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10/09/2013

New funds for Threadneedle

Threadneedle Investments is now releasing its Threadneedle (Lux) US Contrarian Core Equities fund (LU0640476718) in Germany and Austria. The product, managed by Guy Pope, has for six months had a license in France (see Newsmanagers of 19 March).Meanwhile, according to Fundweb, the British asset management firm is now preparing an investment trust targeting asset-backed securities (ABS), the Threadneedle Asset Backed Income fund, which will be launched in October. It will aim for net returns of 6%, and total performance between 7% and 10%.The fund will be managed by Henry Cooke and will focus on mezzanine ABS from the entire world. Currently, assets at Threadneedle in the ABS segment total about GBP1.7bn.
10/09/2013

HSBC closes all ETFs in Hong Kong save one

HSBC is planning to close all of its ETFs listed in Hong Kong, except the ABF Hong Kong Bond Index, two years after their launch, Financial News reports. The MSCI Golden Dragon ETF, MSCI Hong Kong ETF, MSCI China ETF and MSCI Taiwan ETF are expected to be liquidated due to low asset levels. HSBC GAM will retain its ETF activity in Asia, however.
10/09/2013

Agregator Capital fund acquires OTC AM

The entrepreneurial fund Agregator Capital is to swallow nine funds larger than itself. The investment platform supported by more than 400 directors, which has about EUR40m in assets under management in 15 active stakes, is acquiring OTC Asset Management, with EUR360m in assets, Les Echos reports. As part of the operation, the founder of OTC will retain the real estate investment activity of the asset management firm. All of the others, including fiscal fund, FIP and FCPI vehicles, will be transferred to Agregator Capital.
10/09/2013

Allianz France to gradually pull out of Oddo & Cie

In line with an agreement reached with Philippe Oddo but which has yet to be approved by the French prudential control and resolution authority (ACPR), Allianz France will gradually sell its 21% stake in the capital of Oddo et Cie.By the end of this year, an initial sale fo Oddo & Cie shares will reduce the stake held by Allianz France below 10% of capital in Oddo & Cie. The sale of the remainder will take place by the end of 2016 at the latest.The operation “is coherent with the current investment strategy of the group, to reduce exposure to the financial and banking sector,” a statement from Allianz France says.Allianz France and Oddo & Cie will continue their collaboration in life insurance.
10/09/2013

Three co-managers added to equity unit at Financière de l'Echiquier

Financière de l’Echiquier on Monday, 9 September announced a new addition to its personnel. The asset management firm, which has already recruits two former BNP Paribas IP employees, has recruited a new manager for its European equity unit, with USD5bn in assets, our of the roughly EUR7.5bn in assets at the firm. Stéphanie Bobtcheff is preparing to join the team specialised in European midcaps as a co-manager, after 16 years of experience in asset management in France and internationally. She has previously worked at Pascal Investment Advisers in Switzerland, as a portfolio manager, and has also served in this role at Oddo AM and Crédit Agricole.Also in the equity unit, two former analysts have also been promoted to the position of co-manager. Guillaume Puech becomes co-manager of the Echiquier Value fund, where he will assist Damien Mariette, who arrived this year. For his part, Gilles Constantini is promoted to co-manager, alongside Adrien Dumas, to manage the Echquier Global fund, which invets in the international leading large cap universe.The diversified fund and fixed income unit, which has over EUR1.7bn currently, will also see additions to its management team soon. The head of the unit, Olivier de Berranger, who manages the Arty fund, whose inflows have leapt by about EUR100m in 2013, is expected to be supported by a credit analyst, who is currently in the process of being recruited.
10/09/2013

UBS GAM launches two bond ETFs in Italy

UBS Global Asset Management is preparing to launch two new bond ETFs on the Italian stock ecxhange which offer diversified exposure to bonds issued by foreign groups and denominated in Swiss francs, Bluerating reports. They are the UBS ETF SBI® Foreign AAA-BBB 1-5 OICVM ETF (CHF) A-dis and UBS ETF SBI® Foreign AAA-BBB 5-10 OICVM ETF (CHF) A-dis funds.
10/09/2013

Rogge recruits a head of insurance and Northern Europe

Rogge Global Partners, the global institutional fixed-income specialist, has appointed Gerard-Jan van Berckel as head of insurance and Northern Europe distribution. He will spearhead Rogge’s Insurance Investment capability. Based in London, he will also be responsible for growing the firm’s institutional investor base in Northern Europe.Van Berckel joins from Conning Asset Management Ltd. where since 2008 he was head of Continental European sales, responsible for institutional fixed-income product distribution and client relationship management. Rogge was founded in 1984 and has offices in London, New York, Singapore and Frankfurt, as well as joint ventures with Tokio Marine Asset Management in Japan and Alfi Partners in French-Speaking Europe. Rogge’s total assets under management as of 31st July 2013 are USD56 bn.
10/09/2013

Schroders hires head of product and DC

Schroders on September 9 announced the appointment of Divyesh Hindocha as global head of product and defined contribution from 1 November 2013.Divyesh joins from Mercer’s investments business, where he was senior partner and global director of consulting, responsible for Mercer’s strategic research capabilities globally. He will report to Massimo Tosato, executive vice-chairman.Divyesh takes over the role from Gavin Ralston who has covered the product role on an interim basis since his promotion to head of official institutions last year.
10/09/2013

Founders of OBSR set up consultancy

The former founders of the British ratings agency OBSR, Richard Romer-Lee and Nigel Whittingham, as well as the former director of Henderson, David Pickles, have founded a fund advisory and rating firm, Fundweb reports. It will be known as Square Mile Investment Research and Consulting, and is expected to be operational in 2014.
10/09/2013

Elliott AM threatens Vodafone takeover of Kabel Deutschland

The activist fund Elliott Asset Management is threatening the takeover bid by Vodafone for Kabel Deutschland. The fund, led by Paul E. Singer, holds a 10.91% stake in the German cable operator. This position was doubled in the space of a few days, which makes Elliott the largest shareholder in Kabel Deutschland. So far, Singer has not revealed his intentions, but it is likely that they are not totally friendly. The investor, who has nearly USD15bn in assets under management, is known for his heavyweight stakeholding tactics.
10/09/2013

Joachim von Schorlemer (ex-BNPP) joins RBS

The successor to Ingrid Hengster as head of the German-speaking countries (Germany, Austria, Switzerland) at Royal Bank of Scotland (RBS) has been appointed: Joachim von Schorlemer, who had been CEO of BNP Paribas (BNPP) for Germany, will join the British group in mid-September, and will also be country executive for Germany and Austria.Ingrid Hengster, for her part, has been appointed as a member of the managing board at the German state-owned bank Kreditanstalt für Wiederaufbau (KfW) from April 2014.
10/09/2013

FPM recruits exec from DWS

Oliver Schuck on 1 September joined FPM Frankfurt Performance Management as head of distribution, Das Investment reports. He will be more particularly responsible for assisting wealth management clients, multi-managers and institutional investors in Germany, Luxembourg and Austria.Schuck joins from DWS (Deutsche Asset & Wealth Management, or DeAWM group), where he was director of distribution for the past five years, responsible for asset management firms, private banks, and major financial advising agencies.
10/09/2013

Apollo acquires EVO Banco

The nationalised bank Novagalicia Banco (NCG) has announced that it will sell its affiliate EVO Banco for EUR60m to the US hedge fund Apollo Global Management, Cinco Días reports.The transaction with result in the transfer of 80 branches with 590 employees, EUR702m in credits and EUR1.603bn in savings and current account deposits.This is the fourth acquisition by the Apollo group (USD13bn in assets) in the Spanish financial sector, after the acquisition of MBNA from Bank of America, and consumer credit from Citibank and FinanMadrid (an affiliate of Bankia).
10/09/2013

Three new db x-trackers funds listed in Frankfurt

On 6 September, Deutsche Asset & Wealth Management (DeAWM) launched two bond ETFs to trading on the XTF segment of the Xetra electronic platform (Deutsche Börse), the db X-trackers II Global Sovereign UCITS ETF and the db x-trackers II iBoxx Global Inflation-linked UCITS ETF, as well as an equity ETF, the db x-trackers MSCI World Index UCITS ETF. The latter is a variant which is hedged for currency risks for investors whose currency of reference is the euro, since only 12% of the shares in the index are securities issued in the euro zone. The new products bring the number of ETFs listed in Frankfurt to 1,006.Simon Klein, DEAWM head of distribution for ETFs and ETCs for Europe and Asia, has stated that in the past 12 moths, ETFs from db x-trakers hedged for currency risks have posted significant net subscriptions, including EUR592m for the euro variant of the MSCI Japan Index ETF. DeAWM is now planning to gradually offer new currency-hedged shares to European investors.CharacteristicsName: db X-trackers II Global Sovereign UCITS ETFISIN code: LU0908508731Benchmark index: DB Global Investment Grade Government Unhedged IndexTotal expense ratio: 0.25%Name: db X-trackers II iBoxx Global Inflation-linked UCITS ETFISIN code: LU0908508814Benchmark index: iBoxx Global Inflation-Linked Index All EUR Unhedged NominalTotal expense ratio: 0.25%Name: db X-trackers II iBoxx Global Inflation-linked UCITS ETFISIN code: LU0659579733Benchmark index: MSCI World monthly Euro Hedged IndexTotal expense ratio: 0.52%
10/09/2013

Schroders sells logistics portfolio in Germany

For about USD163m, Schroders Property Investment Management has sold six warehouses located in Germany, which had been owned by its Pan European Property Logistics Fund (EUR470m as of the end of June).The sale to Prologis is made at a price of EUR740 per square metres, a price above the most recent expert valuation.
10/09/2013

Emerging Global Advisors liquidates 12 ETFs

According to IndexUniverse, Emerging Global Advisors has announced that it will be closing 12 ETFs, which represent about half of its range, but only 4% of its assets. The funds will no longer be traded from 4 October.The liquidation of the products is explained as a result of the fact that these ETFs have attracted very limited subscriptions, while other funds have posted significant inflows. Net sales of Emerging Global Advisors since the beginning of the year represented USD408m.The ETFs which will be closed are all from the GEMS range of sectoral emerging market ETFS, and the EGShares Emerging Markets Metals & Mining.
10/09/2013

Driehaus offers event-driven mutual fund

On 26 August, Driehaus Capital Management (USD10.3bn in assets as of the end of July) launched the Driehaus Event-Driven Fund (acronym DEVDX), a liquid mutual fund whose manager, K.C. Nelson, is aiming for a low correlation with the major asset classes, while offering lower volatility, but a risk-adjusted return higher than the S&P 500 index.The fund charges 2%. The minimal initial subscription is set at USD10.000.Driehaus states that its absolute return mutual funds currently have assets of about USD4.6bn.
10/09/2013

Aviva launches second US equity high yield fund

Due to the success of the Aviva Investors US Equity Income Fund, launched in January 2011, which is expected to be soft closed in October, Aviva Investors has announced the release of a new version of the US equity product. The Aviva Investors US Equity Income Fund II is managed in the United States, in Louisville, Kentucky, by the same team at River Road Asset Management (Henry W. Sanders III and Thomas S. Forshea), with a performance objective of 1.5 percentage points over the Russell 3000 Value. River Road AM was acquired by Aviva Investors in January 2010.The asset management team will apply a so-called “absolute value” strategy.The management commission for RDR shares is set at 0.75%.
10/09/2013

Petercam certifies its Equities World 3F compliant with Global Compact

The Belgian asset management firm Petercam on 9 September sent a note highlighting the fact that all companies whose equities feature in its Equities World 3F fund (for Foundation for the Future) comply with the terms of the United Nations Global Compact.All positions in the portfolio managed by Bart Baetens are examined every quarter for compliance with the ten Principles of the Global Compact. This analysis is carried out externally by the extra-financial ratings agency Sustainalytics.
10/09/2013

HVB offers non-soft commodity fund

The Bayerische hypoVereinsbank (HVB, UniCredit group) is releasing a version of its long/short cross-commodity strategy from its affiliate onemarkets, without the soft commodities. The Luxembourg-registered fund Cross Commodity Long/Short ex AL Fund, which replicates the Cross Commodity Long/Short IV Excess Return Index, covers 15 sectroal indices of the Dow Jones UBS Commodity indices in the areas of energy, industrial metals and precious metals, but not soft commodities or livestock.CharacteristicsName: Cross Commodity Long/Short ex AL FundISIN Code: LU0944771152Minimal initial subscription: EUR500,000Management commission: 0.90%Performance commission: 15% on performance exceeding the hurdle rate (Eonia + 150 basis points) with high watermark
10/09/2013

La production industrielle recule à nouveau en France

La production industrielle de la France a baissé de 0,6% en juillet après une baisse confirmée de 1,4% en juin, selon des données publiées mardi par l’Insee. L’indice de la production de l’industrie manufacturière s’est dans le même temps contracté de 0,7% après une baisse confirmée de 0,4% en juin. Ces chiffres contredisent les prévisions de 20 économistes interrogés par Reuters, qui anticipaient en moyenne une production industrielle de juillet en hausse de 0,6%, leurs prévisions s'échelonnant entre +0,1% et +1,3%.
10/09/2013

Les hedge funds pâtissent du risque politique

Les fonds d’arbitrage ont dégagé au mois d’août une performance négative de 0,7%, mesurée par l’indice HFRI Fund Weighted Composite, selon les statistiques mensuelles de Hedge Fund Research. En cause, la montée des tensions géopolitiques liées au dossier syrien et le coup de tabac sur les marchés émergents, ainsi que le retrait des marchés actions américains dans la perspective du «tapering» de la Fed. Les sous-indices HFRI Macro Index et HFRI EM ont ainsi reculé respectivement de 1,2% et 0,77% sur le mois. Sur les huit premiers mois de l’année, les hedge funds affichent encore une performance positive de 3,87%.
HFR
10/09/2013

L'économie chinoise envoie des signaux positifs

La production industrielle en Chine, les ventes au détail et les investissements dans des actifs immobilisés ont augmenté un peu plus que prévu en août, des données qui confortent l’hypothèse d’une stabilisation de la deuxième puissance économique mondiale après une longue période de ralentissement. Selon le Bureau national des statistiques, la production industrielle a enregistré une hausse de 10,4% le mois dernier et les ventes au détail une progression de 13,4%. Les économistes interrogés par Reuters avaient anticipé respectivement +9,9% et +13,2%. Sur les huit premiers mois de l’année, les investissements dans des actifs immobilisés, ont augmenté de 20,3% par rapport à la même période de 2012 pour un consensus à 20,2%.
10/09/2013

La légalité de la taxe sur les transactions financières est contestée

Le projet de taxe sur les transactions financières (TTF) que 11 Etats membres de l’Union européenne, dont la France et l’Allemagne, se sont engagés à mettre en oeuvre, serait juridiquement incompatible avec les traités européens. C’est du moins l’opinion des juristes du Conseil européen, formulée dans un avis daté du 6 septembre que Reuters et le Financial Times se sont procurés. Le projet à 11 «empiète sur les compétences fiscales des Etats membres non participants» et «serait discriminatoire et susceptible d’entraîner des distorsions de concurrence». Pour ficeler sa TTF et assurer le recouvrement des recettes, Bruxelles compte en effet taxer les transactions en fonction du lieu de résidence des parties prenantes, même si celui-ci se situe hors des 11 Etats membres, par exemple à la City de Londres.
10/09/2013
Gestion d'actifs

L'Office d'investissement du régime de pensions du Canada veut multiplier par sept son exposition à l'Asie

L’Office d’investissement du régime de pensions du Canada (RPC) souhaite multiplier par sept son exposition à l’Asie dans les toutes prochaines années, rapporte Asian Investor. L’Office dispose actuellement de neuf professionnels de l’investissement à Hong Kong et envisage d’ores et déjà de renforcer ses capacités d’investissement dans le non coté et d’augmenter en conséquence ses effectifs d’au moins 30% d’ici à la fin de l’année. Le seul problème est réside dans la difficulté de trouver des spécialistes du private equity dans la région, relève Asian Investor. Les actifs sous gestion de l’Office d’investissement du RPC s'élèvent à environ 189 milliards de dollars canadiens, soit quelque 183 milliards de dollars US.
Gestion d'actifs
10/09/2013

Le fonds souverain norvégien investit à New York

Norges Bank Investment Management a conclu le rachat d’une participation de 45% dans l’ensemble immobilier Times Square Tower. Montant de la transaction: 684 millions de dollars. Le fonds reprend cette participation auprès de Boston Properties qui conserve les 55% restants. Fin juin, l’immobilier représentait 0,9% des actifs du fonds norvégien, d’un montant total de 720 milliards de dollars.
10/09/2013

L'OMC abaisse ses prévisions de croissance du commerce mondial

L’Organisation mondiale du commerce a revu à la baisse ses prévisions de croissance des échanges mondiaux pour cette année et l’an prochain, selon son nouveau directeur général Roberto Azevedo. L’OMC prévoit désormais une hausse de 2,5% seulement du commerce mondial cette année, contre 3,3% auparavant, et une progression de 4,5% en 2014, contre 5%. Ces prévisions seront détaillées dans un rapport publié le 19 septembre.

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