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21/09/2012

Quand le benchmark sert de faire-valoir aux fonds

Une étude menée par Morningstar pour le compte du quotidien américain souligne le décalage au sein des fonds ouverts obligataires entre indice de référence et composition effective du portefeuille. Alors que la quête de rendements poussent les gérants à concéder une diversification vers des actifs plus risqués (MBS, corporate high yield ou dette émergente), le benchmark ne change pas, permettant aux fonds de se comparer avantageusement en termes de performance face à cette référence dépassée. Le quotidien souligne que cette pratique est répandue, chez Pimco, Oppenheimer ou Putnam notamment. Gare aux mauvaises surprises en cas de retournement des marchés.
21/09/2012

Affinia se met en vente

Le distributeur américain de pièces de rechange automobiles pourrait selon le quotidien solliciter des offres de rachat au cours des prochaines semaines. La valorisation d’Affinia pourrait s’élever entre 1,0 et 1,5 milliard de dollars. L’opération intéresserait des prétendants tant financiers qu’industriels. Le propriétaire de l’enseigne, la société de private equity Cypress Group, avait envisagé une introduction en Bourse en 2010.
21/09/2012
Gestion d'actifs

La mutuelle Oréade Prévifrance s'est renforcée sur les actions euro au deuxième trimestre 2012

La mutuelle de santé Prévifrance aurait d’après nos informations renforcé son exposition sur les actions euro avec un investissement de 5 millions d’euros dans un OPCVM ouvert de gestion indicielle et 3 millions d’euros sur un OPCVM ouvert d’actions euro petites capitalisations, à savoir Oddo Avenir. Le consultant Alpha Institutionnels Conseil est proche de la mutuelle.
Gestion d'actifs
21/09/2012

Hedge funds gain 4.22% in January-August

According to BarclayHedge, the 2,041 hedge funds which have reported their results as of 20 September show returns of 1.11% in August, and 4.22% for the first eight months of the year, while the 607 UCITS-compliant hedge funds gained 0.30% last month, and 5.42% in January-August.In August and in the first eight months of the year, the only strategy to show losses among hedge funds worldwide was equity short bias (5 funds), with respective losses of 3.75% and 12.87%. Among UCITS-compliant hedge funds, the 97 emerging market funds show a loss of 1.45%, and the 21 CTA funds show a loss of 0.35% in August. No strategy shows losses since the beginning of the year.The best segments in January-August worldwide were the 34 healthcare funds, with gains of 10.78%, and convertible arbitrage funds, with a 6.82% performance. For UCITS-compliant hedge funds, the best results were for the 118 equity long bias funds, with gains of 9% in January-August.
21/09/2012

Ignis launches AR bond fund in France

Ignis Asset Management is launching the Ignis Absolute Return Credit Fund in France, after receiving approval from the French financial market regulator, the Autorité des marchés financiers (AMF). The absolute return bond fund was created in July this year. It invests in investment grade and high yield credit via credit default swaps (CDS). “The credit team has identified anomalies in valuation between credits, and exploits opportunities to create value with a portfolio of 10 to 30 pairs, one long and one short,” explains Philip Goldsmith, managing director Europe. The market neutral portfolio aims to earn positive returns in all market conditions, with volatility of 2% to 6%, some handling risk, and zero interest rates. The product is managed by Chris Bowie, head of credit at the asset management firm, and his team of 14 people, which manages a total of EUR17.3bn in assets. It currently has a total of about EUR25m in assets, but is expected to reach EUR80m by the end of the month. This is the second product of the absolute return range from Ignis, and probably not the last, following the Ignis Absolute Return Government Bond Fund, launched last year. The government bond product has also been a driver of inflows at Ignis in Europe in 2012. Subscriptions were registered primarily in Italy and Germany.
21/09/2012

Bond funds break away from indices

At a time when bond yields are falling, many funds have found a way to look better: they are investing in higher-risk bonds, but are continuing to measure their performance against indices composed of safer investments, the Wall Street Journal reports. Putnam and Pimco in particular have been doing this. The practice may be dangerous if the markets turn down, the WSJ warns.
21/09/2012

French regulator to fine OFI AM

At a hearing of the sanctions committee of the French financial regulator, the Autorité des marchés financiers (AMF) on 20 September, in the case of the asset management firm OFI, the AMF College handed down a reprimand and a fine of EUR500,000 against OFI AM, as well as a warning to two of its directors, and a fine of EUR60,000 each, Les Echos reports.The college found that OFI AM had not undertaken required due diligence in the selection and monitoring of funds related to the Bernard Madoff company between June 2006 and the end of 2008. The firm also faced other charges: it failed to respect regulatory ratios, and invested in excess of the permitted maximal levels in some types of funds unrelated to Madoff.
21/09/2012

Madoff victims get back another USD2.48bn

In the second wave of reimbursements for losses caused by the fraud perpetrated by Bernard Madoff, victims will receive USD2.48bn, Irving Picard has announced, cited by Expansión. The trustee has so far recuperated USD9.147bn, equivalent to 53% of the USD17.3bn fraud.
21/09/2012

Highbridge loses its chief risk officer

Subramanyam Venkataraman, chief risk officer (CRO) at Highbridge, has decided to leave the asset management firm at the end of this year, according to reports by the news agency Reuters. Jeff Holman, who joined Highbridge in 2008, will succeed Venkataraman, who had worked at Highbridge for nine years. Holman, who is currently in charge of the Highbridge Quantitative Portfolio Construction fund, will start as CRO on 1 October. Assets under management at Highbridge, which is owned by JP Morgan Chase, total about USD28bn.
21/09/2012

C-Quadrat liquidates three funds

Due to a lack of sufficient assets, three funds from the Austrian-German asset management firm C-Quadrat have been liquidated, effective 20 September.They were the following products:C-QUADRAT ARTS Best Momentum VT-A PLN (AT0000A0HQM6)C-QUADRAT ARTS Total Return Balanced VT-A PLN (AT0000A0HQN4)C-QUADRAT ARTS Total Return Dynamic VT-A PLN (AT0000A0HQP9)
21/09/2012

LRI Invest claims place as a pioneer on German market

The Luxembourg-based firm LRI Invest claims to be the first foreign asset management firm to receive a license from BaFin for a German-registered UCITS IV-compliant fund, on 17 September. The product is the LRI Invest DeLux, a multi-asset class fund for which the depository bank will be LBBW Stuttgart.CharacteristicsName: LRI Invest DeLuxISIN code: DE000A1J0BZ9Front-end fee: 5% maximumManagement commission: Maximum 1.1%
21/09/2012

Swiss & Global launches emerging market bond fund

The Luxembourg fund range Julius Bär Multibonds has been enriched with the addition of a new institutional fund focused on global emerging and frontier market corporate bonds denominated in US dollars, the Julius Bär Emerging Markets Corporate Bond Fund.The portfolio invests primarily in investment-grade securities, according to a fundamental selection process which allies macroeconomic (top-down) and stock-picking (bottom-up) approaches.CharacteristicsName: Julius Bär Emerging Markets Corporate Bond FundISIN code: LU0784392978Management commission: 0.60%Minimal subscription: EUR0.5m
21/09/2012

RHJI pays 1.06% of assets for BHF

On Thursday morning, Deutsche Bank and Kleinwort Benson Group confirmed reports in Die Welt (see Newsmanagers of 20 September) that, pending the permission of regulatory authorities, the former firm is proposing to sell 100% of BHF-Bank to RHJ International (RHJI), an affiliate of the latter.The total sale price propsoed is EUR384bn in cash, which is equivalent to 1.06% of assets at BHF (about EUR36bn).RHJI is a financial services group led by Leonhard “Lenny” Fischer, a former star manager at Dresdner Bank.
21/09/2012

BNY Mellon administers VVO Haberger white label funds

White-label funds from the Munich-based firm VVO Haberger KAG will in the future be launched and administered by the Frankfurt-based BNY Mellon Service KAG. In addition to these asset management services, the BNY Mellon affiliate will also provide depository banking and custody services, the two parties have announced.
21/09/2012

Solvency II: EIOPA to undertake an impact study of long branches

In the matter of the future of long branches under the new Solvency 2 regime, Agefi reports, the European insurance authority (EIOPA) will in the next few months test the minimal levels of risk and capital required for long-term liabilities (life insurance, construction, etc.) This move has been long demanded by industry. Insurers say the development will prevent regulators from overestimating the capital requirements associated with long-term liabilities, when they are measured against long-term assets. A delay is expected in the imposition of Solvency 2, which had initially been slated to come into force on 1 January 2014. The EIOPA report is not expected before March, which would result in an extension to the deadline to transpose the directive into national law, which had initially been set for 30 June 2013, the newspaper reports.
21/09/2012

Vontobel pulls out of Austrian private banking market

finews.ch reports that Austrian clients of Bank Vontobel will in the future be served from Zurich, and the Salzburg branch of the bank will be closed. Private banking services in Salzburg and Vienna will also be closed down.Bank Vontobel Österreich has 38 employees, and as of the end of August manages about EUR1bn.The Swiss group has also announced that clients in Eastern Europe and Russia will in the future be served by the Zurich and Geneva offices.
21/09/2012

Finma plans to temporarily relax its solvency test

The Federal financial market surveillance authority, Finma, is planning to ease the Swiss solvency test (SST) by two points. The authority is also planing “adaptations of the interest rate curve” on the one hand, and “a modification of the thresholds at which it intervenes and requires corrections,” on the other. A statement released on 20 September states. The objective is to address two major challenges in the insurance sector, Finma explains. The first is related to the environment of persistently low interest rates, which engenders considerable difficulties, particularly for life insurers. The second is related to the postponement of the obligatory rollout of new solvency requirements under the European insurance regulatory programme, Solvency II. This decision penalises Swiss insurers in terms of competitiveness, Finma claims, and it has therefore decided to propose a temporary relaxation of the SST. The proposals will be subject to a consultation until 19 October 2012.
21/09/2012

Standard Life Investments preparing an emerging market debt fund

Standard Life Investments will be launching an emerging market debt fund, after recruiting the former head of emerging market debt from Threadneedle, Richard House, Fund Web reports. House joined SLI in April as head of emerging market debt, along with two colleagues, Mark Baker and Nicolas Jacquier.
21/09/2012

Axa IM launches short-term emerging market debt fund

According to information obtained by Newsmanagers, Axa Investment Managers will on Monday launch the Axa WF Emerging Market Short Duration Bond fund, which has received a license from the Luxembourg authority CSSF, as reported by Fundweb on Thursday.The product will be managed by Damien Buchet, director of the emerging market debt team.
21/09/2012

Northern Trust plans to develop in Asia-Pacific

Geoge Hindmarsch has joined Northern Trust as regional head of development for activities serving institutional investors, Asian Investor reports. Hindmarsch, previously at Citi, will in his new role recruit dedicated personnel.
21/09/2012

ETF Securities sets up shop in Hong Kong

The London-based commodity specialist ETF Securities is setting up shop in Hong Kong, after receiving approval from the market authority there last month, Asian Investor reports. Asian activities will be led by Fred Jheon, who had previously been based in Japan. Nigel Phelan, for his part, will be transferred from Sydney to Hong Kong, to take over as head of distribution. The firm is also considering opening a location in China.

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