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02/11/2010

Shinhan BNP AM releases highly concentrated South Korea equities funds

p { margin-bottom: 0.08in; } Asian Investor reports that Shinhan BNP Paribas Asset Management has opened sales of highly concentrated funds of South Korean equities, ahead of an expected return of local, retail and high net worth investors to the South Korean equities markets in 2011. Patrick Mange, co-deputy CEO of the joint venture in Seoul, admits that 2010 was a more difficult year than expected, in light of constant redemptions to retail investors in equities. According to available statistics, net outflows from South Korean equities funds have totalled over KRW9trn, or about USD7.9bn, since the beginning of the year.
02/11/2010

Strong demand for Bolton's fund

Demand for Anthony Bolton’s new fund has been so strong that the board is considering ways to make the shares less expensive, according to the Financial Times.Shares in the Fidelity China Special Situations fund hit a premium of almost 13 per cent to their net asset value on Monday.
02/11/2010

Profits and assets down at Macquarie

p { margin-bottom: 0.08in; } For the six months to 30 September, Macquarie Group on 29 October announced consolidated net profits of AUD403m, 16% less than for the six months to the end of September 2009, and 29% less than for the half to the end of March. However, due to the improvements observed in September and October, and barring any surprises, CEO Nicholas Moore predicts that profits for the period to 31 March 2011 may be largely in line with those for the 12 months to the end of March 2010 (AUD1.05bn). Assets under management as of the end of September totalled AUD317bn, compared with AUD326bn six months previously, largely due to the conversion of the Macquarie Cash Management Trust into the Macquarie Cash Management Account. Since its acquisition by Macquarie (see Newsmanagers of 20 August 2009), assest at Delaware Investments have increased AUD25bn to AUD152bn as of the end of September.
02/11/2010

Perkins (Janus) launches a value fund

p { margin-bottom: 0.08in; } Janus has announced the launch of the Irish-registered fund Perkins Global Value Fund (IE00B45RV888 for institutional and IE00B4K9P323 for retail investors), a part of its Dublin-domiciled Janus Capital Funds range.The fund will invest worldwide in undervalued equities, relying on an investment process developed by Perkins Investment Management which gives top priority to management of risk of losses.The performance objective of the Perkins Global Value Fund (70-100 positions) is to outperform the MSCI World benchmark index over a complete market cycle, while limiting losses in difficult market conditions and earning good returns when market conditions are better.The sub-fund will be managed by Gregory Kolb, who until July 2010 was manager of the Janus Global Fundamental Equity Fund using a value approach.Management fees are 1.25% for retail shares (A class) and I% for the institutional share class (I). Janus fund distributors are permitted to charge a maximum of 6.25%.
02/11/2010

Smaller and younger hedge funds have better performance

p { margin-bottom: 0.08in; } The fourth annual study by PerTrac Financial Solutions of the performance of hedge funds finds htat in 2009, funds two years old or less earned average returns of 19.81%, compared with 18.65% for funds aged 2-4 years, and 19.80% for those more than four years old. The trend to outperformance for the youngest funds continues, but the differences are shrinking, probably because the number of hedge funds launched in 2008 and early 2009 was significantly lower. Small hedge funds (with up to USD100m) and mid-sized funds (USD100-500m) posted average returns of 19.78% and 20.18%, respectively, compared with 17% for those with over USD500m. This confirms a trend observed from January 1996 to December 2007, and offsets 2008, when the large funds lost only 14.10%, compared with 17.03% for small funds. However, Meredith Jones, director, strategic consulting at Barclays Capital, who collaborated on the study with PerTrac, says that potential performance often comes with high volatility. That could explain why in 2008, a year when all categories of funds saw losses, small funds were deeper in the red than mid-sized or large funds.
02/11/2010

Turkish regulator opens investigation of Mark Mobius (Templeton AM)

p { margin-bottom: 0.08in; } The Turkish securities commission (SPK) has opened an investigation of Mark Mobius, star manager and chairman of Templeton Asset Management, who on 12 October in Malaysia predicted a strong correction of 15-20% for the Turkish market by the end of the year. The next day, the fall materialised, with a drop of 3.1%. the heaviest decline in a single day of trading since 25 May, the Wall Street Journal reports. The investigation came following complaints from retail investors. This type of prediction is not in itself illegal. However, if the regulator can prove that Mobius knowingly made false and misleading statements and that, in addition, he was in a position to profit from a fall in Turkish share prices, he could face a fine.
02/11/2010

Hedge fund universe profoundly marked by crisis

p { margin-bottom: 0.08in; } As many as 45% of hedge fund managers in the United States and about 50% of managers in Europe and Asia say that at least one of their funds has not returned to its peaks before the crisis, according to the 2010 edition of the Greenwich Associates “Global Custodian Prime Brokerage Study.” Nearly 55% of US hedge funds participating in the study, and 35% to 40% of European and Asian hedge funds report an improvement of 20% or more in their returns in first quarter 2010 compared with first quarter 2009. For the world as a whole, nearly 70% of hedge funds earned returns of 11% or more for the year to first quarter 2010, while nine out of ten have positive returns in the same period. Another significant development revealed by Greenwich Associates is that leverage used by hedge funds remains well below pre-crisis levels. Despite this, there is a tendency to increase leverage. For the sector as a whole, average leverage ratios have increased from 1.8 in first quarter 2009 to 2 in first quarter 2010. This average includes among others leverage of 2.3 for hedge funds oriented to fixed income, compared with 2.2 previouusly, while leverage has increased from 1.7 to 1.9 for US hedge funds. But these levels are still well below the averages of 2.3 for the sector as a whole in 2007, or 3.4 for fixed income funds that year.
02/11/2010

Assets up for management firms in third quarter

p { margin-bottom: 0.08in; } As of the end of September, assets at Chinese management firms totalled CNY2.4trn (USD358.2bn), compared with CNY2.1trn (USD313.4bn) as of 30 June, according to figures from Z-Ben Advisors, who predict that the CNY3trn barrier will be broken by the end of the year. Equities and diversified funds saw a greater increase in their assets under management than the 14% growth of the CSI 300 index, but paradoxically, it generated an increase in redemptions, as investors preferred to take their profits. In total, the increase in assets resulted in positive market effects and the launch of 33 new funds. Judging from the subscriptions attracted to these new products, it was equities and diversified funds which suffered most in terms of outflows. Soochow stood out with average performance of 22.33% in third quarter for its products as a whole. Z-Ben Advisors’ analysis shows that virtually all management firms increased their exposure to equities, for an average of 81% as of the end of September, compared with 71% as of the end of June. Bank of Communications Schroders has a particularly high allocation to equities, but KBC Goldstate, Citic Prudential and Morgan Stanley Huaxin also significantly increased their exposure to this asset class.
02/11/2010

Andreas Moser takes over as director of private banking at Hyposwiss Privatbank

p { margin-bottom: 0.08in; } Hyposwiss Privatbank SA, an entity of the Banque cantonale de St-Gall, announced on 1 November that it has appointed Andreas Moser as director of private banking. He will take up his position on 1 Jnauary 2011 and at that time will become a board member at the institute. Moser was previously a member of the extended board and directed private banking for Switzerland, Germany and Austria as well as external wealth manager activities. He will oversee all private banking activities, which are currently overseen by CEO Siegfried Peyer, who will concentrate henceforth on operational and strategic direction of the establishment.
02/11/2010

OPM plans to launch two funds of funds

p { margin-bottom: 0.08in; } OPM Fund Management is planning to release two funds in early 2011, which will charge fees of 1.5%, using strategies developed for internal mandates, Investment Week reports.The EFA OPM Diversified Target Return fund, a multi-asset class funds, will aim for 300 basis point outperformance over cash over a market cycle. It will be managed by Ross Henderson, Money Marketing reports, and will invest 70% in absolute return long-only funds, while the satellite allocation will go to direct investment in equities, ETFs, and money market instruments, with coverage tools and minimal reliance on leverage.For its part, the EFA OPM Worldwide Opportunities, managed by CIO Tony Yousefian, will be an aggressive growth plus fund which will be permitted to depart from the FTSE All-world benchmark index. The model portfolio is currently 63% invested in ten funds, and the manager will make only moderate use of ETFs, which he estimates do not produce outperformance in the long-term.
02/11/2010

Lazard provisionally closes an emerging markets strategy to new subscribers

p { margin-bottom: 0.08in; } Citywire reports that Lazard has decided to provisionally close its emerging markets strategies to new subscribers from 1 November, including the Lazard Emerging Markets Fund, domiciled in Dublin, whose net asset value totalled USD568.62m as of 30 September, and the Lazard Emerging Markets Fund, domiciled in London, whose net asset value totalled GBP788.56m. The funds are a part of the emerging market strategy from Lazard, which represents an aggregate net asset value of about GBP20bn. Alongside the provisional closures, Lazard has decided to modify its commission structure, increasing the minimal investment for institutional investors.
02/11/2010

LGIM launches an emerging markets tracker fund

p { margin-bottom: 0.08in; } Legal & General Investment Managers (LGIM) has launched an emerging markets tracker fund, Investment Week reports. The Global Emerging Markets Index fund, managed by Robert Dowling, which debuted on 29 October, replicates the FTSE All-World Emerging index, and offers investors a way to invest in shares to be added to the index. Minimal investment in the UCITS format fund is set at GBP500. Total expense ratio (TER) is estimated at 0.99%.
02/11/2010

BlueCrest liquidates a UCITS fund

p { margin-bottom: 0.08in; } The hedge fund management firm Blue Crest Capital Management will liquidate its UCITS fund Blue Trend, hosted by Merrill Lynch Investment Solutions (MLIS). Hedge Week reports that Blue Crest explains that the constraints of the UCITS format led to a cumulative tracking error of 3.5% as of 30 September, compared with an expected tracking error of 1% to 2%. Merrill Lynch and Blue Crest have said that they will work together to offer other investment options to affected parties.
02/11/2010

Aberdeen sells a property from DEGI Europa

p { margin-bottom: 0.08in; } On 1 November, the German management firm Aberdeen Immobilien KAG announced that it had sold the Hürth Park shopping centre (63,000 square metres) near Cologne to an international consortium for EUR157.3m. The property, which since 1998 had belonged to the open-ended real estate fund DEGI Europa, whose gradual liquidation by September 2013 was recently announced (see Newsmanagers of 25 October), may have been at a price slightly below the most recent expert valuation of the property. Hürth Park alone represented 8% of the venal value of the portfolio, and the proceeds of the sale, after payment of outstanding credit is deducted, will increase the liquidity level in the fund by about 3 percentage points.
02/11/2010

White label products have EUR52bn in assets

p { margin-bottom: 0.08in; } According to the German BVI association of management firms, there are currently 860 white label funds with assets in EUR52bn, the Börsen-Zeitung reports. This formula has developed since the introduction of the flat tax (in 2006, there were barely over 400 funds). For two thirds of these funds, the adviser is a wealth management firm. The largest actor in this segment is Universal-Investment, with EUR14.5bn, followed by DWS Investment (Deutsche Bank) and Oppenheim Asset Management Services.
02/11/2010

Ireland attracting a growing number of funds

p { margin-bottom: 0.08in; } As of the end of June, the number of funds relying on services provided in Ireland totalled 6,116, compared with 6,098 last year, while corresponding assets came to USD1.4603trn, or EUR1.12922trn, an increase of 7.2% compared with USD1.3617trn in 2009, according to statistics from Lipper (Ireland Fund Encyclopaedia). The number of management firms with funds domiciled in Ireland increased to 388 from 358 in 2009, an increase of 31% over five years and 63% in the last ten years. BNY Mellon (USD270.4bn), State Street International (USD228.7bn), and J.P. Morgan (USD175.2bn) are the three largest fund administrators and also the largest custodians, with respective amounts under custody of USD260.3bn, USD237.1bn, and USD184.1bn. In terms of the largest fund promoters, the acquisition of Barclays Global Investors (BGI) put BlackRock in first place, with assets of USD187.4bn, ahead of Goldman Sachs with USD70.3bn, Pimco (Allianz Global Investors group) with USD48.8bn, and HSBC (USD48.6bn).
02/11/2010

Profits at Artio Global Investors down in third quarter

p { margin-bottom: 0.08in; } Artio Global Investors has reported net profits for third quarter to 30 September of USD23.8m, down 3% compared with second quarter 2010. The decline is 15% compared with third quarter 2009. Assets under management as of 30 September last year totalled USD53.9bn, down 3% compared with 30 September 2009 due to net outflows of USD1.4bn, partly offset by market effects.
02/11/2010

Strong increase in profits at Franklin Resources

p { margin-bottom: 0.08in; } For the period to 30 September, Franklin Resources (Franklin Templeton Investments) announced net profits on 29 October of USD1.4457bn, compared with USD896.8m in the twelve months to the end of September 2009. For fourth quarter alone (June-September), profits totalled USD372.9m, compared with USD360.9m the previous quarter, and USD367.4m for the corresponding period of last year. Earnings in the period totalled USD5.853bn, compared with USD4.1941bn. As of 30 September, total assets for businesses of the group came to USD644.9bn, compared with USD570.5bn three months earlier, and USD523.4bn one year previously. Allocation to equities was 43% as of the end of September, compared with 41% at the end of June, and 47% at the end of September 2009. In the quarter to 30 September, net subscriptions totalled USD19.4bn, compared with USD18.8bn in April-June and USD12.2bn in the corresponding period of last year. For the period as a whole, net subscriptions totalled USD69.9bn, compared with net outflows of USD5.5bn for the twelve months to the end of September 2009.
02/11/2010

Profits down at Federated Investors

p { margin-bottom: 0.08in; } In third quarter, net profits at Federated Investors totalled USD43.1m, compared with USD47.65m in April-June, and USD56.9m in the corresponding period of last year, putting net profits in the first nine months of the year at USD132.71m, compared with USD145.39m in January-September 2009. As of 30 September, total assets at Federated came to USD341.28bn, compared with USD336.84bn three months earlier (+1%), and USD392.3bn one year previously (-13%). Bond assets increased to USD40.17bn, compared with USD38.01bn as of the end of June and USD32.04bn as of the end of September 2009, while net subscriptions in January-September totalled USD2.4bn. Assets in equities funds and mandates increased to USD29.13bn, compared with USD26.81bn three months earlier, and USD29.12bn as of 30 September last year. Lastly, money market assets as of the end of September totalled USD260.9bn (of which USD233.61bn were in mutual funds), compared with USD260.52bn (USD231.2bn in mutual funds) one quarter earlier, and USD318.06bn (USD278.63bn in mutual funds) twelve months previously. Money market assets as of 30 September included about USD11bn transferred from SunTrust Bank towards the end of the quarter under review. By the end of 2010, Federated predicts that another USD3.5bn will come from SunTrust.
02/11/2010

Six new members of international steering committee at Edhec-Risk Institute

p { margin-bottom: 0.08in; } The international steering committee of the Edhec-Risk Institute (40 members) has taken on six new members. They are: - Christopher J. Ailman, ,CIO California State Teachers’ Retirement System (CalSTRS)- Tai Tee Chia, CEO, Government of Singapore Investment Corporation (GIC)- James C. Davis, vice president, Investment Planning & Economics Asset Mix & Risk, Ontario Teachers’ Pension Plan (OTPP)- Mark Fawcett, CIO, NEST Corporation- Chong Tee Ong, deputy CEO, Monetary Authority of Singapore (MAS)and Bruno de Pampelonne, president, Tikehau Investment Management.
02/11/2010

Assets at Oppenheimer up

p { margin-bottom: 0.08in; } In third quarter 2010, net profits for Oppenheimer Holdings were down to USD3.42m, from USD7.91m in the corresponding period of last year, putting the total for the first nine months of the year at USD21.79m, compared with USD13.02m. As of 30 September, assets administrated or managed by Oppenheimer totalled USD71.5bn, compared with USD74bn one year earlier, while assets under management for clients in fee-based programs represented about USD17.9bn, compared with USD15.4bn.
02/11/2010

Olympia is for sale

According to Financial News, Olympia Capital Management, a funds of hedge funds company based in Paris, is for sale. Sagard Private Equity Partners wants to sell its 45% stake which carries the majority of the voting rights, according to a person familiar with the situation.
02/11/2010

AIG sells Alico to Metlife for USD16.2bn

p { margin-bottom: 0.08in; } Le Figaro reports that the US insurer AIG has announced that it has sold its US life insurance affiliate Alico to its rival MetLife for USD16.2bn. The sale price is USD700m above the price announced for the deal in March. MetLife paid USD7.2bn in cash and USD9bn in AIG shares.
02/11/2010

The SEC investigates on JPMorgan

JPMorgan Chase has confirmed that the Securities and Exchange Commission is investigating whether it allowed a hedge fund to improperly choose assets for a USD1.1 billion mortgage securities deal, writes USAToday.
02/11/2010

Jupiter: Guy de Blonay and Philipp Gibbs trade jobs

p { margin-bottom: 0.08in; } From the beginning of 2011, Guy de Blonay will become principal manager of the Financial Opportunities fund (over GBP1bn in assets) at Jupiter, for which he has been second manager since 1 June (see Newsmanagers of 5 May), Fund Strategy reports. Philip Gibbs, who was principal manager, becomes second manager for the product, which has over 13 years of track record.
02/11/2010

RWC hands former Strategic Reserve Fund to Peter Allwright and Stuart Frost

p { margin-bottom: 0.08in; } On 1 November, RWC Partners confirmed that Peter Allwright and Stuart Frost, recently recruited fdrom Threadneedle (see Newsmanagers of 1 July) have taken over day-to-day management of the RWS Cautious Absolute Rate and Currency (ARC) fund, formerly known as the Strategic Reserve Fund, with assets of USD60m, which continues to have a performance objective of 300 basis points above cash over a market cycle. The fund offers daily liquidity, and complies with the UCITS III directive, with sales licenses in Germany, Italy, Luxembourg, the United Kingdom and Switzerland. It is available in currency-hedged shares in euros, Swiss francs, pounds Sterling and US dollars.
02/11/2010

SWIP appoints Craig Mackenzie as head of sustainable investment

p { margin-bottom: 0.08in; } Responsible Investor reports that Scottish Widows Investment Partnership (SWIP) has appointed Craig Mackenzie as head of responsible investment, a position which includes lobbying businesses to improve their practices in this area. Mackenzie, who was previously at the University of Edinburgh as director of the Centre for Business and Climate Change, will begin in his new position on 1 November. He will be responsible for strategies and performance in this area of sustainable development in all asset classes, including real estate and private equity.
02/11/2010

Assets at F&C not only increased by Thames River deal

p { margin-bottom: 0.08in; } In third quarter, assets at F&C Asset Management Plc increased by GBP12.9bn to GBP108.2bn, compared with GBP95.3bn as of the end of June. This is due to factors other than external growth, such as net subscriptions of GBP598m (of which GBP124m were for Thames River), GBP4.2bn from the acquisition of Thames River Capital on 1 September, and positive currency effects of GBP3.3bn due to the appreciation of the euro against the pound Sterling and market effects of GBP4.8bn, of which GBP0.7bn are unrealized gains in derivative positions for institutional clients.
02/11/2010

Highbridge (JPMAM) prend la majorité chez Gávea Investimentos

Dans une lettre aux investisseurs daté du 27 octobre, le brésilien Gávea Investimentos (10,1 milliards de reals d’encours fin septembre), a annoncé que par le truchement du gestionnaire alternatif américain Highbridge Capital Management, J.P.Morgan Asset Management a pris la majorité dans son capital, mais les détails financiers de l’opération n’ont pas été dévoilés.Gávea Investimentos est une société de gestion spécialiste des hedge funds, du private equity et de la gestion de fortune. L'équipe dirigeante de Gávea restera en place. Elle se compose du président et CIO Armino Fraga, ancien président de la Banque centrale du Brésil, de son frère Luiz Fraga, co-fondateur et co CIO/private equity, de Gabriel Srour, co-CIO pour les hedge funds, de Chrys Meyn, co-CIO/private equity et de l’administrateur délégue Amaury bier, ancien secrétaire d’Etat à l’Economie au ministère des Finances du Brésil. Enfin, Marcelo Stallone restera à la tête de la division grandes fortunes (Gávea Gestão de Patrimônio).
02/11/2010

RFP from British Nest Corporation

p { margin-bottom: 0.08in; } Nest Corporation, a British firm which manages private complementary pensions, will this week announce a request for proposals for a series of management mandates. Applications must be announced in the official journal of the European Union, Nest Corporation said in a statement published on 1 November. Nest Corporation has also announced that it has awarded a contract to provide fund administration and custody services to State Street for a period of ten years.

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