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31/05/2010

Axa veut croire à la vente de sa filiale australienne

La Tribune rapporte que vendredi, devant des journalistes européens, Alban de Bailly, directeur central des finances du groupe Axa, a indiqué que son entreprise n’avait pas l’intention de rompre l’accord avec NAB. A compter de ce lundi 31 mai, l’accord de vente de la filiale australienne d’Axa à National Australia Bank (NAB) peut en effet être dénoncé. La veille le PDG Henri de Castries avait confié au même auditoire avoir « un espoir raisonnable de conclure positivement l’opération avec NAB », note le quotidien.
31/05/2010

Une nouvelle présidente pour le fonds de pension suédois AP2

Le gouvernement suédois a annoncé la nomination de Marie S. Arwidson, managing director de l’association de l’industrie forestière suédoise, en qualité de présidente du fonds de pension suédois AP2 (plus de 21 milliards d’euros sous gestion). Elle prend la succession de Gunnar Larsson, qui occupait ce poste depuis l’année 2000.
31/05/2010

Kurt Baker veut lancer un hedge fund dédié à la Chine

Selon Asian Investor, Kurt Baker, qui a dirigé le prime broking de Morgan Stanley jusqu’en 2008, envisage de lancer un hedge fund long/short dédié à la Chine, le JT Greater China Fund.Kurt Baker est l’un des deux fondateurs de la société de gestion alternative JT Capital Management, basé à Hong Kong et Pékin, qu’il a lancé avec Larry Zhang, précédemment conseiller senior auprès du fonds de securité sociale du conseil national de la Chine.Les frais de gestion de gestion ont été fixés à 2%, les commissions de surperformance étant de 20%.
31/05/2010

Mobius invests in BRIC countries

In the past few weeks, Mark Mobius, the famous manager at Franklin Templeton, has invested in emerging markets equities from the BRIC countries, on the conviction that the current falls on the markets are only a correction in an overriding upward trend. “Many people think we are heading into a downward phase on the market. But it’s only a small correction in a rising market,” Mobius tells Bloomberg. Templeton has also bought shares in Dubai and Egypt, and has maintained its exposure to South Korea, as the firms in its portfolio are “relatively inexpensive.”
31/05/2010

Morgan Stanley Private Wealth Management recruits for Latin America

Morgan Stanley Private Wealth Management has announced the recruitment of a team of four investment professionals to cover high net worth clients in Venezuela and Colombia. The team will be based in Miami, and will include two private management advisers – Luis Miguel Gonzalez Ocque, executive director, and Alan Schlesinger, vice president – who will be assisted by Christina Arguelles, vice president, and Eduardo Alvarez, client sales associate. All four join the firm from Barclays Wealth and will report to Adriana Pineiro, executive director and regional sales manager.
31/05/2010

Kurt Baker to launch a hedge fund dedicated to China

Asian Investor reports that Kurt Baker, who was head of prime brokerage at Morgan Stanley until 2008, is planning to launch a long/short hedge fund dedicated to China, entitled JT Greater China Fund. Baker is one of the two founders of the alternative management firm JT Capital management, based in Hong Kong and Beijing. He founded the firm with Larry Zhang, who was previously a senior advisor to the social security fund of the national council of China. Management fees have been set at 2%, while performance commissions are 20%.
31/05/2010

Private bankers look abroad for solutions ahead of tax hike

“Our duty, while remaining in strictest conformity with the law, is to offer our clients the simplest and most tax-effective solutions we can,” says Iñigo Susaeta, managing partner at Arcano Investment Advisor, speaking of the position of all Spanish private banks on the eve of the announcement by the Spanish PM, José Luis Rodríguez Zapatero, that taxes on high net worth families will be raised in the next few weeks. Expansión reports that among the expected new tax measures will be a return of wealth tax (1% to 1.5% on wealth of over EUR0.9m), an increase in income tax, an increase in the tax on Sicav vehicles (currently 1%), an increase in capital gains tax (from 18% to 19% or 21%) for gains above EUR6,000, and/or a reimposition of tolls when transferring investments from one fund to another. To face up to these developments, private banks, which manage EUR325bn for Spanish clients, will primarily offer Irish and Luxembourg-registered funds, especially Luxembourg-registered special investment funds (SIFs). But these vehicles cost EUR27,000 to set up, and EUR50,000 to EUR60,000 per year to maintain, in addition to which there is also a management commission.
31/05/2010

Demand for Source ETFs running high

Source UK Services Ltd announced on Friday that trading volumes for its European sectoral ETF funds totalled EUR5.9bn, according to the German settlement system Cascade. This corresponds to a market share of 75.8% for European sectoral products, which have taken on a new dimension since the arrival of hedge funds as investors in this market, says Michael John Little, director of marketing at Source.
31/05/2010

Sweden's AP2 fund gets a new president

The Swedish government has announced the appointment of Marie S. Srwidson, managing director of the Swedish forestry industry association, as president of the Swedish pension fund AP2 (over EUR21bn in assets under management). She succeeds Gunnar Larson, who had held the position since 2000.
31/05/2010

Allfunds prepares for “all-out expansion”

Allfunds Bank (Santander and Intesa Sanpaolo) has now returned to its 2007 record asset levels of EUR45bn, thanks to international clients, who represent two thirds of this total. In the next three years, Expansión reports, Allfunds is planning to move into Asia, with a branch in Hong Kong, and to open new offices in Latin America, in Mexico and Brazil. The firm is already present in Chile and Colombia, and is planning to make its debut in Peru. It is also planning to create a unit for Central Europe (Germany, Switzerland, Austria, and Scandinavia). In addition, the firm is hoping to become the point of reference for fund distribution in the Middle East, as it is the only European firm with a sales license for Sharia-compliant funds. Allfunds is seeking a new shareholder to realise this ambitious development plan. It should not be a local leader like Intesa, but a major international actor. Allfunds Bank is planning to increase its presence in the United Kingdom, which represents 11% of its assets. To achieve this, it has recruited Alan Gadd (formerly of Henderson and Aviva) as head, and is planning to double the size of its local team to 30.
31/05/2010

BlackRock, State Street and Vanguard win out in institutional ETF market

A recent study by Greenwich Associates (see Newsmanagers of 13 April) has established that although ETFs are most often regarded in the United States as products aimed primarily at retail investors, institutional investors are increasingly making use of them, BlackRock says in the most recent issue of its monthly newsletter ETF Landscape. This category of investor has now perceived that ETFs may be used for the securitisation of cash, transition management, weight rebalancing, and investment in assets which are difficult to access. In addition, although they have invested only 14% of their assets in ETFs, US institutionals now account for as much as half of all assets under management in these products. The Greenwich Associates study also reveals, logically enough, that the rankings for ETF providers in the US institutional market are the same as for the global market overall, in terms of the names of the firms (see Newsmanagers of 17 May). The iShares brand from BlackRock tops the list, but with a market share of 89% (compared with 46.4% for the global market), followed by State Street Global Advisors, with 6.0% (compared with 14.4%), and Vanguard, with 51% (compared with 9.9%). However, multiple citations are possible. The ETF providers that follow these top three in the rankings are ProShares and Invesco, with 13%, each, followed by Direxion and Rydex with 2%.
31/05/2010

Member and asset levels up for Italian open pension funds

In first quarter, open-ended pension funds in Italy posted net subscriptions of over EUR228m, which brings net total assets to EUR6.6bn. The number of subscribers has risen from 890,074 as of fourth quarter 2009 to 895,733 as of 31 March. In the first three months of the year, new members placed EUR438m in these funds, of which EUR212m came from self-employed persons. In terms of asset allocation, Italian savings investors showed some preference for diversified investments, which represent more than one quarter of total net assets. Diversified pension funds were preferred by one quarter of members (26.5%), which in three months ensured inflows of over EUR85m. Equities sub-funds were chosen by about one fifth of subscribers (195), and in first quarter, these funds received EUR53m. Total net assets in equities totalled EUR1.5bn.
31/05/2010

Newcits on the rise in Italy

Il Sole - 24 Ore reports that there are currently about 220 UCITS III-compliant funds oriented to alternative strategies (Newcits), managing about EUR41bn. Of this total, 116 are licensed for sale in Italy, with EUR27bn in assets. The most recent fund to have received an Italian license is the Permal Global Absolute Fund from Legg Mason, In Italy, the most popular strategy is long/short equity (28.4%), followed by global macro and equity market neutral (9.5%), according to MondoHedge. In terms of performance, in the first four months of the year, UCITS III-compliant long/short equity hedge funds denominated in Euros have gained 1.41%, while the performance of hedge funds specialised in the same management style was 3.03%.
31/05/2010

Vanguard reopens an Oaktree Capital fund to new subscribers

The Vanguard Convertible Securities Fund (VCVSX), with assets of USD1.8bn as of 30 April, has been reopened to subscriptions from new retail investors, with immediate effect. The US-based asset management firm says that a previous limit of USD25,000 per year in subscriptions has also been repealed. The limitations which have been lifted from the fund were put in place in June 2009, as the Los Angeles management firm Oaktree Capital, the firm which has advised the fund since 1996, was concerned that a large volume of subscriptions would prevent effective management of the fund. Inflows to the fund have since declined. Vanguard states that six of its funds remain closed to new investors: Vanguard PRIMECAP Fund, PRIMECAP Core Fund, Capital Opportunity Fund, Capital Value Fund, Admiral™ Treasury Money Market Fund and Federal Money Market Fund.
31/05/2010

Alliance Trust launches a bond fund

Alliance Trust Asset Management (ATAM), the asset management firm of the Alliance Trust group, is planning to launch a bond fund in mid-June dedicated to investment grade corporate bonds. The fund, entitled Alliance Trust Monthly Income Bond, will be co-managed by Gareth Quantrill and Stuart Steven, two of the four managers previously at Scottish Widows Investment Partnership (SWIP) who joined Alliance earlier this year. At launch, the fund is expected show an annualised rate of return of 6.3%, distributed on a monthly basis. The fund, which will be classed as a corporate bond fund denominated in pounds Sterling under the IMA (Investment Management Association) classification system, will invest in investment grade corporate bonds with an average rating of A-.
31/05/2010

Cavendish adds to product range

Cavendish Asset Management has announced the launch of two UK equities funds, as addition to its range of more defensive products. The Cavendish UK Balanced Income Fund, managed by Julian Lewis, will invest 20% to 80% of its assets in UK bonds, whiel the remainder will be invested in UK equities. The fund will aim for 120% of the performance of the FTSE All-Share index. The Cavendish UK Select Fund, managed by Paul Mumford, will invest in companies of the FTSE 350.
31/05/2010

Natixis unites equities teams at a single unit

As part of its New Deal strategic plan, Natixis on 28 May announced that it is bringing together its equities teams at a single unit, which will be led by Jean-Claude Petard. To allow for the creation of the single office, announced in the second half of 2009, Natixis Securities will transfer all of its activities to its parent company, Natixis, in a merger-absorption operation. The merger will be effective from 1 June 2010. The equities unit will include over 400 front-office employees, as well as dedicated support services. With this new organisational structure, Natixis will have an integrated professional activity in equities, oriented to the client, and able to trade all types of flows in cash and derivative equities products. The management firm will be able to offer clients a global and robust range of equities products, with solutions adapted to the needs of clients for the complete range of equities products, including access to primary equity markets, indermediation on secondary cash and derivatives markets, and structured products. The range of offerings also includes equities research, providing analysis of 340 shares in 21 sectors.
31/05/2010

ING Reim Europe launches a real estate fund

ING Real Estate Investment Management Europe (ING Reim Europe) has announced the launch of a real estate fund aimed at institutional investors seeking direct exposure to this asset class and diversification of their investments. The European Property Strategy (EPS) fund provides access to 14 private real estate funds from ING Reim Europe, a diversified portfolio with more than EUR18bn under management. The fund is managed by Wim Wensing, and aims for returns of 8% per year. Initial investments from the fund come from a Swiss insurance firm, which has placed EUR100m through several affiliates.
31/05/2010

Vontobel launches an internal sustainable development campaign

The Vontobel group on 28 May announced the launch of an internal campaign adressing themes related to energies, food, mobility, and ways to reduce energy consumption and CO2 emissions. The group says in a statement that Vontobel, one of the two founding organizations of the Swiss environmental foundation, which seeks to promote sustainable development in Switzerland, has reduced its carbon footprint to zero since 1 January 2009.
31/05/2010

C-Quadrat pays out a dividend for 2009

A general shareholder’s meeting of the German-Austrian management firm C-Quadrat on Thursday approved the payment of a dividend of EUR0.60 per share for 2009, once the firm has paid out its 2008 dividend. The 2009 fiscal year saw net profits of EUR5.7m, compared with losses of EUR12.2m, and the firm’s owners’ equity quotient as of the end of December had risen to 72.6%, compared with 57.9% one year previously. Total assets as of 31 March stood at EUR4.8bn, of which EUR3bn were in the asset management division.
31/05/2010

Hedging strategies increasingly used to combat risk

A study by the London-based firm ClientKnowledge on behalf of BNY Mellon (“Currency Hedging: Impact of FX Risk on the Investment Process and its Effecft on Performance”), has found that institutional investors are increasingly interested in currency hedging strategies. “Hedging for currency risks in the investment process is still taking its first steps. But the trend is clear: the survey clearly indicates that taking currency risks and opportunities into account will continue to stimulate innovation in products, risk management strategies and IT developments,” says David Poole, COO and major partner at ClientKnowledge.
28/05/2010
Fonds

L'indice Morningstar 1000 des hedge funds gagne 2,2 % pour janvier-avril

Morningstar a annoncé que son Morningstar 1000 Hedge Fund Index a affiché pour avril une performance de 0,7 % tandis que le Morningstar MSCI Composite Index couvert du risque de change enregistrait un gain de 1,1 %. De la sorte, le premier affiche pour les quatre premiers mois de l’année une avance de 2,2 % et le second une performance de 3,6 %.La catégorie la plus gagnante pour avril a été celle des petites capitalisations américaines, avec un gain de 2,6 %.pour avril, devant les distressed securities avec 2,3 %. En revanche la stratégie de ventes à découvert a accusé une perte de 4,1 % sur le mois et de 6,4 % depuis le début de l’année.
Fonds
28/05/2010
Fonds

Deka investit à La Haye

L’allemand Deka Immobilien a acheté pour 49 millions d’euros un complexe de bureaux à La Haye pour son fonds immobilier offert au public WestInvest InterSelect. Cet ensemble de 18.700 mètres carrés est le siège de Nederlandse Organisatie voor Wetenschappelijk Onderzoek (NWO), un organisme quasi-gouvernemental de promotion de la recherche scientifique. Le vendeur est ASR Property Fund N.V., filiale de l’assureur ASR Nederland.
Fonds
28/05/2010
Fonds

Source lance à son tour un ETF sur le S&P 500

Après HSBC, Credit Suisse, db x-trackers et Comstage, Source est depuis le 17 mai le cinquième promoteur à lancer une ETF sur le S&P 500, en l’occurrence sur le S&P 5000 total Return (net). Ce S&P 500 Source ETF, de droit irlandais et coté sur le London Stock Exchange (LSE), est chargé à 0,2 % et se négocie en dollars.
Fonds

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