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05/04/2013

iShares remain top ETP provider

P { margin-bottom: 0.08in; }A:link { } In first quarter 2013, ETPs worldwide have posted inflows of USD70.1bn, of which USD7.5bn were in Europe, according to the BlackRock Institute. Of this total, iShares attracted USD24.7bn and USD6.2bn, respectively.Worldwide, Sttae Street Global Advisors (SSgA0 has posted net outflows of USD3.1bn, while Vanguard has posted net inflows of USD10.9bn.In Europe, Deutsche AWM (db x-trackers) has posted inflows of USD0.9bn, while Lyxor has seen net redemptions of USD1bn.UBS and Amundi, for their part, have seen net subscriptions of USD0.7bn and USD0.6bn, respectively.
05/04/2013

UCITS HFs underperform non-UCITS products

P { margin-bottom: 0.08in; }A:link { } Overall, UCITS-compliant hedge funds are more volatile and underperform their counterparts which are not subject to the UCITS directive, and the country of domicile of a fund is a significant indicator of its potential performance, as those based in Europe show a risk-adjusted performance lower than those registered elsewhere. These are the findings of a survey conducted by the Edhec-Risk Institute of a sample of more than 24,000 individual hedge funds.The study finds that UCITS-compliant hedge funds underperform non-UCITS hedge funds, in total performance as well as risk-adjusted performance. However, UCITS-compliant funds are characterised by more ‘favourable’ liquidity, and, when the liquidity parameter is taken into account, returns for UCITS and non-UCITS hedge funds tend to converge.Edhec also points out that non-UCITS hedge funds in general have volatility and risk far lower than those of non-UCITS hedge funds, which is clearly due to obstacles to the transposition of risk management techniques.Lastly, the study finds that the performance of funds may fluctuate according to the country of domicile, as European funds show lower risk-adjusted returns than funds from other regions, with the best results for funds domiciled in the United States and Asia-Pacific. A similar divergence is also found between the various countries of domicile for UCITS-compliant hedge funds. Funds domiciled in Ireland and Luxembourg generate very similar returns.
05/04/2013

BNP Paribas Quantitative Strategies liquidates its only ETF

P { margin-bottom: 0.08in; } Less than one year after the launch of its only ETF, BNP Paribas Quantitative Strategies LLP will be liquidating the commodity product Stream S&P Dynamic Roll Global Commodities Fund, whose ticker on the NYSE Arca platform is BNPC. The last day of trading will be 12 April.On its website, Stream ETFs claims that due to current market conditions, it is appropriate to voluntarily remove shares in the product from trading.According to Index Universe, the fund, which replicates the S&P GSCI Dynamic Roll Excess Return Index, which covers futures contracts on 24 commodities, atrracted about USD20m in 10 months, and has posted returns of nearly 7%.
05/04/2013

Lyxor AM and Canyon Capital Advisors join forces to launch an event-driven credit fund

P { margin-bottom: 0.08in; }A:link { } Lyxor Asset Management has teamed up with the California-based hedge fund management firm Canyon Capital Advisors to launch a UCITS credit fund based on event-driven strategy. The fund will be available on the Alternative UCITS platform from Lyxor, and will have a diversified exposure to the high yield corporate debt and distressed markets, equities, convertible bonds and residential mortgage-backed securities, Citywire states. The new fund will be denominated in euros, US dollars and pounds sterling. Lyxor AM recently announced the launch of a UCITS fund which aims to replicate the Diversified Program from Winton Capital Management, whose strategy is based on seeking out applications of scientific research to financial markets (see Newsmanagers of 19 March 2013).
05/04/2013

Tax authorities target Italian asset management firms

P { margin-bottom: 0.08in; }A:link { } The Italian tax authorities are asking Mediolanum to pay EUR344m in outstanding taxes and sanctions, Il Sole – 24 Ore reports in its 3 and 4 April editions. It has found that the level of commissions passed back to the firm by the Irish firm Mediolanum International Funds to its two Italian affiliates, Mediolanum Vita and Banca Mediolanum, were too low. The firm is suspected of seeking to keep revenues in Ireland, where profits are subject to much more favourable tax levels than in Italy. Azimut and Banca Fideuram are also reported to be under the eye of the tax authorities, which are focusing on Italian asset management firms with activities in Ireland or Luxembourg. In the past 10 years, the Italian asset management industry has transferred many of its headquarters abroad, largely to Luxembourg and Ireland, to take advantage of more favourable tax regimes.
05/04/2013

Consultation on commission ban opens

P { margin-bottom: 0.08in; }A:link { } A market consultation on a rule to ban commissions for the provision of financial services in the Netherlands has been launched by the finance ministry, Fondsnieuws reports.The consultation will be open until 1 May. The regulation would come into effect as part of 2014 financial market reforms.The text of the proposal is available on the website www.internetconsultatie.nl.
05/04/2013

Anouk Agnes becomes deputy director general of ALFI

P { margin-bottom: 0.08in; } The Luxembourg investment fund association (ALFI) has announced that it has elected Anouk Agnes as its deputy director general, effective immediately. She joined ALFI in April 2012 is director of communications and business development, after serving as adviser to Luxembourg’s ministry of finance.
05/04/2013

SEB ImmoInvest sells three properties for EUR300m

P { margin-bottom: 0.08in; }A:link { } Frankfurt-based SEB Asset Management has announced that it has sold the Grand Hyatt and Maritim hotels in Berlin to an affiliate of Al Faisal Holding, and a 10,300 square metre Berlin office building to a real estate fund management firm. The sales, totalling EUR300m, concern assets from the portfolio of the open-ended real estate fund SEB ImmoInvest, whose liquidation by 30 April 2017 was decided eleven months ago (see Newsmanagers of 9 May 2012).Since 8 May 2012, the fund has sold a total of 35 properties. In 2012, SEB ImmoInvest redistributed about EUR1.3bn to its shareholders, or more than 20% of total assets. The next distribution will take place this summer.
05/04/2013

Insurers bring dynamism to French SRI market

P { margin-bottom: 0.08in; }A:link { } Private insurance companies now account for 44% of institutional SRI assets in France, a total of EUR47.2bn, out of EUR107.2bn, compared with 39% in 2011, and only 13% in 2010, the most recent statistics from Novethic for the French SRI market in 2012 reveal. With the addition of mutual insurers, the overall market share for insurance is as much as 51% in 2012, or EUR54.7bn, which represents slightly over one third of he total French SRI market, valued at EUR149bn. This growth in assets from insurers drove the French SRI market in 2012. Overall, the French SRI market, including institutionals and retail clients, grew by 29% in 2012, to EUR149bn. This is a slowdown compared with 2011, when the market grew by 69%. It continues to be dominated by institutionals, with 72% of assets (EUR107.2bn).
05/04/2013

80% of French SRI market controlled by 10 players

P { margin-bottom: 0.08in; } The top 10 asset management firms for socially responsible investment assets accounted for 80% of the French SRI market in 2012, with EUR149bn, according to rankings published for the first time by Novethic.In a further sign of market concentration, the top player, Amundi, with EUR65bn, has captured nearly half of all assets under management for retail and institutional investors. The second-largest, Allianz GI France, is far behind, with about EUR15bn. Third place goes to BNP Paribas IP, with slightly over EUR10bn.All other players trail behind with under EUR10bn. In declining order, they are Mirova, OFI, Generali Investments Europe, Axa IM, Groupama IM, Edmond de Rothschild AM and Neuflize OBC Investissements.In total, Novethic counts 40 asset management firms with French clients. In terms of resources allocated to SRI, the agency finds that about 90 extra-financial analysts (full-time equivalent) are employed in the Paris financial centre.
05/04/2013

ERAFP puts six equity mandates at stake

P { margin-bottom: 0.08in; } As part of its policy to extend its investment universe in line with the five values of its SRI charter, the French pension fund Etablissement de retraite additionnelle de la fonction publique (ERAFP) is launching a restricted request for proposals to award three France small cap equity portfolio management mandates, and three other mandates for United States mid and large caps.By way of information, ERAFP states, the volumes invested over three years may come to about EUR150m for France equities,a nd EUR300m for US equities.In both cases, the initial duration of the tender is five years, with a possible extension of the contract by ERAFP for three successive periods of one year each.
05/04/2013

Aquiline and Genstar buy wealth management activities of Genworth

P { margin-bottom: 0.08in; }A:link { } The private equity firms Aquiline Capital Partners and Genstar Capital have announced their acquisition of Genworth Wealth Management from Genworth Financial for a total of USD412.5m. The acquisition includes Genworth Financial Wealth Management, the management consulting platform, and the alternative investment specialist Altegris.
05/04/2013

Coverage rate for pension funds up in March

P { margin-bottom: 0.08in; }A:link { } The average coverage rage for the liabilities of US corporate pension funds in the month of March rose 1.9 percentage poitns to 82.6%, its highest level since March 2012, according to BNY Mellon Investment Strategy & Solutions Group. In the month under review, assets in pension funds increased by 2.1 percentage points, due to the good performance of the stock markets, which were affected only to a limited extent by the Cypriot crisis. Liabilities fell by 0.3%, while the discount rate increased by 4 basis points to 4.09% for Aa-rated businesses.
05/04/2013

iShares plans to push min-vol ETFs in Europe

P { margin-bottom: 0.08in; }A:link { } Stephen Cohen, head of iShares EMEA investment strategy & insights, announced on a visit to Paris on 4 April that minimum volatility ETFs posted inflows fo EUR4.1bn worldwide in first quarter, equivalent to more than USD1.4bn per month, compared with an average of USD416m in 2012. There are now 34 funds of this type worldwide, with total assets of USD11.2bn.The idea is to offer products with an improved risk/return profile in periods when investors are returning to equities, but remain cautious. The products will receive particular attention from iShares sales teams in Europe in the next few months, alongside bond funds, such as short-duration ETFs and ETFs focused on corporate bonds, with hedging for currency risks. However, needless to say, the firm will continue to highlight its equity products as well.iShares has limited its minimum volatility range to four products (global, United States, Europe and emerging markets), each of which take slightly different forms on each side of the Atlantic. In the United States, where funds of this type were launched in October 2011, assets total USD5.79bn (as of 3 April), with USD2.6bn for the MSCI USA product, and USD1.77bn for the MSCI Emerging Markets fund.In Europe, where these products got a much later start (30 November 2012), assets under management remain low, and clients are still in a discovery phase. The two largest ETF funds in this part of the range are the ones replicating the MSCI Emerging Markets Min. Vol., with USD69m, and the MSCI World Min. Vol., with USD50m. ETFs based on the S&P 500 Min. Vol. and MSCI Europe Min. Vol., for their part, have assets of USD8.4m and USD5.4m.
05/04/2013

Denjoy Capital Partners recruits a COO

P { margin-bottom: 0.08in; }A:link { } Denjoy Capital Partners, a hedge fund firm founded by a former partner of Brevan Howard Asset Management, has recruited Ian Bickerstaffe as chief operating officer, Financial News reports. The firm, which has slightly under USD200m in assets, is planning to raise several hundreds million dollars.
05/04/2013

LGIM recruits for LDI team

P { margin-bottom: 0.08in; } The British firm Legal & General Investment Management (LGIM) has announced that it has recently recruited three portfolio construction managers for its liability-driven investment (LDI) team, which as of the end of December managed mandates with total assets of GBP199bn. That brings personnel on the LDI team to 20 fund management professionals.The three new recruits for the unit are Alastair Mills (formerly of Cardano), Anne-Marie Cunnold (formerly of BlackRock), and Florent Herelle, who has been transferred from the tracker fund team at LGIM.The portfolio construction team for LDI funds is led by Eve Finn.
05/04/2013

M&G reduces stake in St James's Place

P { margin-bottom: 0.08in; }A:link { } M&G Investments has reduced its stake in the capital of SJP from 5% to 3.37%. According to Investment Week, the decline comes following a reduction of its stake in Lloyds, which on 11 March was lowered from 57% to 37% of capital. M&G holds shares in the Recovery fund from St James’s Place, which has GBP7.6bn in assets.
05/04/2013

John Paulson back in form

P { margin-bottom: 0.08in; }A:link { } All funds by John Paulson have posted gains since the beginning of the year except his smallest hedge fund, the Financial Times reports. Advantage Plus gained 8.2% in March, with returns of +4.6% since the beginning of the yar, according to a letter sent to investors on Thursday. Those results were largely driven by investments in financial sector and cyclical stocks
05/04/2013

BlackRock registers EM Absolute Return fund in Spain

P { margin-bottom: 0.08in; }A:link { } Funds People reports that the CNMV has issued a sales license for Spain to the BSF BlackRock Emerging Markets Absolute Return fund, managed by Sam Vecht and Henry Wigan. The benchmark index is the libor USD three month.
05/04/2013

Tundra Fonder launches a frontier market fund

P { margin-bottom: 0.08in; }A:link { } Tundra Fonder, a Swedish asset management firm specialised in emerging markets, is launching a frontier market fund, Tundra Fonder Opportunities Fund, Realtid reports. The fund will invest in Bangladesh, Vietnam, Nigeria, and Pakistan.
05/04/2013

Bankia combines asset management and private banking

P { margin-bottom: 0.08in; }A:link { } As part of a reshuffle to simplify structures and make the decision-making process more flexible, Bankia has decided to unite asset management at Bankia Fondis and Bankia Pensiones, and private banking, with a total of EUR15bn in assets, within its retail banking unit, led by Fernando Sobrini, Funds People reports.Asset management will now be part of the retail bank, whereas it had previously been part of the wholesale bank. The head of management for private banking and asset management will be Jaime González Lasso de la Vega, who had previously been head of private banking, while Rocio Eguiran remains as head of Bankia Fondos and Bankia Pensiones.Funds People also states that Bankia is creating a business banking division, which will include business banking, capital markets and corporate finance activities, which will be merged under the leadership of Gonzalo Alcubilla, previously head only of corporate banking.
05/04/2013

M&G recruits in Benelux

P { margin-bottom: 0.08in; } Luuk Veenstra, who has been a senior investment manager at PGGM Investments, has been recruited by M&G Investments for the newly-created position of director, institutional business development, Benelux. Before PGGM, he worked in New York and London, at RBC Capital Markets and NIBC, Fondsnieuws reports.
05/04/2013
Fonds

John Paulson retrouve la forme

Tous les fonds de John Paulson ont affiché des gains depuis le début de l’année à l’exception de son plus petit hedge fund, rapporte le Financial Times. Ainsi, Advantage Plus a gagné 8,2 % en mars, affichant une performance de +4,6 % depuis le début de l’année, selon une lettre envoyée aux investisseurs jeudi. Cela a été principalement alimenté par des investissements dans les valeurs financières et les cycliques.
Fonds
05/04/2013

La CDC accuse une perte de 458 millions d'euros en 2012

Le résultat consolidé du groupe Caisse des Dépôts s’établit à - 458 millions d’euros au 31 décembre 2012, selon un communiqué publié le 4 avril.Ce résultat est affecté par des dépréciations importantes constatées sur les participations détenues dans France Télécom (- 1 milliard d’euros), dans Dexia (- 0,45 milliard d’euros) et dans Veolia Transdev (- 0,2 milliard d’euros).En dépit d’un contexte économique morose, le résultat récurrent du groupe Caisse des Dépôts s’établit à un niveau élevé, à 1,55 milliard ‘euros, «ce qui démontre la solidité et la résistance du modèle économique du Groupe». Les fonds propres consolidés progressent à 23,7 milliards d’euros.
05/04/2013
Fonds

Hausse du taux de couverture des fonds de pension en mars

Le taux de couverture moyen des engagements des fonds de pension d’entreprise américains a progressé au mois de mars de 1,9 point de pourcentage pour s'établir à 82,6%, son plus haut niveau depuis mars 2012, selon BNY Mellon Investment Strategy & Solutions Group.Durant le mois sous revue, les actifs des fonds de pension se sont accrus de 2,1 points, grâce à la bonne tenue des marchés boursiers pourtant affectés par la crise chypriote. Les engagements ont diminué de 0,3%, le taux d’actualisation augmentant de 4 points de base à 4,09% pour les entreprises notées Aa.
Fonds
05/04/2013

Denjoy Capital Partners recrute un COO

Denjoy Capital Partners, une société de hedge funds créée par un ancien associé de Brevan Howard Asset Management, a recruté Ian Bickerstaffe en tant que chief operating officer, a appris Financial News. La société, qui gère un peu moins de 200 millions de dollars, prévoit de lever plusieurs centaines de millions de dollars.
05/04/2013

LGIM renforce son équipe LDI

Le britannique Legal & General Investment Management (LGIM) a annoncé avoir récemment recruté trois «portfolio construction managers» pour son équipe de gestion sous contrainte de passif (LDI) qui gérait fin décembre des mandats d’un encours total de 199 milliards de livres. Cela porte l’effectif de l’équipe LDI à 20 professionnels de la gestion de fonds.Les trois nouvelles recrues de ce pôle sont Alastair Mills (ex Cardano), Anne-Marie Cunnold (ex BlackRock) et Florent Herelle, qui a été muté en provenance de l’équipe de fonds indiciels de LGIM.L’équipe de construction de portefeuille pour les fonds LDI est dirigée par Eve Finn.
05/04/2013

Bankia regroupe gestion d'actifs et banque privée

Dans le cadre d’une réorganisation qui vise à simplifier ses structures et à assouplir le processus de prise de décision, Bankia a décidé de regrouper au sein de son pôle banque du particulier, dirigé par Fernando Sobrini, à la fois la gestion d’actifs, Bankia Fondos et Bankia Pensiones et la banque privée, avec un total de 15 milliards d’euros d’encours, indique Funds People.La gestion d’actifs est désormais logée dans la banque du particulier, alors qu’elle était auparavant dans la banque de gros. Le responsable de la direction banque privée et gestion d’actifs sera Jaime González Lasso de la Vega, qui était auparavant responsable de la banque privée tandis que Rocío Eguiran reste à la tête de Bankia fondso et de Bankia Pensiones.Funds People précise par ailleurs que Bankia crée une division banque d’affaires, qui coiffera les activités banque des entreprises, marchés des capitaux et corporate finance, lesquelles fusionnent sous la direction de Gonazlo Alcubilla, jusqu'à présent responsable uniquement de la banque des entreprises.
05/04/2013

M&G se renforce dans le Benelux

Luuk Veenstra, qui était senior investment manager chez PGGM Investments, a été recruté par M&G Investments pour le poste nouvellement créé de director, institutional business development, Benelux. Avant PGGM, il a travaillé à New York et Londres chez RBC Capital Markets et NIBC, indique Fondsnieuws.

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