 milliards d’euros. A 6,9 milliards d’euros, Lipper a d’ores et déjà classé Nordea dans le top 10 des sociétés de gestion paneuropéennes ayant le plus collecté.La collecte a été significative dans la plupart des pays européens couverts par Nordea, notamment en Allemagne, avec un montant de 600 millions d’euros, au Benelux (350 millions d’euros), ou encore en Italie (350 millions d’euros).En France, la collecte nette a été un peu plus modeste qu’ailleurs en Europe, avec un montant de 150 millions d’euros. Le marché français a en effet été moins dynamique que les autres marchés européens, comme le montrent bien les derniers chiffres publiés par l’AFG (voir Newsmanagers du 26 janvier). Selon Marc Olivier, directeur général pour la France au sein de Nordea Investment Funds, «2010 a été une année «beta» plus qu’"alpha». 2011 pourrait être une année beaucoup plus alpha, avec un engagement sur des stratégies plus risquées». On pourrait assister à un grand retour sur les actions européennes, délaissées depuis trois ans, estime notamment Marc Olivier. En 2011, Nordea, qui est en train de renforcer son hub luxembourgeois, va rester fidèle à son approche multi-boutique, avec deux nouveaux partenariats, dont un devrait être annoncé dans les prochaines semaines.

Le 26 janvier, Van Eck Global a annoncé l’abaissement de la commission de gestion sur deux de ses ETF Market Vectors. Celle du Indonesia (IDX) est ramenée à 0,60 % contre 0,68 % et celle du Poland (PLND) diminue à 0,60 % contre 0,65 %.Au 31 décembre, Van Eck gérait environ 20 milliards de dollars dans ses 29 ETF de la marque Market Vectors.

Morningstar a annoncé le 26 janvier le lancement d’un service de recherche et de notation sur une trentaine de fonds fermés. Morningstar envisage de couvrir une centaine de fonds de ce type négociés aux Etats-Unis d’ici à la fin du premier trimestre, ce qui représente environ 45% de l’actif net du marché américain, et tous les fonds fermés les plus importants.

A fin décembre, les encours de Legg Mason ressortaient à 671,8 milliards de dollars contre 673,5 milliards fin septembre et 681,6 milliards douze mois plus tôt. Sur ce total, les fonds d’actions représentaient 184,2 milliards de dollars contre 169,6 milliards trois mois plus tôt et 168,7 milliards fin décembre 2009 tandis que les fonds obligataires se situaient à 355,8 milliards contre 371,6 milliards et 365,8 milliards respectivement. Le reliquat correspond aux fonds monétaires, à 131,8 milliards contre 132,3 milliards et 147,1 milliards. Sur l’ensemble de 2010, Legg Mason a accusé des remboursements nets durant tous les trimestres pour un total de 96,1 milliards de dollars. L’effet de marché a été positif de 53,6 milliards de dollars durant cette période.Legg Mason a par ailleurs annoncé le 26 janvier un bénéfice net de 61,6 millions de dollars pour le troisième trimestre de son exercice au 31 mars, contre 75,3 millions pour juillet-septembre et 44,9 millions pour la période correspondante de 2009. Sur les trois premiers trimestres de l’exercice en cours, le bénéfice net a gonflé à 184,9 millions de dollars contre 140,8 millions.

Lehman Brothers a proposé mercredi un nouveau plan pour indemniser ses créanciers, rapporte La Tribune. L'établissement reverserait 60 milliards de dollars, soit 2,6 milliards de plus qu’en septembre dernier. Ces sommes ont notamment été levées par des cessions d’actifs. Nomura a ainsi racheté pour 2 milliards de dollars des activités clés en Europe, en Asie et au Moyen-Orient. Et Barclays a acquis celles aux États-Unis, pour un montant de 1,75 milliard.

Selon l’Agefi, un document enregistré sur le site de l’Oregon Investment Council indique que KKR compte lever, au cours des prochains trimestres, un fonds de 8 à 10 milliards de dollars. Ce dernier, orienté vers l’Amérique du Nord, serait dénommé KKR North American XI Fund.

John Hancock Funds, la filiale spécialisée dans les mutual funds de John Hancock Financial, a annoncé le 25 janvier le lancement d’un nouveau fonds, le John Hancock Alternative Asset Allocation Fund, qui propose aux investisseurs une poche d’allocation diversifiée dans des classes d’actifs et des stratégies alternatives. Le fonds de multigestion , qui s’appuie sur des poids lourds du secteur comme Pimco, Wellington Management ou Deutsche AM, offre aux investisseurs, la plupart du temps sous-pondérés sur les stratégies ou classes d’actifs alternatives, un large éventail de possibilités dans l’immobilier, les matières premières ou encore les stratégies long/short.

p { margin-bottom: 0.08in; } On 26 January, Van Eck Global announced that it has lowered the management commissions for two of its Market Vectors ETFs. The Indonesia fund (IDX) will now cost 0.60%, down from 0.68%, while the Poland fund (PLND) will charge 0.60%, rather than 0.65%. As of 31 December, Van Eck managed about USD20bn in its 29 Market Vectors branded ETFs.

p { margin-bottom: 0.08in; } John Hancock Funds, the affiliate of John Hancock Financial specialised in mutual funds, on 25 January announced the launch of a new fund, the John Hancock Alternative Asset Allocation Fund, which offers investors a diversified allocation to asset classes and alternative strategies. Multi-management funds, which rely on heavyweights in the sector such as Pimco, Wellington Management and Deutsche AM, offer investors, who are usually underweight in alternative strategies and assets, a wide range of possibilities in real estate, commodities and long/short strategies.

p { margin-bottom: 0.08in; } The Munich-based management firm TMW Pramerica Property Investment has announced that a freeze on redemptions for its open-ended real estate fune TMW Immobilien Weltfonds (EUR761.94m in assets as fo the end of December) has been extended for a maximum of one year. Redemptions have been suspended since 8 February 2010. Since then, it has not been possible to sell a sufficient number of properties to raise the necessary liquidity to reopen redemptions.However, on 26 January 2011, the fund sold one property at a price above its market value. The property is the Dundas Edwards Center office building in Toronto, which was sold for CAD103m, 16% above its most recent expert valuation.

p { margin-bottom: 0.08in; } On 15 November 2010, the Royal Bank of Scotland (RBS) launched the Market Access III Kenmar Liquid Commodity Index Fund, a sub-fund of its UCITS-compliant Luxembourg Sicav Market Access III (see Newsmanagers of 17 November). The distribution of the product in Germany will now be provided by Fundmatrix and RBS.The fund replicates the Kenmar Liquid Commodity Index (KLCI), which includes a diversified portfolio of managers relying on various strategies related to commodities markets. The objective for the fund is to generate capital gains whether the commodities markets are rising or falling, with volatility lower than long-only indices such as the S&P Goldman Sachs Commodity IndexTM Total Return, or the Rogers International Commodities Index. Manager selection is undertaken by Kenmar Group.CharacteristicsName: Market Access III Kenmar Liquid Commodity Index FundISIN Codes: LU0521861962 (institutional share class in US dollars) ; LU 0521862424 (institutional share class in euros, hedged for currency risks)Commission for index provider: 1.50%Management commission: 0.15%Performance commission: 5% above high watermarkLiquidity: bi-monthlyMinimal subscription: USD250,000

p { margin-bottom: 0.08in; } On 26 January, Goldman Sachs Asset Management (GSAM) unveiled its new equities fund, Goldman Sachs N-11 Equity Portfolio, which invests primarily in shares from the “next 11” emerging markets (Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, the Philippines, Turkey, and Vietnam). The benchmark index for the new product will be the future MSCI GDP Weighted N-11 ex Iran Index, which is weighted according to the BNP of the countries in question. The fund may be made available in Germany, France, Finland, Luxembourg, the Netherlands, Norway, Austria, Singapore, Sweden, and the United Kingdom.

p { margin-bottom: 0.08in; } The Morningstar hedge fund index gained 4% in the month of December, and 10.4% for the year as a whole. The winning strategies in 2010 were distressed securities, with gains of 3.5% for the month and 24.5% for the year, and corporate event-driven, with gains of 4.6% and 19.4%. Hedge funds focused on US equities posted net inflows of USD1.5bn for the first eleven months of the year, compared with outflows of USD8bn between January and November 2009. The only other winning strategies were global non-trend (macroeconomic event-driven investments) and corporate equities. In the first eleven months of the year, these strategies attracted USD5.4bn and USD1.6bn, respectively. Inflows to hedge funds overall in the eleven-month period totalled USD2.7bn. Funds of hedge funds had another difficult year, with returns of only 4.1% for the year, more than 6 points lower than the results for hedge funds. A corollary of this evolution is that the year finished with outflows of more than USD10bn from these funds.

p { margin-bottom: 0.08in; } As of the end of December, assets at Legg Mason totalled USD671.8bn, compared with USD673.5bn as of the end of September, and USD681.6bn twelve months earlier. Of this total, equities funds represented USD184.2bn, compared with USD169.6bn three months earlier, and USD168.7bn as of the end of December 2009, while bond funds stood at USD355.8bn, compared with USD371.6bn and USD365.8bn. The remainder corresponds to money market funds, totalling USD131.8bn, compared with USD132.3bn and USD147.1bn.For 2010 as a whole, Legg Mason has seen net redemptions in all quarters, totalling USD96.1bn. Market effects were positive to the tune of USD53.6bn over this period.Legg Mason on 26 January also announced net profits of USD61.6bn for the third quarter of its fiscal year to 31 March, compared with USD75.3m in July-September, and USD44.9m in the corresponding period of 2009. For the first three quarters of the period now underway, net profits however increased to USD184.9m, compared with USD140.8m.

Laurent Minvielle and Christina Wilgress, the former managers of the Turquoise fund of hedge funds at Société Générale, have joined Edmond de Rothschild Investment Managers’ funds of hedge funds team, which has assets under management of EUR1.6n. Laurent Minvielle is appointed head of funds of hedge funds at Edmond de Rothschild Investment Managers. He will report to Olivier Neau, chief investment officer and vice-chairman of the asset manager’s executive committee.After graduating from ENSAE (Ecole Nationale de la Statistique et de l’Administration Economique), Laurent Minvielle worked as an economist, first for IPECODE from 1984 and then for Société Générale from 1988. From 1993, he held various positions of responsibility in Société Générale’s risk management division before moving to Lyxor AM to be in charge of hedge fund manager selection and risk monitoring. From 2003 to 2009, he managed funds of funds at Société Générale Corporate & Investment Banking (SGCIB).Christina Wilgress will coordinate hedge fund selection and monitoring and will be in charge of risk and portfolio performance analysis. She holds a masters in Bank-Finance-Insurance from the University of Paris IX Dauphine and joined the Caisse des Dépôts et Consignation in 1991 as a credit analyst. In 1994, she moved to Société Générale where she held various posts in the risk management division. In 2001, she was appointed head of product development in the Equity department at SGCIB and subsequently headed up its fund of funds team from 2003 to 2009.Laurent Minvielle and Christina Wilgress both managed the Turquoise fund, a fund of hedge funds launched by Société Générale in July 2002 as a proprietary activity in its investment banking division. Assets under management in the Turquoise fund peaked at more than USD3bn.

p { margin-bottom: 0.08in; } For the Scandinavian Nordea group, 2010 was a record year, with net inflows of EUR6.9bn for the first eleven months of the year. In other words, the firm, which is to announce its annual results on 2 February, may finish the year with inflows of over EUR7bn. At EUR6.9bn, Lipper has already ranked Nordea in the top 10 pan-European management firms by inflows.Inflows were significant in most European countries covered by Nordea, particularly germany, with EUR600m, Benelux, at EUR350m, and Italy, with EUR350m.In France, net inflows were slightly more modest than elsewhere in Europe, with a total of EUR150m. The French market was less dynamic than other European markets, as the most recent statistics from the AFG reveal (see Newsmanagers of 26 January).In 2011, Nordea, which is in the process of adding to its Luxembourg hub, will remain faithful to its multi-boutique approach, with two new partnerships, one of which will be announced in the next few weeks.

p { margin-bottom: 0.08in; } Assets under management at the Swiss fund of fund specialist Gottex Fund Management Holdings Limited (Gottex) have risen by more than 6% as of fourth quarter, to USD8.26bn, up from USD7.76bn as of the end of September 2010.Asset Based strategies finished the year in the red (-8.5%, at USD1.59bn), as did Market Neutral & Directional strategies (-0.8%, to USD4.05bn), the firm says in a statement published on 26 January.Gottex also states that it is planning to develop its activities in Asia. With this in mind, the chairman and CEO of Gottex, Joachim Gottschalk, will be moving to Hong Kong.

For the 2010 financial year, UBP’s consolidated net profit reached CHF 216 million (USD 230 million), identical to 2009. In 2009, it had been divided by half. Revenues were CHF 766 million (USD 816 million) for the year versus CHF 806 million for 2009. Interest income remained almost unchanged at CHF 162 million versus 166 million in 2009.As at 31 December 2010, assets under management came to CHF 65 billion (USD 69 billion), versus CHF 75 billion at the end of 2009. “These were mainly affected by negative exchange-rate effects”, said UBP. But the bank failed to give details of net inflows or outflows. Operating expenses remained under control (-1%) at CHF 493 million (USD 525 million). This figure takes into account the investment made in reorganising the Asset Management division. The Group’s consolidated cost/income ratio was 65%. The balance sheet total reached CHF 18 billion (USD 19 billion), and the return on shareholder equity for the 2010 financial year was 12.8%. UBP also said: «The aim of Private Banking is to develop growth markets, such as the Middle East, Asia, Eastern Europe and Latin America, and to grow its European onshore client base. Asset Management has launched a new range of in-house managed investment funds with around fifteen products, carefully tailored to meet client needs and with a particular focus on emerging markets».

p { margin-bottom: 0.08in; } Effective from 25 January 2011, the Luxembourg firm DZ Privatbank, the central private banking institution for the German co-operative banks, created by the merger of the activities of DZ Bank and WGZ Bank with DZ Bank Switzerland (see Newsmanagers of 15 September 2010), has taken complete control of Union Investment (Schweiz), the Zurich-based affiliate of the central asset management arm of the German co-operative banks, Union Investment.The new affiliate will be renamed as IP Concept (Schweiz). It will use the brand IP Concept for the launch of new Swiss-registered funds, and to apply for a Swiss passport for funds from the Luxembourg platform IP Concept, an affiliate of DZ Bank International.

p { margin-bottom: 0.08in; } As of the end of December, assets in European ETFs totalled USD284bn, in 1,071 funds (see Newsmanagers of 13 January). Strong growth in assets under management (63.3% in 2006, 43.3% in 2007, 11.1% in 2008, 59% in 2009 and 25.2% in 2010) comes along with intense competition between the two major types of replication, physical and synthetic (via swaps).BlackRock statistics unveiled on 26 January in Paris by Deborah Fuhr, global head of ETF research & implementation strategy, reveals that although assets in physical replication funds have risen by USD41.3bn to USD155.1bn between 2005 and 2010, synthetic replication ETFs in the same time took on USD13.6bn, to total USD126.6bn. The numbers of products, which were 138 and 27, respectively, in 2005, as of the end of last year were 385 and 683.However, for the moment, hybrid replication ETFs account for a much smaller share, with only 3 funds and USD0.3bn in assets.

Aviva Investors has announced that it has received a Capital Markets Services Licence in Fund Management from the Monetary Authority of Singapore (MAS). The licence allows Aviva Investors to provide fund management services in Singapore to both retail and institutional clients, across segregated mandates, closed-ended and open-ended funds. The licence means that Aviva Investors will no longer be limited to the number and type of investors it can work with. Since first opening its office in 2007, it will now be able to offer a greater number of products to a larger number of clients.

p { margin-bottom: 0.08in; } The director general of the Singapore monetary authority, Heng Swee Keat, and the French ambassador to Singapore, Olivier Caron, on Wednesday, 26 January inaugurated the Asian headquarters of the EDHEC-Risk Institute, a statement says.On this occasion, Noël Amenc, director of the EDHEC-Risk Institute, announced that “the growing influence of Asian markets and investors require that academic research oriented to the needs of the financial industry be undertaken from this region of the world. The EDHEC Risk Institute-Asia will adapt the six research programs of the EDHEC-Risk Institute to the specifically Asian context, will develop two new thematic programs dedicated to sovereign funds management and inflation, and will regularly study risk and investment management processes in the context of a new initiative, the Asian Centre for the Study and Promotion of Better Investment Practices.”Frédéric Ducoulombier, director of the EDHEC Risk Institute-Asia, took the occasion of the official launch of the campus to announce that new research partnerships have been signed. “Since the unveiling of our Asian project last April, a series of institutions have joined Deutsche Bank, our partner for the research chair in “active-passive management and management of sovereign funds.” The new partners are Amundi ETF, AXA Investment Managers, Société Générale Corporate and Investment Banking, and Eurex who are supporting research dedicated to tracker products and passive management, hybrid retirement systems, structured equities strategies, and the use of volatility products in portfolio management.”

p { margin-bottom: 0.08in; } The distribution team at Legg Mason in Germany has been reinforced with the recruitment of two people. Özlem Erdogan (ex Morgan Stanley Real Estate Investment GmbH) becomes client relationship manager, while Claudia Müller, who has recently completed her studies, will become an assistant to the distribution team. The two women will be in charge of assistance to existing clients. They will report to Klaus Dahmann, head of sales Germany and Austria.

p { margin-bottom: 0.08in; }a:link { } The German association of independent wealth managers Verband unabhängiger Vermögensverwalter Deutschland e.V. (VuV) announced on 26 January that information on members and their activities, updated daily, will now be available on the fondsweb.de website, at www.fondsweb.de/vuv. The VuV now has slightly over 200 members, with assets of EUR55bn.

Two former Galleon Group portfolio managers, Adam Smith and Michael Cardillo, pleaded guilty to trading ahead of corporate takeovers based on inside information, the Financial Times said. They agreed to co-operate with the government in its case against Raj Rajaratnam.

p { margin-bottom: 0.08in; } Morningstar on 26 january announced the launch of a research and ratings service for 30 closed-end funds. Morningstar is planning to cover 100 funds of this type traded in the United States by the end of first quarter, which represents about 45% of net assets in the US market, and all of the largest closed-end funds.

p { margin-bottom: 0.08in; } The global sales team at Alken Asset Management, led by Isabel Ortega, has been enlarged with the addition of a newly-created position for Jaime Mesía, who was previously director of sales at Gartmore Investment Management España, in charge of southern Europe, Funds People reports. At Alken, Mesía will assist Ortega in developing the markets of southern Europe, with the additional mission of sales for Alken funds in Latin America and Scandinavia.