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07/03/2013

Apache Partners launches frontier markets fund

P { margin-bottom: 0.08in; } The British investment advisory firm Apache Partners will on 22 March this year launch a fund dedicated to frontier markets.The fund will be primarily focused on the markets of Central and Southern America, the Balkans, the Baltic countries, Central and Eastern Europe, Sub-Saharan Africa, some Gulf countries, Indochina, and Central Asia.The fund will be primarily invested in equities, but may also include an allocation to bonds. Initially, its primary markets will be Mongolia, Kazakhstan, Nigeria, Bosnia, Cuba, and Iraq.The fund will be managed as a fund of funds, and selections will depend on quantitative as well as qualitative factors.
07/03/2013

Picard Angst offers an emerging market equity fund

P { margin-bottom: 0.08in; } The Swiss firm Picard Angst has announced the launch of a UCITS-compliant fund investing in ten emerging markets (Brazil, China, India, Indonesia, Malaysia, Mexico, Russia, South Africa, and South Korea): the Picard Angst Emerging Markets Fund, managed by Swiss & Global Asset Management.The Luxembourg-registered product, which offers daily liquidity, is available in Swiss francs, euros and US dollars, in three share classes each. It is licensed for sale in Luxembourg, Germany, Switzerland, and Austria, and replicates the Picard Angst Emerging Markets Index.The asset management team is aiming for a balanced distribution of risk and adequate liquidity.
07/03/2013

Mapfre preparing fund offering annual returns of 3.25%

P { margin-bottom: 0.08in; } The Spanish firm Mapfre will on 22 May release its second target return fund of 203, the Fondmapfre Rendimiento II, which aims to deliver an unguaranteed return of 3.25% of net asset value as of 28 May, compared with 3.50% for the Fondmapfre Rendimiento I, launched in January.The portfolio will be invested largely in bonds issued by the Instituto de Crédito Oficial (ICO), and will have a duration of 5 years, until 1 June 2018.CharacteristicsName: Fondmapfre Rendimiento II, FIISIN code: ES0115721005Front-end fee: 5% from 29 May 2013 until 1 June 2018Management commission: 0.85%Withdrawal penalties:2% from 28 May 2013 until 28 May 20141.5% until 28 May 20151% until 31 May 2018
07/03/2013

ETFs have trouble finding a market in Scandinavian countries

P { margin-bottom: 0.08in; } Although they are conquering the world, ETFs remain marginal in Sweden, the website of the Swedish newspaper Veckans Affärer observes. The problem is the banks, which dominate distribution, and which make more money with traditional funds. The Swedish ETF market, and the Scandinavian market more broadly, is dominated by the local player Xact, controlled by Handelsbanken. 85% of assets under management in ETFs in Scandinavian countries is at Xact. SEB and Swedbank offer three ETFs each, while Nordea is absent from the market. Xact has about SEK20bn under management in 25 ETFs. Aside from Swedish players, Deutsche Bank and UBS have ETFs listed in Sweden, but neither offers products based on Swedish equities. In Europe, 5-7% of assets under management are invested in ETFs, compared with only 1% in Scandinavian countries, Veckans Affärer notes.
07/03/2013

Rorento moves from Curaçao to Luxembourg

P { margin-bottom: 0.08in; } Robeco has announced that the headquarters of its affiliate Rorento NV will be moving from Curaçao to Luxembourg, and that from 22 July, its funds on sale in Europe will comply with European standards. After the move, Rorento will be under the jurisdiction of the Luxembourg regulator. The strategy for the UCITS-compliant product will remain unchanged from its present forumlation, but the adoption of a UCITS IV-compliant status will impose additional constraints, particularly in the diversification of risks.Rorento, a Curaçao-registered company, will adopt the status of Sicav in Luxembourg, and shareholders in Rorento NV will receive an equivalent number of shares in Rorento DH EUR, reserved for retail investors and hedged for currency risks against the euro.
07/03/2013

Schroders releases GAIA Sirios US Equity fund in Germany

P { margin-bottom: 0.08in; } Having received licenses from BaFin and the FMA, Schroders is releasing the new Sirios US Equity Fund, a sub-fund of its Schroder Global Alternative Investor Access (GAIA) platform, in Germany and Austria, with immediate effect. The product is already available in Spain and France (see Newsmanagers of 28 February and 4 March).
07/03/2013

Italian investors want to invest abroad

P { margin-bottom: 0.08in; } 55% of Italian investors say they would consider investing abroad, of those who have not already done so, compared with only 25% in Germany, 20% in France and 24% in the United States, a Legg Mason study cited by Bluerating reveals. In 2013, 40% of Italian investors surveyed would increase their allocation to bonds, compared with 29% to equities, while 25% would reduce their allocation to equities, 24% would reduce allocation to alternative assets, and 21% to cash.
07/03/2013

Equity rally triggers gold ETF sell-off

P { margin-bottom: 0.08in; } Investors are selling off shares in gold ETFs at a record pace, as the equity rally dampens demand for the precious metal, the Financial Times reports. According to Bloomberg, ETFs sold off 106 tonnes of gold in February, the largest ever month of net outflows. Since the beginning of January, holdings in ETFs fell by 140 tonnes.
07/03/2013

HSBC releases monthly index of emerging markets

P { margin-bottom: 0.08in; } In order to better anticipate developments in emerging markets, HSBC is offering a monthly, and not merely quarterly, Emerging Markets Index (EMI). The monthly HSBC EMI index, based on the purchasing manager’s index (PMI) of 16 major emerging markets (Saudi Arabia, Brazil, China, South Korea, Egypt, United Arab Emirates, Hong Kong, India, Indonesia, Mexico, Poland, Czech Republic, Russia, Taiwan, Turkey and Vietnam), suggests a moderation in growth in emerging markets in the month of February this year.The index stands at 52.3 for the month of February, its lowest level since August 2012, after 53.8 in January. The decline reflects a slowing of growth in emerging markets, particularly in China, India and Brazil.“The fall of this index shows that for the moment, growth remains the primary challenge for emerging markets, and that inflation remains a secondary concern for some economies,” says Murat Ulgen, head of economic research for Central and Eastern Europe at HSBC.
07/03/2013

PGGM confirms Else Bos as CEO

P { margin-bottom: 0.08in; } As Martin van Rijn was appointed in November as secretary of state in the ministry of health, protection and sport in the Netherlands, he has been obliged to leave his position as CEO of the pension fund PGGM (EUR133bn). He was replaced on 6 March, with immediate effect, by Else Bos, who had served in the position for the interim since 5 November, in addition to her role as chief institutional business. The appointment remains conditional, pending approval from the Bank of the Netherlands (De Nederlansche Bank).Bos, who had previously worked at ABN Amro and NIB Capital Asset Management, joined PGGM in 2002 as CEO, investments.
07/03/2013

Assets at HSBC Trinkaus up by one fifth in 2012

P { margin-bottom: 0.08in; } As of the end of 2012, assets under management and administration at Düsseldorf-based HSBC Trinkaus totalled EUR150.3bn, compared with EUR125.5bn one year previously, which represents an increase of 19.8%.Net profits for the high net worth retail unit fell to EUR19m last year, from EUR21.1m in 2011, while profits from institutional clients increased to EUR46.4m from EUR41.1m.Overall, net profits at HSBC Trinkaus dipped by 3% to EUR133.2m, from EUR137.3m.
07/03/2013

Joint bid from Bankinter and Apollo for BSI

P { margin-bottom: 0.08in; } According to sources familiar with the matter, cited by Reuters, Spain-based Bankinter and the US private equity investor Apollo Global Management have agreed to submit a joint bid, offering up to EUR2bn for Banca della Svizzera Italiana (BSI), which has been put up for sale by the Generali group.The other potential buyers in the running are the Brazilian Safra, which has recently bought Sarasin, and the Chinese ICBC.
07/03/2013

Closing for the Global Value programme at Partners Group

P { margin-bottom: 0.08in; } Swiss wealth management firm Partners Group on 6 March announced that it has closed its Global Value programme, begun in 2011. The programme received EUR680m, according to a statement released on 6 March.Partners Group Global Value 2011 thus becomes the third and largest programme from the firm. It follows programmes begun in 2006 and 2008, which were closed with totals of slightly over EUR400m, in the first case, and EUR530m, in the second.At the time the programme was closed, Partners Group Global Value 2011 had already been 50% placed in diversified private equity investments.
07/03/2013

Promotions at BNY Mellon AM Japan

P { margin-bottom: 0.08in; } The US firm BNY Mellon has announced that Shizu Kishimuto has been promoted to representative director and president of the group’s Japanese asset management affiliate BNY Mellon Asset Management Japan Limited (founded in 1998), from 1 April. She joined BNY Mellon in 2003 and was most recently representative director and head of retail sales & marketing.In her new role, Kishimuto will replace Shugo Kamaguchi, who joined the firm in 2007, and who has been promoted to representative director and chairman of BNY Mellon Asset Management Japan Limited, also from 1 April.Both will be based in Tokyo, and will report to Alan Harden, CEO for asset management operations of BNY Mellon in Asia-Pacific.
07/03/2013

Assets at DekaBank up 7.7%

P { margin-bottom: 0.08in; } At a press conference to present results for the DSGV federation of German savings banks, president Georg Fahrenshon announced that AUM at the affiliate DekaBank, which will release its results on 9 April, increased by 7.68% to EUR162.6bn in 2012, compared with EUR151bn as of 31 December 2011. That is partly due to net inflows in fourth quarter, following net outflows in first half. Demand from clients of the savings banks was largely for open-ended real estate funds and diversified funds.Meanwhile, Fahrenschon has also announced that “economic profits” (pre-tax profits according to IFRS accounting standards, plus the results of a valuation of financial instruments) at Deka for 2012 were higher than the EUR383.1m recorded in 2011, when they were 59.6% down on 2010.
07/03/2013

Union appoints head of real estate AM for Germany

P { margin-bottom: 0.08in; } Dominik Moll, who has been head of real estate market Germany North at Commerz Real, where he began in 2008, since 2011, will on 15 April 2013 begin in the newly-created position of head of real estate asset management for Germany at Union Investment Real Estate (UIRE).Moll will report to Vocker Noack, a managing board member, and will take responsibility for a portfolio of offices, shops and logistical properties with a volume of over EUR4bn. He will also be responsible for overseeing rentals and managing tenants, at the head of a team of 36 asset & tenant relations managers.
07/03/2013

Neptune plans to liquidate four funds

P { margin-bottom: 0.08in; } Neptune Investment Management is planning to close four funds, three of which belong to the Max Alpha range, due to weaker-than-expected demand for these products, Fund Web reports. The funds concerned are the Neptune US Max Alpha fund (GBP1.8m), Neptune European Max Alpha fund (GBP600,000), Neptune Japan Max Alpha fund (GBP400,000) and Neptune Green Planet fund (GBP3.8m).
07/03/2013

Record inflows to Legal & General IM in 2012

P { margin-bottom: 0.08in; } Net inflows to Legal & General Investment Management last year totalled GBP7.1bn, compared with GBP3bn the previous year, according to figures released by the firm on 6 March. This increase contributed to a rise in operating profits to GBP243m, from GGBP234m the previous year.Assets under management were up 9% year on year, to GBP9bn, compared with GBP371bn in 2011.LGIM says in a statement that activities accelerated internationally, particularly in the United States and the Gulf. Net inflows from international clients totalled GBP7.8bn, compared with GBP4.5bn in 2011, while international assets under management were up 34% to GBP43bn, compared with GBP32bn in 2011.
07/03/2013

Swiss & Global AM launches an emerging market debt fund

P { margin-bottom: 0.08in; } Swiss & Global Asset Management has launched an investment grade emerging market debt fund for Enzo Puntillo, the head of emerging market debt at the asset management firm, according to exclusive reports by Citywire Global. The Luxembourg-registered JB Emerging Markets Investment Grade Bond Fund will invest in bonds denominated in hard currencies.
07/03/2013

Philip Vasan promoted at Credit Suisse Americas

P { margin-bottom: 0.08in; } The head of prime brokerage for the past decade, Philip Vasan, has been promoted at Credit Suisse to become head of the private banking division for the Americas (United States, Canada and Latin America), the Wall Street Journal reports. From April, Vasan will report to Rob Shafir, based in New York and global co-head of private banking & wealth management.As head of prime brokerage, the Swiss group has chosen Paul Germain, who was recruited by Vasan from Goldman Sachs in 2010.Anthony DeChellis, head of private banking, Americas, will also be leaving that position to serve in other roles in the division, according to sources familiar with the matter.
07/03/2013

Primonial REIM invests in Place de La Madeleine in Paris

P { margin-bottom: 0.08in; } Primonial REIM on 6 March announced the acquisition of the Darty store, located at Place de la Madeleine (Paris, 9th district), at the heart of the “Opéra - Madeleine - Grands Magasins Haussmann” triangle, from the city of Paris, on behalf of funds under its management.Darty has been operating since 1975, with total floor area of over 2,000 square metres. An institutional lease with a fixed 9-year term has been signed with the Darty brand.
07/03/2013

SEC hedge fund sheriff hands in badge

P { margin-bottom: 0.08in; } Bruce Karpati, head of supervision for asset management, including hedge funds, at the Securities & Exchange Commission (SEC), is rumoured to be departing, the Wall Street Journal reports.The newspaper states that Karpati has been in talks with Prudential Financial, where he may take up a position as head of professional ethics next month.
07/03/2013

Legg Mason may mobilize USD1bn for acquisitions

P { margin-bottom: 0.08in; } The Wall Street Journal reports that Pete Nachtwey, CFO, estimates that even after the acquisition of Fauchier Partners for USD80m (plus another USD56m if the firm achieves certain objectives), Legg Mason has another USD1bn to spend on acquisitions. Of this total, USD550m is in cash, and USD500m is unused revolver.
07/03/2013

ETF européens : six grands acteurs sur dix décollectent en février

En février, les ETP européens ont collecté en net 1,4 milliard de dollars contre 6,5 milliards en janvier, d’après les statistiques du BlackRock Institute. Sur les dix premiers promoteurs, six ont accusé des sorties nettes comprises entre 0,1 milliard (UBS et Source) et 0,4 milliard (ETF Securities) Lyxor a pour sa part subi des remboursements nets de 0,2 milliard.En revanche, les deux plus gros acteurs du secteur, iShares (BlackRock) et db x-trackers (Deutsche Bank) affichent des souscriptions nettes de 1,5 milliard et 0,2 milliard de dollars.Sur janvier-février, les souscriptions nettes totales ressortent à 7,9 milliards de dollars, dont 5,7 milliard pour iShares et 1,2 milliard pour db x-trackers.Pour les encours, le palmarès demeure inchangé : iShares arrive largement en tête avec 145,7 milliards de dollars sur un total de 375,4 milliards, devant db x-trackers (51,5 milliards) et Lyxor (42,2 milliards).
07/03/2013

Collecte record pour Legal & General IM en 2012

La collecte nette de Legal & General Investment Management s’est élevée l’an dernier à 7,1 milliards de livres contre 3 milliards de livres l’année précédente, selon les chiffres publiés le 6 mars par la société. Cette progression a contribué à une hausse du bénéfice d’exploitation à 243 millions de livres contre 234 millions de livres l’année précédente.Les actifs sous gestion ont enregistré une progression de 9% sur l’année à 406 milliards de livres contre 371 milliards de livres en 2011. LGIM souligne dans un communiqué que l’activité s’est accélérée à l’international, notamment aux Etats-Unis et dans le Golfe. La collecte nette émanant de la clientèle internationale atteint 7,8 milliards de livres contre 4,5 milliards de livres en 2011, les actifs sous gestion internationaux affichant un bond de 34% à 43 milliards de livres contres 32 milliards de livres en 2011.
07/03/2013
Fonds

Apache Partners lance un fonds sur les marchés frontières

La société britannique de conseil en investissement Apache Partners va lancer le 22 mars prochain un fonds dédié aux marchés frontières.Le fonds s’intéressera en priorité aux marchés d’Amérique centrale et du Sud, aux Balkans, aux pays baltes, à l’Europe centrale et orientale, à l’Afrique sub-saharienne, à une partie des pays du Golfe, à l’Indochine et à l’Asie centrale.Le fonds sera investi principalement en actions mais il pourra également comporter une poche obligataire. Dans un premier temps, les principaux marchés seront la Mongolie, le Kazakstan, le Nigéria, la Bosnie, Cuba et l’Irak. Le fonds sera géré comme un fonds de fonds et les sélections dépendront autant de facteurs quantitatifs que qualitatifs.
Fonds
07/03/2013

Union nomme un patron de la gestion d'actifs immobiliers Allemagne

Head of real estate market Germany North depuis 2011chez Commerz Real où il était entré en 2008, Dominik Moll prendra au 15 avril 2013 le poste nouvellement créé de directeur de la gestion d’actifs immobiliers pour l’Allemagne chez Union Investement Real Estate (UIRE).Subordonné à Volker Noack, membre de la direction générale, Dominik Moll prend la responsabilité d’un portefeuille de bureaux, de magasins et d’actifs logistiques représentant un volume supérieur à 4 milliards d’euros. Il sera aussi chargé de superviser les locations et la gestion des locataires, à la tête d’une équipe de 36 «asset & tenant relations managers».
07/03/2013

Hausse de 7,7 % de l'encours de DekaBank

A la faveur de la conférence de presse de présentation des résultats de la fédération DSGV des caisses d'épargne allemandes, le président Georg Fahrenschon a indiqué que l’encours de la filiale de gestion d’actifs DekaBank, qui publiera ses résultats le 9 avril, a gonflé de 7,68 % à 162,6 milliards d’euros en 2012 contre 151 milliards au 31 décembre 2011. Cela résulte en partie de la collecte nette enregistrée au quatrième trimestre, après les sorties nettes du premier semestre. La demande de la clientèle des caisses d'épargne a surtout concerné les fonds immobiliers offerts au public et les fonds diversifiés.D’autre part, Georg Fahrenschon a annoncé que le «bénéfice économique» (bénéfice aux normes IFRS avant impôt, plus résultat de la valorisation des instruments financiers) de Deka pour 2012 a été supérieur aux 383,1 millions de 2011, lequel affichait un plongeon de 58,6 % sur 2010.
07/03/2013

Hausse d’un cinquième de l’encours de HSBC Trinkaus en 2012

A fin 2012, l’encours sous gestion et administration de l’allemand HSBC Trinkaus est ressorti à 150,3 milliards d’euros contre 125,5 milliards un an plus tôt, ce qui représente un gonflement de 19,8 %.Le bénéfice net du pôle particuliers haut de gamme a diminué à 19 millions d’euros l’an dernier contre 21,1 millions en 2011 tandis que celui des clients institutionnels augmentait à 46,4 millions contre 41,1 millions.Au total, le bénéfice net de HSBC Trinkaus s’est tassé de 3 % à 133,2 millions d’euros contre 137,3 millions.
07/03/2013
Fonds

Tungsten lance avec Universal un fonds total return

F.U.X. Asset Manager Manufaktur GmbH (FUXAMM) a réuni les francfortois Tungsten Capital Management (500 millions d’euros d’encours) et Universal Management pour le lancement d’un fonds diversifié défensif total return et market neutral de droit allemand, le Tungsten Paragon UI, qui vise un rendement annuel compris en 6 et 8 %.Le gérant Tarek Saffaf met en œuvre une stratégie directionnelle d’options sur indices d’actions combinée à des investissements en obligations de bonne qualité et à une stratégie de volatilité market neutral.Le budget de risque mensuel limite les pertes très rapidement et permet des phases de reprise également rapide après un «draw down».CaractéristiquesDénomination: Tungsten Paragon UICodes Isin: DE000A1J31V0 (parts R)DE000A1J31W8 (parts I)Droit d’entrée: 5 % maximumCommissions de gestion:Actuellement 1,89 % (parts R)Actuellement 1,29 % (parts I)Commission de performance: 15 % pour la surperformance par rapport à l’Euribor 1 mois TR, avec high watermark
Fonds

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