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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

Bankhaus Lampe est candidat à l'acquisition de la BHF

Une porte-parole de la banque privée Bankhaus Lampe (groupe Oetker) a confirmé le 7 octobre qu’une offre d’achat pour la BHF-Bank est à l'étude, en coopération avec le capital-investisseur KKR, rapporte la Frankfurter Allgemeine Zeitung.Parmi les trois autres candidats pour reprendre la banque privée et banque des entreprises que la Deutsche Bank met en vente figurent la LGT Bank et le capital-investisseur Apollo. La BHF appartenait auparavant à Sal. Oppenheim, qui a été sauvée par la Deutsche Bank.La BHF emploie 1.500 personnes et gère plus de 40 milliards d’euros. Sa valeur comptable serait de 650 millions d’euros. Bankhaus Lampe compte 600 personnes et gère 14 milliards d’euros.
08/10/2010
Fonds

UBS Real Estate gèle les remboursements du 3 Sector Real Estate Europe

Die Welt rapporte que la société de gestion munichoise UBS Real Estate KAG a annoncé le 7 octobre un nouveau gel, pour un an, des remboursements du fonds immobilier offert au public UBS (D) 3 Sector Real Estate Europe.Les remboursements de ce produit de droit allemand (364 millions d’euros) avaient déjà été suspendus entre octobre 2008 et octobre 2009.Les demandes de rachat depuis début septembre ont porté sur 42 millions d’euros.Selon le gestionnaire, l’hémorragie s’explique par l’annonce de la nouvelle loi sur l’investissement qui imposera des délais de détention plus longs et une décote sur les remboursements anticipés. De plus, la fermeture aux remboursements d’un fonds de fonds immobiliers d’Allianz Global Investors et l’annonce de la liquidation du KanAm US grundinvest ont précipité les rachats.
Fonds
08/10/2010

Klaus Kaldemorgen (DWS) rejoint le directoire du BVI

L’assemblée générale de l’association allemande BVI des sociétés de gestion a élu le 7 octobre Klaus Kaldemorgen, «porte-parole» (président) de la direction générale de DWS, comme membre de son directoire. L’intéressé remplace ainsi Thomas Richter, membre de la direction générale de DWS, qui a récemment été nommé membre de la direction générale du BVI et qui a démissionné du directoire de cette association avec effet au 1er octobre.
08/10/2010

Vanguard choisit des conseillers pour son U.S. Growth

Vanguard a choisi Wellington Management Company et Delaware Investments en tant que conseillers en investissement pour la gestion de son fonds Vanguard U.S. Growth , qui pèse 3,7 milliards de dollars. Les deux sociétés remplacent AllianceBernstein L.P, qui conseillait Vanguard sur ce produit depuis 2001. Wellington Management conseille au total 19 mutual funds de Vanguard.
08/10/2010

Nouveau CIO chez OppenheimerFunds

OppenheimerFunds a annoncé le 6 octobre la promotion de Art Steinmetz en qualité de chief investment officer. La société new yorkaise a également annoncé les promotions de George Evans au poste de «director» responsable de toutes les équipes d’investissement en actions, et de Krishna Memani au poste de «director» sur le fixed income.Art Steinmetz, qui remplace Christopher Leavy, parti chez BlackRock (lire par ailleurs), aura des fonctions élargies. Il continuera d’assumer la co-gestion de plusieurs fonds (Oppenheimer International Bond Fund, Oppenheimer Global Strategic Income Fund et Oppenheimer Global Allocation Fund).
08/10/2010

BlackRock recrute un ancien CIO d’OppenheimerFunds

Chris Leavy va rejoindre BlackRock en tant que directeur des investissements des actions US fondamentales – chief investment officer of US fundamental equity -, un poste nouvellement créé. Il était précédemment directeur des investissements actions chez OppenheimerFunds.Dans le cadre de ses nouvelles fonctions, Chris Leavy sera chargé de superviser les 150 milliards de dollars d’actifs de BlackRock dans les actions américaines fondamentales. Il est subordonné à Quintin Price, responsable et directeur mondial des investissements pour les actions fondamentales.
07/10/2010

Pioneer launches a BRIC formula fund

p { margin-bottom: 0.08in; } Pioneer Investments has launched a guaranteed fund investing in the BRIC countries (Brazil, Russia, India and China), the Pioneer UniCredit a formula BRIC 4 dicembre 2015. The fund is aimed at savings investors seeking to invest in emerging countries, while benefiting from capital protection, the asset management firm says. The fund has a fixed duration, and may be subscribed to until 28 October. At maturity, the client is supposed to receive 30% of the performance of the S&P Bric 40 Risk Control 18% in Euros.
07/10/2010

Heavy outflows from Italian money market funds

p { margin-bottom: 0.08in; } In September, mutual funds on sale in Italy saw net redemptions of EUR1.74bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Outflows were largely driven by money market funds, which saw outflows of EUR1.78bn, Flexible funds and hedge funds also came out with a negative balance of EUR191m and EUR176m, respectively. Bond funds, for their part, saw outflows of EUR4m. For the month, only equities and diversified funds show net inflows, of EUR224m and EUR155m, respectively. But those were not enough to compensate for redemptions from other categories of funds. Assogestioni also notes that foreign-registered funds posted net inflows of EUR619m, while Italian-registered funds saw outflows of EUR2.36bn. As of the end of the month, assets under management in the sector totalled EUR449.38bn, a very slight decrease compared with August. Of this total, 78.4% is managed by Italian groups, and 21.6% by foreign groups. For the month, the largest inflows went to Mediolanum (EUR137.2m) and Generali (EUR53.5m), while firms with the heaviest outflows were Intesa Sanpaolo (EUR611.9m) and Bipiemme (EUR279.2m).
07/10/2010

Luis Ojeda becomes head of private banking at Deutsche Bank for Southern Europe

p { margin-bottom: 0.08in; } Luis Ojeda, previously CEO of the private wealth management (PWM) division for Spain at Deutsche Bank, has been promoted to head of PWM for all of Southern Europe, including Spain, France, Italy, Greece, Portugal, and the French-speaking part of Switzerland, Cotizalia reports. It is a newly-created position, and Ojeda will be replaced in Spain by the current deputy CEO, Antonio Losada. PWM offers services to retail clients with financial savings of at least EUR2m.
07/10/2010

Inflows at ING IM for dividend strategy

Since the beginning of the year, ING Investment Management has seeninflows of EUR200-300m for high dividend yield equities management, following inflows of EUR450-500m in 2009. As of 31 August, the asset management firm had EUR9bn in assets under management in this strategy, out of total assets under management of EUR376bn (30 June). ING IM’s dividend strategy, launched in 1999, is now divided into several geographical regions: Europe, global, United States and Asia.
07/10/2010

Clemens Reuter (SIX) joins UBS Global AM

p { margin-bottom: 0.08in; } As of 1 February, Clemens Reuter, a member of the senior management team, head of member relations and head of stock market activities at SIX Swiss Exchange will become head of the ETF operation at UBS Global Asset Management, in cooperation with the business units for investment banking and wealth management. Reuter will continue to be based in Zurich, and will report to Martin Thommen, head of UBS Funds for Switzerland and interim head of ETF activities.
07/10/2010

Emeralt launches Opal hedge fund, focusing on Russia and CIS

p { margin-bottom: 0.08in; } The range of hedge funds focused on Eastern Europe from the Swedish asset management firm Emeralt Investments has grown with the addition of Opal, a long/short Russian and CIS equities product which combines stock-picking and macro analysis, Hedge Week reports. The fund, which has started up with considerable seed capital, will be managed by Johan Ekström, who has returned to Emeralt after a period at the Russian Alfa Bank. The fund will invest in sectors other than oil and gas, with the objective of generating outperformance compared with long-only Russia funds and global emerging markets funds.
07/10/2010

Credit Suisse launches a real estate fund specialised in hospitality industry

p { margin-bottom: 0.08in; } The Credit Suisse group on 6 October announced that it has launched a new real estate fund, the Credit Suisse Real Estate Fund Hospitality (CS REF Hospitality), which is the first real estate fund in Switzerland to invest in a diversified manner in Swiss hospitality properties. Only qualified investors may participate in the first issue, which is planned for November or December 2010, Credit Suisse says in a statement. In addition to the acquisition of existing properties, the fund may undertake construction projects. Real estate investments are diversified by operator, type of property, age, building type and situation. Initially, only qualified investors may subscribe to the CS REF Hospitality. Institutional investors whose treasury is professionally managed and high net worth retail investors are included in this category. The statement explains that the term “hospitality” includes the hotel industry in the broad sense. The hospitality business, previously limited only to hotels, now includes a much wider range of services, from residences with hotel services to student campus residences, health sector properties, residences, and various forms of hotels.
07/10/2010

Spanish investors missed out on Ibex rally

p { margin-bottom: 0.08in; } The Observer 2010 study from the Spanish Inverco association of asset management firms, covering the period 2007-2009, finds that Spanish investors withdrew a total of EUR438m from Spanish equities funds in 2007, while the Ibex index of the Madrid stock exchange gained 7.3% that year. In 2008, when the Ibex lost 32.1%, net redemptions totalled nearly EUR2.9bn. In 2009, when the index gained 52.8%, net subscriptions totalled only EUR21m. The conclusion drawn from this is that many investors pulled out in 2008 and missed out on the rally in 2009. At the height of the crisis, from the end of 2007 to the end of 2008, the number of subscribers fell by 552,000, to nearly 308,000.
07/10/2010

Parvus acquires 10% of Liberty Acquisition

p { margin-bottom: 0.08in; } The British hedge fund management firm Parvus Asset Management has announced to the SEC that it has acquired a 10% stake in the US firm Liberty Acquisition Holdings Corp., the structure set up by Nicholas Berggruen (who owns 9.87% of the firm) to bail out the Spanish Prisa group, for USD132m, Cotizalia reports. Among the other shareholders in Liberty Acquisition are The Children Investment group (TCI), Pentwater Capital, Tig Advisors, Fir Tree and Centaurus Capital. Together, Goldman Sachs, Deutsche Bank, Citigroup and Credit Suisse control 12% of Liberty.
07/10/2010

Sicav assets down

p { margin-bottom: 0.08in; } According to statistics from VDOS Stochastics, total assets in 3,205 Spanish Sicav funds, a vehicle used primarily by Spanish high net worth families, as of 30 June totalled over EUR25.32bn, which represents a reduction of nearly 1.3% compared with their levels as of the end of December. As of the end of March, assets under management totalled EUR26.21bn (see Newsmanagers of 28 June).. BBVA Patrimonios was the top manager in terms of asset volumes, as in first quarter, with a market share of 11.14%, compared with 10.96%, and net subscriptions of EUR81m in April-June, compared with EUR77m in January-March. As in first quarter, its Morinvest Sicav ranks top, but its assets fell to EUR440m, from EUR452m.
07/10/2010

Eaton Vance enters Asia

p { margin-bottom: 0.08in; } The Boston-based management firm Eaton Vance has recruited Rob White, previously of Banquo Credit Management, as head of its new regional office in Singapore. Asian Investor reports that Eaton Vance is naturally planning to focus on major institutional investors, but that the management firm is also planning to develop its activities in a less traditional asset class: bank loans. Eaton Vance is hoping to obtain a license to operate on capital markets as well as a management firm license by the end of the year.
07/10/2010

UBS adds to Asian wealth management team

p { margin-bottom: 0.08in; } UBS has added to its team dedicated to the ultra-high net worth (UHNW) client segment through internal promotions and recruitments, Asian Investor reports. Amy Lo, previously head of the Hong Kong market and the UHNW segment, also in Hong Kong, has been appointed head of the UHNW segment for all of the Asia-Pacific region. UBS has made one internal promotion (Jean-Claude Humair) and one recruitment (Francis Liu) to replace Lo in Hong Kong. Lio, previously of Bank of America Merrill Lynch, will join UBS in December. Liu will work alongside Humair, currently head of wealth management in Japan at UBS.
07/10/2010

Asian management firm for sale

Asia’s DBS Group is said by several sources to be in advanced talks to sell its asset management business or merge it with a strategic partner, according to Asian Investor. There are at least two firms in serious discussions regarding DBS Asset Management, including Tokyo-based Nikko Asset Management and an unnamed European fund manager, writes the Internet website. By buying DBS Asset Management, managing assets of EUR20bn, a European firm could acquire an almost instant, credible Asian investment platform.
07/10/2010

Schroders releases ISF Global Small Cap Energy fund in Germany

p { margin-bottom: 0.08in; } The Global Small Cap Energy sub-fund of the Luxembourg Sicav ISF (International Selection Fund) from Schroders, launched on 17 May 2010, has been issued a sales license for Germany by BaFin. The fund invests in small caps in the energy sector (USD50-500m) worldwide. The managers, John Coyle and Ben Stanton (who already manage the Schroder ISF Global Energy fund), are betting on the conjunction of economic recovery and a rise in demand with a lack of oil production capacity; they are also betting on an increase in mergers and acquisitions. The size of the fund (30-50 positions) will be limited to USD500m. Global Small Cap Energy will not rely on leverage, short-selling or direct investment in commodities.CharacteristicsName: Schroder ISF Global Small Cap Energy EURISIN code (A class shares): LU 0507598497Benchmark index: MSCI World EnergyFront-end fee: 5%Management commission: 1.5%Minimal initial subscription: EUR1,000
07/10/2010

France makes concessions on hedge funds rules

According to the Financial Times, French officials now say that they are prepared to accept the principle of a passport for third-country funds, subject to strict conditions. In particular, Paris insists that it should be the new European Securities and Markets Authority which issues a passport to a third-country fund and then supervises that fund.
07/10/2010

GLG registers a newcits fund with CNMV

p { margin-bottom: 0.08in; } The CNMV has recently registered the market neutral long/short fund GLG Alpha Select, a UCITS-compliant product domiciled in Spain, which invests in British bonds, Funds People reports. The fund with 70-100 positions replicates the strategy of a hedge fund managed by John White, domiciled in the Cayman Islands, in a UCITS III-compliant format. The fund was launched in February and is available in shares denominated in US dollars, euros, pounds Sterling and Japanese yen. Management commission is 2% for institutional investors and 2.75% for retail investors, while performance commission is 20%.
07/10/2010

Alken registers a second fund with CNMV

p { margin-bottom: 0.08in; } For six months, Alken Asset Management has been licensed by the CNMV (see Newsmanagers of 13 April). Now, the Luxembourg management firm founded by Nicolas Walewski following his departure from Syz/Oyster, has registered the Small Cap Europe fund managed by Jean-Pierre Mariaud, with assets of EUR32m, for sale in Spain, in addition to the firm’s flagship European Opportunities fund.
07/10/2010

Société Générale Private Banking forms partnership in equities research

p { margin-bottom: 0.08in; } Société Générale Private Banking announced on Wednesday, 6 October that it has teamed up with Copal Partners to strengthen its equities research and to build its services dedicated to high net worth retail clients. The agreement allows Société Générale Private Banking to double the number of securities covered by its equities research, and to extend its analysis to Latin America, the United States, Western and Eastern Europe, the Middle East, Africa and Asia, and to strengthen its abilities to respond to specific demand from private clients in relation to all publicly traded equities, a statement says. Société Générale Private Banking will retain supervision of all research produced by Copal Partners.
07/10/2010

Franklin Templeton recruits for pension sales team

p { margin-bottom: 0.08in; } The US management firm Franklin Templeton on 5 October announced that it has added to its defined-contribution pension program sales team with the recruitment fo Tyler Johnson as DCIO Key Account Manager. Franklin Templeton has also revised its organisation to take into account changes which are taking place in the advising market, where consolidation is continuing, but where there is still a population of financial advisers who may occasionally sell pension plans, but who need assistance to do so.
07/10/2010

Appointments at Lord, Abet & Co

p { margin-bottom: 0.08in; } The US management firm Lord, Abet & Co has announced the appointment of five partners: David J. Linsen and Thomas B. Maher, fund managers, Jonathan M. Morgan, director of institutional services, Lawrence B. Stoller, vice general counsel, and Stacy P. Allen, chief administrative officer.
07/10/2010

DWS recruits a director from UBS

p { margin-bottom: 0.08in; } Mutual Fund Wire reports that DWS Investments has appointed Jeffrey Diamond as director, senior national account manager and head of offshore distribution in the United States. Diamond, previously at UBS, will be based in New Jersey, and will report to Michael Woods, managing director, CEO and director of distribution in the United States.

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