Le marché des fonds investis sur le vin souffre, selon un article du Financial Times fund management. Ainsi, le Vintage Wine fund, un véhicule basé aux Caïmans qui affichait un encours de 110 millions d’euros en 2008, va être fermé à la fin du mois après de mauvaises performances et des demandes de rachat. « Le marché du vin est mort (…) », commente Andrew Davison, fondateur du Vintage Wine Fund. Le marché a subi d’autre revers : ce mois-ci la Financial Conduct Authority a annoncé que les fonds de vin cotés à Londres ne devaient pas être vendus aux particuliers. Par ailleurs, le régulateur luxembourgeois a suspendu les souscriptions et rachats du fonds Nobles Crus, compte tenu d’un manque de liquidité.

Le capital-investisseur britannique Cinven Ltd a annoncé que son cinquième fonds a acheté pour 1,49 milliard d’euros le CeramTec Group allemand auprès de l’américain Rockwood Holdings. Il s’agit du quatrième investissement du fonds, après Pronet, Prezioso et AMCo ; c’est aussi la sixième acquisition de Cinven en Allemagne.CeramTec, un spécialiste des céramiques haute performance, a réalisé en 2012 un chiffre d’affaires de 425 millions d’euros.

Frontier Investment Management vient de nommer Christopher Cade en tant que responsable des ventes au Royaume-Uni et Darren Hymos en qualité de responsable senior du développement des activités, rapporte Fundweb.Christopher Cade a travaillé précédemment chez Skandia et Baring Asset Management. De son côté, Darren Hymos travaillait chez Cofunds et Investec.

Threadneedle Investments a recruté Matthew Evans en tant que gérant de fonds petites capitalisations britanniques. Il vient de Legal & General Investment Management où il occupait les mêmes fonctions.Chez Threadneedle où il commence début octobre, Matthew Evans travaillera en étroite coopération avec James Thorne, gérant petites capitalisations UK, et sera placé sous la direction de Simon Brazier, responsable des actions britanniques.L’équipe petites et moyennes capitalisations britanniques de Threadneedle gère un encours de 1,69 milliard d’euros, sur un total de 19 milliards d’euros en actions britanniques (à fin mars 2013).

La société d’investissement de Singapour,Temasek, se prépare à lancer un bureau à Londres, qui devrait devenir un centre pour son portefeuille grandissant d’investissements européens, rapporte Financial News. Ainsi, la structure a créé Temasek International (Europe) Limited et nommé John Cryan, un ancien d’UBS, président de l’activité européenne de Temasek, en tant qu’administrateur.

Après 4,3 milliards de dollars en janvier, 11,4 milliards en février et 817 millions en mars, les 3.393 hedge funds communiquant leurs résultats à BarclayHedge et TrimTabs n’ont plus collecté en avril que 430 millions de dollars en net. La performance moyenne est ressortie à 0,6 % en avril alors que le S&P 500 gagnait 1,8 %. Sur les douze mois à fin avril, les hedge funds ont affiché un gain moyen de 8,1 %, contre une hausse de 14,3 % pour l’indice boursier.Quant aux fonds de hedge funds, ils ont encore supporté des sorties nettes de 4,2 milliards de dollars en avril, ce qui porte le total des remboursements nets pour cette catégorie à 52,2 milliards de dollars sur les douze derniers mois sous revue.Pour mai, les résultats des 1.828 hedge funds ayant communiqué leurs résultats à BarclayHedge au 17 juin font apparaître une performance moyenne de 1,08 %, ce qui porte le total pour les cinq premiers mois de l’année à 5,88 %. La seule stratégie dans le rouge est celle des trois fonds equity short bias, qui ont perdu 4,01 % en mai et 17,14 % pour janvier-mai.

L’encours des ETF de Vanguard en Europe est passé d’environ 300 millions de dollars fin 2012 à 1,3 milliard actuellement, a annoncé Simon Vanstone, head of institutional, Europe, lors d’une rencontre avec Newsmanagers à Paris. Le gestionnaire américain ne propose ce genre de produits de droit irlandais que depuis le milieu de 2012 et vient tout juste de doubler sa gamme en Europe continentale à huit fonds.A terme, poursuit le manager, «notre offre d’ETF en Europe pourrait comporter une vingtaine de produits, sur les principales classes d’actifs», tous des fonds à réplication physique.Actuellement, en tant que nouvel arrivant sur le segment des ETF, Vanguard insiste moins sur le niveau des taux de frais sur encours, nettement plus bas que ceux de la concurrence, que sur le fait que ses produits comptent davantage de teneur de marché et que les spreads leurs spreads s’avèrent beaucoup plus faibles que les produits concurrents.Bien évidemment, comme aux Etats-Unis, Vanguard se réserve la possibilité de diminuer ses frais de gestion si ses ETF devaient collecter beaucoup.Les actifs gérés par Vanguard en Europe se situe à présent aux alentours de 55 milliards de dollars contre 50 milliards fin février. Ils proviennent à 85 % environ d’investisseurs institutionnels, les produits n'étant accessibles au retail qu’au Royaume-Uni.

KBC AM a indiqué en fin de semaine dernière avoir pris connaissance, par voie de presse, d’une instruction préparatoire sur le rôle de l’autorité de contrôle CBFA (actuellement FSMA) dans un dossier de impliquant la société de gestion, clôturé début 2010. «KBC AM n’est pas au courant et n’a pas été informé par le parquet d’une quelconque instruction préparatoire ou de la lettre anonyme qui en serait à l’origine et dont il est question dans l’article», a-t-elle indiqué. A l’origine de cette affaire, la mise en place il y a quelques années d’une structure spécifique afin d’assurer la gestion efficace de ses fonds à capital protégé. KBC AM a opté pour cette structure afin de se conformer aux normes UCITS III permettant de répartir largement les risques de placement sous-jacents et de protéger/préserver au maximum les intérêts financiers des investisseurs. La CBFA (actuellement FSMA) avait toutefois fait remarquer que KBC AM ne s'était pas suffisamment concerté avec elle concernant certains aspects de cette structure et souhaitait dès lors que certains aspects juridiques de la conformité aux normes UCITS III soient clarifiés ou adaptés.En concertation avec la CBFA, KBC AM s’est employé depuis 2009 à simplifier cette structure et a apporté les adaptations nécessaires afin d’améliorer encore plus la transparence. Peu de temps après, la CBFA a notifié à KBC AM qu’elle acceptait cette structure adaptée, indique un communiqué. Les remarques de la CBFA étaient de nature purement technique, note également la société de gestion.

Qatar Holding, le fonds souverain de l'émirat, a annoncé lundi avoir vendu sa participation de 10% dans Porsche aux familles actionnaires du groupe allemand, rapporte Reuters. Le montant de la transaction qui intervient quatre après l’entrée du fonds au tour de table n’a pas été précisé. Le fonds souverain a réaffirmé son engagement au sein du groupe automobile allemand par le biais de sa participation de 17% dans Volkswagen, précise le quotidien. Porsche avait vendu 10% de son capital et de ses droits de vote à Qatar Holding en 2009.La holding Porsche, contrôlée par les familles Porsche et Piëch, détient encore environ 51% des actions ordinaires Volkswagen.

Le prestataire de services de placements EFG Financial Products a changé de nom. Il s’appelle désormais «Leonteq» et l’abréviation à la Bourse SIX Swiss Exchage en vigueur dès aujourd’hui est «LEON», selon un communiqué publié le 17 juin.Le changement de nom touche tous les domaines essentiels de l’entreprise. Le nouveau nom a pour but de mettre en valeur le «positionnement de la société comme partenaire indépendant pour les prestataires de produits d’investissement, conformément à sa stratégie de white labeling».

P { margin-bottom: 0.08in; } Funds People reports that Cygnus Asset Management has chosen Spain to launch its first traditional fund. The Cygnus Value fund is a long-only fund which will invest in the same segment as the hedge fund Cygmus Utilities, Infraestructuras & Renovables, a specialist in utilities (electricity, water, gas, petrol, renewable energies and infrastructure), as well as their providers.The management of the new UCITS fund will be carried out by the same manager as the hedge fund, Juan Cruz, and his team. The product offers daily liquidity. The minimal subscription is EUR1,000.

P { margin-bottom: 0.08in; } The market for funds investing in wine is suffering, according to an article in Financial Times fund management. The Vintage Wine fund, a vehicle based in the Cayman islands which had assets of EUR110m in 2008, will be closed at the end of the month following poor performance and redemptions. “The wine market is dead,” says Andrew Davison, founder of the Vintage Wine Fund. The market has had other setbacks: this month the Financial Conduct Authority announced that wine funds listed in London should not be sold to retail investors. The Luxembourg regulator has also suspended subscriptions and redemptions for the Nobles Crus fund, due to a lack of liquidity.

P { margin-bottom: 0.08in; } According to Hedgeweek, citing reports form the Funds Society, TCW Group has announced that it is opening an office in Paris in order to support sales efforts. This office will be supervised by Heinrich Riehl. TCW has USD130.7bn in assets under management as of the end of March. Hedgeweek points out that TCW has a Luxembourg-based platform which offers UCITS funds which replicate the best-performing strategies on sale in the United States.

P { margin-bottom: 0.08in; } The California Public Employees’ Retirement System (CalPERS) has launched a searchable database of more than 700 academic studies on sustainability factors that examine the impact of these factors on investment risk and return. The initiative comes as part of a sustainable development research project launched earlier this year, which also includes the organisation of dedicated conferences. The resulting database of more than 700 documents will continue to grow as more research is conducted on these issues.

P { margin-bottom: 0.08in; } Joseph Carieri, senior client executive at Western Asset Management (Wamco, an affiliate of Legg Mason), has been recruited as head of US institutional distribution & marketing at TCW Group. He will report directly to David Lippman, chairman & CEO.Carieri takes over the duties of Chris Scibelli, managing director of TCW and founding partner of MetWest, an asset management firm acquired three and a half years ago (see Newsmanagers of 7 december 2009). Scibelli is leaving TCW.

P { margin-bottom: 0.08in; } “ETPedia” is the name of the new guide which ETF Securities (UK) Ltd has unveiled to familiarise retail investors with ETPs, “liquid, inexpensive and transparent” solutions, a statement says.As of the end of April, total assets in ETPs came to USD2.1trn, but these products represent only 15% of the portfolios of European retail investors and financial advisers.However, ETF Securities notes, the recent introduction of Retail Distribution Review (RDR) regulations in the United Kingdom is inciting retail investors to take an increasing interest in ETPs, which they are tending to include in their strategic and tactical asset allocations.

P { margin-bottom: 0.08in; } The former head of EMEA retail strategic client accounts at BlackRock (see Newsmanagers of 22 April), Mark Elliott, on 17 June became head of UK advisory sales at Franklin Templeton, Fundweb reports.Meanwhile, Alex Brotherston, head of advisory sales and strategic partnership, ahs been promoted to the newly-created position of head of UK retail sales at Franklin Templeton.The asset management firm states that on 7 May it also recruited Mark Ward as marketing manager for UK and Nordic discretionary and institutional business. He previously worked at Gartmore, Fidelity International and Aviva Investors.

P { margin-bottom: 0.08in; } The investment firm LGT Capital Partners has won a “multi-alternatives” mandate from the Kingfisher Pension Scheme, for a total of GBP100m, Agefi Switzerland reports. The mandate will primarily cover investments in the areas of commodities, real estate and private equity.

P { margin-bottom: 0.08in; } Going into mid-June EPFR Global-tracked bond funds set a new outflow record for the second week running as fears that US monetary policy will tighten in the second half of the year prompted more investors to head for the exits. Overall, they pulled USD14.45 billion out of bond funds and another USD8.5 billion out of Equity Funds during the week ending June 12 as interest rates for 30-year US mortgages climbed to a 14 month high and key equities indexes continued to slide. The prospect of the US Federal Reserve “tapering off” its quantitative easing program kept the pressure on funds dedicated to emerging markets. Redemptions from Emerging Markets Bond and Equity Funds were the highest since 3Q11, with combined outflows exceeding USD8 billion.

P { margin-bottom: 0.08in; } After the BNP Paribas Obliselect Nordic HY 2015 and BNP Paribas Obliselect Nordic HY 2015 Hedged funds, which were closed on 10 December with EUR320m, at a time when subscriptions were supposed to remain open until the end of December, BNP Paribas Investment Partners (BNPP IP) has since last week been offering two new similar products in France, Belgium and Italy, investing in Scandinavian high yield bonds and equities. They are the horizon FCP funds (30 June 2016) Obliselect Nordic HY 2016 and BNP Paribas Obliselect Nordic HY 2016 hedged (feeder of the former fund), also managed by the Norwegian affiliate Alfred Berg (EUR18bn, of which EUR900m are in high yield).For these two new products, subscriptions are slated to remain open until 31 July. If assets reach more than EUR200m, subscriptions will be closed early. After 30 June 2016, if market conditions allow it, and with permission from the Autorité des marchés financiers (AMF), the investment strategy of the FCP will be renewed for a new period.The fund aims for annual net returns of 4-6% (compared with 5-7% for the product maturing in 2015). It invests primarily in Norway (more than 60%) and Sweden (nearly 20%), and is exposed primarily to oil services/equipment (62%) and energy (10%), explains Torolv Herstad, investment specialist at Alfred Berg. The portfolio includes 45 positions, compared with 40 for the previous fund. This type of fund, in its version which is not hedged for currency risks in euros, has a lead of 150 basis points, due to forex rates and a positive differential of another 150 basis points on the spread. In addition, the correlation is low with global equity markets (0.29) and global high yield (0.32). The current duration is 2.78.CharacteristicsMaster fund: BNP Paribas Obliselect Nordic HY 2016ISIN codes: FR0011488162 (classic C shares)FR0011488212 (Classic distribution shares)FR0011488188 (O distribution shares)Management fees:1.20% maximum (Classic C or D shares)0.05% maximum (O shares)Feeder fund: BNP Paribas Obliselect Nordic HY 2016 Hedged (at least 85% invested in master FCP)ISIN codes:FR0011488220 (Classic C shares)FR0011488253 (Classic D shares)FR0011488188 (O distribution shares)Front-end fee: 2% maximum (Classic C or D shares)Management fees:1.20% maximum (Classic C or D shares)0.05% maximum (O shares)

P { margin-bottom: 0.08in; } Fidelity has appointed Dale Nicholls to replace Anthony Bolton as manager of the China Special Situations fund. Nicholls is currently manager of two funds, Fidelity Funds – Pacific and Fidelity Funds - Asian Smaller Companies, Citywire states. From April 2014, Bolton will step down from his fund management activities to concentrate on administrative responsibilities in various foundations. He will also remain an adviser to Fidelity. Bolton will now co-manage the fund with his successor until his departure.

P { margin-bottom: 0.08in; } Assets in ETFs in the United States may more than double in the course of the next five years to a total of more than USD3.5trn, compared with USD1.5trn currently, according to a study published recently by iShares. Among the reasons for this optimism are the integration of ETFs into the core portion of investment portfolios, where a few years ago, ETFs were considered rather a “satellite” type investment. ETFs are also much less costly on the whole than open-ended mutual funds and are subject to a preferential tax regime. ETFs offer ongoing liquidity, while mutual funds are traded only once per day, after the close of the markets. Despite the recent boom in ETFs in the United States, ETFs still have their best days ahead of them: “Even on the most mature market, the United States, there is still an incredibly bright future” ahead, the global head of iShres, Mark Wiedman, says in a statement.

Lyxor Asset Management announced on June 17 the launch of the Lyxor / Tiedemann Arbitrage Strategy Fund, a new UCITS-compliant vehicle, which is designed to give access to a pure merger arbitrage strategy in partnership with the hedge fund firm TIG Advisors, LLC. The fund will benefit from TIG’s merger arbitrage expertise supported by deal experience, focus on research and market convictions.The fund’s investment strategy is to play arbitrage deals from both a long and a short perspective by investing in securities that are subject to special events in North America, Europe, Australia, South America and Asia. The investment team focuses on 0-30 day events within the merger arbitrage process and looks for wide spreads and complex deal opportunities relying on TIG’s research capabilities. The current macro economic and financial landscape provides a robust environment for global merger arbitrage with: cash reserves in corporate balance sheets at an extremely high level, interest rates at historic lows, global banking stabilization and complex deals providing significantly better spread opportunities, Lyxor underlines. «We look for complex mergers where our research can add value and are anticipating an uptick in mega-cap deals driven by the increased availability of funding, both for strategic buyers and private equity,» comments Drew Figdor, portfolio manager for the strategy at TIG since 1993. The fund, now passported in 6 countries, is available on Lyxor’s Alternative UCITS Platform in EUR, USD, JPY, CHF, GBP, SEK and NOK. Investors in the fund will also benefit from the weekly liquidity and independent risk management provided by Lyxor.

P { margin-bottom: 0.08in; } BlackRock, Fidelity, KBC, Amundi and Union Inestment together spent EUR700,000 on lobbying last year, Financial Times fund management reveals, citing European Commission transparency registers. Fund associations are also highly active to defend the interests of the asset management industry: in the United Kingdom, the Netherlands, Italy and Ireland, they dedicated more than EUR1bn to lobbying, while the European association EFAMA allocated nearly EUR2bn. These lobbying actions worry investor associations, who do not have the same financial resources.

P { margin-bottom: 0.08in; } The British private equity investor Cinven Ltd has announced that its fifth fund has acquired the German CeramTec Group from the US firm Rockwood Holdings for EUR1.49bn. This is the fund’s fourth investment, after Pronet, Prezioso and AMCo; it is also Cinven’s sixth acquisition in Germany. CeramTec, a specialist in high performance ceramics, in 2012 earned revenues of EUR425m.

P { margin-bottom: 0.08in; } The new financial advisers’ network for BNL, the Italian bank of the BNP Paribas group, is aiming for assets under management of EUR7bn in three years, Bluerating reports. The new network is counting on 50 full-time advisers at the bank, as well as 50 senior advisers who will be recruited by the end of the year. 25 young financial advisers will also be recruited.

P { margin-bottom: 0.08in; } The richest Europeans and Americans have taken two to three decades to build up their wealth, two to three times more than high net worth individuals in emerging countries. And for a majority of them, their assets come from inheritance or savings, while in the rest of the world, entrepreneurship remains the primary source of wealth, according to the most recent “Wealth Insight” report, released on 17 June by Barclays, based on a survey undertaken in first half of 2,000 individuals with wealth equal to or greater than USD1.5m, in 17 countries.In Switzerland, 54% of those with such wealth, meaning those in the High Net Worth Individual (HNWI) category, took more than 30 years to accumulate their wealth. Although the situation is comparable in Europe (23 years) and the United States (28 years), in Qatar, 52% of those surveyed said that they became rich in less than 10 years, three times faster. In emerging markets in Asia-Pacific and Africa, high net worth individuals took only 12 and 16 years, respectively, to get there.This longer length of time in Switzerland could be due to the fact that 31% of millionaires in the country derive their wealth from profits related to entrepreneurial activity, the report indicates. The main sources of wealth, however, remain inheritance and savings, for 52% of those surveyed. The situation in Switzerland contrasts with the rest of the world, where 40% of the 2,000 HNWIs surveyed are entrepreneurs and owners of businesses, while only 26% of them claim that their wealth is inherited. In the question of how to spend this money, the report finds that high net worth individuals who suffered a sudden change in their conditions have generally been more generous to their beneficiaries. One third of those whose wealth fell substantially during the recent economic crisis mentioned donations as one of the top three uses of their money. This is also the case for 24% of those whose wealth has increased spectacularly, the report states. The motivations for becoming involved in philanthropy vary from one region to another. High net worth persons in Western economies support charitable causes out of a sense of duty and responsibility. That is the case for 69% of them. The same percentage applies to the United Kingdom, although 71% in the United States and 84% in Monaco say the same. Through donations, high net worth individuals seek to thrive personally, especially in China (71%), Latin America (65%) and South Africa (56%).

P { margin-bottom: 0.08in; } In the decade of the 2000s, the market share for the four largest asset management firms in Sweden fell from 80% to 50% of assets under management, Fondbolagens Förening, the Swedish investment fund association, has revealed at the publication of a report on competition in the financial sector by the competition watchdog authority. This was due to the effect of the arrival of foreign firms on the market, as well as independent structures. However, tougher European regulations complicate the creation of new asset management firms, the association regrets. Also, several Swedish initiatives have damages competitive conditions. To improve things, Fondbolagens Förening is calling for three changes. It would like for asset management firms to be able to open investment savings accounts for savings investors, that the taxation be the same for all finance sector players, and that there should be more openness about commissions. However, it does not want these to be forbidden.

P { margin-bottom: 0.08in; } Madelon van Leeuwen, head of fund selection at Rabobank, has told Fondsnieuws that 99% of products on sale by the group meet the house socially responsible investment criteria, compared with 60% two years ago.

P { margin-bottom: 0.08in; } Intesa Sanpaolo is planning to transform about 1,000 of its own employees into financial advisers, in the wake of plans at BNP Paribas to launch their own network of financial advisers, Bluerating reports, citing a leak to La Repubblica.