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23/05/2013

Emerging market hedge funds continue to post inflows in first quarter

P { margin-bottom: 0.08in; } In first quarter 2013, hedge funds dedicated to emerging markets posted net inflows of USD1.8bn, according to the most recent edition of the HFR Emerging Markets Hedge Fund Industry Report. Inflows totalled USD3bn in fourth quarter 2012. Assets under management by emerging market hedge funds set a new record at over USD151bn, up by USD12bn compared with the end of December 2012. The HFRX Multi-Emerging Markets index gained 5.9% in the first four months of the year. Despite declines for the Chinese (Shanghai Composite) and Korean (Kospi) stock market indices, the HFR China and HFRX Korea indices have posted respective gains of 8.8% and 10%.
23/05/2013

Private banking profits down at ABN Amro

P { margin-bottom: 0.08in; } In first quarter 2013, net profits for the private banking unit at ABN Amro totalled EUR35m, compared with EUR57m in the corresponding period of last year, which was marked by significant one-time profits. In addition, the decline is due to a slight decline in margins and a higher level of pension costs.As of 31 March, assets in the private banking unit totalled EUR165.1bn, compared with EUR163.1bn three months previously, with inflows and outflows evenly balanced.
23/05/2013

Partners Group sort de Cabot Credit Management

Le suisse Partners Group (28 milliards d’euros) indique avoir revendu sa participation dans le britannique Cabot Credit Management (7,7 milliards de livres d’encours) à une filiale du capital investisseur J. C. Flowers & Co, pour un montant qui n’a pas été divulgué.En avril 2011, Partners Group avait acquis une participation dans Cabot conjointement avec AnaCap Financial Partners, pour faciliter la fusion entre Cabot Financial et Apex Credit Management, une transaction qui devrait être bouclée dans un très proche avenir.
23/05/2013
Fonds

Vanguard lance quatre ETF en Europe

Vanguard vient de lancer sur le London Stock Exchange quatre nouveaux ETF à réplication physique, renforçant sa gamme déjà composée de cinq ETF sur le marché européen. Ces nouveaux fonds domiciliés en Irlande couvrent l’Europe, l’Asie hors Japon, le Japon et le monde : Vanguard FTSE Developed Europe UCITS ETF, Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF, Vanguard FTSE Japan UCITS ETF et Vanguard FTSE All-World High Dividend Yield UCITS ETF.Le total des frais sur encours (TFE ou TER en anglais) de ces fonds «low cost» s’échelonne entre 0,15 % et 0,29 %. Vanguard a drainé près de 290 milliards de dollars d’encours sur les ETF depuis le lancement de son premier produit en 2001.
Fonds
23/05/2013

Aberdeen AM boucle l'acquisition d'Artio Global Investors

Le groupe Aberdeen Asset Management a annoncé le bouclage de l’acquisition du gestionnaire de fonds américain Artio Global Investors, selon un communiqué publié le 22 mai. Aberdeen a déboursé 179,7 millions de dollars sur la base d’un prix de 2,75 dollars par action et d’une prime de 46,3 millions de dollars par rapport à la valeur de l’actif net au 31 mars 2013. Cette opération permet à Aberdeen de développer ses activités en Amérique du Nord, avec une extension de son réseau de distribution et un renforcement de ses capacités dans le fixed income. Les actifs sous gestion d’Artio s'élevaient à 10,6 milliards de dollars à la date du 17 mai 2013, pour l’essentiel dans l’obligataire.
23/05/2013

Newton renforce son pôle obligataire

La société de gestion Newton, qui fait partie de BNY Mellon Investment Management, a annoncé le recrutement de Khuram Sharih au poste nouvellement créé d’analyste high yield au sein de l'équipe Global Fixed Income, selon un communiqué publié le 21 mai.Khuram Sharih travaillera aux côtés de Sebastien Poulin, qui a rejoint l'équipe en février 2012. Il sera directement rattaché à Parmeshwar Chadha, qui pilote plus de 1 milliard de livres d’actifs sous gestion dans l’obligataire high yield. Khuram Sharih travaillait précédemment chez Cairn Capital en tant qu’analyste senior sur le crédit.
23/05/2013

Fermeture du hedge fund soutenu par Nomura et Reservoir

Occitan Capital Partners, une société de hedge funds créée par d’anciens traders de Nomura et Boussard & Gavaudan, ferme ses pertes après deux ans de pertes, rapporte Financial News, citant quatre personnes proches du dossier. La société avait obtenu un investissement de Reservoir Capital Group et de Nomura.
23/05/2013

LGIM recrute son patron de l’allocation chez BNPP IP

Emiel van den Heiligenberg, CIO du groupe solutions multiclasses d’actifs chez BNP Paribas Investment Partners (BNPP IP), va rejoindre plus tard cette année Legal & General Investment Management (LGIM) comme directeur de l’allocation d’actifs en remplacement de David North qui a quitté l’entreprise au bout de douze ans d’ancienneté, rapporte Fundweb.
23/05/2013

Lloyds vend 15 % supplémentaires de SJP

Selon Fundweb, Lloyds Banking Group procède à la vente de 15 % supplémentaires du gestionnaire St James’s Place (SJP) pour 500 millions de livres, afin de renforcer son capital.Une participation de 20 % avait déjà été vendue en mars, mais le groupe doit observer une période de blocage de 180 jours au minimum avant de pouvoir vendre les 21 % de SJP qu’il détient encore.
23/05/2013

Rothschild Wealth Management se renforce outre-Manche

Senior associate partner de l’équipe «charities» chez Sarasin & Partners, Tracy Collins rejoindra en juillet 2013 Rothschild Wealth Management, comme director dans l’équipe «charities». Elle sera basée à Londres et subordonnée à Nadu Patel, head of charities au sein du pôle gestion de fortune au Royaume-Uni. Nadu Patel est lui-même arrivé de chez Morgan Stanley Private Wealth Management en 2010.Parallèlement, Mark Kary, qui a rejoint Rothschild en 2010 et a été nommé head of wealth management en 2012 (c’est l’ancien CEO de Polar Capital), a annoncé le recrutement de Charles Costa Duarte et Jake van Beever pour constituer une équipe de conseillers clientèle en gestion de fortune. Tous deux travaillaient jusqu’à présent chez TSB Private Banking, où ils étaient chargées du suivi de clients particuliers de très haut de gamme (UNHW).
23/05/2013

BNPP IP augmente les frais de service sur ses fonds luxembourgeois

Bart Vemer, directeur de la distribution chez BNP Paribas Investment Partners, a annoncé dans un entretien avec Fondsnieuws que sa société de gestion augmentera de moitié, de 5 points de base, sa commission de service sur ses fonds luxembourgeois.Cette majoration interviendra en deux étapes, la première en juin et la seconde en novembre.La décision a été prise dans la perspective de l’interdiction des commissions sur les services d’investissement, avant la publication des nouveaux DICI (KIIDs en anglais).Barbara Nieuwenhuijsen
23/05/2013

Un nouveau head of IT Infrastructure chez Kneip

La société Kneip qui fournit des services liés à la production et la publication d’informations réglementaires et contractuelles pour l’industrie de fonds, a annoncé mardi 21 mai l’arrivée de Lee Marshall comme head of Information Technology Infrastructure.Il sera responsable de la planification stratégique et du développement de la technologie et de l’infrastructure que Kneip utilise pour aider les gérants de fonds à répondre aux exigences réglementaires comme AIFMD. Lee Marshall travaillera en partenariat avec Yizhi Sun, Head of Information Technology Development.Auparavant, le nouvel arrivant travaillait chez J.P. Morgan Bank Luxembourg, où il occupait le poste de senior product manager responsable de la gestion européenne offshore.
23/05/2013

Lyxor moves seven ETFs to physical replication

P { margin-bottom: 0.08in; }A:link { } Seven French-registered, UCITS-compliant ETFs replicating EuroMTS investment grade bond category indices have been moved by Lyxor Asset Management from a synthetic replication formula to a physical replication formula, fondsweb.de reports.The products are the following:LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE (FR0010222224)LYXOR ETF EUROMTS 3-5Y INVESTMENT GRADE (FR0010037234)LYXOR ETF EUROMTS 5-7Y INVESTMENT GRADE (FR0010411413)LYXOR ETF EUROMTS 7-10Y INVESTMENT GRADE (FR0010411439)LYXOR ETF EUROMTS 10-15Y INVESTMENT GRADE (FR0010037242)LYXOR ETF EUROMTS 15+ Y INVESTMENT GRADE (FR0010481093) andLYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE (FR0010028860)
23/05/2013

Inflows of CHF1.6bn to Swiss Life AM in first quarter

P { margin-bottom: 0.08in; }A:link { } Swiss Life Asset Managers has posted net inflows in first quarter of CHF1.6bn, according to figures released on 23 May by the insurance group Swiss Life.The firm has continued its growth in the area of wealth management serving external clients, thanks to additional mandates.The group has posted net returns for non-annualised investments of 1.4% between January and March, compared with 0.9% in the corresponding period of 2012.
23/05/2013

Oliver Fischer leaves FPM for Charlemagne Capital

P { margin-bottom: 0.08in; } The head of distribution to professionals at FPM Frankfurt Performance Management, Oliver Fischer, will on 3 June join Charlemagne Capital as head of Germany/Austria, the German media is reporting. Fischer will replace Davut Deletioglu, who has decided to leave the company after 10 years.
23/05/2013

GLG makes capital gains by shorting Bankia

P { margin-bottom: 0.08in; }A:link { } Cinco Días reports that, since the close of trading on 29 April, Bankia shares have lost 87.6% of their value. Although retail investors were not able to play on this decline by selling shares as there were no more shares available to be lent, the British hedge fund management firm GLG Partners on 17 April declared a short position representing 0.52% of capital in Bankia, or 103,700 shares.Without any leverage, shares which were worth EUR12 and have now fallen to EUR1.40 will have brought GLG capital gains of EUR1.1m in slightly over one month.
23/05/2013

Rothschild recruits for WM unit

P { margin-bottom: 0.08in; }A:link { } Tracy Collins, a senior associate partner in the charities team at Sarasin & Partners, will in July 2013 join Rothschild Wealth Management as director of the charities team. She will be based in London, and will report to Nadu Patel, head of charities in the wealth management unit in the United Kingdom. Patel joined from Morgan Stanley Wealth Management in 2010.Meanwhile, Mark Kary, who joined Rothschild in 2010 and was appointed as head of wealth management in 2012 (he is the former CEO of Polar Capital), has announced the recruitment of Charles Costa Duarte and Jake van Beever, to form a team of wealth management client advisers. The two men had previously worked at TSB Private Banking, where they were responsible for assisting ultra-high net worth (UHNW) retail clients.
23/05/2013

SRI gains ground in Europe

P { margin-bottom: 0.08in; }A:link { } According to a study by the Luxembourg investment fund association (ALFI) and KPMG, assets in socially responsible funds in Europe increased between the end of 2010 and the end of 2012 by 19%, to EUR237.9bn, in 1,775 products compared with 1,558, which represents an increase of 14%.Cross-sector environmental, social and governance (ESG) funds as of the end of last year had total assets of EUR198.4bn, 83.3% of the total, for 63.9% of funds numerically, outpacing primarily environmental funds, with EUR28.1bn, or 11.8% of total assets and 21.7% of the fund population.By country of domicile, France led with 25.9% of assets, compared with 25.1% for Luxembourg, 7.9% for Norway, 7.6% for Denmark, and 6.6% for Finland.The study also points out that 23% of European SRI funds are available for cross-border sale.
23/05/2013

Partners Group pulls out of Cabot Credit Management

P { margin-bottom: 0.08in; } The Swiss firm Partners group (EUR28bn) has announced that it has resold its stake in the British firm Cabot Credit Management (GBP7.7bn in assets) to an affiliate of the private equity firm J.C. Flowers & Co, for a sum which has not been disclosed.In April 2011, Partners Group acquired a stake in Cabot in conjunction with AnaCap Financial Partners, to facilitate the merger between Cabot Financial and Apex Credit Management, in a transaction which is expected to be completed in the very near future.
23/05/2013

Hedge fund supported by Nomura and Reservoir closed

P { margin-bottom: 0.08in; } Occitan Capital Partners, a hedge fund firm founded by former Nomura and Boussard & Gavaudan traders, is closing down after two years of losses, Financial News reports, citing four sources familiar with the matter. The firm had received investments from Reservoir Capital Group and Nomura.
23/05/2013

Newton adds to its bond unit

P { margin-bottom: 0.08in; } The asset management firm Newton, which is part of BNY Mellon Investment Management, has announced the recruitment of Khuran Sharih to the newly-created position of high yield analyst in the Global Fixed Income team, according to a statement released on 21 May. Sharih will work alongside Sebastien Poulin, who joined the team in February 2012. He will report directly yo Parmeshwar Chadha, who is responsible for more than GBP1bn in assets under management in high yield. Sharih previously worked at Cairn Cpaital as a senior credit analyst.
23/05/2013

Aberdeen completes acquisition of Artio Global Investors

P { margin-bottom: 0.08in; } Aberdeen Asset Management and its affiliates have announced that they have completed the acquisition of Artio Global Investors Inc., a U.S. publicly-listed asset manager, effective as of the close of business on May 21, 2013. Aberdeen has paid consideration of USD179.7 million, based on a price of USD2.75 per share. This represents a premium of USD46.3 million over Artio’s unaudited net asset value as of March 31, 2013. This acquisition will expand Aberdeen’s U.S. business, deepen its distribution network in the region and add to its existing fixed income capabilities. As of May 17, 2013, Artio managed assets of approximately USD10.6 billion.
23/05/2013

Conroversy over revisions to Assogestioni statutes

P { margin-bottom: 0.08in; }A:link { } Alberto Giovannini, responsible for carrying out revisions to the statutes of Assogestioni, the Italian association of asset managers, has not garnered unanimous support from the members of the association, Bluerating reports. Some fault him for having been senior advisor to Long Term Capital Management, and that he is a shareholder and deputy director of Unifortune, a firm which is not an Assogestioni member. Others point out that he was investigated in connection with the Cirio junk bond crash.
23/05/2013

Consolidation continues in mutual fund sector

P { margin-bottom: 0.08in; } In first quarter 2013, 435 funds were launched in Europe, whilst a total of 600 funds (396 liquidations and 204 mergers) were withdrawn from the market during the same period, as the industry continues to consolidate its fund ranges, according to Lipper.During the first three months of the year, 435 funds were launched in Europe, the lowest number for Q1 results of the last five years. This reflects a decrease of 46% compared with the peak in Q1 2010 and a decrease of 14% compared to the same period in 2012, when 506 funds were launched.The number of liquidations is also at its lowest Q1 level for the past five years. The 396 liquidations in first quarter 2013 were 30% fewer than the peak of 566 in first quarter 2009. Compared with first quarter 2012, the number of funds decreased by 20%.As at the end of March 2013, there were 31,854 mutual funds registered for sale in Europe, including 8,581 in Luxembourg and 4,907 in France.Equity funds continued to dominate the fund market in Europe, with 37% of the funds available for sale, followed by mixed-asset funds at 25%. Bond funds stood at 22%, whilst money markets represented 5%.
23/05/2013

Tundra to launch Asian equity fund

P { margin-bottom: 0.08in; } The Scandinavian firm Tundra Fonder has launched an Asia ex-Japan equity fund for the former BankInvest emerging market specialist Jon Scheiber, Citywire Global reveals. Scheiber left BankInvest in May 2012, and joined Tundra in early 2013. The fund will have a quantitative approach, and will be entitled Tundra QuAsia fund.
23/05/2013

Union Investment acquires Swiss property from BNP

P { margin-bottom: 0.08in; } For an undisclosed sum, the Hamburg-based Union Investment Real Estate (UIRE) has acquired a 30,740 square-metre logistical property from BNP Paribas Leasing Solutions Immobilien Schweiz AG, located in Oftringer (60 km west of Zurich), which is leased ot Fiege Logistik Schweiz AG. The property will be added to the portfolio of the open-ended real estate portfolio reserved for institutional investors UniInstitutional European Real Estate.Real estate funds from UIRE control a total of 18 logistical properties with a total value of EUR630m.
23/05/2013

Deka invests in Barcelona

P { margin-bottom: 0.08in; } “Taking advantage of an anticyclical opportunity to invest in a very well-located property,” the German firm Deka Immobilien has acquired the Ronda building located at San Pedro 5 in Barcelona from a family office.The 4,000 square metre property, with 2,600 square metres of office space and 1,400 square metres of shops, was acquired for EUR19m, and will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect (DE0009801423).
23/05/2013

Lloyds sells an additional 15% stake in SJP

P { margin-bottom: 0.08in; }A:link { } Fundweb reports that Lloyds Bnaking Group will be selling an additional 15% stake in the asset management firm St. James’s Place (SJP) for GBP500m, in order to increase its capital.A stake of 20% was already sold in March, but the group is required to observe a 180-day minimum lock-in period before being allowed to sell its remaining 21% stake in SJP.
23/05/2013

LGIM recruits head of allocation from BNPP IP

P { margin-bottom: 0.08in; }A:link { } Emiel van den Heiligenberg, CIO of the multi-asset class solutions group at BNP Paribas Investment Partners (BNPP IP), will be joining Legal & General Investment Management (LGIM) later this year as head of asset allocation, replacing David North, who has left the business after twelve years, Fundweb reports.
23/05/2013

WisdomTree launches high dividend equity ETF

P { margin-bottom: 0.08in; } The range of WisdomTree high dividend equity ETFs on 22 May gained an additional reference, in the WisdomTree U.S. Dividend Growth Fund (NasdaqGM ticker: DGRW).The product aims to replicate the fundamental weighting index WTDGI, which covers about 300 companies which pay dividends and combine the best characteristics for growth and quality as measured by long-term growth outlooks and returns on owners’ equity.The total expense ratio is 0.28%.

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