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11/10/2010

Kleinwort Benson hires CEO from Lombard Odier

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Kleinwort Benson has hired Sally Tennant, chief executive of the UK arm of Lombard Odier Darier Hentsch, as its new chief executive, says the Financial Times. The move is Kleinwort’s first step towards strengthening its private banking arm after it came under new management in July.
11/10/2010

Close Brothers Group sells property fund management activity

p { margin-bottom: 0.08in; } Close Brothers Group has announced that its asset management division will sell its property fund management activity to Alpha Real Capital. The sale comes as Close Brothers prefers to concentrate on its wealth and asset management activities in the UK, a statement says. The sale will reduce total assets under management at Close Brothers by GBP560m.
11/10/2010

Popularity of money market funds rebounds in August

Total sales of funds in Europe were EUR49bn in August, EUR26bn of which came from a strong revival in interest for money market funds, according to Lipper. Increased money market sales did not lead to a drop in sales for bond funds (EUR16.2bn). Equity sales came back strongly to EUR2.6bn, but still below the 2010 monthly average. ETF contributed to 90% of the equity total.Emerging markets were definitely flavour of the month, with both bond (EUR3.2bn) and equity (EUR2.5bn) products topping the sector rankings, adds Lipper. Allianz/Pimco took the top spot for best overall group with net flows of EUR2.9bn, over 85% of which came from their range of bond funds. In the equity arena, five asset managers exceeded sales of EUR500m, with BlackRock’s EUR950m coming out on top, thanks to a rise in ETF interest.
11/10/2010

Salus Alpha to launch a UCITS-compliant Asian equities fund

p { margin-bottom: 0.08in; } Hedgeweek reports that Salus Alpha is planning to launch a UCITS-compliant long/short Asian equities fund in first quarter 2011. The fund will invest in 30 to 40 mid- to large caps. It will avoid all companies related to real estate. Like all other funds from Salus Alpha, the product will be domiciled in Austria.
11/10/2010

PowerShares liquidates 10 ETF funds

p { margin-bottom: 0.08in; } Invesco PowerShares on 8 October announced that the board of trustees at PowerShares Funds on 5 October approved the liquidation of 10 of its PowerShares branded ETF funds. The funds represent less than 1% of total assets at Invesco PowerShares (USD50bn). The last day of trading in Nasdaq and the Arca platform from NYSE Euronext for the funds will be 14 December. Ben Fulton, managing director of global ETFs, explains that following an analysis of performance, seniority on the market, investor interest and potential for future growth, Invesco PowerShares concluded that it was in the interest of investors to reposition the corresponding resources in areas which may be of more interest to clients. The ETFs concerned are the following:PowerShares Dynamic Healthcare Services Portfolio (PTJ)PowerShares Dynamic Telecommunications & Wireless Portfolio (PTE)PowerShares FTSE NASDAQ Small Cap Portfolio (PQSC)PowerShares FTSE RAFI Europe Portfolio (PEF)PowerShares FTSE RAFI Japan Portfolio (PJO)PowerShares Global Biotech Portfolio (PBTQ)PowerShares Global Progressive Transportation Portfolio (PTRP)PowerShares NASDAQ-100 BuyWrite Portfolio (PQBW)PowerShares NXQ Portfolio (PNXQ)and PowerShares Zacks Small Cap Portfolio (PZJ).
11/10/2010

ETF price war benefits small investors

p { margin-bottom: 0.08in; } The growing use of ETFs by independent financial advisers is set to further increase, as platforms reduce, and often simply waive fees for this type of product, the Wall Street Journal reports. TD Ameritrade Holding Corp has become the most recent management firm to launch a salvo in the price war: on Friday, it announced that it has decided to offer over 100 ETFs with no commissions, both for retail investors and financial advisers who use its platforms. The offer is valid for investors who remain invested in the funds for at least 30 days.TD Ameritrade’s initiative follows similar moves by Charles Schwab, E*Trade Financial, Fidelity Investment and Vanguard.
11/10/2010

Ignis not likely to seek new joint ventures

Ignis Asset Management sales and marketing director Jonathan Polin says the company is unlikely to expand its joint venture business as it focuses on growing its own fund business, according to MoneyMarketing.
11/10/2010

September net outflows totalled EUR1.85bn

p { margin-bottom: 0.08in; } According to the Spanish Inverco association, assets in Spanish securities funds as of 30 September totalled EUR145.885bn, a decline of 0.9% in one month. Despite positive market effects, this represents a decline of EUR1.391bn, due to net redemptions of EUR1.847bn. September becomes the eleventh consecutive month of net outflows. Since September 2008, Spanish funds showed positive subscriptions only in August and October 2009.
11/10/2010

CQS shorts Sol Meliá

p { margin-bottom: 0.08in; } On 7 October, the hedge fund CQS (UK) LP, managed by the Australian Michael Hintze, announced to the CNMV that it has taken up a short position representing 1.361% of capital in the Spanish firm Sol Meliá.
11/10/2010

Martin Weber's ETF pulls in EUR100m in assets without any promotion

p { margin-bottom: 0.08in; } Professor Martin Weber of the University of Mannheim, one of the pioneers of behavioural finance in Germany, launched the diversified ETF Arero – Der Weltfonds on 20 October, 2008. The fund is administered by DWS (Deutsche Bank). Without any promotion, the product now has EUR100m in assets, which is an impressive achievement in a country where funds are not wpurchased by investors but rather sold by advisers, the Frankfurter Allgemeine Sonntagszeitung says. The synthetic replication fund (LU0360863863) replicates a hybrid benchmark index (70% MSCI World (EUR), and 30% REX Performance Index). It is rebalanced on an annual basis to achieve a 60% equities, 25% bonds and 15% commodities distribution. Management commission is set at 0.45%.
11/10/2010

Berenberg and Universal launch an emerging markets bond fund

p { margin-bottom: 0.08in; } Universal-Investment on 4 October announced the launch of the German-registered fund Berenberg Emerging Market Bond Selection R, a product which invests at least 51% of its assets in government bonds from emerging countries, with varying maturities. The management team at Berenberg may also rely on CDS to hedge country risks and derivatives to protect itself from fixed income risks. Characteristics Name: Berenberg Emerging Market Bond Selection R ISIN code: DE000A1C2XK8 Front-end fee: 5% Management commission: 1.25%
11/10/2010

HSBC launches a range of German-registered ETF funds

From 8 to 15 October, nine German-registered geographical ETFs from HSBC Global Asset Management will be admitted to trading on the XTF segment of the Xetra electronic platform. Other products based on country or sectoral indices are in preparation. Total expense ratios for the products range from 0.15% to 0.60%.The new funds are the following:HSBC EURO STOXX 50 ETF, DE000A1C0BB7HSBC FTSE 100 ETF, DE000A1C0BC5HSBC MSCI BRAZIL ETF, DE000A1C22N1HSBC MSCI EM FAR EAST ETF, DE000A1C22Q4HSBC MSCI EUROPE ETF, DE000A1C22L5HSBC MSCI JAPAN ETF, DE000A1C0BD3HSBC MSCI PACIFIC EX JAPAN, DE000A1C22P6 HSBC MSCI USA ETF DE000A1C22K7 and HSBC S&P 500 ETF DE000A1C22M3. The new funds mark the beginning of a major sales offensive by HSBC in Germany, where the group will also offer market-making services for third-party ETF providers. The new products are aimed at institutional as well as retail investors and private banks, says Heiner Weber, a member of the executive committee at HSBC Global Asset Management (Deutschland) GmbH. Lars Hofer, who jnoined HSBC in 1998, was appointed on 1 October as director of HSBC ETF and third-party ETF sales for Germany and Austria.
11/10/2010

Former Carmignac director joins Muzinich & Co

Muzinich & Co on 8 October announced the arrival of Laurence Remusat as head of institutional clients at the Paris office led by Eric Pictet.Remusat previously worked at Carmignac Gestion, as director of sales and institutional development. Muzinich & Co, a specialist in management of high yield corporate debt, had EUR5.6bn in assets as of the end of August 2010, managed on behalf of European (85%) and US (15%) institutional clients.
11/10/2010

Pioneer sale won't happen before end of year

According to Bloomberg Businessweek, UniCredit is unlikely to agree on a merger partner for its Pioneer asset management unit before the end of 2010 as it plans talks with at least four candidates, said two people with direct knowledge of the discussions.The Italian bank is looking for a strategic partner for Pioneer Global Asset Management and plans to remain a shareholder after merging the businesses, said the people. The deal would likely involve a stock deal with a French or other European firm.
11/10/2010

Steps forward in AIFM directive talks

p { margin-bottom: 0.08in; } According to proposals by the Belgian EU presidency for the planned AIFM directive (see previous editions of Newsmanagers), obtained by Agefi, the European passport for external management firms would not be granted until at least 2014, pending approval by the ESMA. The deadline to open a single port of entry to the European market for foreign management firms or European managers of foreign funds would ultimately be set by the European Commission. In addition, the passport could be vetoed by the Council of Finance ministers of the 27 Eu member states, with a qualified majority vote. Until then, national legal frameworks would persist. However, the newspaper reports, citing a diplomatic source, the French government considers that the role granted to a centralised European authority under the proposals would remain “insufficient.”
11/10/2010

CEBS in favour of strict application of bonus rules

p { margin-bottom: 0.08in; } The Committee of European Banking Supervisors (CEBS) on 8 October published its recommendations for the application of European rules limiting bonuses for bankers, proposing a stricter interpretation of the rules than had been expected by the City. The 84-page document, which is open for consultation until 8 November, introduces much tighter limits than the G20 rules. Regulators are planning to require that the amount of bonuses be “proportional” to fixed salaries, that they be paid over a staggered three-year period, and that the paid portion of bonuses not exceed 50% of total payments, ad 30% of initial payments. The CEBS also says that the period of time over which bonus payments is to be staggered should be “further extended by management” at banks, and suggests a period of at least five years. The Committee also provides concrete examples of good governance, in which the initial cash payments are limited to 18% or 20%. Another suggestion of the Committee, undoubtedly the most controversial, is that all affiliates of European banking establishments, including those located outside the continent, should be subject to the rules. A public hearing on the matter, scheduled for 29 October in London, will likely be heated.
11/10/2010

ABN Amro to sell Lyxor funds

According to the Financial Times, ABN Amro’s private banking arm is to begin actively selling Lyxor hedge funds to its EUR150bn client base as part of a new partnership agreement signed with the subsidiary of Société Générale.
11/10/2010

Brevan Howard launches a systematic trading fund

Brevan Howard has launched a computer-driven fund, the Brevan Howard Systematic Trading fund, which has been running with USD300m of seed money since March, says the FT. The new trend follower fund will be managed externally by a team headed by David Gorton, the founding partner of London Diversified – formerly one of the City’s top quantitative managers.
11/10/2010

Graham Clapp's boutique launches a newcits fund

p { margin-bottom: 0.08in; } The investment boutique Pensato Capital (USD270m in assets), founded in 2008 in Cork Street, London by former Fidelity star manager Graham Clapp, Edward Rumble (American Express Asset Management International, or AEAMI), David Watson (ex-Collier Capital) and Mark Plumtree (ex-Fidelity), on 4 October launched its second fund. The Pensato Europa Absolute Return Fund (IE00B3SZ5F75), a long/short equity absolute return fund, is the UCITS version of the Pensato Europa Fund. It invests primarily in companies whose activities are predominantly located in Europe, with fundamentals that are not reflected in market valuations.
08/10/2010

Nouvelle baisse du taux de défaut au troisième trimestre

Le taux de défaut au niveau mondial des émissions en catégorie spéculative a reflué à 4% au troisième trimestre 2010, contre 6,2% au deuxième trimestre et 13,2% il y a un an, selon les dernières données communiquées par l’agence de notation Moody’s qui prévoit désormais un taux de défaut de 2,7% pour la fin de l’année et de 2% d’ici au troisième trimestre 2011.Même tendance aux Etats-Unis et en Europe où les taux de défaut devraient tomber à respectivement 2,8% et 2,2%. Depuis le début de l’année, Moody’s a comptabilisé 40 défaillances, dont 13 au troisième trimestre (8 aux Etats-Unis, le reliquat en Europe et en Asie). Sur les neuf premiers mois de 2009, le nombre de défauts s'était élevé à 237, dont 60 au troisième trimestre.
08/10/2010

Daewoo Securities et Harcourt signent un partenariat stratégique

Daewoo Securities et Harcourt Investment Consulting ont signé un accord de partenariat stratégique. Daewoo Securities va aider sa société de gestion à commercialiser les fonds de hedge funds aux investisseurs sud-coréens. Les deux sociétés vont également réunir leurs efforts pour fournir à une certaine catégorie d’institutionnels des conseils en investissement.
08/10/2010
Fonds

Le BBVA commercialise un fonds garanti à revenu fixe

Avec le Fon-Plazo 2014, BBVA Asset Management a lancé le 9 septembre un fonds qui garantit à échéance, le 15 octobre 2014, 108,07 % de la valeur liquidative initiale au 15 novembre 2010, ce qui représente un taux effectif global de 2 %. La souscription minimale initiale est fixée à 600 euros (sauf pour les salariés, retraités ou préretraités du groupe BBVA).Le fonds, à liquidité journalière, sera investi en pension livrées sur la dette publique, en actifs du marché monétaire émis en euros par des entités de la zone OCDE et en dépôts à vue ou encore en instruments avec une liquidité maximale d’un an émis par des établissements de crédit des pays de l’UE ou de l’OCDE assujettis à une supervision prudentielle. La duration moyenne, à partir du 15 novembre 2010 sera inférieure à 3 mois et la notation moyenne d’au minimum A- pour 75 % du portefeuille (l'équipe de gestion pourra allouer au maximum 25 % de l’encours à des papiers notés BBB- à BBB+.CaractéristiquesDénomination : BBVA Fon-Plazo 2014 C, FICode Isin : ES0113823001Droit d’entrée : 5 %Droit de sortie avant échéance : 1 % (sauf lors des «fenêtres de liquidité»)Commission de gestion : 0,1 % (jusqu’au 15 novembre 2010 inclus)1,05 % (à partir du 16 novembre 2010).
Fonds
08/10/2010

Fidelity recrute chez Invesco

Fidelity International doit annoncer la nomination de Deborah Seto, une ancienne d’Invesco, en tant que nouvelle responsable de la gestion des relations avec la clientèle institutionnelle à Hong Kong, rapporte Asian Investor.

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