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09/10/2013

Mary Bowers joins HSBC GAM

HSBC Global Asset Management has recruited the high yield bond specialist Mary Bowers as a senior member of its global fixed income team, Citywire reports.Bowers, who joins the bond team based in New York, previously worked for Aberdeen Asset Management/Artio Global Investors, where she managed about USD4bn in high yield strategies.In her new role at HSBC, Bowers will manage the HSBC GIF Global High Yield Bond fund, whose assets under management total USD1.1bn, and which was previously managed by Guy Dunham since its launch in 2012. Bower will also assume responsibility for the HSBC GIF Global Short Duration High Yield Bond fund, launched in July this year, whose assets under management total USD20bn.
09/10/2013

PensionsEurope launches a consulting committee on pensions for multinationals

The Eruopean federation of pension fund associations Pensions Europe has created a consulting committee on retirement for multi-national businesses, whose primary objective is to give the major groups an occasion to make their point of view heard on all issues related to retirement, the specialist website IPE reports. According to the CEO of PensionsEurope, Matti Leppäla, multinationals represent a major player in the debate over retirement, as they fact increased proprietary capital, reporting and owners’ equity requirements under the revised IORP directive concerning activities and surveillance of retirement institutions, as well as a movement to transfer from defined-benefit programmes to defined-contribution programmes. The consulting committee, which already includes five multi-nationals, including Shell, will be based in Paris, and will meet twice per year.
09/10/2013

Generali Investments recrute chez Natixis AM et BNP Paribas

Generali Investments Europe, la société de gestion du groupe Generali, a recruté Wilfrid Pham en tant que responsable de l’équipe actions (head of equity) et Vivek Tawadey en tant que responsable de la recherche obligataire (head of credit research), rapporte Bluerating.Wilfrid Pham était précédemment CIO et responsable actions de Natixis Asset Management, tandis que Vivek Tawadey travaillait depuis 2000 chez BNP Paribas.
09/10/2013

Allianz plans to develop asset liability management in Asia

The insurance group Allianz is planning to develop its asset liability management (ALM) capacities in Asia, with plans to install experts in this area at several entities in the region, Asian Investor reports. Allianz has live insurance activities in Korea, Thailand, Taiwan, Malaysia, Indonesia, China, India, Sri Lanka and Laos. Assets under management in the general account in Asia, particularly in life insurance, total about USD25.6bn.
09/10/2013

Norway plans to create an infrastructure fund

The future Norwegian prime minister, Erna Solberg, has announced that her government is planning to create a fund with NOK100bn in the next five years, which will be dedicated to infrastructure in the country, the Wall Street Jounral reports. The move comes as part of plans to boost spending by the government on roads, railways, high-speed Internet, etc. Unlike the USD750bn oil fund, which invests in equities, bonds and foreign real estate, the new USD16bn fund will offer stable capacities for projects within the borders of Norway. It is not yet known whether the government will take money from the Oil Fund to create the new vehicle.
09/10/2013

12 asset managers team up with University of Cambridge for SRI research

A group of asset managers and owners have joined forces with the University of Cambridge in a three-year project designed to promote «understanding of how investors can realise positive long-term investment returns by understanding and managing for environmental and social factors,» according to a press statement. The Investment Leaders Group (ILG) currently comprises twelve members: Allianz Global Investors, Aviva Investors, Chandler Corporation, First State Investments, Loomis Sayles, Natixis Asset Management, Nordea Life & Pensions, PensionDanmark, PIMCO, Standard Life Investments, TIAA-CREF Asset Management and Zurich Insurance Group.The group, chaired by Philippe Zaouati, deputy CEO of Natixis Asset Management, head of Mirova investment division, «will work together to explore the degree to which economic, social and environmental factors can influence long-term value creation and become a more integral part of the investment process». Through a series of workstreams, the ILG will identify and test new investment practices involving evidence review, model development, empirical testing, engagement and thought leadership reports. The first workstream will concentrate on developing an understanding of the value of environmental and social factors in investment, while the second will look at how investors could measure and communicate how environmental and social factors can contribute towards a more stable economy and society. Through these activities, the group seeks to create outcomes that will influence the future of the investment industry by improving on current practices.
09/10/2013

Lyxor hedge fund index gained 1.13% in September

The Lyxor index of the hedge fund ector gained 1.13% in the month of September, and has gained 3.17% since the beginning of the year, the most recent Lyxor alternative management barometer indicates. Among the best performances last month were L/S Equity-Variable Bias strategies, with gains of 2.28%, L/S Equity – Long Bias, with +1.99%, and Event Driven – Special Situations, with +1.95%.
09/10/2013

Hedge fund indices up in September

The HFRI Fund Weighted Composit inde gained 1.6% in September, its largest gains since the beginning of the year, and its best performance in the past 19 months, according to the data provider Hedge Fund Research (HFR). In the month under review, Equity Hedge strategies earned gains of 2.6%, also the highest since January this year. The performance in the first nine months of he year is 9.2%. Event-driven strategies also stood out, with returns of 2% for the month and 9% for the first nine months of the year. Activist strategies show gains of 3.2% in September, and 11.2$ in the first three quarters of the year. Macro funds lost 0.2% in September, while gains for Discretionary Maco funds partly wiped out losses for commodity and systematic strategies.For its part, the Lyxor index of the hedge fund sector gained 1.13% in the month of September, and has gained 3.17% since the beginning of the year, the most recent Lyxor alternative management barometer indicates. Among the best performances last month were L/S Equity-Variable Bias strategies, with gains of 2.28%, L/S Euqity – Long Bias, with +1.99%, and Event Driven – Special Situations, with +1.95%.
09/10/2013

Kneip moves in Brussels

The asset management services provider Kneip on 8 October announced that it is moving to new offices in Brussels. The new location on Avenue Louise will bring Kneip closer to the regulatory authorities and participants such as the European fund and asset management association (EFAMA), the firm says in a statement. The change will also allow Kneip to modernize its infrastructure.
09/10/2013

Schwab postpones launch of its ETF platform dedicated to pensions

Charles Schwab has announced that it has decided to postpone the launch of its 401 (k) retirement platform using ETFs, a project it had announced in March 2011, IndexUniverse reports. Some observers are still asking whether it is useful to be able to trade ETFs on a daily basis for retirement plans, but none deny that the transparency and low cost of ETFs would be welcome in the 401(k) universe. The firm had planned to launch the platform in late 2013. After having to delay the launch, Charles Schwab is no longer setting a date. Regulatory questions remain in suspense and the firm simply states that the launch may come by the end of the year or later.
09/10/2013

Generali Investments Europe recruits from Natixis AM and BNP Paribas

Generali Investments Europe, the asset management firm of the Generali Group, has recruited Wilfrid Pham as director of the equity department, and Vivek Watadey as head of credit research. Pham had previously been CIO and director of the equity department at Natixis Asset Management in Paris. He will reinforce the current organization of the equity management team, composed of over 20 people. Tawadey was previously head of research and strategy, in charge of a team of 15 people at BNP Paribas in Paris. His mission will be to consolidate expertise in the credit research team. Generali Investments Europe has assets under management of EUR320bn.
09/10/2013

Martin Currie hires for its Asian equity team

In September, Michael Millar joined the Asian equity team at the Scottish asset management firm Martin Currie in Edinburgh, the firm announced on 8 October. Millar will report to Andrew Graham, investment director, head of Asia.Millar had previously been managing director and regional head of research at Naeem Brokerage in Cairo. Before that, he spent seven years at Société Générale, where he served as director, head of Asia telecoms research.
09/10/2013

Lyxor lists 2 ETFs of euro zone government bonds on SIX

Lyxor Asset Management on 8 October listed two exchange-traded funds (ETF) based on euro zone government bond on the Swiss SIX stock exchange. The operation allows investors to participate in the evolution of the bond ETF of the EuroMTS Investment Grade Eurozone Government Bonds index family, a statement says. The series of indices replicates euro zone government bonds with ratings of BBB- to AAA. The two ETFs are distinguished by the uration of the bonds which make up the index. The bonds concerned are invested in via physical replication and have a total duration to maturity of 10 to 15 years and more than 15 years. With the listing of these two new products, Lyxor now offers 19 bonds ETFs on SIX. In Europe, Lyxor is the third-largest issuer of ETFs, with assets under management of about EUR30bn.
09/10/2013

Crédit Andorrà acquires 9.9% of Banque Genevoise de Gestion

Funds People reports that the Andorran group Crédit Andorrà, which has been present in Switzerland since 2003 via the Geneva-based wealth management firm Private Investment Management, has announced that it will initially be acquiring a 9.9% stake in the Banque Genevoise de Gestion, founded in 1988 by Anastasio Aleman. Assets as of the end of 2012 total CHF406.6m, or EUR331.3m.
09/10/2013

Rise of about 15% in assets at Syz since the beginning of the year

Assets under management by the Swiss Syz group now total about EUR27bn, up by a little less than 15% during the current year, the group says, though it has not published official statistics for the end of September. The increase since the beginning of the year is one third due to market effects and two thirds to inflows, a spokesperson for the group tells Newsmanagers. Assets in the Oyster invesftment fund are stable at about EUR5bn, including EUR1.64bn for the Oyster European Opportunities fund, which has posted returns of nearly 14% since the beginning of the year. During a presentation in Paris on 8 October, Eric Bendahan, who also manages the strategy, cites the lower exposure of the fund to emerging marktes, and the increased weight of Southern Europe and the euro zone, to the detriment of the United Kingdom and Switzerland. It is also notable that the Value theme (47% of the portfolio) has been reinforced with banks and domestic cyclical equities.
09/10/2013

Deutsche Börse lists two new ETFs from ComStage

Deutsche Börse on 8 October finally announced that it has admitted two equity ETFs on the XTF segment of the Xetra electronic trading platform, ComStage ETF FTSE China A50 UCITS ETF and ComStage ETF MSCI World with EM Exposure Net UCITS ETF, which charge fees of 0.40% and 0.50% respectively (see Newsmanagers of 4 October). The number of ETFs listed in Frankfurt is now 1,033.
09/10/2013

ALPS launches actively-managed bond ETF

On 9 October, ALPS Advisors is launching the RiverFront Strategic Income Fund (ticker: RIGS), an actively-managed bond ETF, for which the management firm applied for its first license from the SEC nearly three years ago, Index Universe reports. The portfolio is composed of bonds from the entire world with total durations of 2 to 10 years, with various ratings and in various currencies. The management team may also invest in corporate and government bonds.The total expense ratio is set at 0.22%.
09/10/2013

iShares launches Japanese equity fund hedged for forex risks

The iShares range of ETFs with hedging for currency risks has been enlarged with the launch of the Irish-registered, UCITS-compliant fund MSCI Japan USD Hedged UCITS ETF. The fund invests in Japanese equities so as to protect investors against fluctuations in the dollar/yen exchange rate. It is a physical replication ETF, which uses currency futures to reduce currency risks. The fund offers monthly coverage. David Benmussa, director of clients at iShares in Paris, says that the range of equity and bond ETFs hedged for currency risk now includes six funds registered in France. Characteristics Name: iShares MSCI Japan USD Hedged UCITS ETFBenchmark index: MSCI Japan Index(SM)ISIN code: IE00BCLWRG39 Total expense ratio: 0.64%
09/10/2013

Sycomore may open its long/short equity fund to new investors

The French asset management boutique Sucomore Asset Management is planning to make its long/short equity fund aailable in UCITS format beyond its home market, Citywire Global reports. The Sycomore L/S Opportunities fund, managed by Gilles Sitbon, with assets under management of EUR84m, is currently registered for sale only in France. As the strategy celebrates its third birthday, Sycomore has recently registered it in Germany and Switzerland and the United Kingdom is on the list of the countries in which the fund may soon be registered. The fund has earned returns of nearly 26% in the three years to the end of September 2013, compared with average returns of 10.73% for the Alternative UCITS Long/Short Equity sector.
09/10/2013

Natixis GAM launches tactical fund

Natixis Global Asset Management has launched the ASG Tactical US Market Fund, an open-ended fund dedicated to equities designed by AlphaSimplex Group (ASG). The fund will aim to participate in rising periods on US equity markets, while minimising the impact of falling periods. The exposure of the fund to the market is determined by a proprietary loss risk indicator developed by ASG. If the indicator is favourable, the fund may use derivatives to increase its beta up to 1.3.
09/10/2013

Julius Baer pushing clients to regularize their situation

The bank Julius Baer is continuing its crusade to settle the issue of funds which are undeclared to tax authorities. In Europe, it is calling on all of its clients, where applicable, to regularize their situation, and is requiring supplementary documents, CEO Boris Collardi has told Finanz und Wirtschaft magazine. In Germany and France, the approach is working well, In Switzerland, by the end of the year, there will be virtually no German clients left who have not settled up with the tax authorities. In the case of the United Kingdom and Austria, tax issues have been resolved and the CEO is expecting progress in Italy as well after the political situation has stabilised. According to Collardi, the issue of funds not declared to tax authorities is expected to be settled by 2015, and he says he is serene with respect to Europe.
09/10/2013

Threadneedle introduces Z share classes in the Netherlands

According to Fonds Nieuws, Threadneedle Investment has launched the Z share class of fund shares without commissions to distributors in the Netherlands. It comes in addition to retail (R) and institutional (I) shares. A small number of funds have no Z share class, but I shares, also without commissions, are available in these cases.
09/10/2013

BlackRock indirectly controls 5% of Telecom Italia

Funds controlled by the US BlackRock group control a cumulative stake of 5.13% in Telecom Italia, according to statistics released on 8 October by Consob, the regulatory authority of the Milan stock exchange. The Italian telecommunications operator has a market capitalisaiton of EUR11.7bn, according to statistics from Thomson Reuters.
09/10/2013

Schroders launches a global discounted stock fund

Schroders is on Wednesday launching a fund which invests in equities from the entire world which have been passed over by investors, entitled Global Recovery Fund, the Financial Times reports. The fund will be managed by Nick Kirrage. Schroders estimates that the time has come to launch such a fund, since the economic recovery is expected to help “horrible” equities to outperform.
09/10/2013

Aberdeen takes over Saxo Properties in Denmark

For a small undisclosed total, Aberdeen Asset Management Denmark is taking over an asset management portfolio of residential and commercial properties located in central Copenhagen, estimated at about EUR495m, from Saxo Properties.The transaction also includes the transfer to Aberdeen of 16 employees from Saxo Properties. The management team at Saxo Properties will continue to work for Aberdeen under a consulting contract.
09/10/2013

Prosecutors give SAC an ultimatum

US prosecutors have given SAC Capital until November to settle criminal accusations that the hedge fund founded by Steve Cohen is facing; otherwise, it may have to pay more than the offer of USD1.8bn which is on the table, the Financial Times reports, citing sources familiar with the matter. Lawyers for SAC Capital met with representatives of the attorney general’s office in Manhattan last month, and are said to have been unhappy with the size of the fine. They are expected to make a counter-offer.
09/10/2013

New Lyxor Chinese equity ETF in Paris

NYSE Euronext on 8 October announced that it has admitted the Lyxor ETF CSI3000 A Chinese equities, which replicates the CSI 300 Net Total Return index. The total expense ratio is set at 0.40%. The European markets of NYSE Euronext now list 564 ETFs 654 times.
09/10/2013

Regulations would cost institutionals 2.3% of their returns

Institutional investors would need to make up 2.3% of their annual returns due to regulations, according to the results of a survey remarked on by Elizabeth Corley, CEO of Allianz Global Invetors, Funds Europe reports. The survey, which is the first edition of the AGI RiskMonitor, finds that nearly 27% of investors say they are concerned by the impact of these regulatory constraints on capacity to meet its engagements. Meanwhile, 90% of investors surveyed hope to earn positive returns on international equities, and many of them want to increase their exposure to equities, but do not have the risk budget to put such a strategy into action.

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