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12/04/2010

Eaton Vance launches commodities fund managed by Armored Wolf

Eaton Vance Management, an affiliate of Eaton Vance Corp (USD161.6bn in assets as of the end of January) on Thursday announced the launch of the Eaton Vance Commodity Strategy fund, whose benchmark is the UBS Commodity Index Total Return. The initial objective is to earn returns comparable to the benchmark, but with lower volatility, while outperformance will come from commodities derivatives, inflation-linked bonds and emerging market bonds. The sub-adviser for the fund is Armored Wolf LLC, a specialist in global macro focused on “real” assets. The two managers of the fund will be John B. Brynjolffson, CIO and managing director of Armored Wolf, and Paul Dickson, managing director and emerging markets bond portfolio manager at Armored Wolf. Management fees total 1.25% for I-class shares, 1.50% for A-class shares, and 2.25% for C-class shares.
12/04/2010

Russell Investments adds to staff in Asia

Russell Investments has added to its workforce in Singapore and South Korea to meet growing demand in the region. Asian Investor reports that the firm is also planning to apply for a license to begin operating in Seoul, and is hoping to open a representative office in China in second half, and to obtain QFII (qualified foreign institutional investor) status in the country. The Korean team, which was reduced to two people last year, has been rebuilt, with the appointment of Kim Dong Ki as chief representative at the Seoul office. Kim was previously at Korea Life.
12/04/2010

Subscribers prefer low-risk assets

As of the end of 2009, assets in Spanish funds were 75% invested in money market funds, short-term bond funds and guaranteed funds invested primarily in equities or bonds, compared with 66.6% at the end of 2006, and 80% at the end of 2008, Cinco Días reports. The historical average (76% over the past 19 years) reveals that Spanish investors have always been highly conservative, except in 2000, during the internet investment bubble, when the proportion fell to 56%. In the three years of 2007, 2008 and 2009, net redemptions totalled EUR89.47bn, which represents 97.5% of declines in assets under management, which fell by 31%, while commission revenues fell by 48%. Seven of the largest management firms had more than 80% of their assets in lower-risk investments, excepting Ibercaja, for which the figure was 57%. However, Gesmadrid and Ahorro Corporación had more than 87% of their assets in money market instruments, short-term bonds and guaranteed products.
12/04/2010

Lyxor Hedge Fund Index up 2.12% in March

The Lyxor Hedge Fund Index posted gains of 2.12% in March 2010. For the month, the best-performing alternative strategies were: Term Index (+4.84%), L/S Credit Arbitrage Index (+3.85%), and Arbitrage Index (+2.73%). The only strategy to post losses in March was L/S Equity Short Bias Index (-6.58%). In first quarter, the Lyxor Hedge Fund Index gained 2.03%.
12/04/2010

Gains for hedge funds in March

Hedge Fund Research reports that hedge funds in March posted their strongest results since September, with a gain of 2.7%, and that they earned 2.56% in first quarter. According to Hennessee, funds gained 3.05% in March, after gains of 0.99% in February, and losses of 0.55% in January, putting returns for January-March at 3.50%. In March, according to Hennessee, only the short bias strategy posted losses (of 5.24%), while all others were in positive territory, including emerging markets, with gains of 5.47%. In first quarter, the best-performing strategy was financial sector equities, with gains of 6.83%, followed by event-driven (6.20%).
12/04/2010

LCH.Clearnet extends its SwapClear service to Ireland and Switzerland

The specialist group LCH.Clearnet on 8 April announced that it has been granted permission by the Financial Services Authority (FSA) to extend its settlement service for swaps and fixed income assets, SwapClear, to Ireland and Switzerland. The change in the area covered by the service will allow institutional investors to process their transactions via member agencies in the United States, France, Germany, Ireland, and Switzerland. SwapClear handles about 40% of the global market in swaps and fixed income assets.
12/04/2010

Aurel BGC cautious about bond markets

Jean-Louis Mourier, an economist at Aurel BGC, says in an interview with Agefi that several factors argue in favour of a continued rise in long-term interest rates, particularly in the UK and the US. The recovery may prove surprisingly strong, and inflation may remain higher than anticipated when basic effects fade away, despite the persistence of large amounts of unused production capacities, he says.
12/04/2010

Seven new ETF funds from db x-trackers listed in Frankfurt

Deutsche Börse announced on Friday that it has admitted seven new “strategy” ETF funds from db x-trackers (Deutsche Bank) to trading on the XTF segment of its Xetra electronic platform, all of them registered in Luxembourg. Management commissions for the product vary from 0.35% for the Daily LevDax, and 0.70% for the S&P 500 Daily 2x Investor. Four of the funds invest with double leverage in the Euro Stoxx 50, SevDax, FTSE 100 and S&P 500 funds, while three others provide short, and also double leveraged, replicas of the Euro Stoxx 50, Dax and S&P 500 indices. With these seven funds, the XTF segment now includes 651 products. The launch of the new “daily leveraged” ETFs adds to the range of products from db x-trackers, which now includes 16 short products. db x-trackers states that the new daily leveraged ETFs are mostly aimed at “discerning” institutional investors. The funds are intended to be used for short-term trading or to deploy real-time hedging strategies in order to react to market fluctuations within a single day. Shares in the funds may be used as substitutes for other short-term derivatives such as futures, CFD, or swaps. The seven ETFs will be listed in Milan on the Borsa Italiana from 14 April, and on the London Stock Exchange from 26 April. db x-trackers Euro Stoxx 50 Leveraged Daily ETF Isin LU0411077828 management fees 0.35% db x-trackers LevDAX Daily ETF LU0411075376 0.35% db x-trackers FTSE 100 Leveraged Daily ETF LU0412625088 0.50% db x-trackers S&P 500 2x Leveraged Daily ETF LU0411078552 0.60% db x-trackers Euro Stoxx 50 Double Short Daily ETF LU0417510616 0.50% db x-trackers ShortDAX x2 Daily ETF LU0411075020 0.60% db x-trakcers S&P 500 2x Inverse Daily ETF LU0411078636 0.70%
12/04/2010

Fidelity achieves three quarters of objective in China Special Sits fund IPO

Although Fidelity International claims that the initial public offering (IPO) of shares in its China Special Situations has been its largest success since 1990 for an equities product, the total of GBP460m raised for the most recent product from Anthony Bolton represents less than three quarters (73%) of the GBP630m which the asset management firm had set as its objective for the high-profile operation, which was heavily covered by the media. The fund, which becomes the largest China fund listed in London, will officially be launched on 19 April on the London Stock Exchange. Bolton says that he himself has bought 2.5 million shares.
12/04/2010

L&G head joins Fidelity

Fidelity has recruited Ben Waterhouse as head of wholesale sales for the United Kingdom, Investment Week reports. Waterhouse previously worked at L&G Investments, as director of sales. He will begin in his new position in the next few months, and will consolidate and develop activities with wealth managers in particular.
12/04/2010

Martin Currie closes a China hedge fund

Investment Week reports that Martin Currie has closed a hedge fund dedicated to China which had assets under management of USD203m. The fund, launched seven years ago, has earned annualised returns of 16.2%. In the past two years, the fund has earned returns of 22.8%, compared with losses of 15.4% for the MSCI Golden Dragon index in the same period.
12/04/2010

GBP1bn bonus for F&C chief

The chief executive of F&C Asset Management collected a GBP1 million bonus last year, according to the Times, which cites F&C’s annual report. Alain Grisay received GBP700,000 in cash and GBP300,000 in shares deferred for three years. The bonus came on top of Mr Grisay’s GBP325,000 salary. It will rise by 7.7 per cent to GBP350,000 this year.
12/04/2010

Blackstone interested in bank branches put up for sale by RBS

La Tribune reports that Blackstone on Tuesday made an indicative offer to buy 318 bank branches which have been offered for sale by the Royal Bank of Scotland (RBS). RBS has already received 4 bids from Santander, BBVA, Virgin Money and National Australia Bank, the newspaper reports.
12/04/2010

Gérard Piasko leaves Julius Bär for Sal. Oppenheim Switzerland

Christian Camenzind, CEO of Sal. Oppenheim Switzerland, on Friday announced the appointment of Gérard Piasko as chief investment officer (CIO). Piasko has in the past few years served in the same role at Julius Bär, after ten years as a global strategist at Credit Suisse in London, New York and Zurich.
12/04/2010

UBS estimates pre-tax quarterly profits at CHF2.5bn

UBS is projecting pre-tax profits of CHF2.5bn for first quarter 2010, the bank announced in a statement published on 12 April, slightly ahead of its general shareholders’ meeting to be held on 14 April. The bank has also registered net outflows from all sectors, though these were “considerably lower” than in fourth quarter 2009. “In first quarter 2010, UBS estimates that it has reached assets of about CHF8bn for Wealth Management & Swiss Bank, CHF7bn for Wealth Management Americas, and CHF3bn for Global Asset Management,” the bank says.
12/04/2010

ESAF launches an absolute return fund of funds

The Portuguese management firm Espirito Santo (ESAF), as promoter of the product, and Blue Activos Financeiros (BAF), as advisor, have announced the launch of the Luxembourg-registered fund Dynamic Alpha Portfolio III, which invests actively in funds, particularly UCITS III hedge funds. The objective is to earn returns 400-800 basis points higher than the Euribor 3-month, with volatility of less than 6%, an all market conditions. Among the preferred strategies of the fund are long/short equity, global macro, CTA, currencies, and volatility.
12/04/2010

Italian senator speaks out over powers amassed in the hands of Assogestioni chairman

The Italian senator Elio Lannutti has expressed surprise at the “deafening silence” which has prevailed over the appointment of Domenico Siniscalco, former Italian minister of the economy, and current president of Morgan Stanley, as chairman of Assogestioni, the Italian association of asset managers, the Italian news agency Asca reports. The politician claims that the variety of positions now held by Siniscalco imply “obvious conflicts of interest.” He points out that as chairman of Assogestioni, Siniscalco is able to appoint independent directors in publicly-traded companies, with which he would also work in his capacities at Morgan Stanley. Lannutti is critical of the silence of the Bank of Italy and the market regulatory agency on this subject.
12/04/2010

AMP Capital Investors to launch infrastructure fund

Bloomberg reports that AMP Capital Investors, which manages about USD90bn in assets, is preparing to launch an infrastructure fund which will invest in assets such as communications satellites and airports, to take advantage of demand for funds of this nature, and to diversify its stock portfolio.
09/04/2010
Fonds

Source fait coter quatre ETF supplémentaires à Francfort

Depuis jeudi, le segment XTF de la plate-forme électronique Xetra (Deutsche Börse) cote quatre ETF supplémentaires de Source, tous des produits de droit irlandais chargés à 0,30 %. Les indices répliqués sont tous des sous-indices optimisés du Stoxx Europe 600.Il s’agit du Consumer Discretionary European Source ETF (IE00B62RK662), du Consumer Staples European Source ETF (IE00B6222Y34), du Defensives European Source ETF (IE00B633JD33) et du Cyclicals European Source ETF (IE00B62SYX47).Ces nouveaux produits portent à 651 le nombre de fonds cotés sur XTF.
Fonds
09/04/2010

Joachim Müller va diriger les relations investisseurs de la Deutsche Bank

La Deutsche Bank a recruté Joachim Müller, qui dirige l'équipe des analystes européens actions/banques de Crédit Agricole Chevreux comme directeur du service relations investisseurs, rapporte la Frankfurter Allgemeine Zeitung. L’intéressé remplacera au 1er juin Gurdon Wattles, qui a démissionné pour convenance personnelle, mais reste conseiller de la banque.
09/04/2010

BNPP IP veut doubler la contribution asiatique aux résultats

Stewart Edgar, responsable en Asie de la nouvelle entité issue de la fusion entre BNP Paribas Investment Partners (BNPP IP) et Fortis Investments, envisage de doubler la contribution de l’Asie aux résultats de BNP Paribas IP. Actuellement, la contribution asiatique représente 10 % à 15 % du bénéfice de BNPP IP. Selon les dernières statistiques disponibles communiquées à Asian Investor, les actifs sous gestion de la zone Asie-Pacifique représentaient en décembre dernier 64,7 milliards de dollars, dont 70 % pour le compte d’investisseurs institutionnels. La croissance des prochaines années devrait s’appuyer sur quatre piliers : la Chine, l’Inde, l’Indonésie et la Corée du Sud.
09/04/2010

Une nouvelle recrue pour Credit Suisse à Sydney

Tom Wyse vient de quitter la Deutsche Bank pour rejoindre Credit Suisse à Sydney en tant que responsable des activités de gestion de transition de portefeuilles avec une attention particulière pour les fonds souverains et les fonds de pension.Selon Asian Investor, Tom Wyse travaillait chez Deutsche Bank à Sydney depuis 2007.
09/04/2010

"Nous voulons diversifier notre offre en misant sur d'autres actifs et d'autres produits"

Transfuge de La Banque Postale Asset Management arrivé en octobre 2009 chez Tocqueville Finance tombée dans l'escarcelle de La Banque Postale, Bruno Julien sait que l'avenir de sa société de gestion, afin de retrouver le niveau de collecte qui était le sien avant la crise, passe par une diversification de son offre de produits et aussi par l'apport de nouveaux clients. Une entreprise ambitieuse qui doit notamment s'appuyer sur le développement de synergies avec la maison mère.
09/04/2010

BNY Mellon crée un poste de responsable mondial des dérivés

BNY Mellon a annoncé le 7 avril la nomination de Roderic Prat au poste nouvellement créé de responsable mondial des dérivés, en charge notamment du trading et de la distribution. Roderic Prat était précédemment consultant pour le compte du gouverneur de Bank of Canada.

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