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24/10/2011

Barings wins a mandate from Volkswagen

Baring Asset Management (Barings) has been selected by the Volkswagen pension fund to manage a GBP23m mandate for the Baring Multi Asset fund. The Barings fund aims for long-term returns equivalent to inflation +4%, but with highly limited risk, through dynamic allocation, and the ability to rely on all asset classes, including alternative investments (gold, real estate). Assets under management by the multi-asset class team at Barings totalled GBP5.4bn as of 30 September this year.
24/10/2011

BNY Mellon wins a mandate from China's ICBC bank

BNY Mellon has been selected by the Industrial and Commercial Bank of China (ICBC) for an international custody mandate to manage a fund reserved for qualified domestic institutional investors (QDII). The new fund, harvest Gold Fund, was launched in July 2011 by Harvest Fund Management. According to the head of BNY Mellon Asset Servicing for Asia, Chong Jin Leow, the number of QDII funds has risen 50% in the first seven months of the year. Leow predicts that the number of QDII funds approved by the regulator may double by the end of 2011.
24/10/2011

Global bond mega fund from Russell has a new manager

According to reports in Citywire, Albert Jalso became the manager of the Global Bond fund at Russell Investments (USD2.59bn in assets) at the beginning of September. He replaces the former manager, Gerard Fitzpatrick, who will now handle the funds previously managed by Jalso. Fitzpatrick has also taken over the management of 5 other bond funds, Citywire reports.
24/10/2011

Dog days for big bond managers

Times are tough for star bond managers, the Wall Street Journal reports. Bill Gross, manager of the Total Return Fund from Pimco (USD242bn), and Dan Fuss, co-manager of the Loomis Sayles Bond Fund (USD19.1bn), were caught off guard by the rally in Treasurys. Meanwhile, Michael Hasenstab, manager of the Templeton Global Bond Fund from Franklin Templeton, was back-footed by the sell-off in emerging market bonds in third quarter.The result is that in the 12 months to last Wednesday, the funds managed by Gross and Fuss showed returns of only 1.68% and 3.12%, respectively, while the Barclays Capital U.S. Aggregate Bond Index had gained 6.95%. Hasenstab’s fund has lost 0.61%, while its benchmark index, the Citigroup World Government Bond Index, has gained 6.95%.
24/10/2011

Fifth consecutive month of losses for hedge funds

For September, the Hennessee hedge fund index, an equally-weighted index of over 3,500 hedge funds, shows a loss of 3.78%, following losses of 3.34% in August. This is the fifth consecutive month of declines for the general index, which showed gains in each fo the first four months of the year.In the first three quarters of the year, hedge funds have lost an average of 5.53%. The heaviest losses since the beginning of the year were for funds specialised in the financial sector (-13.45%) and emerging markets funds (-11.75%).Among the strategies that show gains is short bias, with gains of 9.73%, as well as high yield and market neutral, with returns of 3.80% and 2.92%, respectively.
24/10/2011

“We have had net inflows of more than USD1bn this year”

Foreign asset management firms are seeing large inflows in France, due to their targeted and diversified fund ranges for investors. With its multi-boutique structure, BNY Mellon Asset Management in France is benefiting from that trend, Anne-Laure Frischlander explains to Newsmanagers.
24/10/2011

Madoff: AMF accuses two French managers of negligence

The sanctions commission of the AMF had to rule on 21 October in the case of two asset management firms, EIM France and ALF, which are accused of negligence in the selection and monitoring of several funds which were exposed to the fraud perpetrated by Bernard Madoff, Les Echos reports. For EIM France, a specialist in asset management for institutional investors, total exposure to Madoff as of 31 December 2008 was EUR63.5m, according to the reporter to the AMF sanctions committee, Michel Pinault. This amount is distinct from losses, whose total amount has not been disclosed. At ALF, exposure totalled several million euros. This is the first time that AMF judges have ruled in cases related to the Madoff scandal. The AMF representative is seeking a reprimand and a fine of EUR400,000 against EIM France. A reprimand and a fine of EUR200,000 is being sought by the AMF for ALF.
24/10/2011

Hedge funds fear huge outflows

Hedge fund managers are nervous at the moment: due to 45- to 60-day advance notice periods for redemptions, they will soon be finding out how much money investors will be withdrawing by the end of the year, the Wall Street Journal reports. From this point of view, the next two months will be the most critical since the darkest days of the financial crisis.A survey by Barclays Capital on 12 October of 150 investors has shown that 35% of respondents have already applied to redeem their shares, or will do so very soon, while 20% were still hesitant.In the first three quarters, hedge funds have lost an average of 5.4%, according to Hedge Fund Research, thus outperforming the S&P 500, which has lost 10%.The newspaper also reports that Paulson & Co has announced that if all “eligible” investors redeem their investments, this would lead to outflows of 20% to 25% of assets but that the funds will have no difficulty in providing the necessary liquidity.
24/10/2011

PGGM buys a minority stake in SPH

As of 1 January 2012, PGGM (EUR103bn), the parent company of PFZW, a pension fund for the health care professions, will acquire an initial minority stake in DPFS, the operational entity for the pension fund for general practitioners, Stichting Pensioenfonds voor Huisartsen (SPH, EUR7bn).SPH says in a statement that the capital operation will be complemented by a partnership in fund administration and asset management.PGGM and DFPS also say that they are planning to extend their cooperation to other pension funds.
24/10/2011

Dutch pension funds in big trouble

The health of pension funds in the Netherlands is continuing to deteriorate. Of the 460 pension funds in the Netherlands, 200 were in a precarious situation as of September, Les Echos reports. The possibility of cutting benefits is no longer taboo. ABP, the largest pension fund in the kingdom, has already threatened such a move, due to a lack of improvement in short-term conjuncture. A reevaluation at the end of the year will be decisive as to whether benefits will be reduced from 2013. Due to negative conditions, the objectives of a recovery plan for the sector imposed by the Netherlands central bank (DNB) for 2013 are now out of reach.
24/10/2011

HSBC GAM recruits a product specialist for Asia

Christopher Adams, vice-chairman of BlackRock for active management of Asia ex Japan equities, has been recruited by HSBC Global Asset Management in Hong Kong as director, senior product specialist, equities, effective immediately. He will report locally to Alfred Yip, director, head of product, Asia-Pacific, and functionally to Melissa McDonald, global head of product – equities and responsible investment. In July, HSBC GAM transferred Geoffrey Lunt from London to Hong Kong as director, senior product specialist for bonds.
24/10/2011

Inflows for Italian real estate funds

The 163 real estate funds active in Italy in first half had net inflows of over EUR1.5bn, according to the most recent study from Assogestioni, the Italian asset managers association, undertaken in partnership with IPD. Assets in the industry increased by 9.8%, to EUR24.3bn. Of 163 real estate funds on the books as of the end of first half, 140 are reserved for institutional clients, and 23 are dedicated to retail clients. The former category represents EUR18.89bn, compared with EUR5.5bn for the latter, Assogestioni reports.
24/10/2011

BlueBay launches an emerging market bond range

BlueBay Asset Management is preparing to launch a new fund which will invest in emerging market high yield corporate bonds, IPE.com reports. The move follows the creation of an emerging market investment grade corporate bond fund in March.
24/10/2011

Sail Advisors recruits a former Lyxor manager

The Hong Kong-based fund of hedge funds Sail Advisors has appointed Sjef Pieters as head of sales and distribution for Europe, particularly the Benelux countries, Asian Investor reports. Pieters will be based in London, and will report to the head of sales and marketing at the firm, Gunther Jost. Pieters previously worked at Lyxor as head of activities for Benelux.
24/10/2011

Phil Wagstaff joins Skandia IG as CEO

The former head of international distribution at Gartmore, Phil Wagstaff, will join Skandia Investment Group as chief executive officer. Marc Bulstrode, who is currently serving as interim CEO, will return to his role as chief operating officer once the appointment is approved.
24/10/2011

Musical chairs for Russell managers

Albert Jalso, who had been manager of the RIC Strategic Bond Fund (USD4.8bn) in Seattle, was transferred to London in August to take over the management of the RIC Global Fund (USD2.59bn), and five other bond funds from Russell Investments, Fundweb reports.Citywire reports that his five other portfolios are the RIC 2 Global Bond, Russell OpenWorld Global Dynamic Bond fund, Multi Style Multi Managed (MSMM) Global Bond, RIML International Bond – Australia, and RIJ International Bond – Tokyo.The products had been managed until recently by Gerard Fitzpatrick, who has been transferred from London to Seattle, to manage the RIC Strategic Bond Fund.Russell says the two transfers are part of a “cross-pollination” effort to share ideas between management teams worldwide.
24/10/2011
Gestion d'actifs

La Carpa de Paris s'intéresse aux placements en accord avec la déontologie de l'Ordre des avocats

La caisse des règlements pécuniaires des avocats (Carpa) de Paris est la plus grande Carpa de France mais aussi la première historique. Ainsi, son flux tourne dans l’année, autour de sommes considérables : entre 10 et 11 milliards d’euros. Sur ces fonds, 900 millions d’euros sont investis sur des placements long terme ne pouvant excéder cinq ans, en raison des contraintes de ces institutions dont l’une des principales missions est de sécuriser les fonds des tiers transitant entre les mains des avocats. Outre ces placements longs, 150 millions d’euros sont investis sur des actifs monétaires pour assurer les besoins en trésorerie de l’institution. Dominique Basdevant, secrétaire général de la Carpa de Paris précise : Nous ne faisons jamais de placements à risques sur le capital car si nous n’avions pas un capital garanti, nous commettrions vraisemblablement un délit pénal. C’est un aspect fondamental, nous choisissons des placements qui correspondent à notre déontologie car nous ne sommes pas des spéculateurs. Ainsi, la Carpa investit sur des obligations issues notamment de financières, des certificats de dépôt, des placements auprès de compagnies d’assurance avec l’exigence que le remboursement du capital soit garanti. Enfin, pour l’an prochain, ses objectifs sont de maintenir une rentabilité moyenne comme l’explique son secrétaire général : En 2009, nous avions un rendement autour de 3,5% qui est plutôt à 3% aujourd’hui, sur l’ensemble des placements. Certains sont encore très élevés mais ils arrivent à terme et nous sommes à la recherche des meilleurs placements possibles combinant l’absence de risques et le taux d’intérêt, ce qui est un peu aujourd’hui, une quadrature du cercle !.
Gestion d'actifs
24/10/2011

JP Morgan Worldwide Securities Services selected by Cerberus

JP Morgan Worldwide Securities Services has announced in a statement that it has been selected by Cerberus Capital Management. JP Morgan will provide Cerberus with administrative services for its funds, with total assets of over USD23bn.
24/10/2011

Janus Capital posts decline in assets

Janus Capital Group has posted net profits for third quarter of USD27.4m, compared with USD41.9m in second quarter, and USD32.5m in the corresponding quarter of last year.As of 30 September, assets under management at Janus Capital totalled USD141.1bn, compared with USD169.8bn as of 30 June, and USD160.8bn as of 30 September 2010. The decline in assets in third quarter is due to a negative market effect of USD26.5bn. Net outflows totalled USD2.4bn.
24/10/2011

Margin up for asset management at Raymond James

For the fiscal year ending on 30 September 2011, pre-tax profits from asset management at Raymond James Financial rose 41% to USD66.18m, on earnings up 15%, to USD226.51m in 2009-2010.Assets in non-money market funds fell by 12%, to USD31.1bn, compared with USD36.6bn as of the end of June, but were 3.7% higher than the USD30bn recorded on 30 September 2010.Raymond James Financial has reported a 22% increase in its net profits, to USD278.4m.
24/10/2011

Amundi recruits for sales in Germany

Dennis Korrell, sales executive at Franklin Templeton Germany since 2004, and Patrick Sobotta, sales executive at Threadneedle Germany since 2009, have joined Amundi Deutschland as senior client relationship manager and client relationship manager, respectively.They will be in charge of developing distribution activities in Germany, and will report to Axell Ullmann, head of distribution.
24/10/2011

Natixis GA recruits a big name from Allianz GI

The head of product sales support in the group market management department (Vertriebsunterstützung) at Allianz Global Investors (Allianz GI), Cora Gibbons, has joined Natixis Global Associates (NGA) has head of international product group, also in Frankfurt. NGA is an affiliate of Natixis Global Asset Management (NGAM, EUR533bn in assets as of the end of June).Gibbons will report to Fabrice Chemouny, vice president and head of international marketing and strategy at Natixis Global Associates International.In her new role, Gibbons will contribute to the strategic positioning of the global product range from NGAM and will work with NGA development teams worldwide.
24/10/2011

New head of marketing for BlackRock in Germany

The head of marketing at Fidelity International for Germany and Austria, Alexander Barion, has been recruited by BlackRock as head of marketing for Germany, Austria and Eastern Europe. He will report to Dirk Klee, country director for those regions.Barion will work in close cooperation with Candida de Silva, head of retail marketing for the Europe, Middle East and Africa region, and Ralph Blöcher, director of marketing for iShares in Germany and Austria.

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