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24/05/2013

Foreign funds have higher fees than Spanish ones

P { margin-bottom: 0.08in; } According to the third annual Global Fund Investor Experience report by Morningstar, foreign funds in sale in Spain are more costly than Spanish funds, except for money markets funds, Funds People reports. In other words, foreign funds drive up the average price of products sold in Spain.On average, the TER for diversified funds is 0.95% for funds domiciled in Spain, and 1.64% for all diversified funds, including foreign funds. For bond funds, the TER is 1.01% for Spanish funds and 1.31% for all products in the class. The difference is minimal, however, for equity funds, with 1.88% for Spanish funds and 1.90% for all funds overall.For money markets, the overall average is 0.40%, while the average TER for Spanish money market funds is 0.51%.
24/05/2013

Four SAC execs subpoenaed

P { margin-bottom: 0.08in; } Last week, the US authorities issued subpoenas to four top directors of the alternative asset management firm SAC Capital Advisors as part of an investigation into insider trading, the Wall Street Journal reports.The individuals belong to the inner circle of Steven A. Cohen, CEO and founder: they are the chairman of SAC, Thomas Conheeney, Steven Kessler, head of compliance, Solomon Kumin, COO, and Philipp Villhauer, head of trading.
24/05/2013

Hedge funds oriented upward in April

P { margin-bottom: 0.08in; } 11 out of 13 Edhec-Risk alternative strategies showed gains in the month of April. The best strategy in the month under review was CTA Global, which gained 2.08%. Strategies dedicated to equities posted gains compatible with their model, at +0.65% for long/short equity, 0.00% for equity market neutral, and 0.82% for event-driven.The short-selling strategy, however, showed losses, with negative performance of 2.90% for the month.The fund of fund index did well, with gains of 0.70%, continuing its positive orientation early in the year.
24/05/2013

Henderson builds presence in Asian real estate

P { margin-bottom: 0.08in; } The Property Business division of Henderson Global Investors (HGI), whose assets total about GBP12.7bn, has recruited Tony He as director of property, China consultancy. He had been chief financial officer at Tesco Property China.He will be primarily based in the HGI office in Beijing, and will work in close collaboration with the real estate team at the British asset management firm for the Asia-Pacific region.
24/05/2013

Neue Helvetische Bank aims for CHF1bn in AUM in 2013

P { margin-bottom: 0.08in; } The Swiss bank Neue Helvetische Bank founded two years ago by Thomas Matter and Daniel Hefti, two former bankers from Swissfirst, has posted a loss of GBP695,000 for 2012. By March 2014, the directors of the firm are hoping to publish balanced books The Corporate Finance activity is primarily contributing to earnings, while wealth management and wealth management advising activities are less satisfactory than expected, Finews reports. In order to bring new dynamism to these two activities, NHB will soon launch new offers for clients.As of the end of 2012, the bank has CHF642m in assets under management. Currently, the newspaper estimates that assets are about CHF800m. NHB hopes to top CHF1bn during the year.
24/05/2013

MEAG acquires three wind farms in Sweden

P { margin-bottom: 0.08in; } As part of the EUR2.5bn Renewable Energies & New Technologies (RENT) investment programme by its parent company Munich Re, the German asset management firm MEAG has announced that it has acquired three wind farms from Eolus Vind AB which are already connected to the Swedish power grid. The units have a total power generation capacity of 30 megawatts. Eolus will continue to be responsible for the operation of the installations. The sale price has not been disclosed.
24/05/2013

Lyxor lists French ETF in Frankfurt

P { margin-bottom: 0.08in; } One day after launching on NYSE Euronext Paris, Lyxor Asset Management has listed the Lyxor ETF Unleeraged S&P 500 VIX Futures Enhanced Roll fund (ISIN code: FR0011376565), which replicates the S&P 500 VIX Futures Enhanced Roll Index combined with the federal funds effective rate, on the XTF segment of Xetra (Deutsche Börse). Depending on the volatility observed, the proportion of the VIX portfolio may vary between 50% and 100%. The fund charges fees of 0.40%.The XTF segment now lists 1,020 ETFs.
24/05/2013

Quilvest & Partners raises USD700m and launches new investment programme

P { margin-bottom: 0.08in; } Quilvest & Partners, the private equity activity of the Quilvest group, on 23 May announced that it has closed fundraising for three funds: QS PEP 2012, QS REP II and QS Capital Strategies, with totals of USD150m, USD300m and USD230m, respectively. QS PEP 2012 and QS REP II have exceeded their fundraising objectives, while QS Capital Strategies has been oversubscribed and subjected to a hard cap. The USD80m committed by investors to QS Capital Strategies may be complemented by an additional USD150m, via Small Business Administration (SBA) debt financing in the United States. However, this supplementary financing is subject to the issuance of a license by the US authorities.Meanwhile, Quilvest & Partners has announced the launch of QS PEP Core, a four-year investment programme in private equity funds worldwide, which succeeds the annual Quilvest flagship programme, QS PEP. Quilvest aims to raise up to USD400m for the first generation of QS PEP Core. The fund will concentrate on the core strategy of Quilvest & Partners, which is to identify the best private equity funds from small and mid-sized LBO and capital development firms, with a selection process to select about 10 funds per year.
24/05/2013

Lyxor adds seven bond ETFs to physical replication range

P { margin-bottom: 0.08in; } The ETF provider Lyxor Asset Management is adding to its physical replication range, adopting this mode of replication for seven UCITS ETFs which replicate EuroMTS Investment Grade indices. Lyxor thus strengthens its presence in two strategic priority areas: the development of its range of physical replication ETFs and of its bond offerings.“For each underlying index, Lyxor has defined the fund structure which optimises investment performance compared with the index,” a statement from Lyxor says.Each fund will invest directly in investment grade government bonds with varying maturities issued in the euro zone which constitute the respective EuroMTS Investment Grade Government indices, without the use of sampling techniques, in order to achieve the highest possible correlation with the performance of the index.The management process will exclude all securities lending operations, as these will not bring sufficient improvement in returns on investment to justify counterparty risks. Lyxor aims to offer clients the solution which offers the best risk/reward profile.
24/05/2013

Russell offers AR bond fund

P { margin-bottom: 0.08in; } Russell Investments is now offering the new Russell Absolute Return Bund Fund (ticker: RARBF), a sub-fund of its Irish Sicav, in France. According to a statement, the US asset management firm is aiming to “capture a wider range of opportunities than traditional bond funds” with the product, by using complementary strategies to generate absolute returns while also generating “solid” risk-adjusted returns.The management team will use a range of active strategies on fixed income markets (developed and emerging countries), currencies and credit, combined with long/short strategies. “Unlike a traditional bond fund, which would be long duration, and consequently exposed to the risk of interest rate increases, the RARBF is constructed to take short positions in order to maximise gains for investors,” Russell states. The primary characteristics of the fund are available as an attachment.
24/05/2013

Reyl AM to launch EM large caps fund

P { margin-bottom: 0.08in; } Thomas de Saint-Seine, head of equities, CEO and founding partner of Reyl Asset Management, is planning to launch a second emerging market fund at the end of June, Citywire Global reports. The fund will have a larger capacity than the existing Reyl Emerging Markets Equities fund, which will be closed with about USD2.5-3bn. It will also invest in larger cap sizes than the first fund, and its strategy will be slightly different.
24/05/2013

BNY Mellon plans to create 100 jobs in wealth management

P { margin-bottom: 0.08in; } As part of a two-year campaign, BNY Mellon Wealth Management is planning to increase its sales personnel by 50%, and also to recruit private bankers, mortgage specialists, portfolio managers, and sales support personnel, the group has announced. This may result in the creation of 100 jobs.As a partner in this recruitment drive in the United States and worldwide, BNY Mellon has selected Futurestep, an affiliate of Korn/Ferry International Company.As of the end of March, assets in the wealth management unit of BNY Mellon totalled USD188bn for retail clients.
24/05/2013

T. Rowe Price launches second range of target date funds

P { margin-bottom: 0.08in; } T. Rowe Price has announced that it has filed an application with the SEC for a new series of eleven target date funds, the T. Rowe Price Target Retirement Funds. The new funds are designed based on an investment of 42.5% in equities before the retirement date, compared with 55% for existing retirement funds, which as of the end of March had assets of USD88.1bn. The new range will be available from 22 August 2013.The Target Retirement Funds are aimed at investors seeking a strategy which places less emphases on long-term income flows as well as investors seeking to reduce long-term volatility at the time of their retirement, or who are seeking only moderate growth potential.For these new products, T. Rowe Price has selected Jerome Clark and Wyatt Lee as co-managers, who are rexpectively principal portfolio manager and associate portfolio manager for the Retirement Funds series.
24/05/2013

Morgan Creek Capital Management acquires Signet Capital Management

P { margin-bottom: 0.08in; } The US firm Morgan Creek Capital Management will acquire the fund of fund activity of the alternative asset management firm Signet Capital Management, the New York Times reports. Assets under management in this activity total about USD700m. Senior asset management teams at Signet, as well as the founder of the firm, Robert Marquardt, and its CEO and co-head of management, Serge Umansky, will join Morgan Creek. The transaction is expected to be completed during second quarter.
24/05/2013

BNP Paribas SS builds presence serving institutional clients

P { margin-bottom: 0.08in; } BNP Paribas Securities Services has appointed Annalisa Winge Bicknell as regional head of sales and relationships with institutional investor clients, Hedgeweek reports. Bicknell had previously worked at SEB, where she had been head of customer services for the Scandinavian countries, Luxembourg and Germany.
24/05/2013

SGSS wins mandate from Rinascimento Sicav

P { margin-bottom: 0.08in; } Societe Generale Securities Services in Italy (SGSS S.p.A.) has been appointed by Rinascimento Sicav to act as its local transfer agent in Italy, providing it with paying agent and investor relations management services with reference to investors located in Italy. SGSS in Italy offers a complete range of securities services, including settlement, custody and trustee services, fund administration, liquidity management and transfer agent services. Rinascimento Sicav is a Luxembourg-registered open-ended collective investment fund.
24/05/2013

Banca Generali recruits from Banca Albertini Syz

P { margin-bottom: 0.08in; } Banca Generali has recruited Elisa Feliciani, former director of the branch of Banca Albertini Syz in Rome, Bluerating reports. Last year, the bank had recruited Ernestina Anceschi from Banca Albertini Syz.
24/05/2013

Seven representatives of BNP Paribas REIM Italy fined

P { margin-bottom: 0.08in; } The Italian financial market authority, Consob, has levelled pecuniary administrative sanctions against seven representatives of BNP Paribas Real Estate Investment Management Italy Sgr, and the firm itself, totalling EUR148,000, Bluerating reports. The Italian regulator accuses the individuals of “late and inadequate” planning for management of funds aimed at retail investors, and poor management of conflicts of interest.
24/05/2013

Lloyds Banking Group reduces stake in St James's Place

P { margin-bottom: 0.08in; } The British bank Lloyds Banking Group, which was bailed out by the British government during the 2008 financial crisis, has sold part of its stake in the wealth management firm St James’s Place for about GBP450m (EUR526m), according to a statement released on 23 May. The website Fundweb had previously reported an amount of GBP500m (Newsmanagers of 23 May). Lloyds Bnaking Group has announced that it has sold 77 million shares at a price of GBP.580 per share, as part of a placement to investors. The gross proceeds of the placement are about GBP450m, the group has said in a statement, adding that its net capital gains will be about GBP40m. The operation will allow the bank to increase its tier 1 common equity ratio by about GBP500m, or 16 basis points. After the sale, the bank will still control 21% of capital in the firm.
24/05/2013

F&C adds to institutional team

P { margin-bottom: 0.08in; } UK-based F&C has announced the recruitment of Nick Woodwart, who will become a structurer in the liability-driven investment (LDI) team, and Kristy Barr as director, sales & client relationships. The two will be added to the institutional team.Woodwart had been head of modelling and head of LDI in the investment advisory team at KPMG, while the second had been founding partner and head of marketing & investor relations at Callanish Capital Partners.
24/05/2013

AUM and asset management profits up at Investec

P { margin-bottom: 0.08in; } For the fiscal year ending on 31 March, Investec has reported net inflows of GBP4.9bn, of which GBP4.1bn are for the asset management unit, and GBP0.8bn for the Wealth & Investment unit (to which Williams de Broë was transferred in August).Assets increased to GBP69.8bn, compared with GBP61.6bn for asset management, and GBP40.4bn compared with GBP34.8bn for Wealth & Investment. Overall, assets under management for third parties increased by 14.4% to GBP110.7bn as of the end of March, compared with GBP96.8bn twelve months previously.Operating profits increased 4.8% to GBP140.2m for asset management, and 30.9% to GBP50.7m for the Wealth & Investment unit.
24/05/2013

Wellington creates EM bond fund for retirement planning institutions

P { margin-bottom: 0.08in; } With the Wellington Opportunistic Emerging Markets Debt II, Wellington Management is now offering an opportunistic strategy based on emerging market debt, in a Luxembourg-domiciled vehicle available to institutions which are subject to the German insurance surveillance law (VAG), including insurers and retirement institutions. The portfolio may be invested in government and corporate bonds, “hard” currencies and local currencies. “On average, the ratings of securities in the portfolio is at the crossover limit. Securities are hedged for currency risks, and reporting is adapted to the requirements of VAG regulations,” Absolut Report states. Characteristics Name: Wellington Opportunistic Emerging Markets Debt II ISIN code: LU0629164780 Management commission: 0.65% Total expense ratio: maximum 0.90%
24/05/2013

Net rebond en mai du climat des affaires allemand

Le climat des affaires a rebondi nettement plus que prévu en mai après deux mois de baisse d’affilée, ce qui suggère que l'économie se redresse après un premier trimestre morose, selon l’indice Ifo. L’indicateur du climat des affaires s’est redressé à 105,7 contre 104,4 en avril. La composante des conditions actuelles s’est également redressée, à 110,0 après 107,3 le mois dernier (révisé de 107,2). Celle des attentes s’est maintenue à 101,6. Le moral du consommateur allemand s’est, quant à lui, encore amélioré en juin pour atteindre son meilleur niveau depuis octobre 2007, ce qui est de bon augure pour l’accélération de la croissance de la première économie de la zone euro au deuxième trimestre, a annoncé le cabinet d'études GfK vendredi. Son indice le mesurant est ressorti à 6,5 contre 6,2 en mai. A noter que l’indicateur général du climat général des affaires en France est resté stable à un bas niveau en mai, le redressement constaté dans l’industrie étant neutralisé par une nouvelle dégradation dans le bâtiment et le commerce de gros, selon les données publiées vendredi par l’Insee. Il s’inscrit ainsi comme en avril à 84 points, soit son plus bas niveau depuis août 2009. L’indicateur de l’industrie manufacturière a repris de son côté quatre points, à 92.
Photo: Bloomberg
24/05/2013

Un ex-président de l’Afer assigne en justice Gérard Bekerman

A l’approche de son assemblée générale prévue à Nice le 25 juin, la fronde monte au sein de l’Afer. Pierre-Marie Guillon, ancien président de l’association de juin 2001 à septembre 2003, a assigné hier en justice Gérard Bekerman, l’actuel président. Pierre-Marie Guillon reproche à Gérard Bekerman «d’avoir commis de nombreuses fautes de gestion au détriment des adhérents», notamment en ayant décidé de ne plus de se constituer partie civile lors du procès en 2006 des deux fondateurs de l’Afer. Avec cette action en justice, Pierre-Marie Guillon réclame la démission forcée de Gérard Bekerman – dont le mandat arrive à échéance – ainsi que le remboursement de sa rémunération «exorbitante», soit 1,5 million d’euros. Soutenus par cent adhérents, Pierre-Marie Guillon a déposé deux résolutions au vote de l’assemblée pour réclamer le renvoi de Gérard Bekerman et un audit de l’association. Interrogé par l’AFP, Gérard Bekerman estime que ces opposants «instrumentalisent la justice et recherchent un écho médiatique».

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