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24/09/2013
Fonds

KanAm met un nouveau fonds immobilier sur le marché

Le gestionnaire munichois KanAm Grund, qui a dû liquider ses deux fonds immobiliers offerts au public Grundinvest et US-Grundinvest, lance à présent un nouveau produit également offert au public, le Leading Cities Invest, rapporte la Börsen-Zeitung.Dans un entretien, Hans-Joachim Kleinert, le directeur général de KanAm Grund, souligne que la nouvelle législation protège les investisseurs: les souscripteurs doivent s’engager à conserver leurs parts pendant deux ans et respecter un préavis d’un an avant de sortir, ce qui évitera de nouveaux remboursements massifs semblables à ceux du passé.Le Leading Cities Invest se focalisera sur des actifs immobiliers de grande qualité dans les principales métropoles d’Europe et d’Amérique du Nord. Ce fonds aura par rapport à ses prédécesseurs l’avantage de ne pas compter de souscripteurs anciens autorisés à sortir à tout moment 30.000 euros par semestre.
Fonds
24/09/2013

MSCI extends range of market-neutral indices

MSCI has launched two new MSCI Market Neutral Barra Factor Indices targeting two fundamental Barra style factors: Momentum and Volatility. Created in consultation with, and licensed to, J.P. Morgan, the new indices are designed to reflect the performance of a theoretically “pure” single factor return for a given region, while remaining investable, replicable and with controlled turnover.The MSCI Europe Market Neutral Barra Momentum Index targets high exposure to the momentum factor across European developed markets, with low exposure to all other market factors including country, industry and other style factors (such as size, value, growth and more). Similarly, the MSCI Europe Market Neutral Barra Volatility Index targets high exposure to the volatility factor, with low exposure to all other factors.
24/09/2013

John Paulson invests in Puerto Rico

John Paulson has made his first investment in Puerto Rico, which may not be his last, the Financial Times reports. The investment is in an 80% stake in a high-end hotel, and a complex located outside the capital, San Juan, the St Regis Bahia Beach resort and Bahia Beach Resort and Golf Club. The financier is betting that recent tax reforms will attract high net worth financiers to the island.
24/09/2013

Aberdeen AM has raised EUR150m for secondary real estate

Aberdeen Asset Management has raised EUR151.5m for a new fund of funds which will concentrate on the secondary real estate market, Fondbranschen reports. The fund, Aberdeen European Secondaries Property Fund, has the Swedish pension fund AP1 among its largest investors. The Property Multi-Manager team at Aberdeen, based in Stockholm, advises the fund. The fund is composed of about 15 funds, exposed to more than 200 real estate properties in Europe.
24/09/2013

APEC wants to create a passport for Asian funds

Could it be a rival ot UCITS? The ministers of Singapore, South Korea, Australia and New Yealand have reached an agreement to facilitate cross-border sales of funds in the region, Asian Investor reports. At the second APEC (Asia Pacific Economoc Co-operation association) on Friday in Bali, the finance ministers of the four countries signed an agreement in principle to create a pilot programme which could eventually create a passport for funds in the region, entitled the Asia Region Funds Passport (ARFP). Other Asian countries could join the initiative at a later date. The working plan sets the launch of the passport for 2016.
24/09/2013

Assets down and net outflows for Aberdeen in July-August

As of the end of August, Aberdeen Asset Management had total assets of GBP201.7bn, compared with GBP209.6bn two months previously, due to net outflows of GBP1.2bn, as well as GBP6.7bn in market effects (GBP3.7bn) and currency effects (GBP3bn), according to a pre-close trading update released on 23 September.In the two months under review, gross subscriptions totalled GBP7bn, which brings the total in the first 11 months of the fiscal year ending on 30 September to GBP41.3bn, compared with GBP33.1bn in the eleven months to the end of August 2012.From October 2012 to the end of August 2013, net redemptions totalled GBP0.2bn, as in the corresponding period of 2011-2013.Aberdeen also estimates that its pre-tax profits will total at the high end of the range predicted by analysts (GBP431m to GBP477m). They were GBP347.8m (+15%) in the fiscal year which ended on 30 September 2012.
24/09/2013

New head for retail at NGAM in United Kingdom

According to Investment Week, Natixis Global Asset Management (NGAM) has recruited Matthew Shafer, head of EMEA sales for offshore funds, alternative investments and managed products at Merrill Lynch as managing director for its retail activities in the United Kingdom, as well as for global key accounts.Shafer, who will be based in London, replaces Ed Farrington, who has been transferred to Boston, and will report directly to Hervé Guinamant, chairman and CEO for international distribution.
24/09/2013

Assets down and net outflows for Aberdeen in July-August

As of the end of August, Aberdeen Asset Management had total assets of GBP201.7bn, compared with GBP209.6bn two months previously, due to net outflows of GBP1.2bn, as well as GBP6.7bn in market effects (GBP3.7bn) and currency effects (GBP3bn), according to a pre-close trading update released on 23 September.In the two months under review, gross subscriptions totalled GBP7bn, which brings the total in the first 11 months of the fiscal year ending on 30 September to GBP41.3bn, compared with GBP33.1bn in the eleven months to the end of August 2012.From October 2012 to the end of August 2013, net redemptions totalled GBP0.2bn, as in the corresponding period of 2011-2013.Aberdeen also estimates that its pre-tax profits will total at the high end of the range predicted by analysts (GBP431m to GBP477m). They were GBP347.8m (+15%) in the fiscal year which ended on 30 September 2012.
24/09/2013

Billions of dollars wasted on advising

Pension funds and other major investors spend billions of dollars per year on investment consultants for useless advising, a study from Oxford university cited by Financial Times fund management has found. The funds recommended by consultants are not better than others, and by some measurements, even underperform the market. On an equally-weighted basis, US equity funds recommended by consultants underperformed other funds by 1.1% per year between 1999 and 2011, according to an analysis of 29 consultant reports.
24/09/2013

BoA-ML is the largest user of ETFs in the world

According to a study by ETFGI, Bank of America Merrill Lynch (BoA-ML), with over USD50bn, is by far the largest institutional shareholder in ETFs, Fonds Nieuws reports. It is followed by Wells Fargo, Morgan Stanley, goldman Sachs, UBS, BMO, JPMorgan and Citi, with a total of USD166bn.Paulson & Co is the largest alternative fund manager using ETFs, largely due to its investments in the Gold ETF from SPDR, while Tudor and Quantitative Investment Management have each invested over USD1bn in ETFs.Among university endowments, Harvard is exposed for USD561m to ETFs, while Stanford and Yale have invested USD146m and USD28m in ETFs, respectively.
24/09/2013

Aberdeen AM launches two bond funds

Aberdeen Asset Management has announced the launch of two bond funds entitled Aberdeen Global – World Government Bond fund and Aberdeen Global – Frontier Markets Bond Fund. The Aberdeen Globl – World Government Bond fund allows exposure to international government bonds. “The fund will limit its exposure to non-investment grade debt and will seek to maximise its absolute returns via issues of investment grade government bonds, which will continue to have near-zero default rates,” a statement says.The asset mangement firm adds that the performance of the fund will be comparable to that of a benchmark index weighted by GDP. As a result, the fund will strongly prefer growing economies which generate high income (via higher returns), whiel repsenting a lower public debt as a percentage of GDP,” Aberdeen AM says. The fund has already received a seed subscription of about USD75m from an institutional investor. It will be managed by the Global Macro team at Aberdeen, led by Jozsef Szabo. The minimal initial investment in the fund is set at USD1,000.For its part, the Aberdeen Global – Fronteri Markets Bond fund will invest in a variety of frontier bond markets in sub-Saharan Africa, Central America and Asia. The fund, which has received an internal initial subscription of USD10m, will bemanaged by the emerging market debt team, led by Brett Diment.
24/09/2013

De Pury Pictet Turrettini & Cie S.A. company recruits an SRI specialist

The De Pury Pictet Turrettini & Cie S.A. company, a specialist in wealth management, family office and wealth management advising, has announced the recruitment of Dominique Habegger as head of institutional management, with the objective of scaling up its SRI approach. The firm manages about CHF2.5bn in assets for private and institutional clients, a statement says.
24/09/2013

60% of assets in DC plans are intermediated

More than 60% of private defined contribution (DC) assets are invested in plans that have an ongoing advisor/consultant relationship, and dedicated defined contribution investment-only (DCIO) wholesalers are a key to success, shows new research from Cerulli Associates. Kevin Chisholm, associate director at Cerulli, says that «plan participants very rarely change their asset allocation, and asset managers are likely able to retain DC assets and benefit from ongoing contributions."As a consequence, asset managers need to have a dedicated salesforce in place to make sure advisors know about their product offerings.
24/09/2013

SLI starts up in Canadian RE

Standard Life Investments has announced the first closing of a new Canadian Real Estate Fund (CREF), raising CDN 77m in initial equity.The CREF is structured as a semi open-ended Canadian Limited Partnership with an English Limited Partnership feeder fund for non-Canadian investors. The Fund was intentionally designed for both domestic and international institutional investors to access the Canadian real estate market. Standard Life Investments real estate team in Toronto has been providing domestic investors with access to the Canadian real estate market for over 30 years. The existing core, fully open-ended, fund has delivered strong long term performance of 9.4% per annum since launch on 31st December 1982, and has grown to over CDN1.3bn.The new fund will focus on a core-plus strategy with managed liquidity and leverage.
24/09/2013

La Française AM slashes fees for funds of hedge funds

La Française AM at the beginning of Septemebr cut the fees for all funds of its alternative multi-management range, which have assets of slightly over EUR600m, by about 50%, the affiliate of Crédit Mutuel Nord Europe announced on Monday at a press conference. LFP Stratégie Actions, a long/short fun, has seen its fees reduced from 1,60% to 0.80%, while LFP Alteram Event, a thematic fund, has been reduced from 1,60% to 0.75%, and the LFP Alteram Multi Arbitrates, a market neutral fund, is reduced from 1.35% to 0.65%. The three funds still have performance fees. “It makes us more competitive,” says François Rimeu, deputy head of diversified multi-management and alternative management at the asset management firm. La Française AM is clearly hoping to gain from the current rebount in interst in alternative management being observed worldwide, in a context of low interst rates, which it considers favourable for this type of management. As of 31 July, assets under management by hedge funds worldwide reached their highest level in the past five years, at USD1.97tn, according to estimates by BarclayHedge and TrimTabs Investment Research.
24/09/2013

Schroders adds Asian fund to its Maximiser strategy

The range of seven British and Luxembourg-registered Maximiser funds (USD3.9bn in assets as of the end of August) has gained a new fund, Schroder ISF Asian Dividend Master, which aims for regular monthly returns corresponding to 7% per year. It will invest in high yielding equities from the Asia-Pacific region (ex Japan) and will use the same two-pronged strategy as the other Maximiser funds, which adds an overlay of covered call options to an actively-managed portfolio of Asian higher yielding equities and a market capitalisation of over USD2bn.The Schroder ISF Asian Dividend Maximiser is managed by the same team as the British version, led by Thomas See, head of structured fund management, who is responsible for the overlay strategy, while Richard Sennit is manager of the Schroder Asian Income Fund, responsible for stock-picking.Schroders states that a portion of the portfolio will be left without call options, which will allow the management team to invest in equities and markets where options activity is more limited, or in which the potential for appreciation may be particularly high.CharacteristicsName: Schroder ISF Asian dividen Maximiser (A shares, accumulation)Date of launch: 18 September, 2013Base currency: USDBenchmark inde: MSCI AC Pacific ex Japan (NDR)Front-end fee: maximum 5%Management commission: 1.50%
24/09/2013

AGI opens small cap fund to retail investors

From 13 September, Allianz Global Invetors (AGI) has released the Luxembourg-registered fund Allianz Global Small Cap Equity Fund, specialised in small caps from the entire world and launched in June, to German and other European retail investors, AGI announced on 23 September. The product had previously been available only to institutional investors.The portfolio may include up to 190 securities, equities in companies with a capitalisation equal to or higher than USD400m. It is managed by Andrew Neville, who is head of the strategy, which returned 28% between March 2011 and the end of August 2013. For this US dollar-denominated fund, AGI uses the best ideas from four of its independent management teams, while ensuring that regional weightings correspond to those of the MSCI World Small Cap Index Total Return.CharacteristicsName: Allianz Global Small Cap Equity FundISIN code: LU0963586101Management commission: 1.75%Administrative fees: 0.30%
24/09/2013

Three new iShares ETFs in Frankfurt

Deutsche Börse on 23 September announced that it has added three new German-registered ETFs from iShares to trading on the XTF segment of its Xetra electronic platform, including one bond and two equity product. The funds bring the number of ETFs listed in Frankfurt to 1,013.CharacteristicsName: iShares $ Corporate Bond Interest Rate Hedged UCITS ETFISIN code: DE000A1W4V85Benchmark index: Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged IndexTotal expense ratio: 0.25%Name: iShares MSCI EMU Large Cap UCITS ETFISIN code: DE000A1W4V93Benchmark index: MSCI EMU Large Cap IndexTotal expense ratio: 0.49%Name: iShares MSCI EMU Mid Cap UCITS ETFISIN code: DE000A1W4WA3Benchmark index: MSCI EMU Mid Cap IndexTotal expense ratio: 0.49%
24/09/2013

Subscriptions to XAIA Credit Debt Capital frozen

Since 23 September, the Frankfurt-based Universal-Invetment fund and the Munich-based XAIA Investment (founded last November by Assénagon alumni) will provisionally no longer be accepting subscriptions to their XAIA Credit Debt Capital fund, whose assets have increased form EUR243m at the beginning of the year to over EUR750m currently.The strategy is not scalable at will since the portfolio is invested in a targeted manner in special situations in the structure of capital of issuers. In other words, supplementary subscriptions may lower the rate of exposure to too low a level, so a closure to new subscriptions is intended to avoid a dilution of profitability for current shareholders.The three existing XAIA funds are now closed, as the fist two, XAIA Credit Basis (launched in April 2009) and XAIA Credit Basis II (launched in January 2010) had previously been closed.XAIA (EUR2.7bn in assets), which deploys market neutral strategies, says that the XAIA Credit Debt Capital fund, launched in September 2011, as of 19 September had earned returns of 9.42% with volatility of 1.83%.
24/09/2013

BNP Paribas IP sets up a new organisation

According to information obtained by Newsmanagers, the head of BNP Paribas Investment Partners, Philippe Marchessaux, on the evening before the weekend internally announced the global organisation of the asset management firm. It is a new organisation into business lines, which could be focused around two areas of activity, institutional and retail. This new configuration is intended to signify the end of the multi-boutique model at the Investment Partners unit, which is considered too costly and which has also already been modified, as with the sale of Fauchier Partners at the end of 2012 to Legg Mason, and the internalisation of activities at Fundwuest. The details of the new architecture may be unveiled in the next few days. The CEO of BNP Paribas, Jean-Laurent Bonnafé, at the end of July announced at a presentation of quarterly results that asset management, which accounted for EUR375bn in assets as of the end of June 2013, represents a strategic area for the group, with three priority areas for development, institutional clients, retail clients, and private banking, and emerging markets.
24/09/2013

UBS launches its first impact investing fund

On 23 September, UBS announced that it has raised and closed an impact investing fund investing in private equity in small and mid-sized businesses in emerging and frontier markets, which, according to the Swiss firm, would be the first product of its type launched by a bank. The volume is slightly over CHF50m.The Impact Investing SME Focus Fund is a fund of funds managed by an independent investment adviser, Obviam, a specialist in long-term investment in emerging and frontier markets.The fund will buy stakes in the capital of privately-held SMEs via underlying funds. Investments will be carried out in sectors and businesses which are leading social and environmental change (health, education, access to finance, basic infrastructure, sustainable agriculture and forestry).The fund has already made its first investment in a fund specialised in education in India.
24/09/2013

Hedge funds use government information

Hedge funds use the Freedom of Information Act (FOIA), a law designed by partisans of open democracy to throw light on the way decisions are taken at top levels of government, to obtain information from the government. A Wall Street Journal study of 100,000 of 3 million FOIA requests in the past five years shows that investors are using the process to glean all sorts of information. For example, they are asking the Environmental Protection Agency about information on subsidies for energy-efficient vehicles, and the SEC whether companies are under investigation. Reports from the Food and Drug Administration about pharmaceutical companies are also particularly valued by hedge funds. These requests are perfectly legal. Investors say they do not take investment decisions based solely on this information, but that it does help them to deploy a strategy or evaluate the prospects at a business.
24/09/2013

BNP Paribas IP se réorganise

Le patron de BNP Paribas IP, Philippe Marchessaux, a présenté en interne, à la veille du week-end, la nouvelle organisation du gestionnaire d’actifs mondial, révèle mardi Newsmanagers (groupe Agefi). Il s’agirait d’une nouvelle organisation en «business lines» qui pourrait s’articuler autour deux grands pôles d’activités, l’institutionnel et le retail. Ce modèle signerait la fin d’une organisation multiboutiques qui n’a pas donné les résultats escomptés.
24/09/2013
Gestion d'actifs

Monceau Assurances va créer un fonds dédié sur les actions européennes

Nous avons pour projet de créer avec La Banque Saint Olive un fonds dédié sur les actions européennes, indique Gilles Dupin, Président et Directeur général de Monceau Assurances. L’assureur qui détient actuellement une quinzaine de fonds dédiés en portefeuille, délaisse les grandes structures préférant travailler avec des asset managers de taille relativement modeste ayant un profil entrepreneurial et qui entretiennent avec leurs clients des relations de proximité et privilégiées. Monceau Assurances travaille au total avec une douzaine de sociétés de gestion. Sur les 5,5 milliards d’euros d’encours affichés par son portefeuille, elle délègue la gestion de 1,5 milliard d’euros. 85 % de cette délégation est réalisée par ses trois principaux partenaires : Métropole Gestion, Financière de la Cité et La Financière Responsable. Précisons que Monceau Assurances détient également 10 % du capital d’Alma Capital Management mais l’institution n’a pas la volonté de devenir actionnaire d’autres sociétés de gestion. Nos prises de participation ont répondu à une volonté de construire un projet commun avec des équipes ayant un talent particulier. Mais là n’est pas notre métier, insiste Gilles Dupin. L’institution investit aussi dans des fonds ouverts gérés par des sociétés de gestion comme Banque Saint Olive (fonds Bio Santé notamment) ou Montpensier Finance sur les actions ou encore Martin Maurel pour des fonds obligataires indexés sur l’inflation, obligations convertibles et l’immobilier.
Gestion d'actifs
24/09/2013

Jean-Marc Ayrault exclut une CSG progressive en 2014

La CSG progressive, réclamée par de nombreux députés de la majorité dans un souci de justice fiscale, ne figurera pas dans le budget 2014, déclare Jean-Marc Ayrault dans un entretien accordé au quotidien régional. «Si nous devions suivre cette proposition, elle aurait d’ailleurs des effets compliqués : attention à ne pas trop mettre à contribution les classes moyennes», ajoute le chef du gouvernement.
24/09/2013

L'Apec veut créer un passeport pour les fonds asiatiques

Les ministres de Singapour, de Corée du Sud, d’Australie et de Nouvelle-Zélande sont tombés d’accord pour faciliter les ventes transfrontalières de fonds dans la région, rapporte le journal financier. Les ministres de finances de ces quatre pays ont signé à cet effet un accord de principe destiné à mettre en place à l’horizon 2016 un passeport pour les fonds de la région, dénommé Asia Region Funds Passport (ARFP).

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