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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

Macquarie IM recruits in Europe

The Australian Macquarie Investment Management (MIM) group has recently announced four recruitments, in a sign of its desire to strengthen its presence in Europe, InvestmentEurope reports. Jerry Devlin, from Castlestone Management, has been appointed as head of British financial institutions, while Richard Guerin, formerly of BlackRock Investment Management, is appointed as head of consultant relations for Europe. Xavier Michel, who had previously worked at Hart Group, will be responsible for Macquarie Fund Solutions, from Vienna, Austria. With these recruitments, the team at MIM in Europe now has 14 members, in London, Munich, Frankfurt, Zurich and Vienna.
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

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

Ignis AM launches a fund in Italy

The British asset management firm Ignis Asset Management has launched the Ignis Absolute Return Government Bond fund in Italy. The product is an absolute return global bond fund, Bluerating reports.
12/04/2012

Profits at Robeco down in 2011

For the fiscal year to the end of December, Robeco has posted net profits of EUR133.8m, compared with EUR181.3m in 2010, while operating profits are down to EUR198.3m from EUR281.3m, and operating costs have dipped somewhat to EUR482m from EUR482.3m.As of the end of December, assts totalled EUR150.3bn, compared with EUR149.6bn twelve months previously, and management and performance commission revenues for 2011 were down to EUR914.2m from EUR932.8m.Net subscriptions totalled EUR7.6bn (of which 2.2bn were for retail and EUR5.4bn for institutional funds), compared with net outflows of EUR3.4bn in 2010 (and net inflows of EUR3.3bn for retail and net outflows of EUR6.7bn for institutional). Market effects were negative to the tune of eUR4.5bn, where 2010 brought positive returns totalling EUR19.6bn.As of 31 December, assets totalled EUR78.2bn in retail and EUR72bn for institutional, compared with EUR80.9bn and EUR68.7bn twelve months previously.Robeco states that AUM as of the end of February were up strongly compared with the end of December, at EUR176bn, compared with EUR150.3bn.
12/04/2012

EFG Financial Products opens an office in Madrid

EFG Financial Products, an affiliate of EFG International, has opened an office in Madrid, led by Michael Hartweg, head of the Spanish and Portuguese markets, Funds People reports. The objective is to reach a volume of EUR250m in collateralised notes, as in Germany.
12/04/2012

Appointment at Investec AM

Investec Asset Management has announced the appointment of Victoria Harling as co-manager of the Investec Emerging Markets Corporate Debt Strategy fund, launched in April 2011, InvestmentEurope reports. Harling will also take control of emerging market corporate debt and emerging market debt denominated in hard currency. Before joining the South African asset management group, Harling was previously worked at Nomura.
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

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

Hong Kong hedge fund recruits from JP Morgan

Adam Wallace, former head of hedge fund services at JP Morgan for the Asia-Pacific region, has joined the Hong Kong-based hedge fund Factorial Management, as chief operating officer, Asian Investor reports. Factorial Management has confirmed the reports, adding that it plans to offer a platform which meets the needs of institutional investors. The firm earlier this year launched a multi-asset class fund, Factorial Master Fund, with USD25m in assets under management.
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

Ofivalmo Partenaires acquires 20% of Egamo

Ofivalmo Partenaires, a shareholder in Ofi AM and Ofi Mandats which is controlled by the Mutuelles du GEMA and the Mutuelles et Unions de la Mutualité Française, has acquired a 20% stake in Egamo, the asset management firm from MGEN. Meanwhile, MGEN has acquired 10% of Ofivalmo Partenaires. The capital agreement is accompanied by a partnership between Egamo (EUR2.5bn as of 30 March 2012) and Ofi Mandats (EUR11bn), both of which are dedicated to mandated institutional management. The agreement will include mutualisation of IT costs and expertise specifically related to the development of services related to a growing number of regulatory restraints, due to legislation such as Solvency II (financial reporting, accounting and regulatory, risk monitoring, active asset and liability simulation tools). However, the financial management of the two structures will remain distinct, says Nicolas Demont, CEO of Egamo. When asked about a more complete merger of Egamo and Ofi Mandats, Demont says that he is not aware of any plans of this type, and that it would not necessarily be the best solution.
12/04/2012

JOHIM recruits a portfolio manager for international equities

The portfolio manager Peter Rutter has joined the global equities team at J O Hambro Investment Management (JOHIM). He will now work with two of his former colleagues from Deutsche Asset Management, Charles Martyn-Hemphill and Will Kenney. Rutter will be in charge of the JOHIM Global and Waverton Global Equities funds. He had previously served as manager at IronBridge Capital Management, Investment Week states.
12/04/2012

Institutionals seek recurrent returns

In an environment of falling interest rates, which has led to a revaluation of liabilities and a downgrade of coverage ratios, the question of where to find returns is arising particularly acutely for institutional investors. According to a survey of 30 long-term investors undertaken in January and February by Image & Finance on behalf of Aberdeen, most long-term investors estimate that the decline in returns on their assets is structural and sustainable. These predictions of falling returns on assets is partly due to the euro zone bias of French institutionals and their pessimism about the economic situation within the euro zone. A slight majority are even predicting a “Japanisation” of the euro zone, which will involve excessive debt coupled with very limited growth. In this environment, institutionals are going back to basics, looking for “discount” products, recurrent returns (credit-backed securities, high yield, real estate), where the primary virtue is coverage for liabilities. For a minority of actors with room to manoeuvre in terms of risk budgets, geographical diversification is a preferred option, in both debt and equities. The study also finds that in a context of falling returns on assets, most long-term invetors have not revised the actualisation rates on their investments. However, actualisation rates in France are generally subject to accounting or regulatory standards which leave investors little room to choose an actualisation rate. Due to the relatively short-term engagements of French institutionals compared with those of pension funds from other countries, falling interest rates have a more limited impact on overall engagements, which reduces the urgency of the question of actualisation rates.
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.
12/04/2012

Warrenn Buffett wins out on Goldman Sachs' losing trade

The Wall Street Journal reports that Berkshire Hathaway, the portfolio management firm for Warren Buffett, made a very good deal in November when it bought USD85m in a Lee Enterprises credit from Goldman Sachs, at a price of 65%. The paper is now trading at 82%. Goldman Sachs, which was then seeking to liquidate its credit portfolio, bought the debt at 80%.
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

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
Fonds

Un hedge fund de Hong Kong recrute chez JP Morgan

Adam Wallace, l’ancien patron de services aux hedge funds chez JP Morgan pour la région Asie-Pacifique, vient de rejoindre le hedge fund basé à Hong Kong, Factorial Management, en qualité de chief operating officer, rapporte Asian Investor.Factorial Management a confirmé l’information, soulignant sa volonté de proposer une plate-forme répondant aux exigences des investisseurs institutionnels. La société a lancé en début d’année un fonds multi-classes d’actifs Factorial Master Fund, doté de 25 millions de dollars d’actifs sous gestion.
Fonds
12/04/2012

Ofivalmo Partenaires prend 20 % d’Egamo

Ofivalmo Partenaires, l’actionnaire d’Ofi AM et d’Ofi Mandats détenu par les Mutuelles du GEMA et par les Mutuelles et Unions de la Mutualité Française, vient de prendre une participation de 20 % dans Egamo, la société de gestion de la MGEN. Parallèlement, la MGEN a acquis 10 % d’Ofivalmo Partenaires.Cet accord capitalistique s’accompagne d’un partenariat entre Egamo (2,5 milliards d’euros au 30 mars 2012) et Ofi Mandats (11 milliards d’euros), toutes deux dédiées à la gestion institutionnelle sous mandat, principalement pour une clientèle de mutuelles. Il portera prioritairement sur la mutualisation des coûts informatiques et d’expertises spécifiques liés au développement des prestations liées à l’accroissement des contraintes réglementaires comme Solvabilité II (reporting financier, comptable et réglementaire, le suivi des risques, les outils de simulation actif/passif).En revanche, la gestion financière des deux structures reste distincte, précise Nicolas Demont, directeur général d’Egamo. Interrogé sur un rapprochement plus poussé entre Egamo et Ofi Mandats, il indique qu’il n’y a à sa connaissance aucun projet dans ce sens et que ce ne serait pas forcément la meilleure solution.

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