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23/04/2012

Renaissance launches a new USD3.5bn hedge fund

The investment firm Renaissance on 1 March launched a hedge fund with USD3.5bn in assets under management, mostly funds invested by employees of the firm, but also capital from outside clients, the news agency Bloomberg reports. The Renaissance Institutional Diversified Alpha Fund (RIDA) is the first fund to be launched by Renaissance in five years. The new vehicle gained 3% in March and the first 13 days of April. The fund, which initially invests in equities listed on the US stock markets and on futures contracts and forwards, will not have a benchmark index. Renaissance also manages the Renaissance Institutional Equities Fund (RIEF), whose assets under management total USD7bn, and the Renaissance Institutional Futures Fund (USD4bn), which is reserved for employees of the firm. The RIEF fund has gained 11% since the beginning of the year, following 35% gains in 2011.
23/04/2012

Major increase in euro zone mutual fund assets in February

In February 2012, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was EUR137 billion higher than in January 2012. This increase was due mainly to increases in share/unit prices, according to statistics from the European Central Bank. The amount outstanding of shares/units issued by euro area investment funds other than money market funds increased to EUR6,021 billion in February 2012, from EUR5,884 billion in January 2012. Over the same period, the amount outstanding of shares/units issued by euro area money market funds decreased to EUR924 billion, from EUR938 billion. Net subscriptions to in shares/units issued by euro area investment funds other than money market funds amounted to EUR25 billion in February 2012, while transactions in shares/units issued by money market funds amounted to EUR3 billion. The annual growth rate of shares/units issued by euro area investment funds other than money market funds, calculated on the basis of transactions, was 0.7% in February 2012, while the annual growth rate of shares/units issued by euro area money market funds was -0.7%. In terms of the breakdown by investment policy, the annual growth rate of shares/units issued by bond funds was 1.6% in February 2012. Transactions in shares/units issued by bond funds amounted to EUR8 billion in February 2012. The annual growth rate and transactions of equity funds were -1.5% and EUR3 billion respectively. For mixed funds, the corresponding figures were 0.5% and EUR10 billion.
23/04/2012

“We need to embark on an information crusade”

Newsmanagers has met the brand new head of retail distribution at BlackRock, a few weeks after the firm's CEO, Laurence D. Fink, kicked off the “Investing for a New World” initiative, with which the US asset management firm hopes to incite “managers, businesses and public powers to transform short-term savers into long-term investors.”
23/04/2012

DWS offers an equity fund from Winton

DWS Investments on 20 April announced that it is releasing the Winton Global Equity fund, a sub-fund of the Luxembourg Sicav DWS Concept, in Germany. The product will apply the scientific and risk management approach of Winton Capital Management (USD28bn in assets as of the end of January), with a 100% long exposure an a portfolio of about 1,000 holdings from the universes of the S&P 1200 and the MSCI World. The objective is to generate outperformance of 200-300 basis points compared with the MSCI World, after fees, in US dollars. To summarize the concept of the fund, DWS explains that “Winton does not believe in market efficiency.” Characteristics Name: DWS Concept Winton Global Equity ISIN code: LU0708390678 Front-end fee: 0% Management company fee: 0.7%
23/04/2012
Gestion d'actifs

Le fonds de pension Amonis a réalloué un mandat sur les actions internationales

Le fonds de pension des médecins de Belgique, Amonis gère au total 1.3 milliards d’euros d’actifs. Récemment, il a été décidé de transférer la gestion d’un mandat sur les actions internationales de la société Alliance Bernstein au profit du britannique Henderson Global Investors. Alliance Bernstein continue de gérer pour Amonis un mandat sur les actions émergentes monde. L’allocation d’actifs du fonds de pension est la suivante: 55% d’actions et de gestion alternative, 40% d’obligations et 5% d’immobilier. Amonis travaille avec les sociétés de gestion suivantes: Amphiko sur les taux, Axa IM sur les matières premières, Cohen & Steers sur l’immobilier, Martin Currie Investment Management sur les actions japonaises, UBS Global Asset Management sur les actions européennes et William Blair & Co pour les actions US. Le Comité d’Asset Allocation détermine la stratégie d’investissement à long terme et sélectionne les gestionnaires de fonds les plus spécialisés pour leur confier la gestion journalière des fonds. La majorité des actifs d’Amonis sont placés dans les 10 compartiments de la sicav Amonis S.A. Ces compartiments offrent une diversité optimale en termes de classes d’actifs, de zones géographiques, de types de capitalisation et de modes de gestion. Fastnet Belgium S.A. assure la gestion administrative et financière de la sicav. J.P. Morgan Europe Ltd fait office de dépositaire pour l’OFP Amonis.
Gestion d'actifs
23/04/2012

Citi wins a mandate from Guggenheim

The Citi group has been awarded a mandate by Guggenheim Investment Advisory, a division of Guggenheim Partners, to provide middle office, administration and custody services for the hedge fund platform of Guggenheim, Hedgeweek reports.
23/04/2012

ORSE publishes a guide to integration of the social and environmental responsibility into operational risk control frameworks

The Study Center for Corporate Social Responsibility (ORSE) has published a practical guide laying out the interactions between operational risks in the Basel II referential and environmental, social and governance (ESG) risks under ISO 26000 standards, and their embodiment in the form of indicators, by the Global Reporting Initiative (GRI) and the European federation of financial analyst associations (EFFAS). Daniel Lebègue, chairman of ORSE, says “this guide enriches in two ways. Firstly, it adds to referentials for direction of risks, by throwing additional light via the prisim of ESG. It also provides an addition to the extra-financial analysis approach, and extra-financial ratings agencies which do not systematically cover questions related to operational risks.”
23/04/2012

Lyxor Hedge Fund index up 1.5% in Q1

The Lyxor Hedge Fund index gained 1.5% in first quarter 2012. This result conceals significant disparities between strategies. The Lyxor L/S Equity Long Bias index has gained 6.92%, while the Lyxor L/S Equity Short Bias Index lost 7.17%. In the month of March alone, the general index lost 0.5%.
23/04/2012

Trust and ethics: Two key challenges for media sector investors

«Investors are aware that the media sector faces specific risks particularly relating to trust and ethics which can have very significant financial impacts, as seen in the UK’s phone hacking case,» said François Passant, executive director of Eurosif, in a statement announcing the launch of the Eurosif Media Sector Report 2012. «In our report we recommend that publishers are more transparent about the reliability of their sources, adhere to accepted ethical standards and distinguish more clearly, fact and opinion. By enhancing trust, publications grow their audience and advertising revenue, which appeals to investors,» he adds.The report notes that the variety of activities of the media sector limits investor’s ability to analyse the investment implications of environmental, social and governance (ESG) issues for the sector as a whole. But it identifies seven important points for investors : trust, freedom of expression, press ethics, security and privacy, environmental impact, copyright and content diversification.
23/04/2012

Henderson and Investire Immobiliare SGR team up for Italian partnership

Henderson Global Investors’ EUR16 billion property business and Investire Immobiliare SGR, the property funds asset management company belonging to Banca Finnat Euroamerica Group, have signed a joint venture agreement for the development and distribution of property funds. The partnership will focus on funds structured around two different premises: Italian real estate funds targeting Italian investors, predominantly investing directly or indirectly in international real estate which will be set up and managed by Investire Immobiliare with the assistance of Henderson SGR as Fund adviser for the identification of investment opportunities and management of assets directly or indirectly owned;Real estate funds developed for international investors, predominantly investing directly or indirectly in Italian real estate, which will be set up and managed by Henderson SGR with the assistance of Investire Immobiliare as Fund adviser for the identification of investment opportunities and management of assets directly or indirectly owned. Henderson Property can boost its strategic positioning within the Italian market, which it targets through its dedicated Milan-based team, with an increased Italian product offering for its extensive network of international institutional clients. It is hoped that the platform will launch its first Fund – a Core + pan-European fund – before Summer 2012.
23/04/2012

Appointment at Credit Suisse Asian private bank

Credit Suisse has announced the appointment of Chwe Soon Gek as head of strategy and economic research at the private bank for the Asia-Pacific region. Chew previously worked at Clariden Leu.
23/04/2012

BNP Paribas SS extends cross-border distribution to Hong Kong

BNP Paribas Securities Services (BNP Paribas) has added Hong Kong to its cross-border fund distribution network, enabling it to support non-Hong Kong-domiciled fund managers’ distribution requirements in the region. The move simplifies and optimises global fund managers’ access to Hong Kong by making it easier for them to register funds for distribution and interact with their local institutional investor clients more efficiently. Lawrence Au, head of Asia Pacific at BNP Paribas Securities Services said, “(...) more than 75% of the world’s top 50 managers have established distribution channels in Hong Kong in the past decade.”
23/04/2012

La croissance chinoise ne devrait pas beaucoup faiblir

Selon le quotidien qui cite Pan Jiancheng, directeur général adjoint du Bureau National d’Observation de l’Economie, la croissance chinoise pourrait rebondir au deuxième ou au troisième trimestre de cette année. Le ralentissement modéré de l’économie aiderait à amoindrir les pressions inflationnistes, ajoute le responsable.
23/04/2012

Georges Soros prône pour une politique de croissance en Europe

Tout en s’inquiétant de la «renationalisation des marchés de dette» qui «pourrait potentiellement faire exploser l’euro», le financier américain estime dans un entretien au quotidien que l’Europe doit mettre en place une véritable politique de croissance. «On ne sort pas d’une situation de dette excessive en pratiquant seulement l’austérité». Et d’ajouter que «si l’Europe prend les bonnes décisions, elle pourra se sauver seule».
23/04/2012

Le premier syndicat irlandais contre le pacte budgétaire européen

Le SIPTU, le premier syndicat irlandais, a indiqué vendredi qu’il n’appellerait pas à voter pour le nouveau pacte budgétaire européen, que Dublin soumettra à référendum le 31 mai, s’il n’inclut pas la mention d’un soutien à la croissance. Selon un sondage publié la semaine dernière, le pacte budgétaire est actuellement soutenu par une courte majorité d’Irlandais, mais 40% des personnes sondées restent indécises.

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