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19/06/2013

Création d'un nouveau multi-family office à Londres

Plusieurs financiers londoniens de premier plan se sont regroupés pour constituer un nouveau multi-family office qui se propose de mieux aligner les intérêts des associés avec ceux des clients, selon le spécialiste du family office Campden FB. Les fonds des associés devraient ainsi constituer une part substantielle des actifs sous gestion du family office.La nouvelle structure, Holbein Partners, réunit Cunningham Loewenstein Asset Management ainsi que le pôle gestion de fortune de MaxCap Partners, et compte parmi ses soutiens Rupert Loewenstein, célèbre pour avoir géré la fortune des Rolling Stones, et Steven Blakey, fondateur de la société European Credit Management.
19/06/2013
Fonds

Source fait coter quatre ETP à Londres

Désormais, Source compte onze produits disponibles en livres, avec l’admission à la cote du London Stock Exchange, le 17 juin, de quatre ETP. Il s’agit notamment des parts distribution et capitalisation du Source Morningstar US Energy Infrastructure MLP UCITS ETF, qui a été lancé récemment, ainsi que de celles de deux des plus grands ETF sectoriels américains, Financials S&P US Select Sector Source ETF et Technology S&P Select Sector Source ETF.CaractéristiquesDénomination : Financials S&P US Select Sector Source ETFCode Isin : IE00B42Q4896Taux de frais sur encours : 0,30 % Dénomination : Technology S&P US Select Sector Source ETFCode Isin : IE00B3VSSL01Taux de frais sur encours : 0,30 %Dénomination : Source Morningstar US Energy Infrastructure MLP UCITS ETF ACode Isin : IE00B94ZB998Taux de frais sur encours : 0,50 %Dénomination : Source Morningstar US Energy Infrastructure MLP UCITS ETF BCode Isin : IE00B8CJW150Taux de frais sur encours : 0,50 %
Fonds
19/06/2013
Fonds

GSA lance un fonds dénué de commission de performance

La société britannique de hedge funds GSA Capital envisage de lancer un nouveau fonds qui ne facturera aucune commission de performance, a appris Financial News. Il s’agira d’un fonds « suiveur de tendances ». Les frais de gestion du produit n’ont pas été dévoilés.
Fonds
19/06/2013
Fonds

Threadneedle propose un fonds multi-classes d'actifs

Toby Nangle, head of multi-asset allocation chez Threadneedle Investments depuis janvier 2012, va gérer notamment avec Alex Lyle, head of managed funds, et l’asset allocation strategy group, le nouveau Threadneedle Dynamic Real Return Fund. Il s’agit d’un produit long-only qui ne recourt pas à l’effet de levier.Le portefeuille diversifié peut comprendre des actions, des obligations, des matières premières, de l’immobilier et des investissements alternatifs, l’objectif étant de générer sur trois à cinq ans des rendements similaires à ceux des actions (inflation + 400 points de base) avec seulement les deux tiers de la volatilité sur le cycle. Quelles que soient les conditions de marché, le fonds est conçu pour fournir une performance positive sur une période maximale de trois ans.Toby Nangle estime que ce nouveau fonds devrait susciter un grand intérêt notamment auprès des fonds de pension britanniques.CaractéristiquesDénomination : Threadneedle Dynamic Real Return FundCodes Isin : GB00B93TQ868 (part retail Z capitalisation) GB00B92GCX53 (part institutionnelle, capitalisation)Frais de gestion : 0,97 % part retail0,79 % part institutionnelle
Fonds
19/06/2013

VT Wealth Management loue ses infrastructures aux petites sociétés de gestion

VT Wealth Management (VT WM) propose aux petites sociétés de gestion d’utiliser, moyennant une commission, ses infrastructures administratives et techniques. Les gérants restent indépendants et conseillent leur propre clientèle mais peuvent bénéficier de services de VT WM, comme l’aide à l’allocation d’actifs ou la construction de portefeuilles, précise finews.
19/06/2013

PGGM mène la fronde chez GSW Immobilien

Le fonds de pension néerlandais PGGM a remporté mardi l’adhésion de plus de la moitié du capital lors de l’assemblée générale pour sa motion de défiance à l’encontre de Eckard John von Freyend, président du conseil de surveillance de l’allemand GSW Immobilien, et de Bernd Kottmann, président du directoire.Les actionnaires ont voté le limogeage du premier à 69,63 % et celui du second à 63,31 %, mais la motion déposée par PGGM n’a pas atteint les 75 % requis par les statuts et a donc été rejetée.GSW Immobilien a annoncé immédiatement la tenue prochaine d’une réunion extraordinaire du conseil de surveillance pour étudier la situation.
19/06/2013

L’AG de RHJI vote en faveur l’achat de la BHF

Malgré l’opposition de plusieurs hedge funds, menée par le genevoir Equilibria, l’assemblée générale de RHJ International (RHJI) n’a finalement pas interdit au CEO Leonhard Fischer l’acquisition de la BHF-Bank auprès de la Deutsche Bank, transaction dont le principe avait été conclu en septembre 2012, moyennant 400 millions d’euros, rapporte le Handelsblatt. Leonhard Fischer a été soutenu par le plus gros actionnaire de RHJI, Franklin Equity Group, qui détiendrait 15 % du capital. Seul manque encore à RHJI, désormais, le feu vert de la BaFin à cette transaction.
19/06/2013

Vanguard AM lists four ETFs in Switzerland

Vanguard Asset Management has announced the listing of four new Irish-domiciled ETFs on the SIX Swiss Exchange. Three of the ETFs seek to track major international equity markets. The range also features a global dividend yield product that provides exposure to stocks with high forecast dividend yields.Following these listings, a total of seven Vanguard ETFs are available via the SIX Swiss Exchange. All of the ETFs are physically backed and listed in Swiss francs. With total expense ratios (TERs) ranging from 0.09% to 0.45%, Vanguard says that its Swiss-listed ETFs are among the lowest-cost products in the market. Axel Lomholt, Vanguard head of international product development and management, commented: “Continuing to list our ETFs on the SIX Exchange underscores our commitment to the Swiss market and the European market more broadly. Making our ETFs more readily available across Europe gives more investors a low-cost way to reach their investment goals.” Vanguard has been serving Swiss investors since 1998, opened its Zurich office in 2008, and founded a FINMA regulated Swiss entity in May 2011.List of funds available on the Swiss market, with TER Vanguard FTSE Developed Europe UCITS ETF 0.15% VEUR Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF 0.22% VAPX Vanguard FTSE Japan UCITS ETF 0.19% VJPN Vanguard FTSE All-World High Dividend Yield UCITS ETF 0.29% VHYL Existing Vanguard ETFs TER SIX Swiss Exchange Trading Symbol (in CHF) Vanguard S&P 500 ETF 0.09% VUSA Vanguard FTSE Emerging Markets ETF 0.45% VFEM Vanguard FTSE All-World ETF 0.25% VWRL
19/06/2013

Ignis AM offers USD-denominated shares in Ignis Absolute Return Government Bond fund

P { margin-bottom: 0.08in; } Ignis Asset Management has announced the release in France of a retail share class denominated in US dollars for the Ignis Absolute Return Government Bond fund. Ignis Asset Management has also released the share class for retail investors in Italy and Ticino, Bluerating reports. The fund, launched on 31 May 2011, has recently passed EUR1bn in assets. According to Ignis AM, the investor base for the fund has diversified since its launch, and now includes institutional investors, discretionary manager, wealth managers, business banks, distribution platforms and private investors. About two thirds of clients of funds are based in continental Europe, and one third in the United Kingdom.
19/06/2013

Inflows to US mutual funds rise in May

P { margin-bottom: 0.08in; } After USD37.8bn in April, US long-term mutual funds (thus excluding money markets) have posted net subscriptions of USD38.6bn, meaning that net inflows in the first five months of the year total USD265.36bn, according to estimates by Morningstar. Money market funds, for their part, have attracted a net USD27.18bn in May, following net outflows of USD14bn in April, although net redemptions in January-May are down to USD84.14bn.Among the top firms by asset volumes, Vanguard (first with USD1.733trn, excluding money market funds and funds of funds) has posted net subscriptions of USD55.68bn in the first five months of the year, putting it ahead of Pimco (4th, with USD590bn), which has raised USD31.11bn, and Fidelity (2nd, with USD1.050trn), which attracted USD13.12bn.For its part, American Funds (3rd, with USD1.001trn) has seen net outflows of USD4.14bn in January-May.
19/06/2013

SSgA to launch three actively-managed ETFs

P { margin-bottom: 0.08in; } State Street Global Advisors has submitted an application to launch three non-transparent actively-managed ETFs, Financial Times fund management reports, citing Ignites. The funds are SPDR SSgA Equity, SPDR SSgA Emerging Markets and SPDR SSgA Aggregate Bond. The ETFs will not reveal the contents of their portfolios on a daily basis.
19/06/2013

Oddo AM releases an RMB bond fund

P { margin-bottom: 0.08in; } Oddo Asset Management on 18 June announced the launch of a fund which provides access to bond markets denominated in the Chinese offshore currency, the renminbi (RMB). This is a further sign of the French asset management firm’s interest in the Asian market. As Newsmanagers reported on 15 November 2012, Oddo is also in the process of opening an office in Singapore. The Oddo Bonds China RMB fund is a sub-fund of the Luxembourg Sicav Oddo Funds, which will invest in high quality investment grade securities, denominated exclusively in offshore RMB, issued by public or private entities of any country. The investment universe of the fund includes 100 issuers. The partnership initiated one year ago with Guosen (HK) AM, one of the largest actors in the RMB bond market, assures Oddo privileged access to the knowledge of local issuers and the macroeconomic environment on the Chinese market. The performance of the fund is based on returns from securities denominated in RMB, as well as appeciation or depreciation of the Chinese currency against the selected currency of the fund (EUR, USD). The target allocation as of the end of May 2013 consisted of offshore RMB with an objective of 60-85%, RMB offshore savings certificates (HSBC, Standard Chartered), with an objective of 10-30%, and cash within a range from 5-10%. Primary characteristics of the fund ISIN code: CI-EUR: LU0922133151 Minimal initial subscription: EUR250,000 Subscription commission: Maximum 4% of net assets Set management fees, including tax: maximum 0.80% Performance commission: none
19/06/2013

RHJI general shareholders' meeting votes in favour of BHF acquisition

P { margin-bottom: 0.08in; } Despite the opposition of several hedge funds, led by the Geneva-based Equilibria, a general shareholders’ meeting at RHJ International (RHJI) ultimately did not block CEO Leonhard Fischer from acquiring BHF-Bank from Deutsche Bank, in a deal which had been reached in principle in September 2012, for EUR400m, Handelsblatt reports. Fischer was supporterd by the largest shareholder in RHJI, Franklin Equity Group, which controls 15% of capital.RHJI now only requires approval from BaFin to go through with the deal.
19/06/2013

PGGM leads assault at GSW Immobilien

P { margin-bottom: 0.08in; } Dutch pension fund PGGM on Tuesday won a vote with more than half of capital at a general shareholders’ meeting for a motion to oppose Eckard John von Freyend, chairman of the supervisory board at GSW Immobilien, and Bernd Kottman, chairman of the board.The shareholders voted to remove them by a percentage of 69.63% in the former and 63.31% in the latter case, but the motion proposed by PGGM did not achieve the required 75% and was therefore rejected.GSW Immobilien immediately announced that an extraordinary meeting of the supervisory board would soon be held to study the situation.
19/06/2013

SSgA recruits in Asia

P { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) is in the process of increasing its personnel in the Asia-Pacific region, including China, Asian Investor reports. In China, SSgA has formed a partnership with Zhongrong International Trust to create a joint venture entitled SSgA Fund, in which SSgA will hold a minority stake of 49%, as required by law. The joint venture will have 50 employees, of whom 20 will be investment professionals.
19/06/2013

Former trader indicted in Libor affair

P { margin-bottom: 0.08in; } The British Serious Fraud Office (SFO) on 18 June announced that it has made its first indictment in the Libor inter-bank lending rate manipulation scandal, of the former bank broker at UBS and Citigroup Tom Hayes. The Swiss bank UBS was last year sentenced to pay a fine of USD1.5bn to the United Kingdom and the United States for manipulating the rate, at the heart of a vast scandal involving several firms. Hayes has been indicted on eight charges of organised bank fraud, the SFO says in a statement. The 33-year-old man is one of three people who were arrested in December 2011 by the SFO and the London police.
19/06/2013

Threadneedle launches a multi-asset class fund

P { margin-bottom: 0.08in; } Toby Nangle, head of multi-asset allocation at Threadneedle Investments since January 2012, will work with Alex Lyle, head of managed funds and the asset allocation strategy group to manage the new Threadneedle Dynamic Real Return Fund. It is a long-only product which uses no leverage.The diversified portfolio may include equities, bonds, commodities, property, and alternative investments, with the objective of generating returns over three to five years similar to those of equities (CPI + 400 basis points) with only two thirds of the volatility over a cycle. Regardless of market conditions, the fund is designed to deliver positive returns over a maximal three-year period.Nangle predicts that the fnd will be highly popular with British pension funds in particular.CharacteristicsName: Threadneedle Dynamic Real Return FundISIN code:GB00B93TQ868 (retail Z accumulation shares)GB00B92GCX53 (institutional accumulation shares)Management fee:0.97% retail share class0.79% institutional share class
19/06/2013

BlackRock wants to grow in Japan

P { margin-bottom: 0.08in; } Larry Fink, CEO of BlackRock, has recently announced that Japan will play a crucial role in the US-based group’s aim of increasing its assets by USD200bn per year, Financial Times fund management reports. “One of the greatest opportunities in the coming years for organic growth will be Japan,” he says. BlackRock is currently the eighth-largest provider of cross-border funds to Japan, after Nomura AM and Daiwa AM, among others, according to Cerulli Associates.
19/06/2013

Axa IM changes managers for global equities

P { margin-bottom: 0.08in; } Ahead of the departure of Anu Narula from Mirabaud, Mark Hargreaves has taken over two funds from Axa Investment Managers for which he had been responsible, Citywire Global reports. Hargreaves becomes the principal manager of the AXA WF Framlington Global High Income fund, among others.
19/06/2013

Franklin Templeton takes control of Pelagos

Franklin Templeton Investments has acquired the remaining 80 percent stake of alternative investments specialist Pelagos Capital Management, to become a 100 percent equity stakeholder, according to a press release.Franklin Templeton bought its initial 20 percent equity stake in Pelagos in 2010.William Yun, CFA, executive vice president, Franklin Templeton Alternative Strategies, said, “We’ve developed a strong relationship with Pelagos since our initial investment in 2010 and after seeing growing interest from investors in alternative investment strategies, we are pleased to announce the completion of this acquisition.”Pelagos, an independent investment advisor founded in 2005 by Stephen Burke and John Pickart, is based in Boston, MA. Its mission is to create alternative investment solutions that seek to enhance overall returns and lower portfolio volatility.
19/06/2013

Swiss Life Banque Privée posts EUR1bn in inflows in four years

P { margin-bottom: 0.08in; } The Wealth Management department of SwissLife Banque Privée, founded in 2009, has past the EUR1bn mark in inflows, the firm has announced in a statement. A new structured product has also been released, entitled Objectif Juillet 2013. The new product, available through 8 August, is aimed at clients who agree to limit gains to 6.9% per year in the event of rising equity markets, in order to receive protection if the worse performing of the two indices (CAC 40 and EURO STOXX 50 excluding dividends) has not fallen by more than 60% at maturity, Swiss Life Banque Privée states. The product thus presents risk of capital loss.
19/06/2013

AXA wants to invest EUR10bn in the infrastructure debt market

P { margin-bottom: 0.08in; } AXA on 18 June announced a decision to increase its exposure to the infrastructure debt market, with an investment of EUR10bn in the next five years. These investments will be made via the AXA Real Estate debt platform. The initiative is part of the credit investment diversification strategy of the Group and aims to benefit from advantages due to the characteristics of infrastructure debt, which are highly suitable for the needs of long-term investors such as AXA. The new programme comes as a continuation of an initiative begun in 2005 on the commercial real estate debt market, and the launch in 2012 of the European mid-sized business lending platform. AXA has engaged AXA Real Estate, the real estate portfolio and property manager for AXA Investment Managers, to manage these investments in infrastructure debt. AXA Real Estate is planning to subscribe, on behalf of AXA, to loans to finance infrastructure projects for up to EUR500m, associated with assets in developed economies. “Our decision to increase our exposure to infrastructure debt is in line with our global investment strategy. This allows us to meet our need to identify long-term investments and diversify our credit investment portfolio, in order to bring our assets into line with the guarantees we make to our clients. This new investment also illustrates the role that insurers can play in the financing of the real economy,” explains Laurent Clamagirand, chief investment officer at AXA Group, in a statement.
19/06/2013

UBS Wealth Management raises fees in Americas

P { margin-bottom: 0.08in; } UBS Wealth Management Americas last year decided to raise the commissions it charges for financial solutions provided to high net worth clients, Investment News reports. According to the director of advisers (over 7,000) at UBS Wealth Management, Jason Chandler, the new fee structure is not intended to increases revenues for the unit, but to increase the engagement of clients. “When clients pay for their plans, they are more involved. This principle applies to the high net worth (HNW) client segment in particular,” says Chandler. UBS Wealth Management Americas has already made USD3m in commissions since the beginning of this year, compared with USD1.4m in all of 2012. The commission level is set by the adviser. In first quarter, the average commission was USD4,100, of which half goes to the adviser.
19/06/2013

Janus Capital Group increases its presence on French market

P { margin-bottom: 0.08in; } The international asset management firm Janus Capital Group is consolidating its development strategy in the French market via Euroclear France, a top-calibre provider of post-market services to facilitate securities trading and access to funds, according to a statement released on 18 June. By making funds available on this platform, Janus Capital Group is increasing its means to develop its relationships with insurers, institutional investors, wealth management advisers, and asset managers in France. “Offering direct access to our funds via Euroclear France, a national central depository, lets us get closer to our French clients. This marks a new step in our development strategy, following the opening of our Paris office in early 2012,” says Sylvain Agar, director of the Paris office, in a statement. Janus Capital International – France is expecting clients through Euroclear France to represent about 20% of its assets from France within the next 12 months. Assets under management at Janus Capital Group totalled USD163.8bn as of the end of March 2013.
19/06/2013

Strong growth for SSgA advanced beta strategies

P { margin-bottom: 0.08in; } According to estimates by State Street Global Advisors (SSgA) relayed by Frédéric Jamet, CIO in Paris, the global smart beta or advanced beta market in equities represents about USD150bn, in the form of funds or ETFs, which remains modest as a proportion of global assets.For its part, SSgA accounts for the lion’s share of assets in this area, with USD47.32bn in assets under management as of the end of March, compared with USD39.51bn as of the end of December. Between net subscriptions and market effects, assets in this segment at the US asset management firm have increased by over USD7.8bn in three months.If this form of smart indexing functions well over the long-term, it requires patience and strong conviction on the part of investors, since some variants run the risk of underperfoming over relatively long periods.Jamet nonetheless expresses surprise that clients do not take more interest in minimal volatility products, which combine two advantages: those of higher returns and of lower risk than traditional products. See the detail of SSgA various strategies AUM in the attachment
19/06/2013

Optimism returns to euro zone

Investors are returning to Europe as they retreat from emerging market and Japanese equities, according to the BofA Merrill Lynch Fund Manager Survey in which 248 panelists with USD708 billion of assets under management participated from 7 June to 13 June. Investor confidence has risen in the past month in spite of market instability and a 2.5 percent fall in world equities over the survey period. A net 6 percent of global asset allocators are overweight eurozone equities, representing a 14 percentage point swing from May when a net 8 percent were underweight. But while allocations to the eurozone rose, investment in global emerging market equities fell to their lowest since December 2008. A net 9 percent of asset allocators are now underweight emerging market equities – the first underweight reading since 2009 and down from a net 3 percent overweight reading last month.Finally, a net 56 percent of global investors believe the world economy will strengthen over the coming year, up from a net 48 percent in May. Equity allocations increased. A net 48 percent of asset allocators are overweight equities, compared with a net 41 percent in May.
19/06/2013

GSA launches a fund with no performance fees

P { margin-bottom: 0.08in; } The UK hedge fund firm GSA Capital is planning to launch a new fund which will charge no performance fees, Financial News has learned. It will be a “trend-following” fund. Management fees for the fund have not been revealed.
19/06/2013

Source lists four ETPs in London

P { margin-bottom: 0.08in; } Source now has 11 products available in pounds sterling following the listing on the London Stock Exchange on 17 June of four ETPs. These include distribution and accumulation share classes in the Source Morningstar US Energy Infraastructure MLP UCITS ETF, which was launched recently, as well as those of the two largest sectoral US ETFs, Financials S&P US Select Sector Source ETF and Technology S&P Select Sector Source ETF.CharacteristicsName: Financials S&P US Select Sector Source ETFISIN code: IE00B42Q4896 Total expense ratio: 0.30% Name: Technology S&P US Select Sector Source ETFISIN code: IE00B3VSSL01Total expense ratio: 0.30%Name: Source Morningstar US Energy Infrastructure MLP UCITS ETF AISIN code: IE00B94ZB998Total expense ratio: 0.50% Name: Source Morningstar US Energy Infrastructure MLP UCITS ETF BISIN code: IE00B8CJW150Total expense ratio: 0.50%
19/06/2013

New multi-family office created in London

P { margin-bottom: 0.08in; } Several top London-based financiers have teamed up to create a new multi-family office which aims to better align the interests of partners with those of clients, according to the family office specialist Campden FB. The associated funds are expected to represent a substantial portion of assets under management by the family office. The new structure, Holbein Partners, includes Cunningham Loewenstein Asset Management and the wealth management arm of MaxCap Partners, and includes on its team Rupert Loewenstein, famous for managing the assets of the Rolling Stones, and Steven Blakey, founder of the firm European Credit Management.

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