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17/01/2013

Fidelity Worldwide Investment seeking a head for South-East Asia

Fidelity Worldwide Investment is seeking a new head for its Singapore unit and the South-East Asian region, following the departure of Madeline Ho, who has moved to Natixis Global Asset Management. In the interim, Mark Talbot, managing director for Asia Pacific ex Japan at Fidelity, will assume the role.
17/01/2013

DekaBank launches certificate unit

In line with authorisation granted a few months ago by the board of directors (see Newsmanagers of 13 September), DekaBank (EUR170bn in assets in its investment funds) will on 21 January launch its retail certificate operation, a decisive step in the process which will make the central asset management firm for the German savings banks the single vendor in this sector for these securities, Oliver Behrens, vice-chairman of the board, announced on 16 January.Deka has already been issuing certificates for owners’ equity investments by the savings banks and institutional clients for a decade. The objective is to focus on standard, simple and transparent products, which are appropriate for wider sales, tied to well-known index products such as Dax or Euro Stoxx 50. Deka will deliberately not cover all of the most popular sectors, and will primarily avoid the more speculative segments, says Marco Peters, head of sales for structured products.
17/01/2013

Nestlé Foundation recruits a chief investment officer

Bettina Nürk, who since late 2009 has been head of the financial portion of the corporate retirement planning programme at the German publisher Uhlenbruch, has been appointed to the board at the pension fund for Nestlé Germany (Nestlé Pensionskasse) as chief investment officer. In December she succeeded Peter Hadasch, a board member and director of personnel at Nestlé Deutschland, who remains as head of retirement savings plans, finews.ch reports.Gerhard Latza, a board member responsible for the affiliate Neversa, becomes responsible for real estate management, in addition to his current responsibilities.
17/01/2013

Nomura AM recruits from LGT

Frank Appel, who had previously been head of relationship management for institutional clients at LGT Capital Management, was on 2 January recruited as senior relationship manager for institutional assets at Nomura Asset Management Deutschland KAG (NAMD). His previous employers, before LGT, were the primary insurer Ergo, DWS Investments, and HSBC Global Asset Management.NAMD is led by Andreas Körner, CEO.
17/01/2013

7% growth in assets under management at JP Morgan in fourth quarter

Assets under management at JP Morgan in fourth quarter increased 7%, or USD90bn, compared with fourth quarter 2011, at USD1.4trn, according to figures released by JP Morgan on 16 January, at a presentation of its results. This development is due to market effects and net inflows of USD32bn, of which USD24bn were for money market products, and USD8bn in long-term products. Assets under supervision as of the end of December totalled USD2.1trn, up USD174bn or 8% compared with the previous year. The group overall reported net profits of USD5.7bn in fourth quarter, up 53%, while profits for the year as a whole totalled a record USD21.3bn.
17/01/2013

Legg Mason preserves Bill Miller's room to manoeuvre

The Legg Mason group has announced that it will absorb the asset management boutique Legg Mason Capital Management (LMCM, USD6.8bn) into its affiliate ClearBridge Investments (USD54bn).After the deal is closed, the LMCM team in Baltimore will continue to be led by Sam Peters, who took over as manager of the LMCM Value Trust fund in May 2012.For his part, Bill Miller, former star manager of the fund, which at one time had over USD50bn in assets, and consistently beat the S&P 500 from 1991 to 2005, will receive about USD1bn in LMCM assets, to concentrate on the management of the LMCM Opportunity Trust as managing member of LM Miller LLC, a firm he founded jointly with Legg Mason in 1999.Miller will thus not be joining ClearBridge, which will have assets of about USD60bn.
17/01/2013

First infrastructure mandate for First State in North America

Citywire reports that Russell Investments has integrated First State Investments into its global managers platform for the infrastructure sector, and has intermediated institutional mandates for it totalling over USD500m, from the United States, Canada and Australia.
17/01/2013

Assets at Goldman Sachs up 3% in 2012

Despite USD18bn in net redemptions in 2012, compared with USD17bn in 2011, the investment management division of Goldman Sachs at the end of December posted assets up by USD26bn, or 3%, compared with the end of 2011, at USD854bn, according to accounts released by the group on 16 January. Market effects were positive to the tune of USD44bn.Net revenue for the division rose 4% over the previous year, to USD5.22bn, due to a strong increase in performance commission revenues, which were offset by a slight decline in management commission revenues, and by a decline in transaction revenues.Group-wide, net profits in 2012 rose 68% over 2011, to USD7.465bn, compared with USD4.442bn.
17/01/2013

UBI starts 2013 with a new product offering

After a very satisfactory year in 2012, Union Bancaire Gestion Institutionnelle (UBI), an affiliate of Union Bancaire Privée (UBP), is starting 2013 with an addition to its product range. Inflows for the group last year totalled EUR3.5bn, of which EUR800m went to convertible funds managed in Paris. “2012 was an excellent year for credit, a good year for equities, and lastly, a very good year for convertible equities,” Dominique Leprévots, chairnen of the board at UBI, stated on 16 January at a meeting with investors. On the strength of these results, the firm, which has recently released an SRI convertible fund, has decided to extend its range to global convertible bonds, with the UBAM Convertibles Global fund. This is not least because it claims to have the means in its Paris team to serve an international client base, after launching two dedicated funds of global convertible bonds with a total of over EUR100m. The new strategy carries on the principal characteristics that distinguish the existing product range: a bottom-up approach, discretionary management of delta, investment-grade bias, and hedging for currency risks, with diversification in the three major convertible bond-issuing regions, the United States, Europe, and Asia (including Japan). Principal characteristics of fund Name of fund: UBAM Convertibles Global Legal format: French Sicav – UCITS IV ISIN code: (EUR) FR0011335363 Bloomberg code: UBACGAC FP Equity Management fees: 1.2%
17/01/2013

US Trust launches family WM service

U.S. Trust, Bank of America’s wealth management arm, introduced Family Wealth Services (FWS), a comprehensive approach to meeting the specialized needs of high net worth families and the increasingly complex issues that parents, children and extended family members now face.FWS aggregates a wide range of investment, banking, wealth transfer and legacy planning capabilities within U.S. Trust and provides customized strategies that incorporate generational differences, family diversity, emerging risks to financial security and overall family goals and values. .
17/01/2013

Mirabaud recruits for Spain

Funds People reports that Antonio Rodriguez García has been recruited as deputy to head of investments Raimundo Martín, and as head of marketing and sales for Spain, Portugal and South America by the Swiss firm Mirabaud.García has 15 years of experience in the financial sector, and previously worked at Rothschild and Santander.
17/01/2013

Alfred Berg converts a bond fund

The Scandinavian asset management firm Alfred Berg (BNP Paribas group) is converting its traditional bond fund Alfred Bergs Obligationsfond into an absolute return bond fund. As a part of the move, the fund will be changing names, to become Alfred Berg Ränteallokering Plus. The fund may now invest in riskier bonds, with lower credit ratings than previously.
17/01/2013

UCITS-compliant hedge funds gained 1.63% in 2012

After average losses of 3.64% in 2011, UCITS-compliant hedge funds posted gains of 0.50% in December, and average returns for 2012 as a whole of 1.63%, according to the UCIS Alternative Index Global published by the Swiss firm Alix Capital.Meanwhile, the UCITS-compliant fund of hedge fund index last year saw losses of 1.34%, which comes after 5.25% losses in 2011.For the 11 strategies monitored by Alix Capital, six show losses for the year 2012, with the deepest losses for commodities (-5.31%) and CTA (-3.83%). However, emerging markets show the best returns, with 5.87%, followed by bond strategies (+4.88%) and multi-strategies (+4.08%).Alix Capital states that at the end of December, the 880 UCITS-compliant hedge funds and funds of hedge funds in the index had about USD140bn in assets under management.
17/01/2013

Strong inflows to emerging market corporate debt fund from Pictet

The emerging market corporate bond fund Pictet-Emerging Corporate Bonds, launched in November, and managed by Alain-Nsiona Defise (formerly of JPMorgan, BNP Paribas IP and Fortis), on 14 January topped USD600m in assets, Pictet Asset Management has announced in London. The UCITS-compliant product, whose benchmark index is the JP Morgan CEMBI Broad Diversified fund (which it aims to outperform by 200 basis points over 3-5 years, gross of fees), is a sub-fund of the Sicav Pictet Luxembourg.
17/01/2013

Russell Indexes and NYSE Euronext form international alliance

The index provider Russell Indexes and NYSE Euronext on 15 January announced that they have forged an international alliance, which will involve several units at the two groups. The agreement includes an integration of the Glboal Index Feed (GIF) from NYSE Technologies into the RussellTick feed (Russell US indices). The agreement also provides for the introduction of new products in the United States and Europe, including options on indices.
17/01/2013

Sovereign debt risk: Japan is down, United States holding steady

Japan has lost two places, to 35th place in the most recent quarterly index of sovereign risk calculated by BlackRock (BSRI), due to a deterioration of its budgetary situation, but things may develop during the year, due to the inauguration of a new administration and a new governor of the central bank. The United States, for their part, remain at 15th place in the rankings, due to the budget agreement reached early in 2013, which is considreed “better than nothing” by strategists at the BlackRock Investment Institute, who nonetheless predict that there will be some slightly increased turbulence due to the limited scope of the agreement. France is in 27th place in the rankings, after Poland, and before Colombia and Brazil. The top three places are held by Norway, Singapore and Switzerland. BlackRock also offers an interactive BSRI index, which makes it possible to compare ratings between two countries.
17/01/2013

Record assets for Spanish hedge funds

As of 31 December, the “free investment fund,” or Spanish-registered hedge fund, sector had 28 products, with assets of EUR845m, 33% more than at the end of 2011, and the highest level in five years, Funds People reports. The top three actors are March Gestión, with EUR235m, Bestinver (EUR186m), and ICR (EUR161m).However, assets under management in the 18 Spanish-registered funds of hedge funds have fallen 7.8% in one year, to EUR340m, the lowest level in five years.
17/01/2013

Plans for sovereign funds in Africa multiply

Africa is beginning to see the merits of sovereign funds. This year, no less than seven countries (Angola, South Africa, the Republic of Congo, Tanzania, Kenya, Zambia, and one other) are planning to launch funds, particularly in the wake of the discovery of petrochemical reserves, Les Echos reports. They are joining the ten countries that have launched sovereign funds since 2005, including Libya, Algeria, Sudan, Namibia, Mauritania and Gabon.
17/01/2013

E Fund closes a long/short equity fund

One of the largest Chinese asset management firms, E Fund, which has recently acquired Harvest, has closed a long/short equity hedge fund dedicated to emerging markets, two years after its launch, Asian Investor reports. The decision is said to be related to the poor performance of the strategy, which lost 2.8% in the twelve months to the end of August 2012. Assets under management in the fund notably also totalled barely USD6m at the end of 2012. Another long-only emerging market strategy, launched in May 2012, is also reported to have been closed. One of the co-managers of these funds, Charles Wang, is said to have left the firm in late 2012 to join Bosera, an asset management firm based in Shenzhen, as chief investment officer for quantitative investments and ETFs. The other co-mangaer, Fei Peng, is reported to have remained at E Fund.
17/01/2013

Baisse des rendements pour l’émission espagnole

L’Espagne a tiré parti jeudi d’une amélioration du sentiment des investisseurs vis-à -vis des pays du sud de la zone euro et a vu ses coûts de financement diminuer, assurant d’ores et déjà en deux adjudications seulement près de 9% de ses besoins de financement de l’année à moyen et long terme. Le Trésor a adjugé un peu plus de 4,5 milliards d’euros de dette à échéances 2015, 2018 et 2041, soit le montant maximal prévu. La France a émis de son côté jeudi 7,98 milliards d’euros de dette à deux, quatre et cinq ans, soit dans le haut de ses objectifs (7 à 8 milliards d’euros). La demande a totalisé 18,85 milliards d’euros et le ratio de couverture est ressorti à 2,4.
17/01/2013

NewAlpha Asset Management annonce avoir conclu son vingtième partenariat

NewAlpha Asset Management annonce avoir conclu son vingtième partenariat avec la société LindenGrove Capital. Cet investissement est le troisième réalisé par NewAlpha Asset Management en 2012, après les deux transactions exécutées pour le compte de la Sicav Emergence en avril et juin. Fondée en 2012 à Londres par Borut Miklavcic, LindenGrove Capital est une société de gestion spécialisée sur les stratégies de performance absolue de type « Global Macro ».
17/01/2013

Le Portugal prévoit d'emprunter à cinq ans

Le Portugal se prépare à émettre un emprunt syndiqué à cinq ans dans les jours qui viennent, soucieux de revenir se financer sur le marché des capitaux, écrit jeudi le quotidien portugais Diario Economico. Les investisseurs ont de plus en plus tendance à penser que le Portugal reviendra sur le marché obligataire avant le mois de septembre, objectif fixé par ses bailleurs de fonds internationaux.
17/01/2013

Les transactions hors marché en dollar explosent en Argentine

Selon le quotidien argentin, les transactions hors marché en dollar, dit le «marché noir en dollar», ont explosé avec un taux qui a atteint hier un record de 7,52 pesos par dollar, soit 52% de plus que le taux officiel de 4,96 pesos par dollar. Un décrochage qui date de mesures prises par la présidente Cristina Fernández de Kirchner ayant rendu impossible aux argentins de se fournir en dollar sur le marché officiel.
17/01/2013

L’internationalisation du yuan au programme de Pékin

La Chine va ouvrir ses marchés financiers à la fois aux investisseurs domestiques et étrangers afin de promouvoir l’utilisation du yuan comme monnaie internationale, indique le journal qui cite des propos de Xing Yujing, secrétaire général du comité de politique monétaire de la Banque Populaire de Chine (PBOC). Ce qui se traduira par une hausse des opérations transfrontalières en yuan cette année.

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