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12/09/2013
Fonds

Chute de la valeur des fonds cotés de Pimco

Les fonds fermés cotés en Bourse gérés par Bill Gross et sa société Pimco ont chuté ces derniers mois et se négocient désormais avec une décote par rapport à leurs actifs, rapporte le Financial Times. Les fonds fermés font partie des véhicules d’investissement qui ont été le plus touchés depuis que la Federal Reserve a commencé à signaler, en mai, qu’elle allait bientôt réduire son programme d’assouplissement quantitatif.
Fonds
12/09/2013

Nouveau responsable de la distribution pour Nordea en Italie

Fabio Caiani a été nommé responsable de la distribution de Nordea en Italie, rapporte Bluerating. L’intéressé conservera les fonctions de responsable des activités retail au sein de la société de gestion nordique qu’il occupe depuis 2007.
12/09/2013

New head of distribution for Nordea in Italy

Fabio Caiani has been appointed as head of distribution at Nordea in Italy, Bluerating reports. Caiani will retain his position as head of retail activities at the Scandinavian asset management firm, which he has held since 2007.
12/09/2013

License for MSIF Global Quality fund in six European countries

The Luxembourg-registered equity fund Morgan Stanley Investment Funds (MSIF) Global Quality Fund, launched more than ne month ago (see Newsmaangers of 2 August) has been granted sales licenses for various asset classes for shares denominated in US dollars and/or euros in six European countries.A shares in US dollars (LU0955010870) are now available in Germany, Ireland, the Netherlands, Sweden and Denmark, while AH shares denominated in euros (LU0955011506) are available in Germany, Ireland, and the Netherlands I (LU0955011175) and Z (LU0955011258) shares in US dollars may be sold in Ireland, the Netherlands, Denmark and Sweden. Z shares are also available in Portugal.
12/09/2013

Ossiam offers commodity smart beta ETF

Ossiam simultaneously lists a new ETF strategy in its smart beta range for trading in Paris, London, Milan and Frankfurt on 12 September. The product, the Ossiam Risk Weghten Enhanced Commodity ex. Grains R UCITS ETC 1C (EUR) (acronym: CRWE), is a UCITS IV-compliant fund registered in Luxembourg and based on synthetic replication.The ETF replicates the Risk Weighted Enhanced Commodity ex. Grains TR index which offers a global exposure to commodities, excluding grains, for ethical reasons. The weighting of each commodity is inversely proportional to its volatility over one year.The new vehicle represents an extension of a new universe of smart beta investments already established by Ossiam for equities, Isabelle Bourcier, head of development, is already planning the next step, which may be a smart beta ETF for the bond asset class.“This product, with returns near those of equities, is aimed primarily at professionals with a mid-to long-term diversification objective, with risk controlling which characterises all Ossiam products,” Boursier tells Newsmanagers.Ossiam currently has assets of EUR920m, which represents an increase of 63.5% since the beginning of the year. Assets under management in 13 ETFs of the brand total about EUR720m.CharacteristicsName: Ossiam Risk Weighted Enhanced Commodity ex. Grains TR UCITS ETF 1C (EUR)ISIN code: LU0876440578Total expense ratio: 0.45%
12/09/2013

Lazard Frères Gestion adds prudent fund to its range

Lazard Frères Gestion is preparing to launch Objectif Long Short Flexible, an international long/short fund of funds with a prudent profile, whose total volatility will be between 3% and 6%.The mutual fund combines flexible management with exposure to equities in the portfolio with allocation to “market neutral” and “directional” strategies, a statement says. The management team manages exposure to the equity markets by modulating the allocation between these strategies according to market outlooks. Flexible exposure to the equity market by modulating the allocation between these two strategies according to its market outlooks. Flexible exposure to equity markets for the fund may vary between -10% and +40% (net exposure). It is currently 27%, with a peak at 36% in January 2013.The asset management firm explains that the launch of the fund of funds is based on long/short strategies, based on the observation that bond markets are confronting rising interest rates which are expected to persist on one hand, while on the others, equities represent an asset class to be preferred within a diversified portfolio acquisition. With high volatility on equity markets, “long/short strategies provide a means to profit from opportunities related to this context while limiting risk,” it says.
12/09/2013

Une boutique de hedge funds ferme son fonds dette émergente

La boutique de hedge funds Adelante Asset Management a fermé son fonds dette émergente mondiale Adelante Emerging Debt Fund fin juillet après 14 ans parce qu’elle pense que son style d’investissement n’est plus adapté à l’environnement actuel. Le fonds, qui était de 80 millions de dollars, a perdu 2 % sur les sept premiers de l’année. Il a dégagé un gain annualisé de 15,4 % entre son lancement en juillet 1999 et sa fermeture.
12/09/2013

iShares develops four ETFs of ETFs

On 6 September, iShares US ETF Trust filed a form N-1A) with the SEC for four allocation ETFs, which will invest in ten other ETFs of the Core series launched by the firm in October 2012.The profiled products, for which neither the acronym nor the total expense ratio have yet been disclosed, are as follows: iShares Core Allocation Conservative ETF, iShares Core Allocation Moderate ETF, iShares Core Allocation Moderate Growth ETF and iShares Core Allocation Growth ETF.According to Mutual Fund Wire, assets in the Core range now total nearly USD100bn.
12/09/2013

Goldman Sachs AM launches an equity fund dedicated to frontier markets

Goldman Sachs Asset Management has launched an equity fund dedicated to frontier markets and the BRIC countries, Citywire reports. The Goldman Sachs Growth Markets Equity Portfolio fund was launched on 10 September, and will be team-managed. It will invest in companies which operate or are traded in countries of the “Next-11” group or in BRIC countries.
12/09/2013

Moody's foresees a reduction in ratings downgrades

A slight improvement in macroeconomic conjuncture in Europe may result in a narrowing of the gap between ratings upgrades and downgrades for businesses in Europe, the Middle East and Africa (EMEA), the ratings agency Moody’s Investors Service says in a study released on 12 September. “The percentage of ratings with a negative outlook or ratings under negative ratings watch is down slightly, to about 26% for the first time for several quarters, due to a slight improvement in the macroeconomic context in Europe, reflectd in a quarterly growth in GDP in the euro zone of 0.3% in second quarter 2013,” says Jean-Michel Carayon, Senior Vice President at Moody’s and author of the report, entitled “EMEA Non-Financial Corporates: Fewer Downgrades Likely to Follow Improvement in Europe’s Macroeconomic Trends.” “If we continue to anticipate a higher number of credit upgrades than downgrades in third quarter, a virtual rebalancing of the ratio would appear likely in fourth quarter, unless a marked and unexpected deterioration in activities in sectors exposed to cyclical fluctuations such as the mining, chemical or steel industries.”
12/09/2013

Debt issues accelerate in Europe

After an apathetic month in August, the debt issues market appears once again effervescent, Les Echos reports. Since 1 September, European non-financial sector businesses raised abut EUR22bn, according to statistics from Dealogic. In total, 40 operatins have taken place. All participants on the market are aware that they are in a transitional phase, due to the reversal which the Federal Reserve is preparing to carry out, certainly by 18 September. Since May, the Fed has been preparing investors for a reduction in its quantitative easing, a prelude to a round of monetary policy tightening (although this is not planned before 2015). This explains the fact that the European credit market rates have already climbed on the secondary market, following returns on US and German government bonds.
12/09/2013

Skagen recruits a manager for the Kon-Tiki fund

Norway’s Skagen has hired Hilde Jenssen as a new portfolio manager in the Skagen Kon-Tiki fund team from 1 October 2013.She joins Skagen from Skyview Investment Advisors in the US, where she has been a partner and portfolio manager since 2009. In addition to Kristoffer Stensrud, lead portfolio manager, Skagen Kon-Tiki is managed by Knut Harald Nilsson, Cathrine Gether and Erik Landgraff.
12/09/2013

Norwegian oil fund sells shares in EDF

According to Reuters, a source involved in the deal yesterday told IFR that the Norwegian sovereign fund, the Government Pension Fund – Global, managed by Norges Bank Investment Management, the asset management affiliate of the country’s central bank, has put 13 million shares in EDF, representing 0.7% of capital in the French group, up for sale, Agefi reports. The unit price for the sale adds up to a total amount for the operation of nearly EUR280m.
12/09/2013

One in four Swiss do not know who manages their pension

One in four Swiss respondents (24%) are unaware of which pension fund manages its second retirement pillar (professional retirement planning). Although interest in professional retirement planning appears to be higher than average in German-speaking Switzerland and Ticino, only two thirds of French-speaking Swiss are concerned about it, according to the second survey carried out by AXA Investment Managers. Overall, 29% of policyholders surveyed have no interest in retirement planning, according to the study “Knowledge of the Swiss population concerning pension funds 2013,” presented earlier this week in Zurich. More than one quarter of them consider themselves still too young to think about it. One respondent in five considers the subject too complicated for themselves, ways Werner Rutsch, head of the study by AXA Investment Managers. About 10% avoid the subject squarely on the grounds that they have no influence over their pension.
12/09/2013

Spanish SRI funds continue to outperform

According to estimates by Santander Asset Management for Spainsif, the Spanish socially responsible investment forum, the 13 SRI funds managed in Spain have posted returns of 3.45% in first half 2013, compared with an average of 1.98% for all funds (including 13 SRI funds), Funds People reports.However, these funds represent only EUR184m in assets, equivalent to 0.14% of the Spanish market.In 2009, 2010 and 2012, SRI funds had already outperformed, with gains of 7.5%, 1.08% and 6.7%, respectively, compared with 4.93%, 0.12% and 5.15%, according to statistics from the Spanish Inverco association of asset management firms. In 2011, however, SRI funds, with a more aggressive profile, lost 1.59%, at a time when the industry had posted losses of only 0.52%.
12/09/2013

Banco Madrid launches fund of the best Spanish Sicavs

With the Banco Madrid Sicav Selección, Banco Madrid Gestión de Activos (Banca Privada d’Andorra group) on 11 September registered a fund with the CNMV to invest in the best Spanish Sicavs, with a way to include some particularly well-performing funds in the portoflio. That will allow subscribers to profit from the best talents in Spanish asset management, as it invests the money of high net worth clients, says Rafael Valera, CEO of Banco Madrid.The fund will invest at least 50% in Spanish Sicavs or Spanish and/or foreign funds, and the proportion of equities will total between 10% and 70%. The portfolio will inclue 20 to 30 positions.Among the investments which have already been made are Elcano Inversiones Financieras (manages by Credit Suisse Gestión), Bestinver Internacional (Bestinver Gestión) and Torrenova de Inversiones (Banca March).Backtesting over the past 12 months reveals that the portfolio would have earned double the returns of its benchmark index (50 AFI FIM an 50% Eurostoxx 50), with 20.2% compared with 10%, with a volatility nearly haf (5.10% compared to 9.30%), according to Cotizalia.CharacteristicsName: Banco Madrid Sicav Selección, FIISIN code: ES0170614004Management fee: 2.03%Performance commission: 9%
12/09/2013

New Mountain recruits head of Arcano Capital

According to El Confidencial, Ignacio Sarría, founder and deputy CEO until 31 August of the Spanish firm Arcano Capital (EUR1bn in assets) has been recruited by New Mountain Capital (USD10bn). He will be a member of the development team, as the US asset management firm would like to strengthen its private equity platforms, while boosting the dynamism of sales of its hedge fund and its corporate bond fund.
12/09/2013

Triodos takes back CIO-SRI from Robeco

On 1 January 2014, Erik Breen, chief investment officer for socially responsible investment at Robeco, will join the SRI team at Triodos Investment Management. He will be responsible for innovation. Breen is also a member of the board of governors and vice-chairman of the International Corporate Governance Network (ICGN). As of the end of 2012, Triodos Investment Management, an affiliate of Triodos Bank, had SRI assets of EUR2.2bn.
12/09/2013

Axa Real Estate aquires headquarters of Australian postal service

AXA Real Estate Investment Managers, with over EUR46 billion of assets under management as of June 2013, has acquired the Cleveland Street office building in Sydney, from the Australian Postal Corporation. The total deal size is A$168 million for the land and redevelopment works. This acquisition is a sale and lease back transaction with Australia Post on behalf of a Singaporean client.This acquisition is made in collaboration between AXA Real Estate and Eureka Funds Management, an Australian fund manager focussed on the alternative investment sector in Australia.
12/09/2013

Rahn & Bodner private bank faces criminal investigation in United States

The US authorities have opened a criminal investigation into the Zurich-based private bank Rahn & Bodmer for failure to declare assets in the United States. The bank was informed in late August, Christian Rahn, managing partner at the bank, has told the newspaper Neue Zürcher Zeitung. Rahn & Bodmer says that in 2008 it decided no longer to accept undeclared US assets, and to encourage its US clients to voluntarily disclose their assets. This allowed the US authorities to discover the names of many of its clients, Rahn states. Rahn & Bodmer manages CHF12bn in assets, and has 20 employees.
12/09/2013

CAC 40 companies pay out half of their profits to shareholders

Companies of the CAC 40 will redistribute half of their profits (excluding one-time entries) to shareholders: EUR39.9bn in dividends will be paid out in 2014 for the 2013 fiscal year, Les Echos reports. This figure is up 5%, according to estimates by FactSet, processed by PrimeView. The 2014 year will also be the second year of growth in coupons from stock market giants, after a fall in dividends paid for the 2011 fiscal year. The rise will bring them virtually back to their levels in the 2010 fiscal year (EUR40.2bn). This increase in payments to shareholders is supported by an improvement in the accounts and some confidence in the future. Analysts anticipate a rise of 16% in recurrent profits, to more than EUR80bn, in the 2013 fiscal year.
12/09/2013

Few French groups are exemplary in the area of climate change

The CDP Global 500 Climate Change Report 2013, published by CDP (formerly the Carbon Disclosure Project) and PricewaterhouseCoopers (PwC) includes two rankings of the 50 best businesses of the FTSE Global 500 companies in the area of performance in combating climate change (CPLI), on one hand, and transparency in communication on the subject (CDLI) on the other. French asset management firms are under-represented in these rankings with three business in the first case (L’Oréal, Axa and BNP Paribas) and two in the second (Sanofi and Schneider Electric).CDP states that the data were collected from 389 businesses at the request of 722 institutional investors, representing USD87trn in assets. Germany, Switzerland and the United Kngdom are over-represented in the CPLI rankings, in which only seven asset management firms have received a maximal score of 100 (BMW, Daimler, Philips Electronics, Nestlé, BNY Mellon, Cisco Systems and Gas Natural).However, the report reveals that 50 of the 500 largest publicly-traded businesses in the world are responsible for three quarters of greenhouse gas emissions, and emissions from the 50 most polluting businesses, primarily active in the energy, materials and utility sectors, increased 1.65% over the past four years. This increase represents the equivalent of 8.5 million additional pickups in streets, or the power consumption of 6 million homes per year.
12/09/2013

Institutionals willingly turn to hedge funds

Institutional investors are increasingly turning to hedge funds for risk management and diversification according to new research from Cerulli Associates published in the September release of the “Cerulli Edge U.S. Management Edition.” «Numerous institutions are using hedge funds to reduce risk in their investment portfolios,» reveals Michele Giuditta, associate director at Cerulli. «Our research shows that institutional investors overall have been steadily increasing the portion of their assets allocated to hedge funds over the past five years. Endowment funds, family offices, and foundations were early adopters and currently remain established investors.» More recently, asset managers are experiencing demand for a range of hedge fund strategies, in particular, credit-related, global macro, and event-driven. Cerulli believes that demand for these products should continue in the near term, given the low interest rate environment, ongoing global financial uncertainty, and steady merger and acquisition activity.
12/09/2013

UBS Real Estate Germany appoints two MDs

As of 1 October, two people will join the management at the Munich-based UBS Real Estate KAG.Gabriele Merz, director of accounting for German and Luxembourg real estate funds since 2007, will replace Christine Bernhofer as chief financial officer. Bernhofer will be leaving the business at the end of the month to dedicate herself to charitable activities in Africa.Meanwhile, UBS Real Estate KAG has recruited Axel Vespermann, who had been head of the entire commercial real estate portfolio at Allianz Real Estate GmbH. He will be responsible for portfolio management, acquisitions and sales, asset management, construction and development.The other two members of the general management are Tilman Hickl (CEO) and Jörg Sihler.
12/09/2013

Global Financial Products recruits two commodity specialists

Global Financial Products has recruited Ronald Wildmann and Steven Frey as additions to its teams, as senior commodity advisers. Wildmann and Frey previously worked at Basinvest, as commodity managers, according to Finews. The Global Financial Products teams include a total of 13 people.
12/09/2013

Abu Dhabi to invest USD5bn in Russian infrastructure

Abu Dhabi is planning to invet up to USD5bn in infrastructure projects in Russia in the next seven years, the Financial Times reports, illustrating Russian efforts to attract money from sovereign funds. The engagement of the department of finance in Abu Dhabi is expected to be announced on Thursday by the Russian Direct Investment Fund, the USD10bn fund supported by the government, founded in 2011 by Vladimar Putin.
12/09/2013

Adelante AM closes an emerging market debt fund

The alternative asset management boutique Adelante Asset Management has closed a global emerging market debt fund, launched 14 years ago, as it estimates that its investment style is no longer adapted to the current environment, Financial News reports. The fund in question, Adelante Emerging Debt Fund, whose assets under management total USD80m, was closed at the end of July. The fund posted negative returns of 2% in the first seven months of the year. However, it has posted annualised returns of over 15% from its launch in July 1999 to its closure.
12/09/2013

Edmond de Rothschild group increases stake in Rothschild Capital Partners to 100%

The Edmond de Rothschild group is increasing its stake in the capital of its affiliate Edmond de Rothschild Capital Partners, a specialist in majority investments in midcap businesses, from 60% to 100%. The 40% will be purchased from co-founders Erick Fouque and Eric de Montgolfier, who will be leaving the private equity firm “to dedicate themselves to new entrepreneurial projects,” according to a statement. They will be replaced by Bertrand Demesse and Louis-Antoine Roullier, who have been working at the firm since 2005 and 2008, respectiely, and who have been promoted as managing partners. The Edmond de Rothschild group is “taking this opportunity to increase its stake in the capital as it believes in this illiquid asset class, in which they are seeking to strengthen themeselves by 2016, following the strategic plan of Christophe de Backer, CEO fo the Edmond de Rothschild group,” a spokesperson says. As part of this plan, new products will be launched. Edmond de Rothschild Capital Partners, founded in 2003, has over EUR2.2bn in assets under management.
12/09/2013

Hedge fund buys a 12% stake in News Corp

Southeastern Asset Management has acquired a stake of nearly 12% in the capital of News Corp, the group controlled by Rupert Murdoch, USA Today reports. On the basis of its closing share price on Tuesday, the stake of Southeastern is valued at nearly USD400m. The alternative asset management firm thus becomes the second-largest shareholder, after Murdoch himself, who, according to Bloomberg, controls a 39% stake.
12/09/2013

La Française and Forum Partners sign a strategic partnership

Forum Partners Investment Management, LLC (Forum) and La Française, an affiliate of Crédit Mutuel Nord Europe (CMNE), on 11 September announcd that they have signed a strategic partnership which will take the form of an investment by La Française in a 24% stake in Forum Partners, via an issue of new equities and a significant investment in the international range of real estate investment strategies from Forum. The partnership is subject to approval by the supervisory authorities, a statement from the two firms says. In addition, a close collaboration will be established to launch several new European investment products, particularly through a joint venture to develop European direct real estate investment. Forum Partners is a real estate investment management firm with USD5.7bn in assets under management for third parties. The partnership will combine the expertise of the Forum in the area of real estate investment via real estate private equity, publicly-traded real estate and real estate debt, with the proven leadership of La Française in French direct real estate and senior debt. To support the partnership, CMNE and La Française will invest over USD600m in major investment strategies by Forum, beginning with USD200m for the European debt platform, including mezzanine and senior debt. La Française will also invest in publicly-traded real estate activities internationally, and real estate capital invetment in Asia, as well as in potential development opportunities in the Americas. In addition, Foum and La Française will pool their global resources for distribution to professional and retail clients.

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