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02/06/2010

Intermoney takes charge of Cajamar funds

As announced in February, Intermoney Gestión has taken over the management and administration of six investment funds from Cajamar Gestión, at the request of the latter firm. The necessary authorisation was granted by the CNMV on 28 May. The assets concerned total about EUR165m. Intermoney, or its parent company, CIMD, will not acquire the funds, but will share the commissions with the rural savings bank.
02/06/2010

Allianz RCM Europe Equity Growth Equity fund makes a comeback

At the end of September, Dirk Enderlein quit as manager of the European growth equities fund from RCM (Allianz group), which resulted in the withdrawal of 35%-40% of the EUR2.1bn in assets in the strategy, his successor, Thorsten Winkelmann, explains. Since then, he says, assets have climbed back to EUR2.2bn, due both to net subscriptions and to performance which, as of the end of May, came to about 13% over eight months. In these conditions, it is understandable that RCM is making an effort to introduce its manager to major clients, as it did earlier this week in Paris. In total, the European growth equities strategy adds up to about EUR1.6bn, subdivided into mandates and two funds (a Luxembourg-registered fund with EUR475m, and a German fund with EUR700m), while the Euro zone represents EUR600m, of which EUR200m are in a German retail fund, EUR200m in a Luxembourg institutional fund, and EUR200m in an institutional mandate. The Europe and Euro zone strategies respectively have 64 and 51 positions, with a highly reliable turnover rate (30% in 2009 for Europe). In 2010, there have been two exits and two new entries to the portfolio, while in 2009 there were six exits and six entries. The management team consists of four people, and relies on a European equities research service composed of 32 people based in Frankfurt and London. The benchmark index selected is the S&P Europe Large & Midcap Growth.
02/06/2010

Ethos buys 20% stake in Proxinvest

The Ethos Foundation in Geneva announced on Tuesday, 1 June that it has bought a 20% stake in the French firm Proxinvest. The two institutions are both specialised in the analysis of the agendas for general shareholders’ meetings, the formulation of recommendations, and assistance in the execution of voting rights, putting their expertise in voting services at the service of investors. The merger will allow the two institutions, both members of European Corporate Governance Services (ECGS), a European network of analysts of general shareholders’ meetings at European publicly-traded companies, to strengthen their positions as leaders in the Swiss and French markets for analysis of general shareholders’ meetings at publicly traded companies. “The merger will also allow the firms to realise synergies in the development of new products, and in IT, through the more effective delivery of platforms to clients,” the Ethos foundation says in a statement.
02/06/2010

IFAs turn their backs on funds

Mutual Fund Wire reports that independent financial advisers in 3009 sold fewer shares in mutual funds than in the past, according to a survey by the Financial Research Company of 958 advisers in the United States. 17% of respondents say they have less confidence in fund managers in a difficult economic environment. Most of those surveyed preferred to invest in alternative investments or ETFs. Only 35% increased their exposure to bonds.
02/06/2010

DoubleLine launches its third mutual fund

Jeff Gundlach, former CIO of TCW (Société Générale), on Tuesday launched the third mutual fund by his new firm, DoubleLine Capital, as announced by the Wall Street Journal (see Newsmanagers of 17 May). Mutual Fund Wire reports that the DoubleLine Core Fixed Income Fund, a multi-sectoral fixed income product, is available in two share classes. I shares carry 0.49% fees, while N shares charge 74 basis points.
02/06/2010

New head of equities brokerage appointed at Vontobel

The Vontobel group has announced the appointment of Peter Romanzina as head of equities brokerage, effective from 1 September this year. In this position, Romanzina replaces Eugen Brenner, who announced in February that he would like to step down from his management responsibilities and reduce his professional engagements. Romanzina previously served in a comparable role at Kepler Capital Markets in Zurich.
02/06/2010

Deka launches a new range of multi-asset class profiled funds

The asset management firm for the German savings banks, DekaBank, announced on Monday that it has overhauled the Deka-Treasury Total Return fund to create the and Deka-Wertkonzept fund. The product, with a risk cushion of 5%, was launched in 2006 for the German savings banks and institutional investors, and was later opened to retail clients in September 2008. The fund will now serve as the basis for a new Deka-Wertkonzept product range, aimed at retail investors, which includes a defensive fund, Deka-Wertkonzept defensiv, with a risk cushion of 3%, and a dynamic fund, Deka-Wertkonzept offensiv, with a risk cushion of 10%. By ‘risk cushion,’ Deka means the percentage of loss compared with the previous peak level which is tolerated by the subscriber before managers should roll the portfolio over into lower-risk instruments. CharacteristicsName: Deka-WertkonzeptISIN: CF(T) shares: DE000DK1A4U6 TF(T) shares: DE000DK2CDL5Front-end fee: CF(T): 3.0%; TF(T): 0.0%Management commission: CF(T): 1.0 %; TF(T): 1.3%Other fees: 0.16%Performance commission: 10% on performance exceeding the Euribor 3 month + 100 basis pointsName: Deka-Wertkonzept defensivISIN: CF(T) shares: DE000DK2CC59TF(T) shares: DE000DK2CC67Front-end fees: CF(T): 3.0 %; TF(T): 0.0 %Management commission: CF(T): 0.85 %.; TF(T): 1.15 %Other fees: 0.16%Performance commission: 10% of performance exceeding the Euribor 3 month + 50 basis points Name: Deka-Wertkonzept offensivISIN: CF(T) shares: DE000DK2CC34TF(T) shares: DE000DK2CC42Front-end fees: CF(T): 3.0%; TF(T): 0.0%Other fees: 0.16%Performance commission: 10% of performance exceeding the Euribor 3 month + 200 basis points
02/06/2010

Fund outflows continue in May

According to provisional statistics from the Spanish Inverco association of asset management firms, Spanish securities funds in May saw outflows of EUR5.18bn from their assets, to a total of EUR153.1bn as of 31 May, with the contraction due to net redemptions totalling over EUR3.16bn. The decline in assets in May represents 3.3%, while the decline in assets since the beginning of the year is already more than the EUR5.08bn observed in all of the year 2009. Figures from Ahorro Corporación reveal that assets fell by EUR5.5bn, to EUR159.7bn, bringing the decline since the beginning of the year to 6.3%. Net outflows in May are estimated to have totalled EUR3.9bn.
02/06/2010

Hedge fund directive needed to protect investors, study finds

As regulation of the hedge fund industry moves closer, and negotiations begin over the character of the Directive on Alternative Investment Fund Managers (AIFM), a new research from the European School of Management & Technology (ESMT), in collaboration with the Rotterdam School of Management, highlights serious worry over hedge funds and the risks to investors. Results raise serious concerns about investors’ ability to make the right investment choices – meaning that increasing investor protection and curbing unnecessary risks should be a priority for regulators. «Investors naïvely chase performance at all costs, irrespective of the risk of different hedge fund investment styles», says the research. Style volatility, and investors’ inability to time switching in and out of different investment styles, exposes them to unforeseen risk.
02/06/2010

Skandia awards an equities mandate to Dirk Enderlein at Wellington

On Tuesday, Skandia Investment Group (SIG) announced that it has awarded a GBP50m European equities mandate to Wellington Asset Management, as part of the Skandia Global Dynamic Equity Fund (GDE). The decision is related to the recruitment by Wellington of Dirk Enderlein, whose departure from Allianz RCM in September caused SIG to withdraw the mandate which had been awarded to that management firm by the GDE. The European growth equities fund which Enderlein managed at RCM lost about 35-40% of its assets following his departure, but has since made up lost ground, and even taken on more than before. SIG has already granted several bond mandates to Wellington AM.
02/06/2010

Martin Currie acquires a hedge fund

On Tuesday, the Scottish asset management firm Martin Currie Investment Management announced the acquisition of the European long/short equity management activities of Sofaer Capital, which represents assets of about USD280m, of which USD140m are managed in the Sofaer Capital European Hedge Fund, and USD140m in two mandates. The two principals, Michael Browne and Steve Frost, who have managed the fund since 1 January 2001, will join Martin Currie on 1 July 2010, while Charlotte Dagg, an analyst who works for the fund, will be recruited by Martin Currie later this year. The acquisition price has not been disclosed. The Sofaer Capital European Hedge Fund will be managed by Martin Currie from 1 July. Sofaer Capital, for its part, will retain some research activities in London, but will rely on its Hong Kong offices, where Michael Sofaer has been managing hedge funds since 1983, for the remainder of its activities. In other words, Asian and global hedge funds will be managed and administered from Hong Kong.
02/06/2010

AFG publishes proposals to increase long-term savings

The French financial management association AFG on 1 June published its proposals to promote an increase of long-term savings, as these savings finance the economy and prepare the population for retirement. “The problem is not our savings rates per se, which are at a good level compared with Europe overall. It is rather the way in which these savings are invested which is cause for concern,” the president of the AFG, Paul-Henri de la Porte du Theil, said yesterday. Less than one in four French citizens owns either publicly traded or private equities. More homegeneity in the tax rates applicable to savings could correct these anomalies. In terms of private equity, the association claims that savings investors should be encouraged to invest in FIP or FCPI funds to channel their capital towards small and mid-sized businesses. For publicly-traded equities, the AFG claims that savers should be encouraged to purchase unit-linked life insurance policies investing in equities, and that tax rates for equities OPCVM funds should be brought into line with the rates applicable to directly held equities. Meanwhile, to encourage businesses to help their employees to prepare for retirement, corporate savings products (Perco, Pere, etc.) should not be subject to 4% social security contributions.
02/06/2010

Activities of Kenneth Starr businesses to be monitored

A federal judge on Tuesday ruled that Starr Investment Advisors, Starr & Co, and Colcave LLC shall be placed under the surveillance of an “interim monitor,” and appointed Aurora Cassirer, of the law firm Troutman Sanders, for the job. The companies were controlled by Kenneth Starr, the financial adviser to the stars, who is accused of a USD30m fraud, the Wall Street Journal reports. The decision comes after an SEC lawyer claimed that the firms do not have enough employees to manage the wave of redemption demands triggered by the arrest of Starr on Thursday on criminal charges.
02/06/2010

Commerzbank sells Singapore affiliate to Trident Trust

Commerzbank International Trust Singapore (CITS), an affiliate of Commerzbank Singapore, was sold on Tuesday for an undisclosed amount to Trident Trust Group. CITS is a fund and fiduciary management firm for retail investors and businesses, with seven employees. Its assets under administration totalled EUR930m as of the end of 2009. The other activities of Commerzbank in Singapore are not affected by the transaction.
02/06/2010

Gartmore confirms FSA investigation of Guillaume Rambourg

Gartmore has announced that the FSA has now confirmed that it is to commence an investigation into the conduct of Guillaume Rambourg to determine whether he has met the standards required of an FSA approved person. The FSA has also confirmed that it is only investigating Guillaume Rambourg and not any other individuals or Gartmore itself. Gartmore and Guillaume Rambourg are co-operating fully with the FSA with a view to assisting it to complete the investigation as expeditiously as possible. As is normal practice, the FSA has not been able to give Gartmore any firm indication on the time it expects this investigation to take. Gartmore confirms that it remains its intention to apply to the FSA to have Guillaume’s approved person status restored in order to reappoint him as a fund manager subject to a satisfactory outcome of the FSA investigation. In the meantime, the funds and portfolios run by the European Large Cap team will continue to be managed by Roger Guy and Darrell O’Dea supported by a team of investment analysts, including Guillaume Rambourg. Gartmore says it does not intend to make any further announcement about this matter until the FSA’s action has been completed. Gartmore announced on 28 April 2010 that the findings from Gartmore’s internal investigation into a possible breach by Guillaume Rambourg of internal policy regarding directed trades had been provided to the Financial Services Authority (FSA) for review and that the FSA would consider and may further investigate these findings.
02/06/2010

Aberdeen reinforces its alternatives division

Aberdeen’s recent acquisition of Royal Bank of Scotland’s fund of funds and hedge fund business has provided it with the elements it had been seeking to set up an alternatives division, the AIS, says Financial Times Fund Management. This alternatives division, headed by Anne Richards, also CIO at Aberdeen AM, includes a range of businesses from multi-manager to multi asset, indexed equities, and funds of hedge funds. Assets under management total GBP30bn out of a group total of GBP171bn.
02/06/2010

Japanese unions tout responsible investment

Rengo, the Japanese federation of labour unions, is currently working on a recommendation which will encourage pension funds belonging to the association to take ESG criteria into account in their investment decisions. Responsible Investor reports that the proposal now in development is slated for completion by the end of the year.
02/06/2010

Northern Trust launches a tool to monitor portfolios of UCITS funds of hedge funds

On Tuesday, Northern Trust announced the launch in London of a new UCITS-compliant model of its Hedge Fund Monitor. The tool aims to satisfy demand on the part of UCITS III-compliant fund of hedge fund managers for a tool to monitor compliance with regulations governing liquidity, risk concentration, and exposure to non-UCITS funds. The Hedge Fund Monitor already allows for customised, real-time tracking of compliance, performance, and liquidity reporting.
02/06/2010

Stoxx updates composition of European Christian Index

Though it has not provided exact details on its website, Stoxx Ltd announced on Tuesday that the composition of its new index of Christian shares, launched in April with Christian Brothers Investment Services, the Stoxx Europe Christian Index (see Newsmanagers of 27 April), has been revised. The index includes 545 shares of the Euro Stoxx 600, up from 534, after the removal of 11 firms and the addition of 22 others. The changes represent the normal, semiannual revision, and will be effective from the opening of the European markets on 21 June.
02/06/2010

Chiristian Noyer critique les agences de notation

L’Agefi rapporte que le gouverneur de la Banque de France, Christian Noyer, au cours d’un débat organisé à Séoul a jugé que les agences de notation envoient des signaux inopportuns sur la dette souveraine, contribuant à dégrader la situation que traverse l’Europe. Les signaux adressés arrivent trop tard et accroissent les problèmes. En outre, les agences évaluent la situation d’un émetteur selon des critères de long terme (5 à 10 ans) tandis que les marchés auxquels elles s’adressent réagissent sur du court terme. Cela dit, ceux qui critiquent les agences de notation sont parfois responsables de leur position de force. Notamment la Banque centrale européenne (BCE) qui se sert des notes des agences pour évaluer la qualité du collatéral qu’elle prend en contrepartie afin de refinancer les banques, note le quotidien.
02/06/2010

Claude Tiramani quitte BNP Paribas AM

Claude Tiramani, gérant chez BNP Paribas Asset Management depuis 1990, rejoint Lutetia Capital pour lancer la gamme marchés émergents. Claude Tiramani gérait chez BNPP AM les fonds émergents globaux (Parvest Emerging Europe, les poches Chine et Russie de Parvest BRIC) et spécialisés pays (Parvest China, Shinhan BNP Paribas Bonjour China, Parvest Russia).Considéré comme l’un des meilleurs spécialistes français de la Chine et de l’Europe de l’Est et récompensé à de nombreuses reprises pour sa gestion au cours de sa carrière, Claude Tiramani est noté A par l’agence Citywire, ce qui le place dans le premier décile des gérants en France, en Allemagne, en Autriche, aux Pays-Bas, en Espagne, en Suède et en Suisse pour ses performances sur cette stratégie.«Après près de vingt ans au sein du groupe BNP Paribas Asset Management où j’ai contribué à créer et développer la gestion marchés émergents, j’avais envie de rejoindre une société de gestion indépendante, ambitieuse et innovante. Le choix de Lutetia Capital s’est fait assez naturellement pour y développer une gamme de fonds émergents originaux, où je serai libre d’appliquer pleinement mes convictions. A commencer par la première: c’est désormais sur les valeurs tirées par la consommation et la demande intérieure des pays émergents qu’il faut investir », indique Claude Tiramani dans un communiqué.
02/06/2010

Carmignac Gestion annonce une collecte en forte hausse en 2009

A l’occasion de l’assemblée générale des actionnaires réunie lundi 31 mai qui a approuvé les comptes 2009 de la société Carmignac Gestion, son président Edouard Carmignac a annoncé un montant de collecte de 15,5 milliards d’euros «‘en forte augmentation par rapport à l’exercice précédent ". Le montant total des actifs sous gestion s’est établi à 32,8 milliards d’euros fin 2009. Le résultat net consolidé de l’exercice clos au 31 décembre 2009 s’est élevé à 318,59 millions d’euros. Enfin, l’assemblée générale a décidé de la distribution d’un dividende de 64 euros par actions.
02/06/2010

Pharma Omnium Intl avec Weinberg Capital Partners acquiert CellVir

Pharma Omnium International, détenu par le fonds Weinberg Capital Partners a annoncé mardi 1er juin l’acquisition de CellVir, société de biotechnologie française fondée en 2006, afin de consolider son pôle de recherche anti-infectieuse, précise la société dans un communiqué. CellVir est est spécialisée dans la découverte de traitements innovants contre les virus et en particulier le virus du Sida. Elle concentre ses efforts de recherche sur les résistances aux traitements actuels du virus.
02/06/2010

Steffen Koop rejoint la Frankfurter Fondsbank

Senior sales manager de la Fondsdepot Bank, Steffen Koop a été recruté comme directeur de la distribution chez Frankfurter Fondsbank (FFB). Il sera plus particulièrement chargé du développement et du suivi de la clientèle de CGPI. Il sera subordonné à Stephan Sorber, directeur du marketing, de la distribution et du développement de produits.
02/06/2010
Fonds

Deka lance une nouvelle gamme de fonds profilés multi-classes d'actifs

Le gestionnaire des caisses d'épargne allemandes, DekaBank, a annoncé lundi la transformation du fonds Deka-Treasury Total Return en Deka-Wertkonzept. Ce produit, avec un coussin de risque de 5 % a été lancé en 2006 pour les caisses d'épargne et les investisseurs institutionnels, puis ouvert aux particuliers en septembre 2008.Par coussin de risque, Deka entend le pourcentage de perte par rapport au dernier plus haut qui est toléré par le souscripteur avant que les gérants ne basculent le portefeuille sur des instruments moins risqués.La nouvelle gamme Deka-Wertkonzept destinée aux particuliers comprend un fonds défensif, Deka-Wertkonzept defensiv avec un coussin de risque de 3 %, et un fonds dynamique Deka-Wertkonzept offensiv avec un coussin de risque de 10 %. CaractéristiquesDénomination : Deka-WertkonzeptIsin : part CF(T): DE000DK1A4U6 part TF(T): DE000DK2CDL5Droit d’entrée : CF(T): 3,0 %; TF(T): 0,0 %Commission de gestion : CF(T): 1,0 %.; TF(T): 1,3 %Frais forfaitaires 0,16 %Commission de performance : 10 % de la surperformance par rapport à l’Euribor 3 mois + 100 points de baseDénomination : Deka-Wertkonzept defensivIsin : part CF(T): DE000DK2CC59part TF(T): DE000DK2CC67Droit d’entrée : CF(T): 3,0 %; TF(T): 0,0 %Commission de gestion : CF(T): 0,85 %.; TF(T): 1,15 %Frais forfaitaires : 0,16 %Commission de performance : 10 % de la surperformance par rapport à l’Euribor 3 mois + 50 points de baseDénomination: Deka-Wertkonzept offensivIsin : part CF(T): DE000DK2CC34part TF(T): DE000DK2CC42Droit d’entrée CF(T): 3,0 %; TF(T): 0,0 %Frais forfaitaires : 0,16 %Commission de performance : 10 % de la surperformance par rapport à l’Euribor 3 mois + 200 points de base
Fonds
02/06/2010

Ethos prend 20 % du capital de Proxinvest

La Fondation Ethos à Genève a annoncé mardi 1er juin avoir pris une participation de 20 % au capital du français Proxinvest. Les deux institutions qui sont spécialisées dans l’analyse de l’ordre du jour, la formulation de recommandations et l’assistance dans l’exécution des votes vont mettre en commun leur expertise en matière de services de vote pour les investisseurs. Par ce rapprochement, les deux institutions qui sont membres de l’European Corporate Governance Services (ECGS), un réseau européen d’analyse d’assemblées générales de sociétés cotées en Europe, veulent renforcer leurs positions de leaders sur les marchés suisse et français dans le domaine de l’analyse des assemblées générales d’actionnaires de sociétés cotées. «Ce rapprochement permettra également de dégager des synergies dans le développement de nouveaux produits, ainsi qu’en matière informatique à travers la mise à disposition de plateformes clients plus efficaces», précise le communiqué de la Fondation Ethos.
02/06/2010
Fonds

Woori et Fullerton lancent un fonds de fonds asiatique

Selon Asian Investor, Woori Absolute Partners, la filiale du coréen Woori Investment & Securities, va lancer un fonds de hedge funds international centré sur l’Asie. Le fonds, le Woori Absolute Return Investment Strategies, doté d’un capital de départ de 30 millions de dollars, sera conseillé par Fullerton Fund Management (propriété du fonds souverain de Singapour, Temasek).
Fonds
02/06/2010

Terence Lim rejoint Goldman Sachs AM en Corée

Selon Asian Investor, Terence Lim va rejoindre Goldman Sachs Asset Management (GSAM) à Séoul au poste nouvellement créé de co-chief executive pour mener l’offensive auprès de la clientèle «retail». GSAM est déjà bien connue auprès des investisseurs institutionnels pour qui elle gère de gros portefeuilles.Terence Lim travaillait précédemment chez Sofaer Capital en qualité d’associé et de gérant du hedge fund Sofaer Capital Pacific depuis août 2008. Terence Lim était précédemment chez Goldman Sachs en Asie.
02/06/2010

AXA IM créé un poste de responsable des ventes pour l'Asie

Selon Asian Investor, Terence Lam, qui vient de quitter BNP Paribas Investment Partners, va rejoindre Axa Investment Managers le 2 juillet prochain pour s’installer à Hong Kong en qualité de directeur des ventes et du marketing pour la zone Asie-Pacifique.Le poste a été créé avec l’objectif de développer la présence d’Axa IM dans la région.
02/06/2010
Fonds

Un associé de TPG lance son fonds

Weijian Shan quitte TPG Capital, dont il était associé et spécialiste de la Chine, pour lancer un fonds sur l’Asie, rapporte le Financial Times. Il restera néanmoins conseiller senior de TPG pendant un temps.
Fonds

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