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16/09/2013

Hedge funds turn to psychological software to boost returns

Were you alone in a small office after breakfast, or in an open space with a hangover when you made this brilliant trade? These questions are being asked by some major hedge funds, which are turning to psychology to plumb the souls of the best managers and boost performance and profits, the Financial Times reports. Man Group is one companies which adopted a software program very early on which seeks to create the perfect environment to help fund managers work at their best. The software package, designed by Clare Flynn Levy, a star fund manager at Morgan Grenfell, allows manages to save various information, ranging from the time at which a transaction was made to the mood of the person. The technology, which will be launched this week, was designed by Essentia Analytics.
16/09/2013

Credit Suisse to sell its private banking operation in Germany

According to Wirtschaftswoche, BNP Paribas and Santander are in the running to acquire the private banking activity of Credit Suisse in Germany, which the Swiss group is reported to have put up for sale. That would represent a network of nine branches, with assets of EUR4-5bn.Spokespersons for the three entities cited refused to comment.
16/09/2013

China opens up to hedge funds

Chinese regulators have awarded a quota of USD300m to a total of six alternative asset management firms as part of its Qualified Domestic Limited Partner (QDLP) programme, which is expected to have a total volume of USD5bn, the news agency Reuters reports, citing information in the 21st Century Business Herald. The six companies concerned are Man Group, Winton Capital Management, Oak Tree, Citadel, Och-Ziff Capital Management and Canyon Partners. Each firm has received a quota of USD50m.
16/09/2013

Credit Suisse loses co-head of asset management

According to Finews, relaying reports in Bloomberg, Gerhard Fusenig, one of the co-heads of asset management at Credit Suisse, will be leaving the business. The 49-year-old businessman would like to spend more time with his family, the newspaper says. Fusenig plans to remain in his position for a few more weeks in order to ensure a smooth transition. His responsibilities will be distributed between Michael Strobaek, the other co-head of asset management, and Bob Jain, head of alternative management.
16/09/2013

JP Morgan sets aside a further USD4bn for risk management

JPMorgan Chase, which was severely affected last year by the “whale of London” scandal, is planning to set aside USD4bn more, and mobilise a further 5,000 employees to settle questions concerning risk management and regulations, as the bank is subject to multiple investigations, the Wall Street Journal writes, citing sources familiar with the matter. This sum includes USD2.5bn placed in provisions for legal costs in second half, according to the financial newspaper, which also observes that the teams responsible for risk controlling will be increased by 30%. The banking group had announced on Monday that it had mobilized an additional 3,000 employees for controlling functions, and a source close to the situation has told Reuters that 2,000 more employees, who are present in the group’s various activities, will also work on regulatory questions.
16/09/2013

Citi administers over USD500bn in alternative assets

Mike Sleightholme, global head of hedge fund services, and Joe Patellaro, global head of private equity servies, have announced in a joint statement that Citi now has over USD500bn in alternative assets under amdinistration, of which USD300bn are in hedge funds, and USD200bn in private equity, HedgeWeek reports.
16/09/2013

BNP Paribas SS completes migration of assets from Nikko AM

BNP Paribas Securities Services on 13 September announced that it had completed the integration fo Nikko Asset Management in Asia-Pacific. BNP Paribas was selected in October 2011 by Nillo AM to provide middle- and back-office services, and fund custody and administration for its activities in Asia, as well as for its affiliate Tyndall Investment Management, based in Australia and New Zealand.
16/09/2013

Eaton Vance applies for a license to launch ETMFs

The Boston-based Eaton Vance Management, an affiliate of Eaton Vance Corp, has announced that it has submitted an application to the SEC for exemptive relief to allow it to launch exchange-traded managed funds, or ETMF, products which can use an ETF structure for active strategies. ETMFs combine cost and tax-efficiency with protection for shareholders in an ETF, while preserving the confidentiality of trading activities of the portfolio.Eaton Vance (USD268.8bn in assets as of the end of July) is planning to launch a range of ETMFs, which would mirror mutual funds from Eaton Vance. The asset management firm is also planning to issue licenses to other asset management firms via its wholly-owned subsidiary Navigate Fund Solutions LLC.
16/09/2013

CalSTRS seeks to diversify its portfolio

The pension fund for California teachers, CalSTRS, whose assets under management total about USD170bn, has decided on a measured diversification of its portfolio, with a reduction in its allocation to equities and bonds, in favour of inflation-linked assets, according to a statement released on 10 September.The new allocation reduces the most highly represented asset classes, such as international equities, which will be reduced from 53% (current objective) to 51% (new long-term objective), fixed income, which goes from 20%. to 16%. The less liquid asset classes of real estate and private equity both gain 1 percentage point, to 13%.The allocation dedicated to assets which are sensitive to inflation will be increased from 2% to 6%, but this objective of 6% represents a threshold which will be met under all conditions in which the risk of inflation remains very low. CalSTRS will continue to invest in infrastructure and commodities. Hermes Fund Managers is one of the asset management firms retained for commodities.Hermes Fund Managers has been managing commodity mandates since 2005 for its institutional clients, the firm’s website says.
16/09/2013

Mirabaud France recruits two private managers in Paris

Mirabaud France on 13 September announced the arrival of Cyril Lejeune and William Chatin as private managers. Lejeune had previously served as a financial adviser at Merrill Lynch. Chatin had been a private banker at the Banque de Gestion Privée Indosuez in Paris. Before joining Mirabaud France in September 2013, Lejeune, 41, had been a financial advisor for key families and French entrepreneurs at Merrill Lynch since April 2007. Lejeune had previously been in London at Morgan Stanley, to work to reinforce the presence of the firm in France. Before serving as a private banker, he had been an internet entrepreneur. Lejeuna holds a Bachelor of Arta in Business Administration from IFAM, and a level 3 (derivative trading) license from the Securities & Investment Institute of London. Before joining the team at Mirabaud France in August 2013, Chatin, 40, had been a senior private banker at the Banque de Gestion Privée Indosuez from 2008 to 2013. He began his career at l’Oréal in Germany as management controller, and took his first steps into private management in 2002, when he joined AGF Assurfinance as a wealth management adviser. He continued his career from 2004 to 2008 at Cyrus Conseil as a senior wealth adviser.
16/09/2013

Amundi willing to consider acquisitions in ETFs

Amundi is willing to consider acquisition oppportunities in order to become one of the three providers of ETFs in Europe, Financial Times fund management reports. Rumours have recently suggested that the group was interested in Lyxor. “We would strongly consider participating in any consolidation process within Europe’s ETF industry,” says Valérie Baudson, managing director of ETF activities and indexing operations at Amundi (USD50bn). “Scale is important in the ETF industry. … We aim to grow even larger,” she adds.
16/09/2013

Assets at Trian Partners top USD7bn

Nelson Peltz’s activist hedge fund Trian Partners has topped USD7bn in assets under management, Institutional Investor Alpha reports. These assets were up 11% from their level at the beginning of July (USD6.3bn). A large part of the increase in assets is reported to be the result of good returns. Funds gained 25% in the first eight months of the year.
16/09/2013

Invesco, Franklin, Legg and AllianceBernstein return to asset losses in August

The four US firms Invesco, Franklin Templeton, Legg Mason and AllianceBernstein along have posted a decline in assets as of 31 August of USD48.4bn for the month, where in July they had posted an increase in assets under management of USD63.8bn.In detail, Invesco has seen a decline in its asets of USD9.7bn, after an increase of USD23.8bn the previous month, while Franklin has lost USD16.8bn of the USD19.1bn in increases it posted in July. AllianceBernstein as posted a decline in assets of USD8bn, after an increase of USD9bn the previous month, while Legg Mason has lost exactly the same amount it gained in July, USD11.9bn.
16/09/2013

Lyxor lists new ETF in Paris

NYSE Euronext has announced that on 13 September it admitted a new ETF of Italian governmentbonds launched by Lyxor for trading on the Paris stock market. This brings the number of ETFs traded on the European markets of NYSE Euronext to 560, while the total including secondary listings comes to 650. Characteristics Name: LYXOR ETF MTSIT10 Benchmark index: MTS 10Y Italy Government Bond Total expense ratio: 0.165%
16/09/2013

Baupost to pay back some of its assets to investors

The US hedge fund Baupost group has announced that it will be paying back some of its assets to investors at the end of the year, according to Institutional Investor Alpha. The amount to be paid out has not been disclosed. As of the end of 2012, the hedge fund, the 7th-largest of its type, had total assets under management of USD26.7bn. These assets are said to have become too large to ensure ideal management of the fund. Baupost has set itself the objective of not exceeding USD25bn in assets under management.
16/09/2013

Lyxor releases its European Senior Debt fund in Spain

Funds People has announced that Lyxor Asset Management has launched its European senior debt fud aimed at insurers (see Newsmanagers of 23 May). Assets in the fund already total EUR325m. The average duration totals between 6 and 8 years.
16/09/2013

Fonditel simplifies absolute return range

The pension fund management firm for Telefónica, Fonditel, has applied for permission from the CNMV to absorb two of its absolute return funds, Octopus and Velociraptor, into a third, Smart Beta, Funds People reports.If the planned operation receives approval from the Spanish regulator, the absolute return range from Fonditel will include only two products thereafter, the Smart Beta and Albatross, with the former pursuing an absolute return objective and a volatility objective, and the latter being a “pure” absolute return fund.
16/09/2013

Inflows to equity funds on the rise

With fears of an imminent US strike on Syria receding and positive GDP numbers coming in from all corners of the globe, flows into equity funds rebounded during the second week of September to their highest level since mid-July.Equity funds collectively absorbed USD14.38 billion during the week ending September 11, according to statistics released by EPFR Global. Europe equity funds posted their second biggest inflow year-to-date.Bond Funds recorded net redemptions of USD3.54 billion, while money market funds took in USD7.5 billion.
16/09/2013

UCITS funds post inflows of EUR36bn in July

UCITS registered a turnaround in net flows in July to record net inflows of EUR 36 billion compared to net outflows of EUR 65 billion in June, according to the European Fund and Asset Management Association (EFAMA). This positive result can be attributed to all fund categories recording net inflows in July.Long-term UCITS (UCITS excluding money market funds) registered net inflows of EUR 35 billion, up from net outflows of EUR 25 billion in June. Net sales of bond funds returned to positive territory registering net inflows of EUR 6 billion, compared to net outflows of EUR 18 billion in June. Net sales of equity funds totalled EUR 14 billion, compared to net outflows of EUR 9 billion in June. Net sales of balanced funds increased to EUR 9 billion in July from break-even point a month earlier. Money market funds registered net inflows in July of EUR 1 billion, representing a significant reversal in flows after recording net outflows of EUR 40 billion in June. Total net assets of UCITS stood at EUR 6,666 billion at end July 2013, representing a 1.6 percent increase during the month. Total net assets of non-UCITS also increased in July by 1.3 percent to stand at EUR 2,675 billion at month end.
16/09/2013

Lyxor collects EUR225m from institutionals for senior guaranteed loans fund

Lyxor Asset Management has announced that it has posted subscriptions of EUR225m from major European insurance groups for its new fund to invet in senior guranteed loans. The Lyxor European Senior Debt Fund will invest primarily in senior guaranteed loans at variable rates denominated in euros, issued by businesses to finance their acquisitions or growth. The product is the result of the absorption of Egret by Lyxor earlier in 2013. Lyxor has assets under management of over EUR800m in CLOs, funds and mandates invested in debt.
16/09/2013

MSCI offers EM index of non-BRIC countries

With the MSCI EM Beyond BRIC, MSCI has launched a new emerging market index which covers 17 countries, but excludes the BRIC countries (Brazil, Russia, India and China), which currently represent over 40% of the MSCI Emerging Markets index. The new product was developed at the request of clients, and may be used for fnancial supports such as ETFs or structured products.In order to diversify the index, MSCI has decided to limit the allocation to Taiwan and South Korea to 15%, which gives more weight to smaller emerging markets such as Thailand, Malaysia and Indonesia.Backtesting reveals that the new index would have outperformed the MSCI Emerging Markets index since 1999, with annualised gross performance in US dollars of 12%, compared with 11.1%. Between 1999 and 2007, it would have lagged 2.1 percentage points behind, with 18%, compared with 20.1%, but since 2007, the new index would have earned annualised returns of 2.85%, at a time when the Emerging Markets index lost 2.1%.Weightings as of 31 July 2013:South Africa: 15.78%Chile: 3.90%Colombia: 2.76%South Korea: 15.03%Egypt: 0.58%Hungary: 0.50%Indonesia: 6.59%Malaysia: 8.92%Morocco: 0.18%Mexico: 12.45%Peru: 0.98%Philippines: 2.42%Poland: 3.72%Czech Republic: 0.54%Taiwan: 15.33%Thailand: 6.11%Turkey: 4.22%
16/09/2013

Six foreign hedge fund companies authorised to raise money in China

Six hedge fud companies will be granted the first licenses ever to raise mone from institutions in China for investment abroad, the Financial Times report. The Chinese government has awarded a global quota of USD300m, which will be divided evenly between Canyon Partners, Citadel, Man Group, Oaktree, Och-Ziff and Winton Capital. Each one will be allowed to raise up to USD50m, according to sources close to the programme.
16/09/2013

FCA fines Axa over EUR2m

The British Financial Conduct Authority, responsible for overseeing financial institutions in the United Kingdom, has fined Ax GBP1.8bn (EUR2.14bn) for providing misleading advice to thousands of individual investors.The British affiliate of the wealth management and insurance group sold about 37,000 investment products, with a total value of GBP440m, to 26,000 clients, many of whom were elderly and retired persons without financial experience. The total losses which resulted or which could have resulted have not yet been determined.Some advice provided by heads at AXA between 15 September 2010 and 30 April 2012 had “serious shortcomings,” the FCA says in a statement.Advisers did not fully explain he risks associated with these stock market investments, or the potential impact of management fees on the expected returns, it explains. They also did not verify whether the clients concerned were in a postion to support the potential losses financially.
16/09/2013

Institutional demand boosts German asset management firms

In the first seven months of the year, net subscriptions to asset management firms affiliated with the German BVI association of asset management firms totalled EUR58.99bn, compared with EUR14.66bn in January-July 2012. This time once again, institutional demand dominated, with a net inflow of EUR42.1bn, comapred with EUR36.72bn for the corresponding period of last year, while net inflows from open-ended funds had doubled to EUR16.02bn from EUR8bn. Mandates excluding funds produced EUR872.1m, compared with EUR70.5m in net redemptions in January-July last year.The BVI also reports that between the end of 2005 and the end of June 2013, the market share for the top four managers of open-ended securities funds (DeAWM, Deka, Union and Allianz Global Investors) had fallen, from 74% to 68%, while the market share for the top four actors in institutional management (Allianz AM, Deka, Union and DeAWM) had increased, from 38% to 53%.For open-ended securities funds in July, Allianz, shows net inflows of EUR4.75bn, and DWS has posted inflows of EUR3.02bn, while Union shows net outflows of EUR2.12bn, and Deka has seen net redemptions of EuR1.39bn.
16/09/2013

"L'Europe constitue un axe majeur de développement"

Le patron d'Ignis Asset Management, Chris Samuel, dresse pour Newsmanagers, le bilan d'un peu plus de quatre années à la tête de la société de gestion. Après une réorganisation en profondeur, il estime disposer de tous les atouts pour faire d'Ignis un acteur majeur de la gestion d'actifs assurantielle, et tout particulièrement pour compte de tiers. Dans cette perspective, l'Europe, dont la France, constitue une terre de développement privilégiée.
16/09/2013
Fonds

Lyxor collecte 225 millions auprès d'institutionnels pour son fonds de dette senior

Lyxor Asset Management annonce avoir enregistré des souscriptions de 225 millions d’euros auprès de grands groupes d’assurance européens pour son nouveau fonds investi en prêts senior garantis. Le fonds «Lyxor European Senior Debt Fund» investira essentiellement dans des prêts garantis senior à taux variables libellés en euros et émis par des sociétés pour financer leurs acquisitions ou leur croissance. Le produit est le résultat de l’intégration d’Egret par Lyxor en début d’année 2013. Lyxor gère un encours de plus de 800 millions d’euros en CLO, fonds et mandats de conseil investis sur la dette.
Fonds
16/09/2013

La plate-forme Schroder Gaia dépasse les 2 milliards de dollars d’encours

Les activités gérées sur la plate-forme Ucits alternatifs Schroder GAIA (Global Alternative Investor Access) ont atteint 2,3 milliards de dollars en un peu plus de trois ans et demi, depuis son lancement en novembre 2009, rapporte Bluerating. A ce jour, quatre fonds sont disponibles sur la plate-forme, dont trois gérés par des sociétés de gestion externes (Schroder GAIA CQS Credit, Schroder GAIA Egerton Equity et Schroder GAIA Sirios US Equity) et un géré en interne (Schroder GAIA Global Bond Macro).
16/09/2013

Credit Suisse vendrait sa banque privée en Allemagne

Selon Wirtschaftswoche, BNP Paribas et le Santander seraient sur les rangs pour acheter l’activité de banque privée du Credit Suisse en Allemagne que le groupe helvétique aurait mise en vente. Cela représente un réseau de neuf agences et un encours de 4-5 milliards d’euros.Les porte-parole de trois entités citées ont refusé de commenter.
16/09/2013

Nyse Euronext étend son offre de dérivés de change

Nyse Euronext introduit aujourd’hui des options et contrats à terme sterling/dollar et sterling/euro sur son marché d’Amsterdam. La Bourse élargit ainsi sa gamme européenne d’instruments dérivés de change qui comprenait jusqu’ici des options et contrats à terme euro/dollar. Les activités continentales de dérivés du groupe doivent rejoindre à terme le pôle Euronext, qui a vocation à être coté en Bourse dans le cadre du rachat par l’américain ICE de Nyse Euronext.
16/09/2013

L'AMF se méfie des contrefaçons

L’Autorité des marchés financiers (AMF), dans un communiqué publié lundi, attire l’attention des sociétés sur des pirates informatiques qui envoient des emails concernant une offre publique d’achat (OPA) factice en utilisant à la fois abusivement le nom du président de la société et celui de l’AMF. «Les fraudeurs semblent procéder pour chaque société suivant un même mode opératoire. Un courriel frauduleux est envoyé au salarié comme émanant de sa direction, le plus souvent du ou de la président(e), l’informant qu’une opération financière encore confidentielle est en cours pour laquelle il doit prendre contact avec les services de l’AMF afin de régler une soi-disant facture d’acompte», indique l’autorité.

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