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07/06/2012

Eaton Vance recrute un responsable de la clientèle institutionnelle

Eaton Vance a annoncé le recrutement d’un responsable de la clientèle institutionnelle. Michael T. Dirstine sera basé à Boston et couvrira tout particulièrement la région sud-est des Etats-Unis. L’intéressé travaillait auparavant comme responsable des ventes institutionnelles chez State Street.
07/06/2012

Victoire judiciaire pour l"Afer

L’Agefi rapporte que le Tribunal de Grande Instance de Paris a débouté deux syndicats de courtiers et François Nocaudie qui demandaient l’annulation de l’assemblée générale de 2010. «Toutes les demandes contestant la gouvernance de l’Afer ont été rejetées», précise l’association d'épargnants dans un communiqué.
07/06/2012
Fonds

T. Rowe Price propose un fonds de crédit émergent

Avec le Emerging Market Corporate Bond Fund (acronyme : TRECX), T. Rowe Price vient de lancer un troisième fonds obligataire focalisé sur les pays émergents. Ce produit géré par Mike Conelius investit dans des obligations d’entreprises des pays émergents émises principalement en dollars. Il sera diversifié sur plus de 30 pays et 50 % du portefeuille seront alloués à des titres de catégorie investissement. La duration est approximativement de 5 ans.Le taux de frais sur encours se situe à 1,15 % pour les parts «investor class» et à 1,25 % pour les «advisor shares» qui ne comportent pas de droit d’entrée et sont disponibles au travers des conseillers financiers.Au 31 mars, T. Rowe Price gérait environ 13,3 milliards de dollars en stratégies obligataires émergentes.
Fonds
07/06/2012

JPMorgan : des défaillances dans la gestion du risque

L’Agefi rapporte que la perte de trading de plus de deux milliards de dollars survenue chez JPMorgan montre des défaillances dans les pratiques de gestion du risque de l'établissement, a souligné Thomas Curry, le Comptroller of the Currency, lors de son audition devant les parlementaires.
07/06/2012

Nomination d'un nouveau président à la Bank Linth

Bank Linth LLB AG vient d’annoncer la nomination de David Sarasin au poste de président de la direction générale, rapporte L’Agefi suisse. Heinz Knecht entre pour sa part à la direction du groupe et de la Liechtensteinische Landesbank (LLB). David Sarasin prendra ses nouvelles fonctions le 1er juillet 2012, remplaçant Heinz Knecht comme président. M. Knecht reprend la direction de la division «Retail & Corporate Banking».
07/06/2012
Fonds

UBS Global AM commercialise un fonds de smidcaps asiatiques

Raymond Wong, gérant de portefeuilles chez UBS Global Asset Management, a présenté en Allemagne le compartiment Asian Smaller Companies de la sicav luxembourgeoise UBS (Lux) Equity qui a été lancé le 24 avril.Ce fonds en dollars sera investi en monnaies locales dans de petites et moyennes capitalisations asiatiques qui présentent un énorme potentiel de croissance. Le portefeuille sera initialement investi surtout en Corée, à Taïwan, en Chine et en Thaïlande mais aussi à Hongkong, en Inde, en Indonésie, aux Philipines, à Singapour et en Malaisie, avec un plafond à 35 % par pays. Sur le plan sectoriel, il privilégiera l’industrie, des technologies de l’information et des matériaux de base. Aucune ligne ne pourra dépasser les 4 % du portefeuille.CaractéristiquesDénomination : UBS (Lux) Equity SICAV - Asian Smaller CompaniesCode Isin : LU0746413003Droit d’entrée : 6 %Commission de gestion : 1,92 %
Fonds
07/06/2012
Gestion d'actifs

La CAVEC va sélectionner un ou deux fonds dédiés diversifiés d'un montant total de 50 millions d'euros

Le directeur financier du groupe Berri, Marc Macé, a annoncé qu’un ou deux fonds dédiés allaient prochainement être sélectionnés par le comité financier du groupe. D’un montant de 50 millions d’euros, la poche sera investie dans des actifs de diversification. L'équipe de gestion financière a pré-sélectionné deux fonds qui ont été présentés début juin au comité financier. Ce dernier doit valider ou non ces gestionnaires et déterminera si les actifs sont investis dans les deux fonds, ou dans un seul, et avec quelle pondération. Marc Macé précise qu’il est aujourd’hui impossible de prévoir la date à laquelle les fonds dédiés seront mis en place, les procédures étant liées au recours, ou non, par le passé, aux prestataires sélectionnés.
Gestion d'actifs
07/06/2012

Bank Linth appoints a new chairman

Bank Linth LLB AG has announced the appointment of David Sarasin as chairman of the board, Agefi Switzerland reports. Heinz Knecht, for his part, joins the board at the group, and at the Liechtensteinische Landesbank (LLB). Sarasin will begin in his new role on 1 July 2012, replacing Knecht as chairman. Knecht will take over the responsibility of the retail and corporate banking division.
07/06/2012

Savoy IM team moves to Walker Crips

Six managers from Savoy Investment Management, an affiliate of Ashcourt Rowan, will be joining Walker Crips Stockbrokers, Fund Web reports. Ashcourt announced last year that Savoy IM would be integrated into Ashcourt Rowan Asset Management, to become a division dedicated to high net worth clients at the asset management firm. This is the reason for a decision on the part of several managers to leave the firm with the agreement of Ashcourt, which will receive GBP425,000 from Walker Crips as a part of the arrangement.
07/06/2012

New strategy on Deutsche Bank alternative platform

The alternative asset management firm Commonwealth Capital Management, based in London, has launched a multi-management strategy on dbSelect, the Deutsche Bank platform dedicated to liquid hedge fund strategies, Citywire reports.The strategy proposed by Commonwealth includes exposure to Commodity Trading Advisors (CTA), and to other managers in the alternative sphere.
07/06/2012

Doubts over corporate bond ETFs

Major institutional trades for corporate bond ETFs may result in distortions in the price of funds, analysts and investors claim, cited by the Financial Times. That could result in volatility for funds and discourage retail investors from using them.
07/06/2012

Aviva Investors launches a high yield/short duration fund

In order to respond to rising demand from institutional investors seeking less volatile and more constant revenues, Aviva Investors on Wednesday released the Global Short Duration High Yield Bond Fund, an addition to a bond range whose assets total USD257.4bn, or GBP165.7bn. The portfolio will be invested in corporate bonds domiciled throughout the world, with maturities of under 5 years. The strategy is managed by the high yield team at Aviva Investors (USD4.5bn in assets), led by Todd Youngberg, global investment director of fixed income & head of high yield investments, but the principal manager of the fund is Jeremy Hughes, senior high yield portfolio manager, with the assistance of five portfolio managers and 26 credit analysts in the United States, the United Kingdom, continental Europe and Asia-Pacific.
07/06/2012

UBS Global AM releases an Asian smidcaps fund

Raymond Wong, portfolio manager at UBS Global Asset Management, has unveiled the Asian Smaller companies sub-fund of the Luxembourg Sicav UBS (Lux) Equity fund, launched on 24 April.The fund, denominated in US dollars, will be invested in local currencies in Asian small caps which have enormous potential for growth. The portfolio will initially be invested largely in Korea, Taiwan, China and Thailand, as well as in Hong Kong, India, Indonesia, the Philippines, Singapore, and Malaysia, with a limit of 35% per country. In terms of sectors, it will prefer industry, IT and base materials. No holding will be allowed to exceed 4% of the portfolio.CharacteristicsName: UBS (Lux) Equity SICAV – Asian Smaller CompaniesISIN code: LU0746413003Front-end fee: 6%Management commission: 1.92%
07/06/2012

Major investment by Union Investment in San Francisco

The German asset management firm Union Investment (German co-operative banks), which has recently made a major capital gain in Seattle (see Newsmanagers of 5 June), has acquired the office tower located at 555 Mission Street (51,748 square metres) in San Francisco for its UniImmo: Europa fund, for USD446.5m. The vendor is the developer Tishman Speyer.
07/06/2012

Oppenheimer settles lawsuits for USD35m

The SEC has agreed to stop a legal action against Oppenheimer Funds, which will pay USD35m to settle the suit. The market watchdog accuses the asset management firm of failing to notify investors in 2008 that, in order to boost performance, it had added a significant exposure to commercial mortgage-backed secutities (CMBS) to the portfolio of the high yield bond fund Oppenheimer Champion Income fund and to the intermediate-term investment grade bond fund Oppenheimer Core Bond Fund.
07/06/2012

Madoff: Three new Swiss banks under investigation by trustee

The trustee charged with recuperating money for victims of the US fraudster Bernard Madoff on 6 June in New York filed another wave of legal actions against financial establishments. Three Swiss banks are named: EFG, the Geneva-based bank Lombard Odier, and the Banque Cantonale Vaudoise. Most of these amounts were transferred by the fund Fairfield Sentry, which has been identified as the largest reseller for Bernard Madoff’s investment business, the trustee claims. In December last year, Irving Picard filed previous lawsuits against Credit Suisse, totalling USD375m, and against the Zurich-based bank Julius Bär. The money theoretically recovered by Picard and his teams now total about USD9.1bn, but most of this money is not yet available, as they are still subject to appeals or legal prcedures challenging the vaildity of the distribution system opted for.
07/06/2012

Hedge funds in favour of publicity rules

The Hedge Fund Association, an international organization that represents hedge funds, service providers and investors, said liberalized advertising and solicitations rules contained in the new Jumpstart Our Business Startups (JOBS) Act would help hedge funds raise assets and “encourage emerging managers to continue to enter the industry.” The HFA also asked the SEC for clearer rules to verify that potential investors are indeed accredited as a way to “add further stability to the industry.” The HFA’s position was outlined in a comment letter submitted to the Securities and Exchange Commission on June 6, 2012. The SEC is soliciting comments before implementing regulations, scheduled to be published July 5, 2012, which are expected to allow hedge fund management companies to communicate directly with potential investors for the first time in their history. Hedge funds would still be restricted to selling their securities to accredited investors such as individuals with a minimum USD1 million net worth and qualified institutional investors.
07/06/2012

Russell Investments launches a fund dedicated to emerging markets

The Russell Investments group on 6 June announced the launch of a new fund dedicated to emerging markets. The Emerging Markets Extended Opportunities Fund includes several mandates (global, regional, national and capitalisation markets), which will be awarded to seven external providers, while direct management of the investment portfolio will be handled by Russell. Unlike the majority of emerging market funds, the new product aims to offer optimal access to small cap and frontier market opportunities, which have strong potential for returns, with active management. The fund uses the Russell Emerging Extended Index Net as its benchmark, whose performance since the beginning of 2012 has been over 12%. It covers frontier markets, which makes it the largest representative sample of opportunities in the emerging asset class. Annual management fees for the fund at the time of its launch are 1.30%. The fund is initially composed of seven managers, two of which cover global markets, and five others which are specialised in a specific segment which Russell estimates has high and sustainable potential under active management. The structure of the product will evolve depending as the manager search process continues to identify the most talented professionals in attractive segments of the emerging asset class.
07/06/2012

Aviva Investors launches a Global Short Duration High Yield Bond fund

Aviva Investors on 6 June announced the launch of Aviva Investors – Global Short Duration High Yield Bond Fund, in order to meet growing demand from institutional investors seeking less volatile and more consistant income.Applying a strategy which is new for Aviva Investors, the fund comes as an addition to the existing range of bond products, whose assets total EUR257.4bn (GBP165.7bn). The fund will invest in high yield bonds whose average maturity is less than five years, issued by businesses from all regions of the world.The fund is managed by the team dedicated to high yield bonds at Aviva Investors, led by Todd Youngberg, with assets of over USD4.5bn. Jeremy Hughes, senior portfolio manager specialised in high yield, oversees management of the fund, with the help of five other portfolio managers and 26 credit analysts based in the United States, the United Kingdom, Europe, and the Asia-Pacific region. By adopting a global approach, the team hopes to maximise investment opportunities in the short duration high yield bond segment, and to exploit a fundamental trend in favour of multi-currency issues.
07/06/2012

Rothschild & Cie Gestion hires three execs

Rothschild & Cie Gestion, which had to replace Daniel Fighiera, a euro zone small and midcaps mutual fund manager who moved to Tocqueville Finance a few days ago, has recruited Alban Seydoux as head of management for european midcaps. Seydoux, 37, had previousl been in charge of management of midcap funds at Allianz Global Investors France, before becoming a financial analyst in the mergers & acquisitions department at Rothschild & Cie Banque in 2000 and 2001. Rothschild & Cie Gestion has also hired Raphaël Gallardo as head of economic research. Gallardo, 37, had since October 2007 been in serve at AXA Investment Managers as a strategist, and then as head of economic research. The asset management firm has also created a new position to strengthen its credit team. It has recruited Jérôme Loire as head of credit analysis. Loire, 44, had previously served as a credit analyst in several sectors at Natixis Asset Mnaagement, since 2007.
07/06/2012

Oppenheimer Funds releases details of European exposure

“Due to political and economic events affecting Europe,” Oppenheimer Gunds has published its exposure to this market.As of 31 May, aggregate exposure to the euro and to European assets represented USD6.36bn and USD10.26bn, respectively, which corresponds to 3.7% and 5.9% of total assets at Oppenheimer (USD172.65bn).
07/06/2012

Guillaume Nicoulaud joins DTAM

Guillaume Nicoulaud, a former manager from Avenir Finance, is joining the French asset management boutique Day Trade Asset Management (DTAM), the founder of the firm, Adrien Fuchs, has confirmed to Newsmanagers, following reports in Citywire.Nicoulaud will manage a fund which applies the same type of strategy as the US Opéra fund, which he had managed at his previous employer. “The aim is to find 50 US shares of the S&P 500 index which offer the highest risk premiums,” Fuchs explains.The arrival comes a few months after DTAM parted with its co-founders, as a part of which Fuchs took over the entirety of the structure.
07/06/2012

Eaton Vance recruits a head for institutional clients

Eaton Vance has announced the recruitment of a head for institutional clients. Michael T. Dirstine will be based in Boston, and will cover the south-eastern United States region in particular. Dirstine previously worked as head of institutional sales at State Street.
07/06/2012

Alliance Bernstein appoints heads for alternative management unit

Alliance Bernstein has announced the appointment of Christopher Bricker, senior vice president, as head of alternatives business strategy. Bricker, a 20-year AllianceBernstein veteran, will assume overall responsibility for the success and profitability of the firm’s USD13 billion alternatives platform. He will retain his duties as the firm’s head of product development. Bricker will work closely with Michael Gaviser, who has been appointed the sole head of alternatives sales and client service. Gaviser has been with AllianceBernstein for 14 years, and most recently served as co-head of alternatives sales and client service with John Akkerman, who has left the firm to pursue another opportunity.
07/06/2012

Axa IM recruits for SRI team

Axa Investment Managers has recruited Luisa Florez, formerly of Groupama AM and Vigeo, as senior fixed income analyst for its responsible investment team. The brings the number of members of the unit to 10, following the arrival in January of Vincent Compiegne as a quantitative analyst. Axa IM also states that it has recruited June Choi as senior corporate governance analyst.The arrival of Florez is also accompanied by an extension of ESG research to include bonds. The RI Search© tool from Axa IM, which allows for the integration of ESG research into investment decisions, and for evaluation of existing portfolios, will now cover corporate and government bonds worldwide. That brings the number of securities analysed by the platform to 2,500.ESG criteria may be used at the discretion of managers. Axa IM also has an SRI bond range.Axa IM has also extended its exercise of voting rights to include emerging countries. In this geographical region, the asset management firm has also signed a partnership with Responsible Research, an independent provider of ESG research with a methodology adapted to emerging markets.As of the end of 2011, Axa IM managed about EUR3bn in SRI assets, out of EUR512bn in assets under management.
07/06/2012

Dragon Capital plans to launch open-ended funds

The asset management firm Dragon Capital is planning to launch open-ended funds on the Vietnamese market, via a local import, VietFund Management, a joint venture with Sacombank, Asian Investor reports. Dragon Capital is planning to offer equity and fixed income vehicles.The initiative remains subject to a decision by the local authorities to lift a ban on foreign asset management firms in the local mutual fund sector. The lifting of the ban could come by the end of this year.
07/06/2012

BNY Mellon wants to acquire remaining stake in WestLB Mellon AM

The US group BNY Mellon has made an announcement in Dublin of plans to acquire the remaining 50% stake in the asset management firm WestLB Mellon Asset Management from the German asset management firm WestLB. Pending permission from regulatory authorities, the transaction, for a price which has not been disclosed, will be completed in third quarter, Fondsweb reports.
07/06/2012

RHJ finds partners to acquire BHF

The private equity investor RHJ International on Wednesday confirmed that it has found co-investors to acquire the German firm BHF-Bank from Deutsche Bank, and that informal discussions have been held with BaFin on the subject, Handelsblatt reports. According to financial sector sources, there may be as many as five partners, one of which is rumoured to be BlackRock. RHJ is said to be planning to merge BHF-Bank (1,500 employees) with Kleinwort Benson, which it already owns, if it is successful, and its partners in the transaction would receive stakes in the bank resulting from the merger.
07/06/2012

Volatility derivatives have a positive effect on equity portfolios

According to a Edhec-Risk study sponsored by Eurex, the use of a long position on volatility has a strongly negative correlation with the underlying equity portfolio, which can improve the risk-adjusted performance of this portfolio. The beneficial effect is strongest for long exposures to volatility, and is most sensitive in times of falling markets.
07/06/2012

EFG International no longer has any direct exposure to Greek debt

The Swiss private banking group EFG International on 6 June announced in a statement that its exposure to Greek debt now represents only 0.5% of its assets. Furthermore, EFG International committed to its regulator that it would not increase its exposure to Greece. Exposure has reduced to the point where EFG International no longer has any direct exposure to Greece, and exposure to European subsidiaries of Greek banks is just 0.3% of total assets. EFG points out that it has been driven to make these disclosures because “there have been a number of articles in the Swiss press which have shown a disregard for the facts. There have been suggestions that EFG International is particularly exposed to Greece, simply on account of the Greek heritage of its major shareholder and the fact that the latter had a substantial shareholding in a Greek commercial bank. This is completely without foundation,” EFG International says. EFG International operates in 30 locations worldwide, but is not present in Greece. EFG International is entirely separate from the Greek commercial bank, Eurobank EFG although it has a common major shareholder.

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