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22/01/2013

David Driver promoted at Standard Life Wealth

David Driver, who has been network director for three years, has been promoted to the position of managing director of Standard Life Wealth, and will be responsible for discretionary funds, Fundweb reports. In his new role, Driver will report to CEO Richard Charnock.
22/01/2013

db x-trackers: 4 sectoral A-class Chinese equity ETFs in Frankfurt

On 21 January, the listings on the XTF segment of the Xetra electronic platform reached 1,014, with the admission to trading of the first five sectoral ETFs in Europe of A-class Chinese equities, from db x-trackers (Deutsche Bank), Deutsche Börse reports. They are all Luxembourg-registered products, which charge 0.50%, and replicate sub-indices of the Shanghai CSI 300.db x-trackers has previously launched an ETF for the CSI 300, whose assets have increased from EUR272m at the end of June to EUR620m as of 14 January.The five new products are as follows:db X-trackers CSI300 Banks Index ETF (LU0781021877),db X-trackers CSI300 Consumer Discretionary Index ETF (LU0781021950),db X-trackers CSI300 Energy Index ETF (LU0781022172),db X-trackers CSI300 Health Care Index ETF (LU0781022339) anddb X-trackers CSI300 Real Estate Index ETF (LU0781022099)
22/01/2013

Deka makes new acquisition in Paris

Deka Immobilien has acquired a commercial real estate property under construction located in the avenue de France in Pars from Nexity. The property (7,200 square metres), which is slated for completion in September 2013, will be added to the portfolio of an institutional real estate fund.
22/01/2013

Top ETF "SPY" turns 20

The SPDR S&P 500 ETF, launched on 22 January 1993 by State Street, which goes by the NyseArca ticker SPY, on Tuesday, 22 January celebrated its 20th birthday. Celebration is justified, according to IndexUniverse, since the product was the first ETF listed in the United States, and it is now the larget ETF in the world, with assets of USD125bn.SPY accounts for about 9% of the USD1.403trn now invested in ETFs, It is among the least costly ETFs on the market, with total TER of 0.0945%, while the TER of its direct competitors, the Vanguard S&P 500 ETF and iShares Core S&P 500 ETF are 0.05% and 0.07%, respectively.
22/01/2013

Assets in individual pension funds rose in 2012

As of the end of December, assets under management by Spanish individual pension funds totalled EUR51.75bn, compared with EUR49.9bn one year previously. They underwent net outflows of EUR824.75m, but market effects were positive by more than EUR2.67bn, meaning that the increase in assets, at nearly EUR1.85bn, represented 3.71% for 2012 as a whole, according to statistics from VDOS Stochastics.As for investment funds, the top three asset management firms by assets are BBVA, with EUR9.14bn (+8.6% for the year), Santander, with EUR7.33bn (+5.1%), and Caixa, with nearly EUR7.13bn (-3.6%).However, BBVA shows net inflows of EUR309.3m, Santander has seen net outflows of EUR57m, and inflows at Caixa totalled EUR664.3m.VDOS reports that two products from BBVA lead, one for assets, the BBVA Proteccion 2015 (EUR1.71bn), and one for net subscriptions, the BBVA Tranquilidad 16V, with EUR110.2m. However, BBVA Proteccion 2014 is also the fund which has seen the heaviest net outflows (EUR192.9m).
22/01/2013

Crèdit Andorrà registers Luxembourg funds in Spain

En vue de les faire commercialiser en Espagne par sa filiale locale de banque privée, le Banco Alcalá, l’andorran Crèdit Andorrà a fait enregistrer par la CNMV les neuf compartiments de sa sicav luxembourgeoise Crediinvest, rapporte Funds People. Il s’agit des fonds Money Market Euro, Money Market Dollar, Fixed Income Euro, Fixed Income Dollar, Big Cap Value, Spanish Value, International Value, US American Value et Sustainability.
22/01/2013

Caceis expands its range of services for AIFM managers

Caceis on 21 January announced an extension to its range of services to help fund managers comply with and take full advantage of the AIFM (Alternative Investment Fund Managers) Directive, under which they will soon be regulated. Caceis is already helping some fund managers to evaluate the implications of the AIFM Directive by providing operational support for adapting their organisation and internal procedures, in particular concerning the delegation of functions, risk management and the new regulatory reporting format. These fund managers can also use the services of Luxcellence, a Luxembourg subsidiary of Caceis, to manage their risks, structuring and the domiciliation of their funds. Caceis has initiated discussions within its network with several local fund managers to help them consider the implications of the Directive, while keeping the characteristics of their market in mind. Conference debates have been organised for early this year in Germany, the UK, France and Asia to study the challenges posed by the Directive with AIFMs.
22/01/2013

Emerging market equities attract investors

Emerging markets equity and bond funds maintained their strong start to the New Year during the second week of January, absorbing another USD7.2 billion between them and taking their combined inflows for the first 16 days of 2013 over the USD18 billion mark. During the same period last year they had taken in just over USD4 billion, according to EPFR.The flows in emerging markets equity funds helped all EPFR global-tracked equity funds outgain their bond fund counterparts for the fifth straight week. The margin was, however, much slimmer than the previous week’s USD15.6 billion gap in favor of equity funds. Those funds took in a net USD7.19 billion during the week ending Jan. 16, with roughly 20% of those flows going to dividend equity funds versus 8% the previous week, while bond funds attracted a 10 week high of USD6.95 billion.Equity funds did attract retail money for the second week running, the first time that has happened since the second half of April, 2011.
22/01/2013

ESMA seeks better information on goodwill

The European Securities and Markets Authority (ESMA) has on January 21 published a review of 2011 IFRS financial statements related to impairment testing of goodwill - the value of intangible assets which has a quantifiable value - and other intangible assets. The review, which looked into the accounting practices of a sample of 235 European issuers from 23 countries, found EUR800bn (EUR790bn in 2010) worth of goodwill balances in the 2011 financial statements of issuers, with 5% (c. EUR40bn) of that amount recognised as impairment losses in 2011.The report shows that significant impairment losses of goodwill were limited to a handful of issuers, mostly in the financial services (EUR19.2bn) and telecommunication industry (EUR9.7bn). This therefore raises the question as to whether the level of impairment disclosed in 2011 financial reports appropriately reflects the difficult economic operating environment for companies. Although the major disclosures related to goodwill impairment testing were generally provided, in many cases these were of the boilerplate variety and not entity-specific. In order to improve the overall disclosure provided by issuers, ESMA recommends that issuers: • Better specify the key assumptions used in the impairment test;• Include sensitivity analyses with sufficient detail and transparency, especially in situations when indicators are present that impairment might have occurred;• Determine the growth rates used to extrapolate cash flows projections based on budgets and forecasts; and • Disclose specific discount rates for each material cash-generating unit rather than average discount.
22/01/2013

Petercam prepares an emerging markets sustainable bond fund

The Belgian asst management firm Petercam is expecting to receive a license from the CSSF for a new sub-fund of its Luxembourg Sicav, a fund of “sustainable” emerging market government bonds denominated in local currencies (at least one third in ‘hard’ currencies).Ophélie Mortier, SRI coordinator at Petercam, and Thierry Larose, portfolio manager, have explained to Newsmanagers that the universe for the new Emerging Markets Sustainable product includes 72 countries, yo which a normative filter is applied for democratic values, followed by a best-in-class allocation. By crossing data from the NGO Freedom House for liberty and the Economist democracy index, the asset management firm currently excludes 16 “not-free” and “authoritarian” countries from the initial universe, including China, the United Arab Emirates, and China.Initially, the two fund managers (Bernard Lalière is the co-manager) will retain a minimum of 40% securities issued by countries in the top quartile of the rankings produced by the filtering in the portfolio, which complicates the task of the managers, who may nonetheless also invest in securities from supranational entities to position themselves on difficult-to-access currencies (such as BIRD bonds for Colombia).The preliminary portfolio includes six countries in the top quartile, including Poland and Chile, ten issuers in the second and third quartiles (including Brazil and Turkey, and also Serbia, Ukraina, Ghana and Venezuela), and four from the bottom quartile (Indonesia, Zambia, Iraq, and Nigeria).
22/01/2013

db-X funds preparing an energies and metals fund

With the DB Platinum Energy & Metals (ISIN code: LU0820952413), db-X funds (Deutsche Bank group) has released an energy and industral metals fund whose benchmark index is the DB Platinum Energy & Metals, which reproduces the prices of underlying commodities via futures contracts. The index is 60% compose of industrial metals (aluminium, copper, zinc, nickel and lead), while the remaining 40% are distributed between Brent crude oil, petrol, diesel and natural gas. The weightings are updated on a monthly basis.The subscription period will remain open until 28 January. According to the prospectus dated September 2012, the management commission will be 1.20% per year, and the front-end fee is a maximum of 5%.db-X funds states that it already has eleven commodity funds under management, with total assets of EUR1.4bn.
22/01/2013

30% of UCITS-compliant hedge funds posted losses in 2012

According to an Absolute Report study relayed by the Börsen-Zeitung, assets in 933 UCITS-compliant hedge funds as of the end of 2012 totalled EUR148bn, compared with EUR124bn one year previously. 11 funds were created and 160 funds were liquidated or merged, and funds in the top quartile posted average returns of 12.4%, with gains of 14.7% for the best equity products. But 30% of funds posted losses, which average 5.3%.The best fund was the Antecedo CIS Strategic Invest, with returns of 76%, while the worse fund was Salus Alpha Managed Futures, with losses of 48%.
22/01/2013

Strong dispersion in the performance of hedge funds for 2012

Edhec on 18 January published its estimate of the performance of hedge funds and funds of hedge funds in December and 2012 as a whole. Last year, only funds specialised in short-selling showed losses, of 3.94%. For 2012 as a whole, that strategy has lost 19.3%, while CTA has lost 2.3%. The S&P 500 index posted gains of 16% last year.However, the other categories all show gains, both for December and for the year as a whole, with the best results for 2012 as a whole for distressed securities and emerging markets, with respective perforamnce of 13.2% and 9.9%, followed by event-driven (+9.6%) and relative value (+9.2%).Overall, maximal return discrepancy last year totalled 32.5 percentage points. Edhec also states that since January 2001, distressed securities and emerging markets have posted average annual gains of 10.4% and 10.1%, while only dedicated short bias showed losses (of an average of 0.8%).The only strategy which shows a Sharpe ratio of higher than 1 is distressed securities (1.03), while two categories have a negative ratio: dedicated short bias (-0.35) and funds of funds (-0.09).
22/01/2013

Hedge fund assets up by USD60bn in fourth quarter

Assets in hedge funds rose by USD60bn in fourth quarter to a record USD2.25trn, according to the most recent statistics from the HFR Global Hedge Fund Industry Report.Net inflows totalled USD3.4bn in fourth quarter, bringing inflows for the year as a whole to USD34.4bn.The HFRI Fund Weighted Composite Index gained 1.3% in fourth quarter, and 8.2% for the year as a whole.HFR also states that it has launched the HFRU indices, which track the performance of UCITS-compliant hedge funds. The HFRU Hedge Fund Composite Index gained 4.9% in 2012.
22/01/2013

Deka acquires 15,000 square metres in Frankfurt

Deka Immobilian has acquired the office and retail property Alte Hauptpost in Erfurt, a 15,000 suqre metres property, for its institutional real estate fund Deka S-Property Fund N°2. The vendor is Aberdeen Immobilien KAG, and the sale price has not been disclosed.
22/01/2013

Barings Germany hires Henderson exec

Lars Albert, director of distribution for Germany at Henderson Global Investors, will be joining Baring Asset Management in the same role, Das Investment reports.
22/01/2013

Mainfirst recruits a head of FI

In April, Oliver Reisinger will join MainFirst as head of fixed income, Siegfried Jachinski, a board member, has told the Börsen-Zeitung. Reisinger had since 2011 been head of sales & marketing at HSH Nordbank.Mainfirst is planning to double the personnel in its fixed income operation in two years, to 40 people.
22/01/2013

BNP Paribas sells its green energy activity

BNP Paribas has agreed to spin off its private equity activity dedicated to green energies, the Financial Times reports. The team, which has adopted the name Glenmont Partners, will continue to have the bank as an investor in its EUR437m fund, raised in 2010. The bank has also agreed to sell the fund to its clients. Since 2007, the team at Glenmont Partners has invested over EUR1bn in 12 projects.
22/01/2013

CalSTRS finds more weapons manufacturers in its portfolio

CalSTRS, the second-largest pension fund in the United States, has identified two more makers of arms in its portfolio, following the shooting in a US school last month, Financial Times Fund Management reports. They are Sturm & Ruger and Smith & Wesson. “These stakes represent less than 10% of our daily equity trades,” says Ricardo Duran of CalSTRS. They come in addition to 2.4% of Freedom Group, the maker of the weapons used in the massacre, which is in the process of being sold by its owner, Cerberus, due to pressure from CalSTRS.
22/01/2013

Profits and assets up at Hennesy Advisors

California-based Hennesy Advisors has declared net profits for the quarter ending on 31 December of USD0.77m, compared with USD0.15m in the corresponding period of 2011, while assets at the end of 2012 totalled USD3.02bn, compared with USD780.9m one year previously. Asset increases largely come due to the acqusition of FBR Funds on 26 October.
22/01/2013

SAC perd un investissement important

Le japonais Mizuho Financial Group a failli confier en fin d’année dernière jusqu’à 500 millions de dollars à SAC, révèle The Wall Street Journal. Mais la banque a renoncé à le faire, alors que la société de gestion américaine fait face à une enquête concernant d’éventuels délits d’initié. SAC subit d’importants rachats. Ce trimestre, la société devrait rembourser 1 milliard de dollars. Un investissement de Mizuho aurait permis de compenser ces retraits et aurait permis d’attirer d’autres investisseurs asiatiques.
22/01/2013

L'encours de Carmignac Gestion repasse largement la barre des 50 milliards d'euros

Une collecte nette de 4,5 milliards d’euros en 2012 permet à Carmignac Gestion de porter ses actifs sous gestion nettement au dessus de la la barre des 50 milliards d’euros fin décembre, à 53,7 milliards d’euros contre 45 milliards douze mois auparavant. La société de gestion tire ainsi un trait sur les mauvais chiffres de l’année 2011, lorsqu’elle avait enregistré des sorties nettes de plus 6 milliards d’euros, dont 2,5 milliards d’euros sur le seul fonds Carmignac Patrimoine – le produit phare de la maison. La progression de l’encours en 2012 inclut l’effet marché qui, à titre d’exemple, porte l’actif sous gestion de Carmignac Patrimoine à 28 milliards d’euros, avec un gain de 5,42 %. Pour sa part, Carmignac Emerging Patrimoine, qui pesait 230 millions fin 2011 affiche douze mois plus tard un actif sous gestion de 1,8 milliard d’euros après avoir réalisé une performance de 14,43 %.
22/01/2013
Fonds

Cinquième remboursement pour les porteurs du DEGI Europa

Aberdeen Immobilien KAG a annoncé le 21 janvier que son fonds DEGI Europa, qui doit être liquidé pour le 30 septembre 2013, procèdera le 25 janvier à son cinquième remboursement. Il sera versé 0,6 euro par part.Le prochain versement semestriel aura lieu en juillet. La décision de liquider ce fonds immobilier offert au public a été prise le 22 octobre 2010.
Fonds
22/01/2013
Fonds

Fidelity sort un fonds obligataire institutionnel

Ian Spreadbury sera le gérant du nouveau Fidelity MoneyBuilder Income Reduced Duration fund, un produit institutionnel accessible moyennant une souscription minimale d’un million de livres. Destiné aux gestionnaires de fortune, le fonds sera un OEIC maître-nourricier conformé à la directive OPCVM IV dont le lancement est prévu d’ici à la fin du mois, selon divers médias britanniques.Le gérant sera habilité à utiliser des swaps et des contrats à terme comme overlay pour réduire la duration du portefeuille aux deux ans du benchmark (7,8 ans pour le MoneyBuilder Income), ce qui est censé être le point neutre de la courbe des rendements en matière de risque.Comme le MoneyBuilder Income (3,3 milliards de livres) dont il est une version alternative et qui est confié au même gérant, le nouveau fonds affichera une commission de gestion de 0,8 % et ne comporte aucun droit d’entrée ni de sortie.
Fonds
22/01/2013

LGT Capital Partners remporte un important mandat alternatif

Selon divers médias britanniques, le suisse LGT Capital Partners vient d’obtenir un mandat «multi-alternatif» de 280 millions de livres de la part du fonds de pension du Hertfordshire County Council. Ce serait le plus important montant concernant des placements alternatifs (neuf classes d’actifs) confié jusqu'à présent par un fonds de pension public britannique.
22/01/2013

Promotion pour David Driver chez Standard Life Wealth

Network director depuis trois ans, David Driver vient d'être promu managing director de Standard Life Wealth et sera chargé de la gestion de fonds discrétionnaire, rapporte Fundweb. Dans ses nouvelles fonctions, l’impétrant est subordonné au CEO Richard Charnock.
22/01/2013
Fonds

BlackRock lance un fonds émergent de performance absolue

Sam Vecht et Henry Wigan sont chargés de gérer un nouveau fonds marchés émergents de performance absolue pour BlackRock Royaume-Uni, rapporte Investment Week.Le portefeuille de ce produit long/short comportera au total entre 40 et 70 actions de sociétés d’une capitalisation supérieure à un milliard de dollars et sa référence sera le libor en dollar 3 mois. La commission de gestion est fixée à 1 %.
Fonds
22/01/2013

Charles Dallara rejoint Partners Group

Partners Group a annoncé le 21 janvier que Charles Dallara, actuellement Managing Director de l’Institute of International Finance (IIF), devient partenaire de l’entreprise spécialisée dans le Private Equity. Charles Dallara reprendra la responsabilité de la région Americas en tant que président de cette entité. Il sera basé aux Etats-Unis.Lors de la prochaine assemblée générale de Partners Group, le 2 mai 2013, Charles Dallara sera proposé comme nouveau membre du conseil d’administration et comme son vice-président.
22/01/2013
Fonds

Progression de 13% en décembre des actifs des fonds suisses sur un an

Les actifs des fonds de placement suisses s’inscrivaient fin décembre 2012 à 711,9 milliards de francs suisses, en recul de 6,1 milliards de francs par rapport au mois précédent, selon les statistiques communiquées par la Swiss Funds Association (SFA). Sur un an toutefois, les fonds suisses affichent une progression de 13%, soit un peu plus de 80 milliards de dollars.En décembre 2012, la collecte des fonds obligataires s’est élevée à 1,5 milliard de francs suisses, celle des fonds actions à 344,7 millions de francs, mais dans le même temps, les fonds monétaires ont subi une décollecte de 1,9 milliard de francs suisses.En 2012, UBS (22,74% de part de marché) et Credit Suisse (16,25%) sont restés les plus grands promoteurs de fonds du marché suisse, devant Pictet (6,99%), Swisscanto (5,83%) et Banque cantonale de Zurich (5,11%).
Fonds
22/01/2013

La DZ Privatbank acquiert le pôle banque privée de H&A Luxembourg

Dans le cadre de son redéploiement stratégiques, Hauck & Aufhäuser Banquiers Luxembourg SA (H&A) a vendu son activité de banque privée dans le Grand-Duché à DZ Privatbank SA. Le transfert aura lieu avant fin mars. Le montant de la transaction n’a pas été divulgué.Les conseillers de H&A seront transférés chez DZ Privatbank et continueront de suivre leurs clients.H&A a l’intention de développer à présent son activité dans les domaines des fonds d’investissement et de la banque dépositaire.

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