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24/06/2013

Increase in HF redemptions

P { margin-bottom: 0.08in; } The redemption index calculated by the hedge fund administrator SS&C GlobeOp in June rose to 3.88%, from 3.77% in May, Reuters reports.Hedge funds participated in strong gains on the stock market since last summer, but many investors have been disappointed to find that hedge funds are unable to compete with the returns on equity markets.Since the beginning of this year, hedge funds have posted returns of 3.95%, according to Hedge Fund Research, compared with gains of nearly 13% for the S&P 500 index.
24/06/2013

Pimco funds affected by bond selloff

P { margin-bottom: 0.08in; } The Pimco Total Return fund from Bill Gross (USD285bn) has been one of the bond funds worst affected by the selloff in bonds which has affected the asset class since the Federal Reserve announced that it would begin reducing the scale of its quantitative easing programme, Investment Week reports. According to Bloomberg, the Pimco flagship fund has lost 1.6% since 8-20 June. It has lost 2.8% YTD.
24/06/2013

Resource launches a new real estate fund

P { margin-bottom: 0.08in; } Resource Real Estate, an affiliate of Resource America, has launched a new real estate fund, the Resource Real Estate Diversified Income Fund, Wealth Adviser reports.The fund, which will be managed by Scott Crowe, aims for long-term appreciation and offers low correlation to the equity markets for investors who wish to diversify their allocation. The fund also offers quarterly liquidity.
24/06/2013

PowerShares offers a short-term, high yield ETF

P { margin-bottom: 0.08in; } The US firm Invesco PowerShares Capital Management on 20 June announced the launch of the PowerShares Global Short Term High Yield Bond Portfolio, which has been admitted to trading on NYSE Arca under the ticker PGHY.The fund charges 0.35% and replicates the DB Global Short Maturity High Yield Bond Index. The portfolio is invested in short-term, high yield debt denominated in US dollars, issued worldwide by government, municipal and corporate borrowers.
24/06/2013

New Zealand's SWF divests from nuclear

P { margin-bottom: 0.08in; } The New Zealand Superannuation Fund has announced that it has excluded several operators of nuclear bases from its portfolio, whose assets under management total about USD22bn.Among the exclusions are Babcock & Wilcox, Fluor Corporation, Huntington Ingalls Industries, Jacobs Engineering Group, Serco Group and URS Corporation. The sovereign fund had already excluded Lockheed Martin.As of 31 March 2013, assets of the fund in excluded firms totalled NZD2.2bn. All of these assets have been sold off.The fund has also announced that four previously excluded firms will now be allowed back into the portfolio: General Dynamics, L-3 Communications, Raytheon and Goodrich Corp. These firms have confirmed that they no longer participate in the production of cluster bombs.
24/06/2013

“We now have a shared sales team 40 times larger than before”

Deutsche Bank in mid-June unveiled its new division, Deutsche Asset & Wealth Management (DeAWM), including the 23 asset management, wealth management and market activity brands. After serving as managing director and global head of RREEF Real Estate, Pierre Cherki, who is head of the new alternative/real asset management profession, discusses the size of his unit, its composition and its plans, now that it has a sales team 40 times larger than previously.
24/06/2013

Yuan: UK signs swap deal with China

P { margin-bottom: 0.08in; } In the competition amongst European financial centres to become the preferred offshore platform for the Chinese yuan in Europe, the British capital scored a point this weekend, Les Echos reports. The governor of the Bank of England (BoE), Mervyn King, has signed a currency exchange, or swap, agreement with a Chinese counterpart, Zhou Xiaochuan, which will allow the London market to have liquidity in yuan under all circumstances.The agreement covers an amount of up to CNY200bn (or RMB200bn), for the BoE, or up to GBP20bn for the People’s Bank of China (PBOC). In other words, slightly over USD30bn which can be mobilised on the market on both sides in order to meet the needs of businesses. Beijing has already signed numerous swap agreements, but so far only with emerging markets. This is the first time that a member of the group of seven most industrialized nations has achieved such a relationship with China.
24/06/2013

Russian PE investor RDIF and Mubadala launch co-investment fund

P { margin-bottom: 0.08in; } Russian Direct Investment Fund (RDIF), the private equity fund supported by the Russian government, and the Abu Dhabi sovereign wealth fund, Mubadala Development Company, have announced the launch of a co-investment fund with USD2bn in assets, in order to seek out investment opportunities on the Russian market. The two funds will contribute USD1bn each to the new fund. The new initiative by Mubadala comes as part of a desire on the part of the firm to establish a sustained presence on major international markets.
24/06/2013

Petercam replaces data provider for an SRI fund

P { margin-bottom: 0.08in; } For its European equity SRI fund Equities Europe Sustainable (about EUR50m in assets), the Belgian asset management firm Petercam will now be using gross data from Sustainalytics instead of Vigeo. They will all be processed internally by the SRI committee, which establishes the list of eligible equities sent to the fund manager, Didier van de Veire.This resulted in 10 changes out of 60 positions, as the universe which Sustainalytics covers is larger in the direction of midcaps, which better meet the performance aims of the manager.Petercam is satisfied with the reactivity and pragmatism of its provider, and has not ruled out extending its use of data to other equity or bond products.
24/06/2013

Deutsche Börse offers a Dax fund without the financial sector

P { margin-bottom: 0.08in; } For institutionals, Deutsche Börse has designed the new Dax ex-Financials 30 index, which includes equities listed on the prime standard segment of the Frankfurt stock exchange in the 30 largest German companies outside the “FIRE” sector, which includes banks, providers of financial services and insurance.These shares represent about 80% of the total capitalisation in German pubicly-traded businesses. The Dax ex-Financials 30 index currently includes shares in 25 companies of the Dax and MDax indices.The composition of the new index will be updated on a quarterly basis, and data are available with backtesting to 20 March 2003. The weighting of each share is limited to 10%.
24/06/2013

Skagen manager departs

Ross Porter left the Nordic asset management firm Skagen on 21 June after 13 years “to seek new challenges,» according to a press release. Since joining Skagen in September 2000, Ross has been involved in the management of both the equity and fixed income funds. Since August 2011, Ross has been part of the emerging markets Skagen Kon-Tiki fund team. The remaining Skagen Kon-Tiki team members are Kristoffer Stensrud, Knut Harald Nilsson, Cathrine Gether and Erik Landgraff. There are no plans to hire a replacement for Ross at present.
24/06/2013

Mercer adds to its wealth management product range

P { margin-bottom: 0.08in; } Financial advisers and wealth managers may in the future avail themselves of an addition to the product range from the consultant Mercer, which is now offering High Volume Research (HVR) and High Volume Monitoring (HVM) services, to address all potential questions raised by the funds in which their clients invest.HVR is a concise, high level tool (as opposed to complete research reports on managers), aimed at wealth managers, to help them to identify issues which may concern funds in which they may invest their clients’ money. For its part, HVM is a regular monitoring service, with which Mercer aims to identify concrete changes in a fund which may have an impact on the end result for clients.HVR and HVM allow investment advisers and wealth managers access to a quality of service which had previously been reserved for institutional investors and pension funds.
24/06/2013

Schroders wants to grow in the United States

P { margin-bottom: 0.08in; } UK-based Schroders wants to grow and is not hiding it. “We have GBP580m in cash,” its executive vice president, Massimo Tosato, tells Les Echos. This money “could be used both for acquisitions of local companies for international development and fo investments in organic growth,” he continues.Growth is proving more timid in Europe, its favourite market, and Schroders is turning to Asia and the United States.In the latter country, which can be hyper-competitive and closed off to foreigners, it is expecting to double in size in the next five years. As of 31 March 2013, assets under management in the United States already totalled GBP42bn, of which GBP7bn were at STW, a bond asset management firm acquired in December.
24/06/2013

Hermes Real Estate appoints head of RE debt

Hermes Real Estate Investment Management Limited (HREIML), with over GBP5.8 billion assets under management, has announced the appointment of Marcus Palmer as head of real estate debt. Based at the company’s headquarters in London, he will report into Ben Sanderson, Director of International Investment, HREIML. He will be responsible for managing the real estate debt programme. Prior to joining HREIML, Marcus was a Partner at Chalkhill Partners LLP.
24/06/2013

Polar Capital increases investment in healthcare

P { margin-bottom: 0.08in; } The British firm Polar Capital has recruited two investment professionals, Deane Donnigan and David Pinniger, who will serve in the healthcare unit at the asset management firm, Fundweb reports.Donnigan previously worked at Axa Framlington, while Pinniger has for more than 12 years worked in the healthcare sector.Polar Capital offers two healthcare strategies: the Polar Capital Healthcare Opportunities fund (GBP478.4m), and the Polar Capital Global Healthcare Growth and Income trust (GBP152.6m).
24/06/2013

Investors have bought up GBP2.3bn in equities in the past six months

P { margin-bottom: 0.08in; } Private investors continued to buy equities in the six months to the end of May, according to statistics released by Capita Registrars in its Private Investor Watch.Investors in the United Kingdom added GBP2.3bn to their portfolios, bringing their total assets to GBP222.2bn, the equivalent in value of 11% of the British equity market.Since the beginning of the rising market cycle in 2009, investors have added GBP6.1bn to their equity assets, of which BP3.6bn have been in the past 12 months.Between December 2012 and May 2013 investors traded about GBP45bn in equities, the most active period in the past two years.However, investors did not anticipate the fall on the market which began in June, and therefore did not take profits. They even continued to invest until the end of May. As of 18 June, they had lost GBP11.5bn, and their assets were down to GBP210.7bn.
24/06/2013

Man appoints a CEO for its Australian affiliate

P { margin-bottom: 0.08in; } Jamie Douglas, who had been managing director in the chief investment office, responsible for currencies and emerging markets at JPMorgan in London, is joining Man Group as CEO of Man Investments Australia, from 1 July. He will report to Emmanuel Roman, CEO of Man Group.The new arrival will aim to sell the full range of MAN products, including quantitative strategies from AHL, discretionary long-only strategies and GLG hedge funds, as well as funds of hedge funds from FRM.
24/06/2013

Schroders veut grossir aux Etats-Unis

Le britannique Schroders veut grossir et le fait savoir. « Nous disposons de 580 millions de livres sterling de trésorerie », déclare aux « Echos », son vice-président exécutif Massimo Tosato. Cet argent « pourrait être utilisé autant en acquisitions de sociétés locales pour le développement à l’international que pour des investissements de croissance organique », poursuit-il. La croissance se fait plus que timide en Europe, son marché de prédilection ? Schroders se tourne vers l’Asie et les Etats-Unis. Dans ce dernier pays, pourtant ultra concurrentiel et fermé aux étrangers, il veut doubler de taille dans les cinq prochaines années. Au 31 mars 2013, les actifs sous gestion aux Etats-Unis étaient déjà de 42 milliards de livres, dont 7 milliards pour STW, une société de gestion obligataire rachetée en décembre.
24/06/2013

Hermes Real Estate nomme un responsable dette immobilière

Hermes Real Estate Investment Management, qui gère 5,8 milliards de livres d’encours, vient de nommer Marcus Palmer en tant que responsable de la dette immobilière. Basé à Londres, il est placé sous la direction de Ben Sanderson, directeur des investissements internationaux.Avant de rejoindre HREIML, Marcus Palmer était associé de Chalkhill Partners.
24/06/2013

Polar Capital se renforce sur la santé

Le britannique Polar Capital vient de recruter deux professionnels de l’investissement, Deane Donnigan et David Pinniger, qui vont renforce le pôle santé du gestionnaire, rapporte Fundweb.Deane Donnigan travaillait précédemment chez Axa Framlington tandis que David Pinniger travaille depuis plus de douze ans sur le secteur de la santé. Polar Capital propose deux stratégies santé : le Polar Capital Healthcare Opportunities fund (478,4 millions de livres), et le Polar Capital Global Healthcare Growth and Income trust (152,6 millions de livres).
24/06/2013

HSBC fait le ménage suite au scandale des frères blanchisseurs

HSBC Private Bank (Suisse) a adressé au début du mois de juin un courrier à ses clients du portefeuille «Médis» (Méditerranée et Israël) leur indiquant que leurs comptes seraient fermés. Leurs avoirs leur seront versés sous forme de chèque, indique Le Temps. La banque a indiqué au quotidien suisse avoir décidé de «restructurer» ses activités. Selon une source interne, la fermeture de cette équipe serait liée à un scandale de blanchiment en lien avec un trafic de cannabis dans les banlieues françaises, découvert l’année dernière. Selon Le Temps, le présumé cerveau de cette affaire, Meyer Elmaleh, un gérant de fortune indépendant établi à Genève, a écopé de 6 mois de prison ferme. Deux de ses frères travaillaient au sein de HSBC à Genève à l’époque des faits. L’un, gestionnaire au sein de l’équipe «Médis», a également été condamné dans le cadre de cette affaire.
24/06/2013

Konrad Hummler revient aux affaires

L’ancien homme fort de la banque privée Wegelin reprend du service. L’ex-associé gérant Konrad Hummler, dont les commentaires d’investissement étaient toujours très attendus, a créé une société M1 AG, domiciliée à St-Gall, qui propose des services de conseil en investissement.Dans ce cadre, Konrad Hummler, entouré de trois associés, lance une publication papier ou électronique, «Bergsicht», qui doit sortir au moins six fois dans l’année et qui rappelle les commentaires d’investissement de la période Wegelin.
24/06/2013

Un ancien d'UBS lance sa société de gestion

Selon Finews, Cesar Gueikian, ancien head of special situations d’UBS a créé une société de gestion baptisée Melody Capital Partners. Ses partenaires sont Andres Scaminaci et Omar Jaffrey, également d’anciens d’UBS. Les trois spécialistes lancent un fonds investi dans des crédits garantis aux Etats-Unis et en Europe de l’Ouest. Ils espèrent lever plus de 500 millions d’euros.
24/06/2013

Man nomme un CEO pour sa filiale australienne

Jamie Douglas, qui a été managing director au sein du chief investment office, chargé des devises et des marchés émergents, chez JPMorgan à Londres, rejoint Man Group comme CEO de Man Investments Australia, à compter du 1er juillet. Il sera subordonné à Emmanuel Roman, CEO de Man Group.Le nouvel arrivant aura pour mission de commercialiser toute la gamme de produits de MAN, dont les stratégies quantitatives d’AHL, les stratégies discrétionnaires long-only et alternatifs de GLG ainsi que les les fonds de hedge funds de FRM.
24/06/2013

La banque privée est devenue moins rentable en Europe

Selon l'étude annuelle du cabinet McKinsey, pas moins de 15 % des banques privées européennes afficheraient des pertes d’exploitation en 2012, rapporte Les Echos. Elles n'étaient que de 2 à 3 % dans cette situation avant la crise financière, et la part augmente d’année en année. Pourtant, dans l’ensemble, les 110 banques examinées par le cabinet ont retrouvé des niveaux de résultats d’avant crise, et les ont même dépassés pour 25 % d’entre elles. Le montant des actifs sous gestion s’est redressé de 8 % sur un an. Mais cette hausse des actifs s’explique plus par l’amélioration des marchés en 2012, que par la collecte, qui n’a progressé que modestement. Enfin, le coefficient d’exploitation oscille depuis 2008 entre 26% et 23% contre 35% avant la crise.
24/06/2013

"Nous disposons désormais d'une force de vente mutualisée 40 fois plus importante qu'auparavant"

Deutsche Bank a présenté à la mi-juin sa nouvelle division, Deutsche Asset & Wealth Management (DeAWM), regroupant 23 marques de gestion d'actifs et de fortune ainsi que des activités de marché. Après avoir été managing director et global head of RREEF Real Estate, Pierre Cherki, qui dirige le nouveau métier de gestion alternative/actifs réels rappelle à Newsmanagers le poids de son pôle, sa composition et ses projets dotée désormais d'une force de vente quarante fois plus importante qu'auparavant...
24/06/2013
Fonds

Le fonds de Pimco touché par les ventes sur les obligations

Le fonds Pimco Total Return de Bill Gross (285 milliards de dollars) a été l’un des fonds obligataires les plus touchés par le mouvement de ventes qui affecte la classe d’actifs depuis que la Federal Reserve a indiqué qu’elle allait commencer à réduire l’ampleur de son programme d’achats de titres, rapporte Investment Week. Selon Bloomberg, le fonds vedette de Pimco a perdu 1,6 % depuis le 18-20 juin. Il a cédé 2,8 % sur l’année.
Fonds
24/06/2013
Fonds

Resource lance un nouveau fonds immobilier

Resource Real Estate, filiale de Resource America, vient de lancer un nouveau fonds immobilier, le Resource Real Estate Diversified Income Fund, rapporte Wealth Adviser.Le fonds, qui sera géré par Scott Crowe, vise une appréciation à long terme et propose une corrélation faible au marché actions pour les investisseurs désireux de diversifier leur allocation. Le fonds offre par ailleurs une liquidité trimestrielle.
Fonds
24/06/2013

Mirabaud recrute un gérant convertibles à Paris

Le suisse Mirabaud Asset Management vient de recruter Nicolas Crémieux dans son équipe dédiée aux obligations convertibles basée à Paris en tant qu’analyste-gérant senior, a appris Newsmanagers. L’intéressé vient de Dexia Asset Management, où il était gérant senior en charge des obligations convertibles internationales.Son arrivée, prévue fin août, va s’accompagner du lancement d’un fonds d’obligations convertibles mondiales à l’automne. Le produit existe déjà sous la forme d’un portefeuille interne. Il verra le jour dans un format Ucits.Le nouveau produit rejoindra le fonds existant Mirabaud Convertible Bonds Europe, sur les convertibles européennes, lancé en octobre 2011 et géré par Renaud Martin, responsable des obligations convertibles depuis cette date.Ces recrutements, qui permettent de renforcer le pôle de compétences de Mirabaud AM en obligations convertibles, font suite à plusieurs autres dans l’équipe de gestion. D’autres devraient être annoncés dans les semaines à venir, notamment à Paris…
24/06/2013
Fonds

Primonial Reim achète un immeuble à Axa Real Estate

Primonial Reim a indiqué avoir fait l’acquisition auprès d’AXA Real Estate d’un ensemble immobilier de bureaux situé boulevard Victor Hugo à Saint Ouen. La surface utile s'élève à 11.600 m² dont 532 m² de commerces. Le montant de l’investissement s'élève à environ 71,5 millions d’euros. Cette opération est réalisée pour le compte d’un fonds OPCI géré par Primonial Reim.
Fonds

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