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06/05/2013

Forte collecte depuis le début de l'année pour Och-Ziff

Les actifs sous gestion de l’américain Och-Ziff s’inscrivaient à 35,6 milliards de dollars au premier mai contre 30,1 milliards de dollars à fin mars 2012. Deux facteurs ont contribué à cette évolution, un effet marché positif de 1,8 milliard de dollars et et une collecte nette de 1,2 milliard de dollars par rapport au 31 décembre 2012.Le fonds OZ Master Fund, dont les actifs sous gestion s'élevaient à 22,2 milliards de dollars à fin mars 2013, a dégagé une performance de 5,4% sur les quatre premiers mois de l’année.
06/05/2013

Le BBVA liquide Unnim Gesfonds

Après avoir remporté les enchères organisées en 2012 par le FROB (Fonds de restructuration ordonnée du secteur bancaire) sur le catalan Unnim, le BBVA a absorbé la société de gestion Unnim Gesfonds SGIIC, qui vient à présent d'être liquidée, rapporte Funds People. De ce fait, le nombre de sociétés de gestion enregistrées auprès de la CNMV diminue à 102.BBVA Asset Management, la première société de gestion de fonds de valeurs mobilières en Espagne, affiche un encours de 19,13 milliards d’euros répartis du 207 produits. Unnim affichait en dernier lieu 15 fonds.
06/05/2013

Promotion pour John Boritzke chez BMO Golbal AM

Tout en restant co-gérant de la stratégie «intermediate tax free», John Boritzke exercera désormais en tant que managing director les fonctions de head of fixed income de BMO Global Asset Management (125 milliards de dollars fin janvier), annonce la société. L’intéressé est entré dans l’entreprise en 1983. Il sera subordonné à Craig Rawlins, CIO de BMO Asset Management US.
06/05/2013

Forte hausse du bénéfice de Berkshire Hathaway

Pour le premier trimestre 2013, Berkshire Hathaway Inc, la société de Warren Buffett, a déclaré le 3 mai un bénéfice net de 4.892 millions de dollars, ce qui correspond à un bond en avant de 51 % sur les 3.245 millions de janvier-mars 2012, grâce à une amélioration du résultat des activités dans le domaine des assurances et à une hausse du bénéfice du pôle ferroviaire.
06/05/2013
Fonds

Vinik Asset Management jette l'éponge

Dans un courrier adressé vendredi aux investisseurs, Jeffrey Vinik annonce que Vinik Asset Management sera liquidée et que les porteurs seront remboursés d’ici à fin juin, rapporte The Wall Street Journal.La restructuration n’a pas été un succès et le hedge fund a accusé une perte de 4,8 % depuis début juillet 2012 alors que le S&P 500 a gagné 19 %. En avril, le journal avait indiqué que les investisseurs avaient demandé le remboursement de 1,5 milliard de dollars, soit 18 % de l’encours.Jeffrey Vinik a aussi précisé que plusieurs membres de l’équipe de gestion ont l’intention de créer leurs propres sociétés.
Fonds
06/05/2013

Alin Hayim pressenti vice-président du conseil d'administration de Banque Sarasin

Le Conseil d’administration de Banque Sarasin a décidé de proposer l'élection de Ilan Hayim en tant que nouvel administrateur, selon un communiqué publié le 6 mai. Alin Hayim devrait être nommé en qualité de vice-président du conseil d’administration de Banque Sarasin. En outre, il sera membre du conseil d’administration de J. Safra Sarasin Holding, la société mère de Banque Sarasin.Ilan Hayim a débuté sa carrière professionnelle auprès de Paribas (de 1975 à 1988) où il a été membre de l’Executive Committee et directeur des départements de Trade Finance et de Private Banking. En 1980, Ilan Hayim a été directeur de la succursale de New York de Paribas. Entre 1988 et 2006, il a occupé la prestigieuse fonction de CEO dans plusieurs établissements bancaires (BSI SA, Banque Unigestion, HSBC Guyerzeller Bank SA). M. Hayim a ensuite été vice-président de HSBC Guyerzeller Bank SA et HSBC Private Bank (Suisse) SA, membre du Conseil d’Administration d’Unigestion Holding SA et Vice-Président du Conseil d’Administration et membre de l’Audit & Risk Committee de BSI SA.
06/05/2013

Edwin Voerman devient directeur général d’Alpha Plus

Jusqu’à présent vice-président, Edwin Voerman, qui figure parmi les fondateurs, en 2008, de la société de gestion Alpha Plus Gestora (170 millions d’euros d’encours), a été nommé directeur général, poste qu’il cumulera avec celui de directeur des investissements, rapporte Funds People. Quant à Javier Arno, qui était administrateur délégué, il devient vice-président.Edwin Voerman gère des mandats de fonds pension (Nationale Nederlanden Crecimiento Global et Alpha Plus Previsión) ainsi que la gamme des fonds multiclasses d’actifs Alpha Plus Gestión Flexible.
06/05/2013

BC Partners s'impose pour le rachat d'Allflex.

Le fonds britannique BC Partners est entré en négociations exclusives pour racheter Allflex à son compatriote Electra pour 1,3 milliard de dollars (995 millions d’euros), rapporte L’Agefi. Axa Private Equity, KKR et les industriels Danaher et DeLaval (groupe Tetra Laval) étaient également en lice pour reprendre le numéro un mondial de l’identification des troupeaux. Allflex est valorisé 11,3 fois son Ebitda prévisionnel 2013 (115 millions de dollars pour 300 millions de revenus).
06/05/2013

Alfi website available in Mandarin Chinese

P { margin-bottom: 0.08in; } The Luxembourg investment fund association (ALFI) on 3 May announced that it is launching a section of its website in Mandarin Chinese in order to strengthen ties with the asset management sector in China. The section includes basic information about the asset management sector in Luxembourg, and about regulations. It also lays out the steps to be taken in order to domicile a fund in Luxembourg, and includes recommendations by the association for risk management. “Bilateral relations between China and Luxembourg are already well-developed in the financial services sector. The European headquarters of the Bank of China and ICBC are located in Luxembourg, and the China Construction Bank is also in the process of setting up its headquarters in the Grand Duchy,” the president of ALFI, Marc Saluzzi, says in a statement.
06/05/2013

Franklin Templeton launches three funds

P { margin-bottom: 0.08in; } Franklin Templeton has launched three sub-funds of its Luxembourg Sicav Franklin Templeton Investment Funds (FTIF). The first of these, the Templeton Asian Dividend Fund, is a dividend fund focused on Asia managed by Mark Mobius, executive chairman, Templeton Emerging Markets Group, and Tom Wu, senior executive vice president and senior managing director, Templeton Asset Management Ltd. The fund universe includes Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Korea, Malaysia, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam. The second sub-fund, released by Franklin Templeton Real Asset Advisors, is the Franklin Templeton Investment Funds Franklin Global Listed Infrastructure Fund, a global infrastructure fund. The managers of the fund are Wilson Magee, director of Global REITs (Real Estate Investment Trusts), and Jack Foster, head of Real Assets, for Franklin Templeton Real Asset Advisors (FTRAA). The final sub-fund is the Franklin Multi-Asset Income Fund, launched by Franklin Templeton Multi-Asset Strategies (FTMAS). The multi-asset class fund was designed for investors seeking an investment solution oriented to income and potential for capital appreciation. It will be managed by Thomas A. Nelson and Matthias Hoppe.
06/05/2013

Pradera reacts to new German legislation

P { margin-bottom: 0.08in; } The London-based real estate fund management firm Pradera has announced that due to the passage of a new German law on investments, it is modifying the status of its German-registered open-ended real estate fund Pradera Open-Ended Retail Fund (DE000A0RG928), whose assets total EUR145m in institutional funds (Spezialfonds), Das Investment reports. The move is due to the fact that the German legislation no longer allows large institutional investors to subscribe to shares in open-ended funds. The asset objective for the fund remains at EUR500m, with target returns of 7% to 10% over 10 years, and a distribution of 5-6% per year.
06/05/2013

AUM at Man Group down in first quarter

P { margin-bottom: 0.08in; } Assets under management at the alternative management boutique Man Group as of the end of March totalled USD54.8bn, compared with USD57bn as of the end of December 2012, according to a statement released on 3 May.This decline in assets is due to a net outflow of USD3.7bn, resulting from subscriptions of USD2.5bn, and redemptions totalling USD6.2bn. This increase in redemptions is due to the loss of three major low-margin mandates, the CEO of Man Group, Manny Roman, says in a statement.In addition to this currency effects had a negative impact of USD1.6bn, due to the strength of the US dollar against the yen, euro and pound sterling.
06/05/2013

Assets under management at RBS wealth management unit up 7%

P { margin-bottom: 0.08in; } Assets under management by the wealth management unit of the British RBS group, including the Coutts private bank, as of the end of March totalled GBP30.8bn, up 7% compared with the end of December 2012, according to an interim report released on 3 March by RBS. This development is largely due to a rebound on the markets in first quarter, RBS says, which offset outflows of low-margin assets and transfers of funds due to the sale of activities in Latin America, the Caribbean and Africa.
06/05/2013

Aviva Investors recruits head of SRI integration

Aviva Investors has hired Adeline Diab as head of integration for its global responsible investment team, the asset management company announced on May 2. She reports to Steve Waygood, chief responsible investment officer.Adeline Diab joins Aviva Investors from APG Asset Management in the Netherlands where she was responsible for embedding environmental, social and governance (ESG) into the investment process across asset classes. Her role also involved active engagement with companies across a broad range of areas. Prior to this, she held roles with London-based hedge fund, GLG Partners, where she managed a sustainable investment strategy in addition to two equity funds, and HSBC Asset Management in Paris, where she co-established the ESG research team.In her role at Aviva Investors, Adeline Diab will lead the responsible investment officer analyst network, supporting them in identifying material ESG issues and seeking out global opportunities to integrate ESG into mainstream investment processes.
06/05/2013

accelerando associates se renforce

Le tierce partie marketeur francfortois accelerando associates a recruté au 1er mai Michael Geier en tant que director third party marketing à Francfort, et Christian Parrado Byrom comme associate director & analyst à Valence.Le premier justifie de 20 ans d’expérience dans le domaine de la vente de fonds. Il était en dernier lieu head of Germany & Austria chez Standard Life Investment à Edimbourg, après avoir travaillé pour ABN Amro Asset Management Allemagne et Mellon Global Investment.Quant à Christian Parrado, il travaillait auparavant chez Allfunds Bank.
06/05/2013
Fonds

Peacock Capital va lancer son premier fonds

Selon Fondsprofessionell, la société de gestion Peacock Capital, créée en octobre 2012 et disposant de bureaux à Düsseldorf ainsi qu'à Francfort, va lancer prochainement son premier fonds, un produit long/short de performance absolue qui sera neutre en exposition au marché des actions et indépendant de l’évolution des taux. Le fondateur et gérant, Marc Seibel, entend se focaliser sur un échantillon d’environ 200 petites et moyennes capitalisations européennes, sur un univers de 3.000 titres.
Fonds
06/05/2013

Santander AM wins ECJ ruling against French government over withheld dividends

P { margin-bottom: 0.08in; } Funds People reports that the European Court of Justice in May 2012 sentenced the French finance minister to refund improperly frozen dividends from its products to Santander Asset Management. The total sum in question is EUR11.4m, unduly withheld from 84 investment funds, Sicav vehicles and pension funds.
06/05/2013

IOSCO publishes principles for CIS valuation

The Board of the International Organization of Securities Commissions published on Friday, May 3 the final report on Principles for the Valuation of Collective Investment Schemes, containing a list of Principles intended to serve as a basis for both industry practitioners and regulators to assess the quality of regulation and industry practices regarding the valuation of collective investment schemes (CIS).The final report revises IOSCO’s Principles for CIS Valuation, originally developed in 1999, to take into account subsequent regulatory, industry and market developments. Many complex and hard-to-value assets are now eligible for CIS portfolios, including some that did not exist a decade ago. The value of such assets cannot be determined by using quoted prices (so- called mark-to-market), but instead CIS may rely on internal techniques which imply management’s judgment (so-called mark-to-model). The difficulty and subjectivity needed for certain valuations increases regulatory risks and calls for a set of principles to guide the identification of policies and procedures designed to ascertain the proper valuation of CIS assets.
06/05/2013

Fund Brand 2013: BlackRock, Carmignac and JPMorgan lead

P { margin-bottom: 0.08in; } The 2013 edition of the Fund Brand rankings by Fund Bayers Focus (FBF) reveal that for cross-border sales in Europe, the favourite brand for fund selectors is BlackRock, followed by Carmignac, JPMorgan, Franklin Templeton, Fidelity, DWS, Pictet, M&G, Schroders, and Pimco.The second French cross-border actors is Amundi, in 15th place, followed by Axa IM (excluding AllianceBernstein) and BNP Paribas, at 19th and 20th place, respectively. Comgest and LCF Rothschild take 25th and 26th place, while Rothschild & Cie and Lyxor take 42nd and 44th place.Among the leading firms, Carmignac has gained 3 places compared with the 2012 results, while Pictet has gained one, M&G two, and Aberdeen three. In its statement, FBF states that BlackRock has adequate size to allow it to offer products to meet all types of demand. An appetite for high yield has helped Pictet, Aberdeen and Axa, while M&G and Aberdeen would appear to be in a position to improve the scores for their brand this year.French groups take the top spots in the “boutique” category, with Financière de l’Echiquier and DNCA Finance in the top two places in their category, along with Sycomore (7th), Mandarine (13th), Métropole (16th), Varenne Capital (18th) and Moneta (19th).In the general rankings for the French market, the top ten brands in the eyes of fund selectors are, in order, Carmignac Gestion, Pictet, BlackRock, Franklin Templeton, Fidelity, Financière de l’Echiquier, LCF Rothschild, M&G Investments, DBCA Finance and Axa.
06/05/2013

Increased ETF activity on Euronext Europe

P { margin-bottom: 0.08in; } In April, the daily on-book trading volume for ETFs on the European markets of NYSE Euronext increased to EUR281.2m, compared with EUR248m in March. That represents an increase of 4.82% compared with the corresponding month of last year.The monthly on-book trading volume totalled EUR5.9bn, compared with EUR4.96bn the previous month.Block trading totalled EUR2.08bn last month, compared with EUR1.16bn in March.NYSE Euronext also states that the median spread in April totalled 35.41 basis points, which is 50% higher than its levels in March (23.5 basis points) and in April 2012.
06/05/2013

HFRX hedge fund index up 0.6%

P { margin-bottom: 0.08in; } The HFRX Global Hedge Fund index in the month of April gained 0.6% compared with the previous month, according to the first available estimates. For the first four months of the year, the index is up 3.8%.
06/05/2013

ETP flows remain positive, but far lower, in April

P { margin-bottom: 0.08in; } After USD38.7bn in December 2012 and March 2013, ETPs worldwide have posted net subscriptions in April of USD10.3bn, according to estimates from the BlackRock Institute. Since the beginning of the year, net inflows have totalled USD79.9bn, compared with USD66.3bn in January-April 2012.In April, net subscriptions of USD9.5bn for bond ETFs, and of USD8.7bn for equity ETFs, were partially offset by USD8.7bn in net outflows from gold ETPs, which now total USD17.9bn in January-April.As of 30 April, assets in ETPs totalled USD2.112trn, compared with USD2.080trn as of the end of March, USD1.944trn as of 31 December, and USD1.716trn one year previously.European ETPs, for their part, have seen net outflows of USD0.8bn, and net subscriptions of USD6.7bn in the first four months of the year.
06/05/2013

Peacock Capital to launch its first fund

P { margin-bottom: 0.08in; } According to Fondsprofessionell, the asset management firm Peacock Capital, founded in October 2012, with offices in Düsseldorf and Frankfurt, will soon be launching its first fund, a long/short absolute return product which will have a neutral exposure to the equity market, independently of the evolution of interest rates. The founder and manager Marc Seibel is planning to focus on a sample of about 200 European small and midcaps, out of a universe of 3,000 equities.
06/05/2013

Vinik Asset Management closes its doors

P { margin-bottom: 0.08in; } In a letter to investors on Friday, Jeffrey Vinik announced that Vinik Asset Management will be liquidated, and that shareholders will be reimbursed yb the end of June, the Wall Street Journal reports.A restructuring was unsuccessful, and the hedge fund has lost 4.8% since the beginning of July 2012, while the S&P 500 has gained 19%. In April, the newspaper reported that investors had sought redemptions of USD1.5bn, equivalent to 18% of assets.Vinik has also stated that several members of the management team are planning to found their own firms.
06/05/2013

Strong rise in profits for Berkshire Hathaway

P { margin-bottom: 0.08in; } For first quarter 2013, Berkshire Hathaway Inc., the company of Warren Buffet, on 3 May announced net profits of USD4.892bn, which corresponds to an increase of 51% over USD3.245bn in January-March 2012, due to an improvement in profits from insurance activities, and a rise in profits from the railway unit.
06/05/2013

Bond funds popular in late April

P { margin-bottom: 0.08in; } More sombre macroeconomic statistics and upcoming monetary policy meetings on both sides of the Atlantic drove investors to bond investments at the end of April. In the week ending on 1 May, bond funds posted record inflows of USD10.3bn, of which USD2bn were admittedly due to the launch of a fund, according to statistics released by EPFR Global.Equity funds, for their part, posted subscriptions totalling a net USD2.24bn. Since their nadir in June 2012, European equity funds have gained an average of 25%. Institutional investors have since then invested nearly USD10bn into European funds. However, in the same period, retail investors have remained highly reserved, and are responsible for redemptions totalling a net USD8bn.Investors’ interest in sectoral funds has been notable including funds dedicated to the financial sector, consumer goods and telecommunications. Real estate funds continued to post inflows of USD833m in the week ending on 1 May.Money market funds have posted outflows of over USD21bn, while only Japanese money market funds bucked the trend, with net inflows of USD1.4bn.
06/05/2013

accelerando associates recruits

P { margin-bottom: 0.08in; } The Frankfurt-based third-party marketer accelerando associated on 1 May recruited Michael Geier as director of third-party marketing in Frankfurt, and Chrisian Parrado Myrom as associate director & analyst in Valencia. Geier has 20 years of experience in the area of fund sales. He was most recently head of Germany & Austria at Standard Life Investment in Edinburgh, after working for ABN Amro Asset Management Germany and Mellon Global Investment. Parrado had previously worked at Allfonds Bank.
06/05/2013

Hedge funds' favourite ETFs don't necessarily show gains

P { margin-bottom: 0.08in; } The SPDR Gold Trust ETF is the most popular ETF with hedge funds, according to the most recent rankings by Insider Monkey. Paulson & Co, First Eagle Investment Management and Empyrean Capital Partners are some of the major hedge funds which have bet on the ETF. Unfortunately for them, the fund has lost about 12% since the beginning of this year. The second most popular ETF with hedge funds is the Financial Select Sector SPDR, which has gained nearly 14% since the beginning of the year, and has been selected by Renaissance Technologies, Moore Global and Tudor Investment, among others. Ishares MSCI Emerging Markets Index, the third product in the rankings, is the favourite of Duquesne Capital and Arrowstreet Capital, among others. It has lost nearly 3% since the beginning of the year. In fourth place, iShares FTSE/Xinshua China 25 index is down more than 7% since the beginning of the year, while the iShares Russell 2000 Index, selected by Dreman Value Management and D.E. Shaw & Co, has gained more than 11% since the beginning of the year. SAC Capital and Caxton Associates can be glad to have put their money on the iShares MSCI Japan Index, which takes sixth place, and which has gained 19.64% since the beginning of the year. However, the Market Vectors Junior Gold Miners ETF, held by Soros Fund Management and Tiger Management, has lost more than 36% since the beginning of the year.
06/05/2013

“In its current form, the planned FTT would put an end to the growth of ETFs”

Source, founded only in April 2009, already has USD13.8bn in assets, of which one quarter are in ETCs, and three quarters in ETFs. Net subscriptions total EUR665m for the year to date, and USD3.97bn in 2012, of which USD2.76bn ere for funds launched with Man GLG, LGIM and Pimco. The CEO of the firm, Ted Hood, tells Newsmanagers he is concerned that the financial transaction tax will put an end to the growth of the ETF market.

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