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12/04/2012
Fonds

Skandia IG confie un mandat à Aubrey

Le 11 avril, Skandia Investment Group (SIG) a annoncé avoir alloué un mandat de 20 millions de livres à Andrew Dalrymple d’Aubrey Capital Management dans le cadre du Skandia Global Dynamic Equity Fund 51 milliard de livres d’encours). Le gérant est chargé d’investir dans des sociétés susceptibles de profiter de l’augmentation de la consommation des ménages en Asie, dans le cadre de la poche thématique du fonds qui est répartie au total sur cinq fonds, les quatre autres étant JPM Global Financials Fund, DWS Invest Global Agribusiness Fund, Dimensional Emerging et Markets Targeted Value Fund.
Fonds
12/04/2012

EFG Financial Products ouvre un bureau à Madrid

Filiale d’EFG International, EFG Financial Products vient d’inaugurer son bureau de Madrid dirigé par Michael Hartweg, responsable des marchés espagnol et portugais, rapporte Funds People. L’objectif est d’atteindre un volume de 250 millions d’euros en notes collatéralisées, comme en Allemagne.
12/04/2012

JOHIM recrute un gérant pour les actions internationales

Le gérant Peter Rutter a rejoint l'équipe actions mondiales de J O Hambro Investment Management (JOHIM). Il travaille désormais avec deux de ses anciens collègues de Deutsche Asset Management, Charles Martyn-Hemphill and Will Kenney. Peter Rutter sera notamment en charge des fonds JOHIM Global et Waverton Global Equities. L’intéressé occupait auparavant le poste de gérant chez IronBridge Capital Management, précise Investment Week.
12/04/2012

D.Saint-Georges (Carmignac Gestion) : "La Value-at-Risk n'est pas un outil de prise de décision"

Membre du comité d’investissement de Carmignac Gestion, Didier Saint-Georges revient dans l’Agefi Hebdo sur l’importance de la gestion du risque dans le fonds diversifié Carmignac Patrimoine, géré par Edouard Carmignac, Rose Ouahba et Frédéric Leroux et dont l’exposition aux actions peut varier entre 0 et 50 %. L'équipe de contrôle des risques analyse un certain nombre d’outils de mesure du risque, comme la VaR (Value-at-Risk). «Mais attention, ces outils ne sont qu’une information parmi d’autres fournies à l'équipe de gestion, et en aucun cas un outil de prise de décision. Il ne faut pas être dépendant de la VaR dans les décisions de gestion car cet outil, comme tout modèle statistique, ne fonctionne plus en cas d'événements hors normes», souligne Didier Saint-Georges.
12/04/2012

CalPERS crée un poste de directeur financier

Le fonds de pension californien CalPERS a annoncé le 11 avril qu’il recherchait des candidats pour un poste nouvellement créé de chief financial officer (CFO), qui sera responsable de toutes les opérations financières de la société.“Nous avons créé ce poste afin d’assurer un niveau élevé de transparence et de contrôle interne dans nos opérations financières. Notre CFO sera le seul point de coordination pour toutes nos activités financières dans l’ensemble de notre organisation», souligne la chief executive officer de CalPERS, Anne Stausboll, citée dans un communiqué.
12/04/2012

Carlyle modeste pour son IPO

La société américaine de private equity Carlyle pourrait entamer dès la semaine prochaine une tournée de présentation aux investisseurs, avec une cotation début mai en ligne de mire, rapporte L’Agefi qui cite Bloomberg. Ces sources évoquaient la vente de 750 à 800 millions de dollars de titres, correspondant à un objectif de valorisation de la part de la société de 7,5 à 8,0 milliards. La valorisation estimée de Carlyle reste deux fois moindre que celle de Blackstone, son éternel rival, en dépit de montants d’actifs sous gestion relativement voisins, à 147 milliards de dollars à fin 2011 pour Carlyle contre 166 pour Blackstone, note le quotidien.
12/04/2012

Fidelity lutte pour rester dans la course

Plusieurs signes montrent que Fidelity Worldwide Investment doit pédaler plus fort que la plupart des autres acteurs du secteur pour se maintenir en équilibre, analyse le Financial Times dans un article dédié à la société. Le quotidien cite pèle mêle la dégradation de la note de crédit par Standard & Poor’s, le départ de plusieurs dirigeants, la fonte des encours, la contre performance des fonds… En 2006, Fidelity Worldwide gérait 300 milliards de dollars d’encours et les consultants louaient la stabilité du groupe, rappelle le FT. La même année, ses dirigeants visaient les 500 milliards de dollars d’actifs sur cinq ans et même les 1.000 milliards sur 10 ans. En 2008, les encours avaient fondu à 150 milliards de dollars...
12/04/2012

Skandia IG awards a mandate to Aubrey

On 11 April, Skandia Investment Group (SIG) announced that it has awarded a GBP20m mandate to Andrew Dalrymple at Aubrey Capital Management, from the Skandia Global Dynamic Equity Fund (GBP1bn in assets). The manager will be responsible for investing in companies that are likely to profit from an increase in household consumer spending in Asia, from the thematic allocation of the fund, which is distributed to five funds, the other four being the JPM Global Financials Fund, DWS Invest Global Agribusiness Fund, Dimensional Emerging and Markets Targeted Value Fund.
12/04/2012

Bond funds set sales records in February

Bond funds across Europe recorded in February their greatest sales (EUR19.5bn) since July 2005 — most notably high yield bonds reaching EUR6.5bn and beating last month’s all-time high, according to Lipper.Equity fund sales were EUR6.3bn. While global equity fund sales looked most impressive (EUR3.3bn) more than EUR1bn of this related to three new launches.In total, net sales of long-term funds (excluding money market funds) across Europe were the best for sixteen months in February, reaching EUR28.7bn.UBS was the surprise leader when comparing fund companies’ sales success, with inflows of EUR2.8bn, narrowly ahead of Allianz/PIMCO (EUR2.7bn).Funds at the top of the best-sellers list were AXA US Short Duration High Yield (EUR690m), AllianceBernstein American Income Portfolio (EUR640m) and Neuberger Berman High Yield Bond (EUR530m).
12/04/2012

Lyxor AM and Caxton Hawks launch a UCITS hedge fund

Lyxor Asset Management has announced its partnership with Hawk Quantitative Strategies LLC, a company associated with Caxton Associate LP to launch the third alternative single manager on its Lyxor Dimension UCITS Platform. The Lyxor/Caxton Hawk strategy Index Fund offers access to a medium-term, trend-following strategy with a focus on Emerging Markets. The investment strategy is based on a proprietary system developed by Jeff Enslin, a partner and portfolio manager at Caxton Associates LP, who has been trading macro/EM on a discretionary basis since 1995. As of February 1, 2012, this strategy represents approximately USD327m and Hawk Quantitative Strategies LLC manages approximately USD379m.Lyxor Dimension consists of 11 multi-manager funds, two hedge fund replicators, one absolute return program and 3 single alternative strategies.Caxton Hawk is the third single alternative strategy on the platform -after Old Mutual Asset Managers (UK) and Ikos Asset Management- and Lyxor intends to launch more alternative UCITS funds in the coming months.
12/04/2012

Derivatives: London will benefit from new regulations

The City is attracting a large part of the investments brought about by toughening regulations for derivative products accused of having aggravated the crisis, Les Echos reports. The Chicago Mercantile Exchange has announced that it is considering launching a derivatives market in London. The market would probably be an alternative to acquiring the London Metal Exchange (LME), a commodities market on which many derivative products are traded, which is also being wooed by NYSE Euronext, Intercontinental Exchange (ICE) and the Hong Kong stock exchange.
12/04/2012
Gestion d'actifs

Le Fonds de compensation AVS / AI / APG recherche un gérant d'actions suisses small et mid cap

Le Fonds de compensation AVS (assurance-vieillesse et survivants) / AI (assurance-invalidité) / APG (régime des allocations pour perte de gain) recherche un gérant actions suisses small et mid cap pour un mandat de 60 millions de francs suisses. Type de gestion: active Objectif de performance :** 300 points de base en moyenne, nets de frais par an sur une période de 4 ans Tracking error :** au maximum 15 % Benchmark: SPI Small and Middle Companies (SPISMC) Pour en savoir plus et répondre à l’appel d’offres, cliquez ici.
Gestion d'actifs
12/04/2012

Liechtenstein looks to siphon off Swiss assets

In a confidential study by PricewaterhouseCoopers (PwC), undertaken for the Liechtenstein government and banking association, the rapid adoption by the Principality of European directive 2011/61/EU of 1 July 2011, on managers of alternative investment funds (the text of the transposed regulations were reportedly ready by 22 December) is recommended, with the objective of siphoning off assets from Swiss asset management firms, Handelsblatt reports. The Principality is reportedly hoping to attract as many as 400 Swiss wealth and fund managers, with assets of CHF870bn.
12/04/2012

BlackRock prepares to short-circuit Wall Street

BlackRock Solutions, a unit of BlackRock, will operating a trading platform on which 46 clients, including sovereign wealth funds and insurers, may make trades between them on corporate bonds, mortgages, and other types of assets. This would mean a loss of significant revenue for Wall Street investment banks, the Wall Street Journal reports. The platform would be authorised to process orders from the various actors present on it, and would charge a considerably lower fee than the stock market.
12/04/2012

Deka to discontinue investment in livestock and grains

Handelsblatt reports that DekaBank, the central asset management firm for the German savings banks, on Wednesday confirmed a decision previously announced by the NGO Foodwatch, no longer to contribute via its funds to speculation on the rising price of basic food products. The Deka-Commodities fund will be reorganised so as no longer to replicate the evolution of wheat, corn, soy or cattle. No further funds of this type will be launched.
12/04/2012

Hedge funds miss high watermarks

According to Absolute Return + Alpha, only 38% of hedge funds last year succeeded in generating performance exceeding their high watermark, compared with 73% in 2010. This has resulted in a significant reduction in the number of funds which were able to earn performance commissions.
12/04/2012

Idinvest Partners launches an FCPI fund dedicated to innovative European SMEs

The third-party management specialist serving the European private equity sector Idinvest Partners on 11 April announced the launch of a new FCPI product, Idinvest Patrimoine 2, which will invest primarily in innovative European SMEs. The fund’s investment strategy aims for a large diversification of investments in terms of sectors and stages of development of businesses. The objective is to select businesses which are active in high-added value innovative technology sectors, such as IT, telecommunications, electronics, health, and the environment.
12/04/2012

Caceis is the new depository for the Experides Sicav

The board of directors of the Luxembourg-registered Sicav Experides has selected Caceis to provide depository banking, transfer agency and financial report production services, Caceis announced in a statement on 11 April. Experides is the collective asset vehicle for the Belgian pension funds of the GDF Suez group, and the companies of the gas & electricity sector in Belgium. The EUR2bn in assets managed by the Sicav have been transferred to Caceis. The Experides Sicav is managed by Contassur Assistance Conseil, an affiliate of Contassur, a life insurance company dedicated to group insurance for the GDF Suez group and companies of the gas & electricity sector in Belgium. The new partnership strengthens the relationship between Contassur and Caceis, which already is depository for the assets of the insurance company in mandate form.
12/04/2012

Greek fraud victims threaten to sue Julius Baer

The victims of a Greek fraudster are hoping to sue Julius Baer for damages and interest, Handelszeitung reports. The fraud was committed by a representative of the Zurich-based private bank. The fraudster promised to deposit his clients’ assets safely in Zurich. In fact, he pocketed about EUR15m, In Greece, the man has already been sentenced to seven years in prison. Julius Baer contests the fact that the fraudster represented the bank, but there was a relationship, the newspaper reports. The former Baer affiliate, Swiss & Global, had a business relationship with the fraudster from 2008 until it was discontinued in 2010. The victims claim this is adequate cause to seek reimbursement from the Zurich-based bank.
12/04/2012

Wellington launches an emerging market debt fund

After its Government Relative Value Portfolio fund of government bonds from developed countries (see Newsmanagers of 4 April), Wellington Management is now releasing an emerging market debt fund, the Wellington Emerging and Sovereign Opportunities, which will rely on fundamental, macro and momentum strategies via long and short positions on bonds, fixed income and currencies.CharacteristicsName: Wellington Emerging and Sovereign OpportunitiesISIN code: IE00B7GZ2R88Management commission: 1%Performance commission: 20% with high watermark on performance exceeding 3-month Treasury BillsMinimal subscription: EUR5m
12/04/2012

Complete Schroders product range will have KIIDs in May

Achim Küssner, CEO of Schroder Investment Management GmbH, on 11 April announced that from 14 May, every one of the 99 Schroders funds on sale in Germany and 93 funds on sale in Austria will have KIID documents. This means that the British asset management firm will make a total of 1,150 KIID documents available, corresponding to all share classes. From 7 May, most of that information will be available online at www.schroders.lu/kiid.
12/04/2012

Warburg launches a European smidcaps fund

Two months after releasing the Warburg-D- Fonds Small&Midcaps Deutschland, Warburg Invest on 30 March launched the Warburg – D Fonds Small&Midcaps Europa, a product managed by Christoph Gebert. The portfolio will include 30 to 50 positions, on undervalued European small and midcaps.CharacteristicsName: Warburg – D- Fonds Small&Midcaps Europa RISIN code: DE000A0LGSA4Front-end fee: 5%Management commission: 1.40%
12/04/2012

Best first quarter since 2006 for hedge funds

According to Hedge Fund Research (HFR), hedge funds have posted a marginal loss of 0.01% in March, but with gains in January and February taken into account, performance in first quarter totalled 4.94% for the HFRI Fund Weighted Composite index, which is the largest gain for a first quarter since 2006.
12/04/2012

Increase in ETF activity in March on NYSE Euronext

Daily on-book trading volumes for ETFs on the European markets of NYSE-Euronext increased to EUR253.3m in March, compared with EUR237.3m in February, but remain 50.3% below their levels in March 2011.Block trades of ETF shares totalled EUR840.9m, compared with EUR992.6m in February, representing 13.1% of total trades on the regulated ETF market of NYSE Euronext in Europe, compared with 16.6% rhe previous month.The number of ETFs listed as of the end f March totalled 695, compared with 693 one months previously, of which 597 were primary listings, compared with 595, with the two new entrants being the Lyxor LVIX and the Ossiam EM Minvar E.Lastly, NYSE Euronext states that the median spread last month was 29.58 basis points, compared with 32.25 in February.
12/04/2012

Deka to discontinue investment in livestock and grains

Handelsblatt reports that DekaBank, the central asset management firm for the German savings banks, on Wednesday confirmed a decision previously announced by the NGO Foodwatch, no longer to contribute via its funds to speculation on the rising price of basic food products. The Deka-Commodities fund will be reorganised so as no longer to replicate the evolution of wheat, corn, soy or cattle. No further funds of this type will be launched.
12/04/2012

Fund managers miss their best chances

A survey by Feri EuroRatings of 60 fund managers finds that over 80% of respondents credit the popularity of multi-asset class funds and emerging markets funds, but less than one third of them are planning to offer such a fund. About one in five already has such product on offer, and slightly over 10% are planning to offer one this year or in 2013.The ratings agency also states that over three quarters of asset management firms surveyed say there is good or very good potential for sales of German equity funds, although the prospects have deteriorated compared with the survey undertaken in spring 2011. Meanwhile, 90% of managers estimate that emerging market bond funds have good to very good chances of sales this year, which only 64% of respondents predicted for bond funds overall, possibly due to the popularity of high yield bonds. Feri reports, meanwhile, that optimists about European investment grade bond funds have risen to 68%, from 46% one year ago.
12/04/2012

CalPERS creates a position for a CFO

The California Public Employees’ Retirement System (CalPERS) is looking for an experienced chief financial officer (CFO) who will oversee the financial and risk management operations of the $235 billion pension fund.“We established this position at CalPERS to ensure we maintain a high level of transparency and internal controls in our financial operations,” said the pension fund’s Chief Executive Officer, Anne Stausboll in a statement. “Our CFO will be the single point of coordination for financial and risk-related activities across our organization.”
12/04/2012

Institutionals regain interest in housing markets

A few institutional invetors are planning to diversify their assets by buying up housing properties, Les Echos reports. The trend is still timid: returns on this asset class are continuing to fall.
12/04/2012

Fidelity fighting to stay in the race

Several signs are indicating that Fidelity Worldwide Investment needs to pedal harder than most other actors in the sector in order to retain its even keel, a Financial Times article on the firm claims. The newspaper cites a downgrade in the firm’s credit rating by Standard & Poor’s, the departure of several members of management, a decline in assets and negative performance of funds, among other factors. In 2006, Fidelity Worldwide had USD300bn in assets under management, and consultants praised the stability of the group, the FT reports. The same year, management was aiming for USD500bn in assets in five years’ time, and USD1trn in 10 years. In 2008, assets fell to USD150bn.

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