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03/12/2013

Assets in Luxembourg OPCs up in October

As of 31 October 2013, the overall net assets in specialised collective fund investment vehicles (OPC) totalled EUR2.590128trn, compard with EUR2.539200trn as of 30 September 2013, an increase of 2.01% month on month, according to statistics released by the financial sector surveillance commission (CSSF). Over the past 12 months, net asset volumes are up 11.18%. The Luxembourg OPC industry has thus posted a positive variation in October of EUR50.928bn. This increase represents the remainder of positive net issues, totalling EUR17.447bn (+0.69%), and a favourable evolution of financial markets totalling EUR33.841bn (+1.32%).
03/12/2013

Alceda recruits MD from DWS

From 1 December, Silvia Wagner has joined the executive board at the Luxembourg-based Alceda Fund Management (60 people, EUR5.4bn), as head of structuring, portfolio management, finance, controlling and central administration.Wagner has 30 years of professional experience, of which 20 is at the Deutsche Bank group, where she was most recently head of DWS Distribution Services and a member of the general management at DWS Finanz-Service.Alceda states that the appointment will be final when the CSSF has granted its permission.
03/12/2013

Madoff: Investors take on the Luxembourg regulator

Investors in Luxalpha (from Access International Advisors), a feeder fund that supplied funds to Bernard Madoff, have filed suit against the Luxembourg financial sector surveillance commission (CSSF), accusing it of failing to take measures against UBS concerning its role in the management of the investment vehicle, Financial Times fund management reports. They are claiming that the Luxembourg regulator should have taken action against the Swiss bank for making contradictory statements concerning its involvement with the Luxalpha Sicav.
03/12/2013

Dynamic Funds launches two new global funds

The Canadian asset management firm Dynamic Funds has launched two new global funds, Dynamic Global Balanced Fund and Dynamic Global Equity Fund. The two strategies will be managed by Dana Love. The first aims for long-term capital growth and returns through investment in equities and bonds from companies active outside Canada. The equity portion will be managed by Dana Love, also responsible for global allocation, while the bond portion will be sub-advised by Pimco Canada. The other strategy, which has the same objectives, will be invested mostly in equities in companies active outside Canada. From 1 January 2013, the Dynamic Strategic Global Bond Fund will also be renamed as the Dynamic Strategic Bond Fund, to take into account the flexible mandate awarded to the fund. The fund is co-managed by Michael McHigh and Bill Kim.
03/12/2013

Further decline of ETP sales in November

ETPs worldwide have posted a net inflow of USD15.8bn in November, compared with USD32.9bn in October, and USD34.3bn in September, according to initial figures from the BlackRock Institute. Since the beginning of the year, net subscriptions represented USD209.9bn, compared with USD224bn in the corresponding period of last year.In Europe, ETPs, attracted USD3.7bn last month, and USD17.2bn since the beginning of the year. Assets in the 2,131 funds represent USD413.5bn, or an average of USD194.04bn, which corresponds to a market share of 17.5%.In the United States, ETPs attracted a net total of USD12.9bn in November, and USD169.3bn in the first 11 months of the year, for total assets of USD1.669trn as of 30 November. Distributed over the 1,531 ETPs monitored by the BlackRock Institute, that comes to an average of USD1.09014bn.The arithmetical average assets managed by US ETPs are thus 6.43 times those of European ETPs.
03/12/2013

Norwegian sovereign fund tops NOK5trn

Norges Bank Investment Management (NBIM), the affiliate of the Norwegian central bank (Norges Bank), which manages the Government Pension Fund – Global (GPFG) under contract, on 2 December announced that the former Oil Fund now has over NOK5trn in assets, 17 years after starting up with NOK2bn. The current assets come to about USD818bn.NOK2trn was reached in October 2007, NOK3trn in October 2010 and NOK4trn in February this year, compared with NOK3.816trn at the end of 2012.NBIM adds that depreciation of the Norwegian Kroner has accelerated the increase in assets under management. Between May 1996 and the end of September 2013, net inflows totalled NOK3.239trn, and returns on these assets totalled NOK1.572trn, while variations in the exchange rate reduced assets by NOK74bn.As of the end of September, the GPFG was 63.6% invested in equities, 35.5% in bonds and 0.9% in real estate.
03/12/2013

BlackRock tests appetite for liquid ETFs

BlackRock will on 16 December launch its first European ETF under a new structure which will potentially improve liquidity and reduce costs, Financial News reports. The guinea pig ETF which will test this new structure is the iShares Eurostoxx (Ex-Financials) UCITS ETF, according to sources familiar with the matter. The project at BlackRock is called “Project Fusion.”
03/12/2013

Vincent Taupin takes over as head at Edmond de Rothschild

Vincent Taupin is joining the Edmond de Rothschild group. Taupin has been appointed as chairman of the board at the French bank of the group, a position which he will occupy from 6 January 2014. In his new role, he will be responsible for private banking activities in France, which have EUR13bn in assets under management, and to which Corporate Finance belongs in the French market. Taupin will be a member of the executive board at the group, and will report to Christophe de Backer, CEO of the group.Taupin, who has served as chairman of Boursorama, CEO of Crédit du Nord, and most recently as chairman of Alma Consulting Group, in his new position replaced the head of the private bank in France, Patrice Dordet. Dordet will be leaving the firm after 12 years at the private bank. Marc Samuel, current chairman of the board, is appointed as adviser to the CEO of the Edmond de Rothschild group, Christophe de Backer. On the executive board at the group, he will participate in the creation of the 2013-2016 strategic plan. Asset management activities, including Edmond de Rothschild Asset Management in France, remain under the responsibility of the global CEO of Asset Management, Laurent Tignard.
03/12/2013

Korean sovereign fund to get new boss

The Korean sovereign fund Korea Investment Corporation (KIC) is soon expected to announce the appointment of a new CEO, less than one month after the resignation of his predecessor, according to the South Korean press. Several sources have indicated that Ahn “Hank” Hong-Chul will join the sovereign fund as CEO, to succeed Choi Chong-Suk, who resigned on 21 October. The appoinment of a CEO of the sovereign fund comes after a relatively long process, which includes an official recommendation by the finance minister, and approval by the Korean president, Park Geun-Hye. Ahn previously worked for the sovereign fund from 2005 to 2008.
03/12/2013

Olivier Ravet takes over as head of UHNW department at UBS France

UBS France has appointed Olivier Ravet as head of the Ultra High Net Worth (UHNW) department, for clients with assets of over EUR80m, from Monday, 2 December. He will report directly to Emmanuel Orsay, in charge of the Front Office at UBS (France) S.A., and responsible for the management and leadership of the sales network for that segment in France. Ravet began his career in 1997 as a wealth manager at the Crédit Agricole group, before joining BNP Paribas Gestion de Fortune from 2001 to 2007.
03/12/2013

SSgA recruits for fundamental management team

State Street Global Advisors (SSgA) on 2 December announced the appointment of three new research analysts for its fundamental management team, as part of a development of the active management range from SSgA. All three of them will be placed under the management of Barry Glavin, chief investment officer in the fundamental management team. Before joining SSgA as an analyst specialised in the global telecommunications and technology sectors, Robert Allen was employed at International Investment and Underwriting (IIU), a private equity firm. Previously, Allen spent 11 years at silicon and Software Systems Ltd, which is part of S3 Group. For his part, Eoin Ó hÓgáin will be responsible for the global energy resources sector. Before joining SSgA, Ó hÓgáin worked for Centricaet, and acquired more than 10 years in the energy sector. He previously worked at the team at McKinsey & Company in New York, anaysing global energy and commodty markets, as well as at Morgan Stanley as a principal analyst in the energy and public utility company team. James Savage will be responsble for the global industry and public service sectors. Before joining SSgA, he was managing partner at the infrastructure and asset financing group Depfa Bank PLC. Savage also worked for KBC Bank and Fortis International Finance in Dublin.
03/12/2013

Acropole AM veteran joins Schroders

Schroders, which has brought its convertible bond team in-house, has recruited Damien Vermonet has portfolio manager. Vermonet comes as an addition to the team assembled by Schroders for this asset classes, which is based on a part of the team which had previously operated at Fisch AM.Vermonet joins a team formed by Peter Reinbuth, manager of the flagship fund of the range, Schroder ISF Global Convertible Bond and Schroder ISF Asian Convertible Bond, Martin Kuehle, product specialist, and URS Reiter, an experienced convertible bond trader, a statement says.Vermonet had since 2008 at Acropole AM managed a global portfolio of long-only strategies with a particular prism on US convertible bonds. Previously, he had been managing European convertible and global bonds for Fortis Investments.
03/12/2013

Bosera AM builds presence in Hong Kong

The international division of the Chinese asset management firm Bosera Asset Managemnet will launch offshore ETFs denominated in RMB in Hong Kong and New York, Asian Investor reports. The asset management firm is also planning to double its personnel in Hong Kong to 40, with the recruitment of investment and sales specialists. Bosera AM is expected to launch the Bosera FTSE China A50 ETF in Hong Kong on 9 December, Asian Investor reports. The Chinese asset maangement firm has also signed a partnership with the US asset management firm KraneShares to launch the KraneShares Bosera MSCI China A-share ETF on the New York stock exchange in the near future. Bosera AM is also in talks with establishments in Europe and the United States to sign potential partnerships, which may include listing ETFs in Europe.
03/12/2013

Hauck offers fund of iShares ETFs

With the H&A Asset Allocation Fonds, Frankfurt-based Hauck & Aufhäuser Privatbankiers (H&A) has since 2 December been offering an ETF of the iShares brand (BlackRock), which may be invested according to market conditions, up to 100% in bond funds, or 100% in equity funds. The Luxembourg-registered product will be available until February 2014, exclusively from DAB Bank, which will charge no front-end fee until April 2014.CharacteristicsName: H&A Asset Allocation FondsISIN codes:LU0969846426 (A, distribution share class)LU0969846699 (B, accumulation share class)Date of launch: 28 October 2013Front-end fee: maximum 3%Management commission: 1.30%Depository banking commission: maximum 0.05%
03/12/2013

CalPERS launches search for general counsel

The California Public Employees’ Retirement System (CalPERS) is seeking a visionary in the legal profession for the role of general counsel to serve as a member of the organization’s executive team in support of CalPERS pension and health care programs, according to a statement.The general counsel advises the board of administration, chief executive officer and the organization on a broad array of matters, including fiduciary duty and responsibility, investment transactions, securities litigation, corporate governance, public pension law, health care law and government law. The general counsel reports directly to the CEO.“The incumbent in this position must be a critical thinker, possess intellectual curiosity and be politically astute in a complex and sophisticated environment,” said Anne Stausboll, CalPERS Chief Executive Officer.CalPERS retained the recruitment firm of Korn/Ferry International to conduct the global search.
03/12/2013

Flossbach von Storch released Multiple Opportunities strategy in Switzerland

Flossbach von Storch has obtained a sales license for a fund which pursues the same strategy as the Storch SICAV – Multiple Opportunities fund on the Swiss market, according to finerws.ch. The fund created for Switzerland, Flossbach von Storch – Multiple Opportunities II, has already reached EUR50m. The product is managed by Bert Flossbach in Cologne.
03/12/2013

Muzinich launches a private debt fund in Italy

Muzinich has launched the Muzinich Italian Private Debt fund, which will aim to finance Italian mid-sized businsesses (total earnings between EUR50m and EUR500m), Bluerating reports. It is a Luxembourg-registered Sicav-SIF, which has obtained permission to be sold in Italy to professional investors. The fund will start with initial assets of EUR120m.
03/12/2013

UBS offers 4 new ETFs in Italy

UBS Global Asset Management has listed four new UCITS-compliant ETFs on the Italian stock market, Investment Europe reports. The new products, which have been available since 2 December on the Italian stock market, will allow investors to neutralize the volatility of currencies on the US, Swiss and Australian bond markets. The new ETFs are the following: -UBS ETF MSCI USA 100% hedged to EUR UCITS ETF A Acc - TER 0.30% -UBS ETF MSCI Switzerland 20/35 100% hedged to EUR UCITS ETF A Acc - TER 0.30% -UBS ETF MSCI Australia 100% hedged to EUR UCITS ETF A Acc - TER 0.50% -UBS ETF MSCI Switzerland 20/35 UCITS ETF A Acc- TER 0.20%.
03/12/2013

Italian equity ETFs see their assets double

Assets in ETFs which replicate the evolution of the Milan stock exchange now total EUR2.7bn, deducting the assets in three ETFs which bet that the market will fall, Plus, the weekly supplement of Il Sole – 24 Ore, reports. A year ago, assets totalled EUR1.4bn. In 12 months, assets have thus doubled, and two ETFs (Lyxor and iShares) are now the top 2 Italian funds, with assets of nearly EUR1bn. Among institutional investors, foreign fund managers primarily select Italian equity ETFs.
03/12/2013

David Scammel leaves Schroders for Santander AM UK

Funds People reports that Santander AM UK has recruited David Scammel to manage the UK-registered fund Santander Sterling government Bond (EUR434m), succeeding Patrick Smith, who has retired.Scammel joins as senior government bond manager on the Europe bond team led by Adam Cordery.Scammel most recently managed the Schroder ISF Euro Liquidity and Schroder Gilt & Fixed Interest funds.
03/12/2013

Andy Pomfret leaves Rathbones

The CEO of Rathbones Brothers, Andy Pomfret, is expected to leave his position on 28 February 2014, Fundweb reports. Pomfret, who joined the firm in 1999, and who has served as CEO since 2004, will be replaced by CEO Philip Howell. Howell, who joins the board at Rathbones effective immediately, will begin in his position on 1 March 2014. Howell joined Rathbones on 4 March this year. He was previously chief executive at William De Broe.
03/12/2013

Top employees in asset management see pay double

Employees in asset management who make more than GBP1m at British banks have seen their total income double compared with 2011 levels, Financial Times fund management reports. Data collected by the European Banking Authority reveal that employees in the fund sector made average total pay of EUR2.1m in 2012, compared with EUR1.1m in 2011. That tops the EUR1.9m made by those working at banks.
03/12/2013

Claudia Calich takes over management of M&G Emerging Markets Bond Fund

Claudia Calich, who arrived at M&G Investments from Invesco (see Newsmanagers of 4 October), on 2 December, with immediate effect, took over responsibility for the principal management of the M&G Emerging Markets Bond Fund ( GB00B3NMPS60, A share class, EUR), which since 2010 had been managed by Mike Riddell. Russell remains the secondary manager of the fund. The appointment allows Riddell to concentrate on government bonds and currencies. He is also manager of the M&G International Sovereign Bond Fund and the M&G Index-Linked Bond Fund. He is also deputy manager of the M&G Global Macro Bond Fund and the M&G Gilt and Fixed Interest Fund.
03/12/2013

Old Mutual GI seeks star managers

Old Mutual Global Investors is seeking to recruit star managers specialised in emerging markets, after previously recruiting Richard Buxton from Schroders in March, Financial News reports.
03/12/2013

Henderson sells French property to Cordea Savills

For EUR39.85m, the Herald European Retail Property Fund, managed by Henderson, has sold a stake held by the firm since 2007 in the commercial campus Parisis Park (8,900 square metres), in Franconville, near Paris, to Cordea Savills, which will add the property to the portfolio of its European Commercial Fund.
03/12/2013

Standard & Poor's critical of proposed money market reforms

Proposals by the European Commission to reinforce regulation of money market funds domiciled and sold in Europe could improve risk management for most operators and investors in Europe, according to a study which has recently been published by the ratings agency Standard & Poor’s (“EC Regulation For Money Market Funds May Have Unintended Consequences.”) However, the agency continues, the overall size of the European money market fund sector may fall if regulations are adopted as they are. Some clauses in the regulations are positive for the sector as a whole, but some of them may complicate the management of money market risks, Standard & Poor’s estimates. Money market funds with a set net asset value, which account for more than 40% of European money market funds, may face considerable economic and operating costs, to be converted into variable funds or to retain their status at a cost in the vicinity of at least 3% of net asset value.
03/12/2013

ESMA identifies deficiencies in sovereign ratings process

The European Securities and Markets Authority (ESMA) has published a Report identifying a number of deficiencies in the processes for producing and issuing sovereign ratings at the three largest credit rating agencies (CRAs), Fitch Ratings, Moody’s Investors Service and Standard & Poor’s.The report follows concerns about potential conflicts of interests, the impact of sovereign ratings on other types of ratings, CRAs’ capacity to cope with the number of rating actions during a period of high volatility, the use of bulk rating actions, and issues around the confidentiality and timing of rating actions.ESMA identified deficiencies and issues for improvement in the following areas: independence and avoidance of conflicts of interests; confidentiality of sovereign rating information; timing of publication of rating actions; and resources allocated to sovereign ratings. «ESMA’s investigation revealed shortcomings in the sovereign ratings process which could pose risks to the quality, independence and integrity of the ratings and of the rating process. The focus on the sovereign rating process in this investigation stems from their increased volatility over the past few years, the importance of sovereign ratings from a credit market and financial stability perspective, and their impact on other rated entities and products,» said Steven Maijoor, ESMA chair.
03/12/2013

Laurent Denize nommé co-CIO d'Oddo AM

Oddo Asset Management annonce la nomination au premier décembre de Laurent Denize, actuellement gérant senior, en tant que co-Chief Investment Officer à la direction des investissements, aux côtés de Nicolas Chaput, Chief Executive Officer de la société de gestion. A ce titre, il aura pour mission de conduire l’élaboration de la stratégie d’investissement et d’assurer le suivi global des portefeuilles, y compris le suivi des risques après le départ en retraite de Thierry Deheuvels. Cette nomination, combinée au renforcement significatif des capacités de gestion et à la mise en œuvre d’un pôle Solutions d’Investissement dédié à la recherche et à l’ingénierie financière, confirme notre ambition de devenir un acteur majeur de la gestion d’actifs en Europe», commente Nicolas Chaput. A fin septembre, Oddo AM gère 13,8 milliards d’euros d’encours et compte 111 collaborateurs.
03/12/2013

Alma Consulting Group se donne un nouveau président

Le départ de Vincent Taupin d’Alma Consulting Group a entraîné la désignation d’un nouveau président de la société. En l’occurence, il s’agit d’Hervé Amar qui assurera cette fonction à compter de janvier 2014. Hervé Amar était directeur général du groupe depuis 2008.
03/12/2013

CalPERS se met en quête d'un directeur juridique

Le fonds de pension californien CalPERS a indiqué le 2 décembre qu’il était à la recherche d’un general counsel. CalPERS précise dans un communiqué qu’il donnera la préférence à une personnalité visionnaire dans son secteur et qui aura un œil critique sur l'équipe dirigeante à la tête du fonds de pension.Le general counsel accompagne le conseil d’administration, le CEO et l’organisation sur un grand nombre de problématiques, entre autres la responsabilité fiduciaire, les opérations d’investissement ou encore la gouvernance. Il est rattaché directement au CEO.Le cabinet Korn Ferry a la responsabilité de la mise en œuvre de cette recherche pour le compte du fonds de pension.

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