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13/06/2013

Generali Investments Europe appoints new CEO

P { margin-bottom: 0.08in; } The asset management firm Generali Investments Europe on June 12 announced the appointment of Santo Borsellino as CEO. He will begin in his new role on June 24, and will replace Philippe Setbon, who is joning Groupama AM as CEO to replace Francis Ailhaud.Borsellino, 45, joined the Generali Group in 2008 as head of equity investments at Generali Investments Europe, which has EUR320bn in assets under management. He previously worked in investment banks and in asset management firms in London and Milan, a statement says.Ailhaud, who is leaving his position as CEO of Groupama AM at the end of June, has said in a letter to journalists and other contacts that he “had not planned to leave active professional life now” and that he plans to turn to other activities.
13/06/2013

Alain Dubois leaves Lyxor AM for MSCI

P { margin-bottom: 0.08in; } Alain Dubois has left his position as chairman of Lyxor Asset Management, the supervisory board announced on Wednesday, 12 June. Dubois will in August join MSCI, where he will serve as managing director in charge of development for the index activities of the firm. He will be based in London and will report to Baer Pettit, global head of MSCI Index Business. Dubios had been chairman of the board at Lyxor Am for ten years.Following his departure, Dubios is replaced in his old position by Inès de Dinechin from Monday, 10 June. Since last year, de Dinechin has served as CEO of the firm. When asked by Newsmanagers, Lyxor AM stated that there are no plans to appoint a new CEO to replace de Dinechin. The decisions and investment processes for funds managed by Lyxor will remain the reponsibilities of the chief investment officers, Nicolas Gaussel and Lionel Erdely, who will continue to report to de Dinechin.
13/06/2013

Two former Feri execs go solo

P { margin-bottom: 0.08in; } Eberhard Weiß, former economist in chef and co-founder of Feri, has teamed up with Min Sun, former managing partner and head of research at Feri to create the wealth management (from EUR10m) and institutional management firm Taunus Trust GmbH in Bad Homburg, which was created earlier this year and which received a license from BaFin on 25 February. Feri was gradually acquired in full by the financial services provider MLP.On its website, Taunus Trust insists particularly on aspects of good corporate governance, protection of sensitive data, the “sustainable development” character of its investments, and its refusal to invest in products which pose ethical problems.The new firm offers strategic advisory services in investment, asset allocation and monitoring of mandates (from EUR50m), advising to family offices (also from EUR50m), risk overlay management (from EUR100m) and active management of direct investments (private equity).
13/06/2013

Allianz Gi moves multi-asset class team to Frankfurt

P { margin-bottom: 0.08in; } Stefan Kloss has handed over responsibility for four funds as part of a larger reshuffle of the multi-asset class team at Allianz Global Investors based in Frankfurt, Citywire reports. The changes come as part of a redistribution of responsibilities in order to set up “centres of excellence” in all Allianz GI entities worldwide. Kloss, who will be giving up management of the PremiumMadat Dynamik, PremiumMandat Dynamik Plus, PremiumMandat Balance and Premium Madat Defensiv funds, will now concentrate on mandates for institutional clients. Stean Stahlhacke, head of the multi-asset class portfolio for private clients, will take over management of the four funds.
13/06/2013

FRR launches RFP to select a provider of extra-financial risk analysis

P { margin-bottom: 0.08in; } The French pension fund Fonds de réserve pour les retraites (FRR) has announced that it is launching a request for proposals to select a new provider of analysis of extra-financial risk, as its first contract for “Provision of analysis of extra-financial risks for the FRR portfolio” is expiring.For this contract, the public market procedure selected is that of an adapted procedure as defined by articles 26 and 2 of the Public market code. The contract will be signed for a two-year period from the time of notification, with a possible extension for one year.As a part of its Responsible Investment Strategy, the FRR points out that in 2008 it acquired the means to monitor and prepare for extra-financial risks which may have an impact on its investments and reputation. Risks for the FRR may result from failure to respect businesses in which it invests. The principles include the United Nations Global Compact, good governance, and principles enshrined in international conventions ratified by France, including the Ottawa and Oslo conventions.This particular resource is applied transversally to the entire portfolio of the FRR, and comes in addition to the vigilance which managers already exercise in this area. A Responsible Investment Committee of the Supervisory Board has been created for this purpose. The Committee relies on regular analysis by specialist agencies and the proposals of the Board to evaluate cases of failure to respect fundamental standards, and to decide on measures to be taken.Providers interested in the request for proposals have until 26 June 2013 at 12:00 (Paris time) to respond to the FRR within the conditions specified by the consultation letter.
13/06/2013

RCM issues share classes in currencies for several funds

P { margin-bottom: 0.08in; } The Austrian firm Raiffeisen Capital Management (RCM) has announced that, in order to satisfy foreign clients seeking to invest in shares in funds denominated in their own currency, it has created share classes denominated in currencies of four of its emerging market equity product, all of them registered in Austria, and originally denominated in euros.The Raiffeisen-EasternEuropean-Equities fund is now available in share classes denominated in US dollars and pounds sterling, as is the Raiffeisen-Russia-Equities. The Raiffeisen-EmergingMarkets-Equities also has shares available in Polish zloty. The Raiffeisen-Eurasia-Equities is now available in share classes in US dollars and zloty.
13/06/2013

European equity funds responsible for two thirds of French outflows in May

P { margin-bottom: 0.08in; } Net outflows in May for French-registered funds. According to statistics from Europerformance SIX Telekurs, redemptions have totalled EUR2bn. The economic difficulties in Europe have penalised funds investing in equities from this region. These alone are responsible for two thirds of net outflows. Bond funds, however, have posted net inflows of EUR303.80m. Convertible bond funds also show inflows (EUR36.32m). For their part, money market funds saw outflows of EUR350.21m last month.
13/06/2013

Harvest releases a bond fund in the United States

P { margin-bottom: 0.08in; } Mutual Fund Wire reports that the Chinese firm Harvest Fund Management [in which Deutsche Bank controls 30% -ed] has founded a distribution affiliate in New York, Harvest Krane, which is now selling the Harvest Funds Intermediate Bond Fund in the United States.The product, launched two months ago, invests at least 80% of its assets in bonds from issuers and firms based in China or Hong Kong, in the “intermediate” market segment with 3 to 5 years to maturity. These securities must be rated an average of BBB, and the performance objective is 4% to 4.5%.The fund is aimed at US pensioners seeking to diversify their portfolio. Harvest is also planning to target RIAs, family offices and bank trusts.
13/06/2013

Schroders releases Global Unconstrained Bond fund in Germany

P { margin-bottom: 0.08in; } The German BaFin and the Austrian FMA have issued sales licenses for the Global Unconstrained Bond sub-fund of the Luxembourg Sicav Schroder ISF (International Selection Fund), managed by Gareth Isaac (see Newsmanagers of 5 March 2013).The “unconstrained” bond fund, which was launched on 24 April, tracks no benchmark for its allocation, but uses the Barclays Capital Global Aggregate Bonds USD Hedged Index plus 400-500 basis points as a performance objective for a sliding 3-5 year period.CharacteristicsName: Schroder ISF Global Unconstrained BondISIN codes:LU0894413409 (capitalisation)LU0912259727 (distribution)Front-end fee: 3%Management commission: 1%Minimal subscription: EUR1,000
13/06/2013

NordLB launches ethical bond fund

P { margin-bottom: 0.08in; } On 3 June, NordLB Asset Management launched a bond fund for the Evangelist church-affiliated credit cooperative Kiel (EDG), EDG Rentenfonds. Respect for the environmental, social and governance (ESG) criteria of EDG is monitored by the oekom research ratings agency in Munich.The institutional product will invest at least 51% of its assets in bonds, primarily from European issuers, and in shares in bond funds. The securities must be rated at least BBB- by S&P or Baa3 by Moody’s.CharacteristicsName: EDG-RentenfondsISIN code: DE000A1J3WQ8Front-end fee: 5%Management commission: 0.51%Minimal subscription: EUR50,000
13/06/2013

Felix Zulauf launches hedge fund with his son

P { margin-bottom: 0.08in; } The star hedge fund manager Felix Zulauf, head of Zulauf Asset Management (USD2bn), is issuing a new global macro hedge fund at the firm Vicenda Asset Management, where he is co-CIO with his son Roman, from Magma Capital, Das Investment reports, relaying Blomberg.The new fund is aiming for average returns of 6% to 8%. The management commission is 1.5%, while the performance commission is 20%.
13/06/2013

Union issues diversified fund

P { margin-bottom: 0.08in; } Since 5 June, Union Investment has added a new product to its UniRak line, the diversified fund UniRak Konservativ, which also absorbs the GenoEuroClassic and GenoEuroClassic II funds whose portfolio has been overhauled so as no longer to contain any share in real estate funds.The UniRak Konservativ, a “prudent” product, is managed by Christoph Niesel for the equity portion, and by André Stagge for bonds. The fund will be invested two thirds in bonds and one third in equities. The portfolio will include bonds denominated in euros from German issuers, and up to 30% from foreign issuers. The proportion of German bonds may not be below 20%.For equities, the portfolio will include at least one quarter German securities.The new fund is available in two share classes.CharacteristicsName: UniRak Konservativ A and UniRak Konservativ -net- AISIN codes: DE000A1C81C0 (A) and DE000A1C81D8 (net A)Front-end fee: 2% (maximum 3%) for the A, 0% for net AManagement commissions: 1.2% (maximum 1.9%) for the A and 1.55% (maximum 1.9%) for the net A
13/06/2013

Vanguard AM favours ban on commission payments in the Netherlands

Nick Blake, head of retail - Europe, Vanguard Asset Management, supports the proposed Dutch ban on commission payments for fund distribution. “Vanguard is a vocal proponent of the Retail Distribution Review in the United Kingdom. For similar reasons we strongly support the Dutch proposals as they will increase product competition, transparency on costs and investor choice,” he says in a press statement.“The proposals are also likely to increase consumer choice as products are offered on a commission-free level playing field. Our experience in other markets suggests that ‘new’ cost-effective products (such as exchange-traded funds and index funds) are likely to become more readily available to Dutch investors,” adds Nick Blake.
13/06/2013

Allfunds tops EUR100bn in assets intermediated

P { margin-bottom: 0.08in; } Funds People reports that the fund platform for institutional investors Allfunds Bank has after 13 years managed to top the EUR100bn level in assets intermediated.Since 2003, Allfunds has been a 50/50 affiliate of the Spanish firm Santander (which had inititally housed third-party funds there) and the Italian Intesa Sanpaolo. The volume intermediated has doubled in the past 18 months.Currently, Allfunds has 380 clients operating in 26 different countries, and gives access to 29,000 funds from 450 managers.
13/06/2013

Mirabaud Securities sets up a branch in Spain

P { margin-bottom: 0.08in; } Mirabaud has created a Spanish branch of Mirabaud Securities LLP, the Swiss group announced on 12 June. “The new branch office will consolidate all brokerage operations currently completed by institutional clients handled by Mirabaud Finanzas in Spain, and will work directly with all other global brokerage operations of the group in London, Geneva, Dubai, and Hong Kong,” a statement says. The new Spanish branch of Mirabaud Securities LLP will be led by Javier Colas Gomez de Barreda.
13/06/2013

Aegon AM recruits from Robeco

P { margin-bottom: 0.08in; } Since 1 June, Fondsnieuws reports, Fernand Schürmann, head of consultant relations at Robeco since 2005, has joined Aegon Asset Management Netherlands as director of sales, Fondsnieuws reports. The mission of the new recruit will be primarily to develop institutional clients.
13/06/2013

Currency manager leaves Brevan Howard

P { margin-bottom: 0.08in; } Luke Ding, manager of the currency fund from Brevan Howard Asset Management, is one of the eight traders who is expected to leave the hedge fund firm, according to the Wall Street Journal, citing sources familiar with the matter. The Brevan Howard Investment Fund II macro FX Fund with assets of EUR570m, lost 2.3% last year. Its assets reached EUR1bn last year. It may be closed.
13/06/2013

Marlborough opens Special Situations fund to offshore investors

P { margin-bottom: 0.08in; } The British firm Marlborough has launched a master/feeder fund domiciled in Guernsey, in order to offer offshore investors access to a special situations fund managed by Giles Hargreaves, Investment Week reports. The fund, which had previously been reserved for British investors, and which now has assets under management of GBP640m, compared with GBP224m in November 2010, is one of the best products dedicated to small caps, with performance of 82% in the three years to 31 May, ahead of the sector of reference, the IMA UK Smaller Company, which has average returns of 64.9%.
13/06/2013

Citadel veteran calls off plans for a hedge fund

P { margin-bottom: 0.08in; } Chris Boas, a former global head of credit at Citadel, has called off plans to launch a hedge fund, after failing to collect the necessary funds, the news agency Bloomberg reports. Longwood Credit Partners, Boas’ firm, has abandoned its project due to unfavourable market conditions for fundraising, a spokesperson for the firm based in London has announced.
13/06/2013

GLG veterans launch a hedge fund

P { margin-bottom: 0.08in; } Covalis Capital, a hedge fund launched by a team of former GLG employees, has received permission from the British Financial Conduct Authority to act as an autonomous business, Financial News reports. The fund will focus on utility companies, infrastructure, renewable energies, and commodities, primarily in Europe.
13/06/2013

Former Citigroup manager joins Calculus Capital

P { margin-bottom: 0.08in; } Richard Moore has joined the British private equity firm Calculus Capital as investment director. Calculus has also recruited three people for its investment team in the space of nine months. Rick Jones, from Rothschild, joined the firm in September 2012, and Roshan Puri was recruited in February 2013. Richard Moore previously worked at Citigroup from 2005 to 2013, very recently as head of investment for technologies, media and telecommunications (TMT) in Europe.
13/06/2013

RBC rumoured to be interested in SWIP

P { margin-bottom: 0.08in; } Royal Bank of Canada may make an offer to take over Scottish Widows Investment Partnership, the asset management activity of the Scottish Widows group owned by Lloyds Banking Group, according to Financial News, citing three sources familiar with the matter. RBC Wealth Management, which has CAD560bn in assets, has already acquired the UK asset management frm Bluebay in October 2010.
13/06/2013

JP Morgan AM closes two funds

P { margin-bottom: 0.08in; } J.P. Morgan Asset Management is closing two underperforming funds, including a commodity fund managed by Neil Gregson (Global Mining), which has seen significant losses since the fall of the mining sector, Investment Week reveals. The fund, launched in January 2011, represents assets of GBP4bn. The group is also closing the Balanced Total Return fund, managed by Talib Sheikh.
13/06/2013

Greece loses its status as a developed country according to MSCI

P { margin-bottom: 0.08in; } The index provier MSCI has modified its classification for Greece in its indices. The country is losing its status as a developed country, and will now be treated as an emerging country. The MSCI index for Greece no longer meets various criteria which would characterise a developed country. Among the criteria defined, MSCI points out the country’s inability to improve market practices in the area of securities lending, short-selling and securities transfer. Russell Investments has already taken a similar decision with respect to Greece.
13/06/2013

La FAO envisage une baisse des prix des céréales

La production mondiale de céréales devrait augmenter de 6,5% en 2013/2014 pour atteindre un record de 2,46 milliards de tonnes, principalement grâce à la croissance de la production de blé et au rebond de celle du maïs aux Etats-Unis, selon l’Organisation des Nations Unies pour l’alimentation et l’agriculture (FAO). Dans le même temps, la consommation mondiale ne devrait augmenter que de 3% à 2,402 milliards de tonnes. Une probable reconstitution des stocks céréaliers mondiaux pourrait provoquer une baisse des prix, estime la FAO.
GSGA 28
13/06/2013

L'AMF a durci ses sanctions en 2012

L’Autorité des marchés financiers, qui a ouvert jeudi matin à la consultation publique son plan stratégique 2013-2016, a aussi publié son rapport annuel où figure le bilan d’activité de la commission des sanctions. Au cours de l’année écoulée, la commission des sanctions de l’AMF a témoigné d’une plus grande sévérité dans son activité. Ainsi, le nombre de sanctions pécuniaires est passé de 43 en 2011 à 54 en 2012, tandis que le montant total a progressé de 7 à 18 millions d’euros. «Autre fait nouveau, 6 interdictions d’exercer à titre temporaire ou définitif ont été prononcées», souligne le rapport annuel. L’exercice passé a 2012 a aussi constitué la première année de plein d’exercice du dispositif dit de « composition administrative», qui a permis 7 transactions dont celle de 500.000 euros avec Carmignac.
Photo: PHB
13/06/2013

Le Val d'Oise place 20 millions d'euros auprès d'investisseurs asiatiques

Le Val d’Oise a émis 20 millions d’euros d’obligations, dans le cadre d’un placement privé, avec un coupon de 2,63% pour une maturité de 12 ans. Cette opération permet au département de diversifier sa base d’investisseurs en s’ouvrant à l’Asie. Il était épaulé par Nomura.
13/06/2013

L'Etat va déposer un recours en révision contre l'arbitrage Tapie

L’Etat français entend déposer un recours en révision contre l’arbitrage suspect qui a accordé en 2008 la somme de 403 millions d’euros à l’hommes d’affaires Bernard Tapie, ont annoncé jeudi les services du Premier ministre Jean-Marc Ayrault, confirmant une information du Monde. L’Etat devra engager son recours devant la Cour d’appel de Paris, à laquelle il devra apporter des éléments nouveaux.

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