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09/07/2010

Temasek portfolio recovering

The market value of the portfolio of the Singapore sovereign fund Temasek rose by SGD186bn as of 31 March 2010, Temasek says in its annual report, published on 8 July, which represents an increase of SGD56bn year on year. Total returns for the shareholder in annual terms weighted since the creation of Temasek total 17%. For the year to the endof March, returns total 42%. Temasek remains preponderantly invested in Asia. This year, nearly 80% of the underlying exposure of the portfolio was in Asia, including Singapore. As of 31 March 2010, exposure to Singapore was 32%, compared with 46% for the rest of Asia ex Japan, while the OECD and other countries represent 22%. Temasek says that it will continue to prioritise the Asian region, where growth is expected to continue at a high level in the next few years.
09/07/2010

Spanish funds reduce exposure to Spain by EUR6bn

The confidence of Spanish management professionals in the country’s economy is falling. According to statistics from the CNMV, funds reduced their exposure to Spanish debt (public and private) by EUR3.4bn in January-March, to EUR71.9bn, Expansión reports. In addition, they sold off equities, deposits and derivatives for EUR2.35bn. They thus reduced their exposure to Spain by nearly EUR6bn, part of which can be explained as a result of net redemptions from funds of EUR3.5bn in January-March, which may have continued or accelerated in second quarter.
09/07/2010

Spanish fund assets down by more than 9% in first half

According to statistics from VDOS Stochastics, assets in Spanish funds as of 30 June totalled EUR154.8bn, which represents a contraction of nearly EUR16bn in first half. The decline is due on the one hand to net redemptions of nearly EUR13.66bn, and on the other to negative market effects of about EUR2.34bn.
09/07/2010

Outperformance for Dutch hedge funds

The Finles/IEX index of Dutch hedge funds as of 1 June stood at 110.94, a decline of 1.29% in May, compared with losses of 3.04% for the Deutsche Bank hedge fund index, and 2.84% for the HFRX Global Hedge Fund Index. Since the beginning of the year, the index has gained 0.25%, while the other two indices have lost 0.46% and 0.51%, respectively. As of 1 July, with the integration of the Tethys-Alpheus Fund, the Finles/IEX Hollandse Hedgefund 25 index included 24 funds, five of which are weighted at 7.04% each (IdB Real Estate Equity Fund, Pelargos Japan Fund, Saemor Europe Alpha Fund,Pelargos Asia Fund and Kempen Absolute Return Credit Fund).
09/07/2010

iShares, db x-trackers and Credit Suisse to list ETF funds in Spain

On the fourth anniversary of the introduction of ETF funds to Spain, the Spanish ETF market currently has 32 products listed, of which 24 are from Lyxor Asset Management (Société Générale), and 8 are from BBVA, Funds People reports. BlackRock, Deutsche Bank and Credit Suisse have all announced that they are planning to list ETF funds in Spain, now that the fund regulations allow them to be in Sicav format. BlackRock had already registered iShares ETFs before the new regulations were passed, and its CEO for the Iberian peninsula, Armando Senra, has announced that other ETFs will be registered with the CNMV. Engracia Borque, head of db x-trackers (Deutsche Bank) for Spain, says that 100 ETFs from the brand are already registered with the CNMV, and that many of them will be offered for trading by the end of summer on the Madrid stock exchange. Credit Suisse Asset Management has also officially announced that it is planning to list other ETF funds in Spain, after registering its first Sicav with 29 sub-funds (see Newsmanagers of 29 June).
09/07/2010

Fund assets and net subscriptions up in first half

As of the end of June, total assets in Italian and foreign funds on sale in Italy totalled EUR441.32bn (of which 53.7% were in Italian-registered products), compared with EUR444.26bn as of the end of May, and EUR435.33bn as of the end of December, Assogestioni reports. In June, net redemptions were down to nearly EUR1.18bn, compared with EUR3.48bn in May, meaning that for the first six months of the year, net subscriptions totalled EUR2.49bn. Net outflows in first half were concentrated on Italian groups (with EUR1.66bn), while foreign groups had earned over EUR4.15bn. In June, flexible funds and diversified funds showed net subscriptions, of EUR683m for the former, and EUR280m for the latter. Equities funds also collected EUR240m in net. Money market funds still showed net outflows of EUR2.29bn, bringing outflows in this category to over EUR13.71bn since the beginning of the year.
09/07/2010

UFG-LFP launches its first retail OPCI fund

On 8 July, UFG-LFP announced the launch of UFG Opsis Patrimoine, the first retail real estate collective investment organism (OPCI, for Organisme de Placement Collectif Immobilier) to be make available to financial networks and wealth management advisors. UFG Opsis Patrimoine is a diversified product which allows the investor to profit from the advantages of real estate (regular income) and the potential for rising valuation of properties, with a performance objective of Eonia + 200 basis points. The product aims for average total annual volatility of 7% to 10%. Main charactersitics of Opsis Patrimoine Management firm: UFG REM Legal format: SPPICAV (Société de placement à prépondérance immobilière à capital variable) variable capital management firm investing predominantly in real estate ISIN code: FR0010672451 Date of creation: 11 December 2009 Currency of reference: Euros Minimal subscription: EUR1,000 (10 shares at EUR100 each) Recommended investment duration: minimum 10 years Publication of net asset value: 7 days after its publication on the website www.ufg-lfp.com Frequency of valuation: bi-monthly Frequency of distribution: quarterly Investment period: from the date of creation of the OPCI Manager of the financial allocation: LFP Depository bank: BPSS Account commissioners: Deloitte & Associés Real estate valuation agent: Atis Real Expertises, CBRE Fund sold by: UFG-LFP France Investor profile: all subscribers Tax category: securities Eligible for life insurance policies: Yes
09/07/2010

Assets down at Man Group in second quarter

As of the end of June, assets under management at Man Group fell to USD38.5bn, from USD39.4bn three months earlier. Of this total, the group announced Thursday, assets held for retail clients were up to USD27.1bn, from USD26.8bn, due to the performance of the affiliate AHL, and despite negative currency effects of USD0.7bn, and net redemptions of USD0.6bn. Institutional assets were down to USD11.4bn from USD12.6bn as of the end of March, due partly to USD0.1bn in net outflows, and USD0.4bn in negative currency effects. However, Man Group announces that as of the end of June it has a surplus of regulatory capital of about USD1.5bn, and available liquidity of USD5.4bn. Finally, the British hedge fund management firm says that the acquisition process at GLG Partners is proceeding within the established timetable.
09/07/2010

Changes to management team at M&G

David Fishwick, head of the macro investment business at M&G and co-manager of the M&G Macro Episode Fund, has been appointed to the newly-created position of head of retail investment management, while George Tsinonis, who will continue to manage the M&G Global Dynamic Allocation Fund, will take over immediately as manager of the M&G Cautious Multi-Asset Fund and the M&G Managed Fund. The reorganisation follows the departure with immediate effect of David Jane, head of equities and manager of the M&G Cautious Multi-Asset Fund. He may subsequently find another position within the Prudential group. Meanwhile, Ed Rosengarten, chief executive of equities, has decided to leave M&G, where he will remain until September, to provide a smooth transition.
09/07/2010

Hexam partners take control of boutique

Four partners from Hexam Capital Partners, including Bryan Collings, are taking over 65% of the firm, 50% of which was previously controlled by Ignis, which will no longer provide distribution of Hexam products, Investment Week reports. Operational support activities will be outsourced to external providers appointed by Hexam. Fund Strategy reports that the transfer of GBP600m by Ignis will take place in the next 9 to 14 months. Ignis will retain a 35% stake in Hexam.
09/07/2010

Western management firms should scale back their ambitions in Asia

Management firms hoping to increase their presence in Asia will need to be aware of the challenges they face, the consulting firm Greenwich Associates says in a recently-published survey (“Global Asset Managers in Asia: Setting Realistic Expectations.”) Firstly, Greenwich Association says, a very low percentage of assets are outsourced to management firms in Asia, compared with the norm in Europe or the United States. As of the end of 2009, assets under management at Asian management firms totalled about USD5trn, compared with USD6trn in the United States. But the similarities end there, since the assets outsourced represent 80% of the total in the United States, and 47% in Europe, but 12% in Asia. Though there is a concentration of assets in key markets such as Hong Kong and Singapore, Asian firms are spread out through a large geographical region with large cultural, financial and regulatory disparities. Finally, many Asian firms are still young, and the largest are still under 10 years old, and are not used to calling in outside providers. Abhi Schroff, a consultant at Greenwich Associates, says there is often an enormous difference between the perception of directors at the helm of management firms, and the reality on the ground. “In Europe or the United States, the Asian market represents a growth opportunity which is often foregrounded in long-term strategy for the organisation. In the Asian office, however, the reality of activities are circumscribed by limited outlooks and daily operational challenges.”
09/07/2010

Korean military fund goes green

Jin Yeong-Ho, the chief investment officer of the Korean fund Military Mutual Aid Association (MMAA), with assets under management of USD6.8bn, has declared the fund’s intention to make new strategic investments in green growth industries, Asian Investor reports. Currently, MMAA’s investments fall into three categories: construction and development, which represents 39.4% of total assets under management; financial investments, for 38.2%, and direct investments in equities (22.4%). The objective is to increase financial investments to 42% of the total, and to create a “green” allocation, which could represent up to 5% of total assets, while the proportion dedicated to construction and development would be decreased to 33%.
09/07/2010

Société Générale Private Banking builds presence in Latin America

Société Générale Private Banking on 8 July announced that it has added to its teams dedicated to high net worth clients in Latin America, with the appointment of William Birkbeck, as deputy director of client services in Latin America. Birkbeck, based in Geneva, will report to Alberto Valenzuela, deputy CEO of Société Générale Private Banking (Switzerland) SA< and director of Latin American client services, and will assist Valenzuela in the international co-ordination of services dedicated to these clients. Due to his profound knowledge of the Latin American market, and his career in investment banking and finance, Birkbeck will aim to promote solutions will meet all the needs of high net worth entrepreneurial clients in Latin America. Birkbeck was previously director and head of the Americas and Asia group at Société Générale Corporate and Investment Banking.
09/07/2010

Nicolas Hubert joins Blackstone

The Blackstone group on 8 July announced the appointment of Nicolas Hubert as Managing Director in charge of advising activities serving financial institutions. With 12 years of experience, Hubert comes as an addition to the team led by Jean-Michel Steg in Paris. Before joining Blackstone, Hubert was head of merger and acquisition advising activities for financial institutions in France at the Lazard bank in Paris, from 2003. The appointment is a part of a major development effort at Blackstone’s Paris office. The Paris office, opened in March 2009, and specialised in restructuring and merger and acquisition advising, now has 10 personnel.
09/07/2010

Hedge fund managers are optimistic

Hedge Week reports that, according to a survey by Rothstein Kass, 82% of senior managers at hedge fund firms estimate that there will be more funds created this year than in 2009. However, less than 20% of the 381 managers surveyed estimate that more hedge funds will be opened than closed. Nearly three quarters of managers surveyed admit that 2010 will be another hard year, even though the environment is continuing to improve.
09/07/2010

Pierre Séquier joins board at Exane AM

Soon after leaving as MD at Sinopia, and the HSBC Group (see Newsmanagers of June 16th), Pierre Séquier has been appointed member of the managing board of Exane Asset Management.
09/07/2010

Hedge funds suffered in June, but less than the markets

According to Hennessee Group, hedge funds lost an average of 1.35% in June, while according to Hedge Fund Research, they lost 0.81%. For first half, the Hennessee index is slightly positive, and the HFR index is slightly negative, while the S&P 500 lost 5% in June, and 6.7% in the first six months of the year, the Wall Street Journal notes. The Paulson Advantage and Paulson Advantage Plus funds lost 4.4% and nearly 7% in June, respectively, with losses of 5.8% and 8.7% in first half. The Clarium fund from Peter Thiel lost 7.7% last month, and 13.8% in January-June.
09/07/2010

T. Bailey launches a defensive fund of funds

Elliott Farney has been selected by the fund of fund specialist T. Bailey to manage a new prudent multi-asset class fund which will be launched at the end of the month, and which will be aimed at defensive investors. The T. Bailey Defensive Cautious Managed Fund will aim to outperform the average for funds in this sector, with lower volatility, says the manager, who has been deputy manager of the T. Bailey Growth Fund, the T. Bailey Equity Income Fund, and the T. Bailey Cautious Managed Fund since January 2009. The new product will be the second fund from T. Bailey to be listed on the cautious managed sector of the IMA, with the difference from the T. Bailey Cautious Managed Fund that the maximal allocation to equities is limited to 25%, rather than 50%.
09/07/2010

Promotions at Jupiter

Jupiter Asset Management has announced the promotions of Alastair Gunn and Rhys Petheram, who become co-managers of the Jupiter Distribution Fund, alongside Anthony Nutt and John Hamilton. Gunn has been working at Jupiter since 2007, while Petheram has been there since 2006. the Jupiter Distribution Fund, which has assets under management of GBP261m, and which is at least 60% invested in fixed income (with the remainder in equities), earned returns of 16.22% in the past year, compared with 15.60% for the IMA “Cautious Managed” sector.
09/07/2010

Natixis to launch a UCITS III platform

HFMWeek reports that Natixis will soon launch a new UCITS III platform. The bank has reformatted an existing platform, Sixtina, which hosted 30 managed accounts, to make it a suitable platform for newcits. The new version of Sixtina may attract as much as EUR350m to EUR500m in its first year of operation. Natixis may then launch a fund of hedge funds in UCITS III format, the weekly news magazine reports. Natixis will launch newcits via its Luxembourg Sicav. The platform is aimed at institutional clients, and among the products it is developing are long/short, CTA and event-driven strategies.
09/07/2010

NFC becomes Schroders NewFinance Capital

The British asset management firm Schroders announced on Thursday that its wholly-owned affiliate NewFinance Capital (NFC) will adopt the name of Schroders NewFinance Capital. The firm, acquired by Schroders in 2006, is a specialist in fund of hedge fund management, and manages about USD3bn as of 30 June 2010, of which EUR700m are in Germany (EUR600m in funds of hedge funds, and EUR100m for retail clients). Schroders and Schroders NewFinance Capital together operate a UCITS-compliant hedge fund platform, the Schroder GAIA (Global Alternative Investor Access) Sicav.
09/07/2010

Default rates still falling in Europe

According to the most recent statistics from the Moody’s ratings agency, default rates for European speculative category issuers totalled 5.8% in second quarter, compared with 7.3% in first quarter. In second quarter 2009, the rate was 7.4%. Moody’s estimates that the trend will continue in the next few months, with default rates likely to fall to 1.4% by the end of the year. Worldwide, the default rate has fallen to 6.1%, from 10% in first quarter, and 11.1% one year earlier. It is expected to fall to 2.4% by the end of the year, and 1.8% in second quarter 2011, Moody’s estimates. In total, 26 corporate issuers rated by Moody’s have defaulted since the beginning of the year, 9 of them in second quarter. Last year, the number of defaults was 90 in first quarter and 85 in second quarter.
09/07/2010

Carlyle sued by Carlyle Capital liquidators

Alan Roberts and Neil Mather, the liquidators of the hedge fund management firm Carlyle Capital Corp (CCC), which went bankrupt in March 2008 due to unfortunate investments in the mortgage-backed bond markets, is suing the private equity investor Carlyle Group as well as the former directors of CCC in Guernsey, New York, Washington and Delaware, for breaches of fiduciary duty, recklessness and negligence. The Wall Street Journal reports that the liquidators are hoping to make back more than USD1bn against capital losses at CCC. Carlyle Group claims that the suit is unfounded. CCC was founded in 2006 and was launched on the stock markets with USD880m provided by clients. To optimise its gains, CCC borrowed USD22bn. The firm went bankrupt in March 2008, with a default on USD16.6bn in debt.
09/07/2010

CNMV questions relevance of actively-managed ETFs

Funds People reports that at a meeting on the fourth anniversary of the introduction of ETFs to the Spanish market, José María Bermejo, director for “entities” at the CNMV, says that innovations in the area of exchange-traded funds raise questions about the gradually increasing sophistication of the indices the funds replicate, as well as the appearance of actively-managed ETFs. He says that the transparency of the products needs to be increased, and the opportunities these products provide need to be better evaluated, both in terms of the indices the funds replicate and the procedures used to replicate them.
08/07/2010

Bank of America reste le plus important gérant de fortune mondial

Selon L’Agefi, l’étude annuelle du cabinet Scorpio Partnership (Global Private Banking KPI Benchmark 2010) montre que les dix acteurs les plus importants de la gestion de fortune concentrent désormais près des deux tiers du marché. Le montant des encours mondiaux a progressé l’an dernier de 17% pour atteindre les 16.500milliards de dollars. Bank of America reste en tête du classement avec des encours de 1.740 milliards de dollars, devant UBS et Morgan Stanley.
08/07/2010

Martin Currie renforce sa force de vente

L'écossais Martin Currrie a annoncé le 6 juillet le renforcement de son équipe de ventes avec l’arrivée de John Long en qualité de sales manager avec pour mission de développer les activités intermédiées de la société à Londres.Il rejoindra Martin Currie le 2 août et sera rattaché à Alan Burnett, le patron de la distribution intermédiée pour le Royaume-Uni. John Long travaillait précédemment chez Stenham Group.
08/07/2010

Lazard AM perd Charles Wilson qui rejoint Investec

Selon Fund Strategy, Charles Wilson, managing director chez Lazard Asset Management, quitte la société pour rejoindre Investec.Charles Wilson travaillait chez Lazard AM depuis treize ans. Selon Fund Strategy, c’est Bill Smith, CEO pour le Royaume-Uni, qui devrait assumer les fonctions de Charles Wilson en attendant de leui trouver un successeur.
08/07/2010

Les TFE des investments trusts à 1,83% en 2009

Selon une étude réalisée par l’association des sociétés d’investissement britannique (AIC), le TFE moyen (TER en anglais), y compris les commissions de performance, des sociétés d’investissement s’est élevé à 1,83% en 2009, contre 1,56% en octobre 2008 et 1,74% en juin 2007. En janvier 2010, quelque 54% des sociétés avaient mis en place une commission de performance contre 51% en octobre 2008.Hors commissions de performance, 60% des sociétés d’investissement affichent des TFE inférieurs à 1% et 58% d’entre elles ont des TFE inférieurs à 1,5%.
08/07/2010

BNP Paribas Wealth Management adapte sa gouvernance

BNP Paribas Wealth Management a annoncé le 7 juillet sa décision de faire évoluer son organisation en rassemblant l’ensemble des acteurs de la gestion privée au sein d’un même métier, Wealth Management, sous la responsabilité de Jacques d’Estais qui conserve ses fonctions de responsable du pôle Investment Solutions.Il a été ainsi décidé de créer une gouvernance regroupée, afin d’accentuer la transversalité entre les zones et les fonctions supports :- 5 zones géographiques sont définies : Asie Pacifique, Marchés Domestiques Euro et Nouveaux Marchés Domestiques, Europe Internationale (incluant Moyen-Orient et Amérique Latine) et Luxembourg. Elles sont confiées respectivement à Mignonne Cheng, Marie-Claire Capobianco pour l’ensemble des marchés domestiques, Pascal Boris et Patrice Crochet.- 3 fonctions transversales viendront appuyer le développement de ces zones : Produits & Services, sous la responsabilité d’Olivier Maugarny. Un pôle d’expertise UHNWI (Ultra High Net Worth Individuals) est constitué ; son organisation sera précisée ultérieurement. Enfin, un ensemble COO regroupant les fonctions du métier sera confié à Vincent Lecomte.Mignonne Cheng, Marie-Claire Capobianco, Pascal Boris, Patrice Crochet, Olivier Maugarny et Vincent Lecomte seront, au côté de Jacques d’Estais, membres du Comité Exécutif de BNP Paribas Wealth Management.

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