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21/11/2013

M&G va renforcer son équipe actions mondiales

M&G Investments cherche à renforcer son équipe actions mondiales avec la nomination d’un spécialiste ressources, a confirmé la société à Citywire. Jamie Horvat, qui était récemment gérant de portefeuilles au sein de la société canadienne Sprott Asset Management, est en passe d’être recruté.
21/11/2013

Le fondateur de Rogge Capital Partners cède son poste de CEO

Dans un communiqué du 20 novembre, Rogge Capital Partners, gestionnaire spécialiste de l’obligataire (57 milliards de dollars au 30 septembre) et filiale d’Old Mutual Asset Management, a annoncé que son fondateur, CEO et co-CIO Olaf Rogge se concentrera à partir du début 2014 sur son rôle de chairman exécutif et conservera le poste de co-CIO mais que le poste de CEO sera dévolu à David Jacob. Le nouvel arrivant vient de chez Henderson Global Investors (HGI) où il est vice-chairman et chairman of North America après avoir été CIO de janvier 2005 à janvier 2013.
21/11/2013
Fonds

Schroders et Henderson enregistrent des fonds en Espagne

Funds People rapporte que Schroders a fait enregistrer par la CNMV son fonds d’obligations catastrophe Schroders GAIA Cat Bond. Henderson Global Investors a fait de même avec son produit d’obligations haut rendement Henderson Horizon Global High Yield Bond.
Fonds
21/11/2013
Fonds

Première acquisition pour le SEB Konzept Stiftungsfonds

L’allemand SEB Asset Management a annoncé le 20 novembre que son nouveau fonds immobilier offert au public et destiné aux fondations SEB Konzept Stiftungsfonds (lire Newsmanagers du10 octobre) a acheté au promoteur hambourgeois Ixocon fin septembre son premier actif pour 18 millions d’euros. Il s’agit d’un centre logistique de 31.600 mètres carrés situé à Wolfsburg, achevé en septembre 2013 et loué en totalité à Rudolph Automotive Logistik GmbH.SEB AM prévoit pour le fonds de nouvelles acquisitions en 2014, l’objectif étant de constituer un portefeuille diversifié d’actifs d’une valeur unitaire comprise entre 15 millions et 40 millions d’euros.CaractéristiquesDénomination : SEB Konzept StiftungsfondsCode Isin: DE000SEB7M96Droit d’entrée: 3 %Commission de gestion: 0,90 %Souscription minimale initiale: 50.000 euros
Fonds
21/11/2013

Allan Valentiner rejoint AMF Capital

Allan Valentiner vient de quitter la boutique allemande Johannes Führ Asset Management pour rejoindre le fondateur éponyme de la société dans son nouveau groupe AMF Capital, rapporte Citywire.Allan Valentiner a rejoint le board d’AMF Capital après avoir passé plus d’une dizaine d’années chez Johannes Führ Asset Management.Ses fonctions chez Johannes ont été reprises par Gerhard Rosenbauer, l’ancien CEO de Meag Kapitalgesellschaft, qui pourrait prendre les rênes de Johannes Führ Asset Management.Chez AMF Capital, Allan Valentiner sera responsable de la division gestion institutionnelle. Il devrait également piloter deux fonds de pension, à l’aide de Markus Mitroviski, qui a également quitté Johannes Führ récemment pour rejoindre AMF Capital.
21/11/2013
Fonds

Le nombre de fonds durables baisse outre-Rhin mais leurs encours augmentent

Au 30 septembre, on recensait en Allemagne, Autriche et Suisse un total de 372 fonds de développement durable ouverts au public, avec un encours de 38 milliards d’euros. Les fonds commercialisés dans ces pays gèrent au total des actifs de 1.380 milliards d’euros. Selon les statistiques du Sustainable Business Institute (SBI), le nombre de produits a certes diminué par rapport au total de 384 fonds enregistrés pour fin 2012, mais l’encours a augmenté de 3 milliards d’euros en neuf mois.Depuis le début de l’année, 19 fonds sont entrés dans la base de données du SBI, qu’il s’agisse de nouveaux produits ou de fonds qui ont modifié leur stratégie pour devenir durables. Ces fonds représentaient au 30 septembre un encours de 1,3 milliard d’euros. Parallèlement, 31 fonds ont été radiés, soit parce qu’ils ont été fermés, soit parce qu’ils ont été fusionnés.Dans le détail, le SBI indique que les 201 fonds d’actions développement durable géraient 23,1 milliards d’euros, contre 7,5 milliards pour les 64 fonds obligataires et 5,6 milliards dans les 69 fonds diversifiés. Par ailleurs, les 13 fonds de fonds affichaient des encours de 458 millions, soit moins que les 20 ETF, qui pesaient 735 millions et même que les 5 fonds de microfinance, qui arrivaient à 826 millions d’euros.
Fonds
21/11/2013

Le site internet de Pictet change de look

Le nouveau design du site internet de Pictet se recentre vers un message essentiel : qui est la banque et ce qu’elle fait. Avec une quantité de contenu divisée par deux, mais davantage de vidéos et un objectif: encourager le contact direct, rapporte L’Agefi suisse. «Nous sommes revenus aux messages clés, qui étaient moins mis en évidence dans la version précédente du site», explique au quotidien Steven Ritchey, Head of Digital Strategies. «La page d’accueil pousse le visiteur à se diriger rapidement vers ce qui l’intéresse : des renseignements sur la banque elle-même ou sur les trois métiers (ndlr : gestion de fortune, gestion d’actifs, asset services) qu’elle pratique. Les informations importantes sont à l’intérieur du site corporate et des sites des différents pays, notamment les informations de contact qui sont accessibles rapidement».De quelque 700 pages par langue, le site est passé à environ 120 pages par langue, avec un contenu entièrement réécrit par une vingtaine de contributeurs. Les vidéos constituent un autre élément central de la stratégie numérique de Pictet et devraient devenir plus nombreuses à l’avenir.
21/11/2013

Prosecutors accuse former SAC manager of breaking the law

US prosecutors have argued before a jury that Michael Steinberg, former portfolio manager at SAC Capital, “broke the law” when he made trades on the strength of confidential information about companies obtained through the «circle of friends» of his analyst, the Financial Times reports, as the most recent insider trading hearing opened on Wednesday. Steinberg’s lawyers, however, have claimed that their client was betrayed by his former analyst, Jon Horvath, a key government witness, who claims that the manager was implicated in insider trading.
21/11/2013

Number of funds down in Europe in Q3

The total number of funds in Europe showed a decrease of 271 products for third quarter 2013, according to statistics released by Lipper. For third quarter 2012 the net decrease had been slightly higher at 308 products. The European fund industry created 442 funds created during third quarter 2013, while 458 funds were liquidated and 255 were merged.Among creations, 133 equity funds were launched in third quarter 2013, 120 bond funds, 155 mixed asset funds, 23 “other” funds, and 11 money market funds. During the same period 458 funds were liquidated: 148 equity funds, 58 bond funds, 91 mixed-asset funds, 145 “other” funds, and 16 money market funds. In addition, 255 funds were merged in Q3 2013: 76 equity funds, 70 bond funds, 59 mixed-asset funds, 15 “other” funds, and 35 money market funds.As of the end of September 2013, there were 31,925 mutual funds registered for sale in Europe. Luxembourg continued to dominate the fund market in Europe, hosting 8,618 funds, followed by France, where 4,876 funds were domiciled.
21/11/2013

Driehaus CM launches open-ended small cap growth fund

The asset management firm Driehaus Capital Management, based in Chicago, has launched the Driehaus Micro Cap Growth Fund, a strategy housed in a mutual fund, which succeeds the Driehaus Micro Cap Fund and the Driehaus Institutional Micro Cap Fund. The strategy has since January 2003 already been managed by Driehaus. It has a cumulative performance of 587% since its creation, compared with 197% for the Russell Microcap Growth Index, and 138% for the S&P 500 Index. As of the end of October 2013, assets under management in micro-cap strategies totalled about USD300m.
21/11/2013

UCITS may become superfluous in Asia

The three propositions of Asian passports will reduce the attraction of UCITS funds to zero in the region, according to the findings of a conference held by Asian Investor. When they were launched, UCITS funds filled a gap, Lieven Debruyne, CEO of Schroder Investment Management in Hong Kong and chairman of the Hong Kong investment association, admits. But all that will change. Alan Harden, CEO for Asia-Pacific at BNY Mellon Investment management, says “the days of the UCITS are probably numbered.”
21/11/2013

Ossiam appoints risk manager

Ossiam, the affiliate of Natixis Global Asset Management, has recruited Monique La as risk manager, Fund Web reports. La had previously been at BISAM Technologies. She has also worked at Harewood Asset Management, an affiliate of BNP Paribas.
21/11/2013

Mandarine Gestion hires head of sales & distribution

Mandarine Gestion on 20 November announced the appointment of Jean-Philippe Abougit as head of sales and distribution. He joined the team dedicated to sales led by Marie-Claire Marques. He aims to provide commercial development of Mandarine Gestion serving major distribution networks and IFAs.“Since its inception, Mandarine Gestion has been closely involved with this client segment, with whom we wish to actively pursue our development,” explains Rémi Leservoisier, CEO of Mandarine Gestion. “For that, we are counting on reonforcements to our distribution team, which was joined by Jean-Philippe Abougit in September, to enrich our range and the regular growth of assets in our funds, which have continued to post very good returns in 2013.”Abougit began his career in April 2004 as head of OPCVM product marketing at the Banque de Gestion Privée Indosuez (BGPI). In Noveber 2004, he joined Ixis Private Capital Management (IXIS PCM) as partner client representative, and was promoted in 2006 to head of key accounts. In 2007, he was recruited to the position of head of sales at Natixis Multi-Manager, before joining Neuflize Private Assets in 2011, when he was appointed as senior representative.
21/11/2013

Javier Villegas, co-ordinator for the Americas at Franklin

Javier Villegas, who joined Franklin Templeton in 2005 as part of the sales team for the Iberian peninsula, has been appointed as co-ordinator of relationships with global clients and the largest consultants in the “America Offshore” category, as well as for Latin America, Funds People reports. Villegas will now be based in Miami.
21/11/2013

US Bancorp Fund Services acquires Quintillion

The Irish hedge fund administrator Quintillion Limited (USD18bn in assets under administration) has been acquired by US Bancorp Fund Services, whose assets under administration increase to USD832bn in more than 2,900 funds, the Milwaukee-based US firm has announced. The latter will take over 55 Quintillion employees in Dublin.The sale price has not been dislosed.
21/11/2013

EIIB-Rasmala adds to Sharia-compliant range

The financial group EIIB-Rasmala, specialised largely in asset management and listed on the AIM in London, is adding to its Sharia-compliant product range with the launch of a new fund, the Rasmala Trade Finance Fund, Funds Europe reports. The fund will invest in a transaction portfolio of trade finance exposed to various regions and sectors in order to reduce exposure to rising interest rates. EIIB-Rasmala, which this year has already launched several Sharia-compliant funds, is aiming for assets of over USD2bn in these new vehicles.
21/11/2013

Schroders and Henderson register funds in Spain

Funds People reports that Schroders has registered its catastrophe bond fund Schroders GAIA Cat Bond with the CNMV. Henderson Global Investors has done the same with its high yield bond product Henderson Horizon Global High Yield Bond.
21/11/2013

SWIP buys Harlequin building for GBP40m

Rockspring Property Investment Managers is selling the Harlequin Building in London for GBP40m to Scottish Widows Investment Partnership (SWIP). The property had previously been housed in the portfolio of the Rockspring UK Value Fund.
21/11/2013

Alan Valentiner joins AMF Capital

Alan Valentiner has left the German asset management boutique Johannes Asset Management, to join the eponymous founder of the firm at his new group, AMF Capital, Citywire reports. Valentiner joined the board at AMF Captial after spending more than 10 years at Johannes Fuhr Asset Management. His role at Johannes have been taken over by Gerhard Rosenbauer, former CEO of Meag Kapitalgesellschaft, who may take over as head of Johannes Fuhr Asset Management. At AMF Capital, Valentiner will be responsible for the institutional management division. He is also expected to manage two pension funds, with the assistance of Markus Mitroviski, who has also recently left Johannes Führ to join AMF Capital.
21/11/2013

German institutionals convert to scenario analysis

According to a survey carried out by Union Investment, 47% of German institutional investors assign a high importance to the scenario technique to allocate assets, and 29% estimate that the importance of this technique in investment policy has increased. 72% of those surveyed see an opportunity in this scenario formula to integrate extreme events, fat tails and asymmetrical expectations of returns in their investment decisions. The central asset management firm for the German co-operative banks has carried out this survey to coincide with the publication of a study which it sponsored, by professor Arnd Wiedeman at the University of Siegen. The study shows that the advantages of the scenario technique compared with the traditional risk/return optimisation according to the Harry Markowitz method.
21/11/2013

Deep markdowns for RE funds in liquidation

The Berlin-based ratings agency Scope has determined that on average, the 126 properties sold by the 11 German open-ended real estate funds in liquidated were sold 12.5% below their most recent market value since the liquidation decision was taken. The discount rises with time. It is on average 6.9% during the first year after the announcement of the liquidation, but totals 18.5% in the second year, and 22.2% in the third.Since the announcement of the decision to liquidate the fund, the 381 remaining assets have depreciated by an average of 4.5%. And Scope predicts a further 5% downward correction in market values. Since the portfolios are also quite different from one another, Scope cannot rule out further capital losses which may reach 15%.Among the portfolios to be liquidated which present the least risks, Scope has selected the KanAm grundinvest, CS Euroreal, TMW Immobilien Weltfonds and SEB Immoinvest funds.On the other hand, the riskiest portfolios are the DEGI Business, International and German Business funds as well as the Axa Immoselect.
21/11/2013

Fewer “German-speaking” sustainable funds manage more assets

As of 30 September, in Germany, Austria and Switzerland there were a total of 372 open-ended sustainable development (SD) funds, with assets of EUR38bn. Funds on sale in these countries had a total of EUR1.380trn in assets under management. According to statistics from the Sustainable Business Institute (SBI), the number of SD products may have fallen compared with the total of 384 funds counted as of the end of 2012, but assets have risen by EUR3bn in nine months.Since the beginning of the year, 19 funds entered the SBI database, either as new products, or as funds which modified their strategies to become sustainable. These funds as of 30 September represented assets of EUR1.3bn. Meanwhile, 31 funds were removed, either because they were closed, or because they were merged.In detail, the SBI says that the 201 sustainable equity funds managed EUR23.1bn in assets, compared with EUR7.5bn for the 64 bond funds, and EUR5.6bn for the 69 diversified funds. Meanwhile, the 13 funds of funds had assets of EUR458m, less than the 20 ETFs, which had EUR735m, and the 5 microfinance funds, which had EUR826m.
21/11/2013

First acquisition for SEB Konzept Stiftungsfonds

The German firm SEB Asset management on 20 November announced that its new open-ended real estate fund aimed at charities, SEB Konzept Stiftungsfonds (see Newsmanagers of 10 October) has purchased its first property from the Hamburg-based developer Ixocon for EUR18m. It is a logistics centre with 31,600 square metres, located in Wolfsburg, completed in September 2013, and wholly leased to Rudolph Automotive Logistik GmbH.SEB AM has further acquisitions planned for the fund in 2014, with the objective of constructing a diversified portfolio of assets with a total unit value of EUR15m to EUR40m.CharacteristicsName: SEB Konzept StiftungsfondsISIN code: DE000SEB7M96Front-end fee: 3%Management commission 0.90%Minimal initial subscription: EUR50,000
21/11/2013

Olaf Rogge hands off CEO position to David Jacob

In a statement on 20 November, Old Mutual AM’s Rogge Capital Partners, a fixed income manager (USD57bn as of 30 September), has announced that its founder, CEO and co-CIO Olaf Rogge will from the beginning of 2014 concentrate on his role as executive chairman, and will retain the position of co-CIO, but that the position of CEO will be handed off to David Jacob. Jacob joins the firm from Henderson Global Investors (HGI), where here is vice-chairman and chairman of North America, after serving as CIO from January 2005 to January 2013.
21/11/2013

Standard Life Wealth to merge into Standard Life Investments

The wealth management entity Standard Life Wealth will partly join Standard Life Investments (SLI) from 1 January 2014, Investment Week reports. The head of Standard Life Wealth, Richard Charnock, will join the board at SLI on the same date, and will report to the head of SLI, Keith Skeoch.
21/11/2013

Britain's USS invests in aeronautics

One of the largest British pension funds, the Universities Superannuation Scheme (USS), has bought a 49.9% stake in the Airline Group, as part of its policy of investment in infrastructure, Funds Europe reports. The investment will be managed by the team dedicated to infrastrucure at USS Investment Management.
21/11/2013

M&G to add to global equity team

M&G Investments is seeking to add to its global equity team, with the appointment of a resources specialist, the firm has confirmed to Citywire. Jamie Horvat, who had recently been a portfolio manager at the Canadian firm Sprott Asset Management, is in the process of being recruited.
21/11/2013

JOHCM would like to grow in North America

JO Hambro Capital Management (JOHCM) is planning to add to its team of managers based in the United Sttaes, and to launch US equity funds, as part of a planned development in the region, Investment Week reports. North America is a region where the group is not present, and it does not currently have dedicated US funds domiciled in the United Kingdom.
21/11/2013

Man Group employees feel the crisis physically

Employees of Man Group in London were crowded into only one and a half floors of a nine-story building opened by the hedge fund company in fanfare in 2011, the Financial Times reports. One of the managers of the firm says: «We were driven into a much smaller space, which people don’t like. Assets in our funds shrank, and that’s also the case for our office, it seems.» Man Group saw its assets fall by USD80bn in 2008 to USD52.5bn, while 700 employees have left the firm since it merged with GLG Partners in 2010.

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