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25/03/2010
Fonds

Le fonds chinois de Martin Currie ouvert aux investisseurs

Le nouveau fonds chinois de Martin Currie, le Martin Currie China Fund, est désormais accessible aux investisseurs britanniques. Ce véhicule, géré par James Chong, director, est portefeuille multi-capitalisation de 40 à 60 lignes des meilleures idées d’investissement de Martin Currie sur la Chine et Hong Kong. L’indice de référence est le MSCI Zhong Hua. Les frais d’entrée sont de 5%, les frais de gestion annuels étant de 1,5% pour les parts retail et 1% pour les parts institutionnelles.
Fonds
25/03/2010

Standard Life Investments prend une participation dans Aida Capital

Standard Life Investments a annoncé le 24 mars son intention de prendre une participation de 75,1% dans le gérant de fonds de hedge funds Aida Capital, basé à Londres. La clientèle de la société comprend des particuliers fortunés, des gérants de fortune ainsi que des investisseurs institutionnels basés au Royaume-Uni et ailleurs.Aida gère actuellement le Aida Open-Ended Fund, un véhicule d’investissement coté à Guernesey et le Aida Closed-Ended Fund, un fonds coté à la Bourse de Londres (LSE).
25/03/2010

Baisse des actifs sous gestion de MAN Group

Les actifs sous gestion de MAN Group devraient s’inscrire autour de 39,1 milliards de dollars au 31 mars 2010, c’est-à-dire au terme de l’exercice financier 2009-2010. Ce chiffre est à comparer à un encours de 42,4 milliards de dollars au 31 décembre et 46,8 milliards au 31 mars 2009.Man relève dans un communiqué le gain au quatrième trimestre de l’exercice de mandats dans les activités de multigestion pour un montant de 1,5 milliard de dollars qui sera comptabilisé dans les actifs sous gestion au cours des prochains trimestres. Le résultat avant impôts du groupe s’est établi à 510 millions de dollars contre 743 millions de dollars pour l’exercice précédent. Le board envisage de recommander le versement d’un dividende final de 24,8 cents par action, ce qui donnerait un dividende total inchangé de 44 cents pour l’exercice.
25/03/2010

SEC investigates hedge fund bets

The Securities and Exchange Commission is probing bets made against stocks before new offerings, in inquiries focused on hedge funds including Appaloosa Management and Carlson Capital, says the Wall Street Journal.
25/03/2010

AIFM: European parliament seeking a solution

Les Echos reports that the Spanish presidency of the European Union and Strasbourg representatives will meet today in Brussels to reach agreement over their positions on a draft directive regulate the activities of hedge funds. The questions to be settled include the problem of a “European passport” which would allow managers based outside Europe to offer their funds throughout the European Union, under certain conditions, as soon as they are authorised for sale in any one of the member countries.
25/03/2010

European Union aims for passage of AIFM directive by the end of June

“We hope that the AIFM directive will be passed by the end of June,” Emil Paulis, director, Financial Services Policy & Financial Markets for the European Union, has announced at a conference held by the Luxembourg association of investment funds (ALFI). He added that the core of the problem currently is not the idea of the European passport, but rather the conditions under which it will be possible to obtain it.
25/03/2010

Natixis AM launches an absolute return fund

Natixis Asset Management announced on 24 March that it has launched the FCP Natixis Absolute Multistratégies fund, which offers preferred access to multi-asset class strategies selected from an international universe, and which has two drivers of performance, one fundamental, and the other quantitative. Natixis Absolute Multistratégies aims for annual returns 2% above the Eonia, capitalised for I-class shares, over a recommended investment duration of 2 years. The investment is aimed primarily at institutional and business clients. Natixis Absolute Multistratégies has a very broad investment universe. It invests in all asset classes (equities, bonds, money markets, currencies, commodity indices, etc), and in all geographical regions (developed and emerging countries). To achieve its performance objectives, the management team uses a wide range of strategies: directional positions (long and short) and arbitrage positions on all investment horizons, short-term and long-term. The portfolio is mostly invested in liquid supports (ETFs, futures contracts).
25/03/2010

Hedge fund admits fraud

Robert L. Duncan, a hedge fund manager who posted years of solid results even during the turbulent fourth quarter of 2008, admitted to two of his investors that he had been faking his performance numbers since at least 2006, according to a complaint filed in court on Friday and people familiar with the situation. Victims in the case include an Atlanta trust and two well-known Atlanta investment managers who had invested client money with Mr. Duncan and his fund, Seaside Partners Fund LP, says the Wall Street Journal.
25/03/2010

EDRIM launches a fund of UCITS III hedge funds

With the Multigest Select Alpha, Edmond de Rothschild Investment Managers (EDRIM) has launched a fund of multi-strategy hedge funds compliant with UCITS III, which itself takes the form of a French-registered FCP fund aimed at retail and institutional investors. The product offers weekly liquidity, and invests in underlying funds, two thirds of which which themselves offer weekly liquidity, while the remainder offer daily liquidity. Michel Saugné, co-manager of the Multigest Select Alpha fund, says that in order to earn returns of 6-8% with volatility of under 8%, EDRIM will focus on UCITS hedge funds which may use a pure strategy and whose performance is not negatively affected by an «onshore» replication of their strategies within the UCITS III format. Products included in the portfolio of 15-30 positions, selected from a universe of about 200 funds, will include regulated, liquid, transparent and diversified funds. This will exclude replications of less liquid strategies, but will allow managers to select the best replications and the best management talents for funds in strategies such as long/short equity (60%), CTA (15%), global macro, and also statistical arbitrage, emerging markets, and event-driven equities. Characteristics Name: Multi Select AlphaISIN code: FR0010854539 (C class), FR0010855015 (I class)Subscription commission: 2% maximumManagement fees: 1.70% maximum (C class); 1.10% maximum (I class)Performance commission: 10% of performance exceeding the Eonia capitalised annuallyMinimal initial subscription: 1 C-class share; EUR100,000 (I class)Initial value of shares: EUR100 (C class); EUR10.000 (I class)
25/03/2010

Strong rise in profits at Deka

In 2009, DekaBank, the central asset management firm for the German savings banks, has announced “economic” profits (profits by IFRS accounting standards, before taxes, and with valuation of financial instruments not included in results), for a record total of EUR661.8m, compared with EUR71.5m in 2008. The asset management/securities (Asset Management Kapitalmarkt, or AMK) division has earned economic profits of EUR330.3m, compared with EUR241.5m in the previous year. Due to net outflows of EUR5.4bn from money market funds, net redemptions totalled EUR2.5bn, compared with net subscriptions of EUR520m in 2008, while assets as of the end of December totalled EUR130.1bn, compared with EUR123.5bn (+5.3%). For the asset management/real estate (Asset Management Immobilien, or AMI) division, net subscriptions totalled EUR2.5bn, compared with EUR1.4bn, and economic profits, including exceptionals, came to EUR60.8m, compared with EUR105.1m in 2008.
25/03/2010

German institutional investors are not sufficiently exposed to emerging markets

Although a majority of German institutional investors (82%) agree that emerging markets will play a crucial role this year, only 44% of them have given them a major place in their portfolios, Schroders has found in a recent study. This divergence may continue to be large, Schroders states. Only 51% of respondents say they are planning to increase their exposure to emerging markets in the nest 24 months. Schroders also notes that equities have returned to the portfolios of pension funds, insurers and banks in Germany. While in January, heads of allocation at German institutional investors had an average of 47% of their portfolios invested in equities, 69% now say equities have strong potential this year, the study finds. From a regional perspective, 53% are plannign to make strong investments in European equities in the nest 24 months. Interest in US equities is more moderate (21%).
25/03/2010

Stamp duty on British funds up for review

The British management association (IMA) has welcomed the decision of the Chancellor of the Exchequer to work closely with professionals in the sector to amend the stamp duty regime. The tax, which applies to funds which are licensed for sale in the United Kingdom, may be discontinued. The tax also applies to British funds investing in other funds, although these funds may not invest in British equities. This is the area in which the tax may be discontinued, which would allow funds domiciled in the United Kingdom to once again become competitive with offshore funds. The British government has also announced plans to set up a working group to consider the possible establishment of a tax-transparent contractual fund vehicle. The government is also considering making improvements to the new regime for funds investing in unregulated offshore funds.
25/03/2010

Chinese fund from Martin Currie opens to investors

The new Chinese fund from Martin Currie, the Martin Currie China Fund, is now available to British investors. The vehicle, managed by James Chong, director, is a multi-capitalisation portfolio of 40-60 positions, representing the best investment ideas of Martin Currie for China and Hong Kong. The benchmark index is the MSCI Zhong Hua. Front-end fees are 5%, while annual fees are 1.5% for retail and 1% for institutional share classes.
25/03/2010

HSBC launches an ETF fund

Hedge Week reports that the British HSBC group on 24 March launched an ETF fund, the HSBC MSCI Japan ETF, which will provide investors a means of exposure to the performance of Japanese large and midcaps. The fund will initially be listed on the London stock exchange, and then on other European markets. The total expense ratio (TER) for the fund has been set at 0.40%.
25/03/2010

Barclays WM releases its first Spanish UCITS III fund of hedge funds

The Spanish management firm from the British Barclays group, Barclays Wealth Managers, has begun a sales campaign for the Barclays Multi Alpha fund, a fund of funds which invests in 30 UCITS III format hedge funds worldwide, Funds People reports. The fund, which has assets of EUR85m, was launched in August 2009, following the conversion of the Barclays Selección. The performance objective for the fund is the Euribor plus 350 basis points. As of the beginning of March, the portfolio was 29.5% invested in relative value strategies, 22.5% in global macro, 21% in long/short equity, and 13.25% in CTA, while the remainder was held in cash.
25/03/2010

A strong year for Syz & Co in 2009

The Swiss banking group Syz & Co has announced a significant increase in revenues and profits in 2009. Earnings are up to CHF284.8m from CHF245.6m in 2008, while net profits have also increased strongly, from CHF32.6m in 2008 to CHF81.6m in 2009. Traditional management represents 80% of assets under management by the group, a 38% increase over 2009, while net inflows account for 62% of this increase. However, assets in alternative management suffered from a globally unfavourable environment for this asset class, a statement says, with total assets under management up slightly, from CHF18.3bn to CHF19.0bn. In parallel with Swiss private banking, in 2010, Syz & Co is planning to orient itself to domestic markets in other countries “with attractive growth outlooks,” either through its Oyster funds, which are already registered in nine European countries, or through its offices in Austria, London, Spain, and especially Italy, where Banca Albertini Syz & Co has seen strong capital inflows as a result of a tax amnesty offered by the Italian government, the firm notes.
25/03/2010

Commerz Real merges hausInvest europa and hausInvest global funds

As of 30 September, the open-ended real estate funds hausInvest europa (EUR10.9bn) and hausInvest global (EUR1.6bn) will be merged by Commerz Real to form the new hausInvest fund, which will have total assets of EUR12.5bn, making it the largest real estate fund in Europe. On the basis of current figures, the fund will own 125 commercial properties in 69 cities in 19 countries, with 87% of these properties in stable European markets, and the remaining 13% located in economically strong areas of Asia and North America. The new hausInvest fund will be at least 85% invested in Europe, while the extra-European portfolio will not be permitted to exceed 15% The total floor area of properties owned by the new fund will be about 3 million square metres. As of 31 December, these spaces were 96% occupied. The hausInvest europa fund currently has a liquidity rate of 27%, while the hausInvest global fund has 12% of its assets in cash. On the basis of current figures, the new fund will have a liquidity rate of 26%, corresponding to EUR3bn. The merger will not require subscribers to take any action, and all costs will be covered by Commerz Real.
25/03/2010

Assets at BVI have risen exponentially in 40 years

Today, March 25th, 2010, the German BVI association of asset management firms celebrates its 40thanniversary. Since 25 March 1970, assets at member firms have risen from EUR5.4bn to about EUR1.7trn. Total assets under management have thus been multiplied by a factor of nearly 315.
25/03/2010

Lyxor AM launches new ETF funds on Deutsche Börse

Lyxor Asset Managenent has listed several new French-registered ETF funds on Deutsche Börse. The products include four funds which invest in publicly-traded real estate, and two which are focused on bonds. Among the real estate ETFs are one fund which invests in Europe (Lyxor ETF MSCI Europe Real Estate), one based on the United States (Lyxor ETF MSCI USA Real Estate), one focused on Asia ex Japan (Lyxor ETF MSCI AC Asia ex Japan Real Estate), and one based on global real estate markets, the Lyxor ETF MSCI World Real Estate (see Newsmanagers of 11 February 2010). The bond ETFs include one fund which invests in European government bonds rated AAA (Lyxor ETF Euro MTS AAA Government Bond) and one based on European investment grade-rated corporate bonds, excluding the financial sector (Lyxor ETF Euro Coporate ex Financials). With the new products, the number of funds listed on the XTF segment of the Xetra electronic platform from Deutsche Börse comes to 617.
25/03/2010

BNY Mellon selected by Spanish management firm Renta 4

The financial services provider BNY Mellon has been selected by the financial services group (including brokerage and asset management) Renta 4 Servicios de Inversion S.A. (Renta 4), as depositary bank for its ADR (American Depositary Receipt) program.
25/03/2010

La Caixa manages EUR5.7bn for 265 high net worth families

La Caixa, aware that its growth will not be in consumer mortgage lending in the next few years, has decided to strengthen two activities with strong potential for growth: insurance, which includes SegurCaixa, and private banking. In January 2008, before the acquisition of the Morgan Stanley private banking operations (EUR9bn in assets), La Caixa Banca Privada had 8,000 clients with EUR16.6bn in assets; as of the end of 2009, assets under management totalled EUR41bn, Expansión reports. La Caixa Banca Privada has 300 specialised managers and 31 centres in the network, serving 30,000 clients with disposable wealth of EUR500,000 or more. Within this division, La Caixa has created the Altium segment, which focuses on clients with more than EUR10m: this segment includes 265 clients, with assets of EUR5.71bn. La Caixa Banca Privada this year launched a new product aimed at high net worth clients: the Albus investment fund, for which minimal subscription is EUR1m. It is aiming for stable growth in its capital in the mid-term, and has already attracted EUR355m.
25/03/2010

Standard Life Investments buys a stake in Aida Capital

Standard Life Investments on 24 March announced plans to buy a 75.1% stake in the fund of hedge fund management firm Aida Capital, based in London. The client base at the firm includes high net worth private investors, wealth managers, and institutional investors based in the United Kingdom and elsewhere. Aida currently manages the Aida Open-Ended Fund, an investment vehicle listed in Guernsey, and the Aida Closed-Ended Fund, which is listed on the London Stock Exchange (LSE).
25/03/2010

Assets under management down at MAN Group

Assets under management at MAN Group are expected to total about Usd39.1bn as of 31 March 2010, at the end of its 2009-2010 fiscal year. This figure compares with assets of USD42.4bn as of 31 December, and USD46.8bn as of 31 March 2009. Man announces in a statement that its gains in the fourth quarter of its fiscal year from mandates in multi-management activities total USD1.5bn, which will go on the books as new assets under management in the coming quarters. Pre-tax profits for the group totalled USD510m, compared with USD743m in the previous year. The board is planning to recommend a final dividend payment of 24.8 cents per share, which would put total dividends at an unchanged level of 44 cents for the fiscal year.
25/03/2010

A new Dow Jones index to cover markets in United Arab Emirates

Global index provider Dow Jones Indexes today announced the launch of the Dow Jones UAE 25 Index, which reflects the performance of the 25 largest and most liquid shares traded in the United Arab Emirates (UAE). The Dow Jones UAE 25 Index will also form the basis for the first ETF in the United Arab Emirates, from the National Bank of Abu Dhabi (NBAD). The Dow Jones NBAD OneShare UAE 25 ETF will be listed on the Abu Dhabi stock exchange at the end of March. At the end of February, the five largest shares in the index by the volume of publicly traded capital (float) were Emirates Telecommunications Corp, First Gulf Bank PJSC, Emaar Properties PJSC, the National Bank of Abu Dhabi PJSC and Dubai Islamic Bank PJSC. The percentage of total capital represented by each share by traded volume is limited to 8% of the index, while companies which represent 5% or more of the index must together make up no more than 40% of the total index.
25/03/2010

UFG-LFP and Siparex enter exclusive negotiations over sale of UFG Private Equity

The asset management group UFG-LFP and Siparex, a French independent specialist in capital investment in small businesses, announced on Wednesday, 24 March that they have entered exclusive negotiations over an operational integration of UFG Private Equity into the Siparex group. The firm, whose activities are dedicated to capital investment, has assets under management of EUR320m, which are largely in proximity investment funds (FIP) or innovation common investment funds (FCPI), according to a statement from the establishment. The firm’s investment portfolio, which includes 30 mid-sized companies in a variety of sectors, would put the Siparex group over EUR1bn in assets under management, and would bring expansion to its “technology small businesses” and “proximity capital” units, a statement from the firm says.
25/03/2010

José Veiga Sarmento becomes president of APFIPP

A general meeting of the Portuguese association of investment funds, pension funds and wealth management (APFIPP) has elected José Veiga Sarmento, executive director and head of asset management at Grupo BPI, as its new president for 2010-2011. Sarmiento replaces Fernando Coelho (ESAF), who will remain a member of the board of directors. The APFIPP includes 41 asset management firms with assets of EUR106bn.
25/03/2010

KKR sells 4.4% of Legrand

La Tribune reports that the US investment fund KKR has announced a sale of 4.4% of its stake in Legrand. Wendel, a co-shareholder in the firm, did not wish to participate in the operation, the newspaper adds.
25/03/2010

Auriga launches a hedge fund to profit from financial crisis

The restructuring of the financial sector is attracting a growing number of investors in Spain, Expansión reports. José Mosquera and Rupesh Taylor, both former heads of the trading desk at Barclays in London, on 15 March launched the Luxembourg hedge fund Breogan Global Financial Fund, which in the next few days may receive a sales license for Spain from the CNMV. The UCITS III-compliant fund, with EUR30m in assets, is operated by the firm Auriga Securities, and is aiming for assets of EUR150m. The two founders are hoping to make use of their experience in buying and selling of financial sector assets to profit from the restructuring that will be required of banks and insurers due to toughening regulations (such as Basel III) and the need to pay back public aid money. The Breogan Global Financial Fund will aim for annual performance of 15%. It is a multi-asset class product (equities, CDS, short positions, convertible bonds, preferred stock, etc.)
25/03/2010

New manager to arrive at Skagen Funds soon

Following the recent departure of Filip Weintraub from his position as a manager at Skagen (see Newsmanagers of 10 March 2010), the management firm has announced on its website the arrival of Søren Milo Christensen, a Danish manager who has been based in Singapore for several years. He will work largely with the team of analysts at Skagen Global Management. Milo previously served as a portfolio manager at the Danish bank BankInvest, where he was specialised in Asia and emerging markets.

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