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12/09/2011

JP Morgan releases 21 ETFs from First Trust on Mexican stock exchange

JP Morgan on 8 September announced that it has been selected by First Trust to distribute 21 ETFs from Fist Trust Advisors, registered in the United States, on the Mexican Stock Exchange.The ETFs are the following:First Trust ISE-Revere Natural Gas Index Fund (FCG)First Trust ISE Chindia Index Fund (FNI)First Trust Dow Jones Select MicroCap IndexSM Fund (FDM)First Trust NYSE Arca Biotechnology Index Fund (FBT)First Trust Morningstar Dividend LeadersSM Index Fund (FDL)First Trust Dow Jones Internet IndexSM Fund (FDN)First Trust Large Cap Core AlphaDEX® Fund (FEX)First Trust Large Cap Value AlphaDEX® Fund (FTA)First Trust Large Cap Growth AlphaDEX® Fund (FTC)First Trust Technology AlphaDEX® Fund (FXL)First Trust Mid Cap Core AlphaDEX® Fund (FNX)First Trust Materials AlphaDEX® Fund (FXZ)First Trust Consumer Discretionary AlphaDEX® Fund (FXD)First Trust Financials AlphaDEX® Fund (FXO)First Trust Small Cap Core AlphaDEX® Fund (FYX)First Trust NASDAQ-100 Equal Weighted IndexSM Fund (QQEW)First Trust Consumer Staples AlphaDEX® Fund (FXG)First Trust Energy AlphaDEX® Fund (FXN)First Trust Health Care AlphaDEX® Fund (FXH)First Trust Utilities AlphaDEX® Fund (FXU)and First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)
12/09/2011

UBS Gestión launches a hedge fund feeder for Arcano European Income

On 6 September, the CNMV registered a new Spanish-registered “free investment fund” (hedge fund), Arcano European Income Fund FIL, from UBS Gestión, which will invest in the two sub-funds of the Luxembourg-registered special investment funds (SIF) Arcano Fund – European Income Fund I and II, at levels of 50-75%, and 35-50%, respectively.Any potential remaining assets will be retained in cash management and invested in bonds with at most one year remaining duration. The fund has four share classes, with management commissions of 0.5% (A1 and D1 share classes) and 1% (A2 and D2 share classes). Performance commissions will be 10% of performance exceeding the Euribor 6-month by at least 100 basis points.
12/09/2011

BofA Merrill Lynch recruits for prime brokerage

Bank of America Merrill Lynch has announced the appointment of Michael Terry as global head of capital introduction, in charge of development for these activities for the group. Terry will be based in New York, and will report to John Yalmokas, head of sales of prime brokerage sales for the United States.
12/09/2011

Default rate for junk-rated businesses fell further in August

The default rate for speculative category businesses worldwide in the month of August was down to 1.8%, from 1.9% the previous month, according to monthly statistics from the ratings agency Moody’s. In the coming months, this percentage is expected to remain at a low level, to finish the year at 1.5%, and then to climb to 1.9% by August 2012. In the United States, the default rate fell to 2.1% in August, compared with 2.3% previously, while it remained unchanged month on month in August, at 1.1% The Standard & Poor’s agency, for its part, reports that the number of defaults by companies monitored by the agency worldwide totalled 28 this year up to the first days of September, compared with 61 in the corresponding period of 2010.
12/09/2011

BlackRock recruits head of HSBC Hong Kong

Mark McCombe is joining BlackRock, where he will replace Rohit Bhagai as chairman for Asia-Pacific, the Wall Street Journal reports.McCombe, who had been CEO of HSBC Global Asset Management in London, was most recently CEO of HSBC Holdings in Hong Kong.In this position, he will be replaced on 12 September by Anita Fung, who is currently group general manager for the Asian unit at HSBC.
12/09/2011

Northern Trust adds to product range in Asia

The Northern Trust group has announced that it will provide index-based asset management services to its institutional clients from its Hong Kong office. The development follows a license awarded to Northern Trust by the Hong Kong Securities and Futures Commission to develop services of this type. As part of the move, Northern Trust has appointed Patrick Dwyer as senior portfolio manager in the team dedicated to index-based asset management. Craig Annakin, who joined the firm as head of Asian trading, will be in charge of setting up the new trading desk.
12/09/2011

Outflows from Swedish equity funds

August was characterized by stock market turbulence and the outflows from investment funds sold in Sweden were larger than the inflows, according to the Swedish fund association. The total net outflow amounted to SEK 8.1 billion. Equity funds had a net outflow of 34.8 billion and balanced funds had a net outflow of 2.2 billion. Fixed-income funds on the other hand recorded large net inflows, money market funds and bond funds had net inflows of 22.5 and 6.1 billion respectively.So far in 2011, SEK 4.2 billion have been invested in funds and money market funds accounts for the largest part of the net inflows.In total, assets in the industry fell to SEK1.797trn, from SEK1.919trn as of the end of July, of which SEK92bn remained in equity funds.
12/09/2011

Surprise at Allianz decision concerning Pimco

Since Bill Gross, co-chief investment officer at Pimco and manager of its USD345bn flagship fund, recently made a very bad call with his decision to sell US Treasury bonds, the timing of a decision by Allianz to make its unit nearly completely autonomous has elicited surprise from the asset management industry, the Financial Times observes. The question is whether there is a reason for Allianz to hold onto a firm which is in practice independent, and whether it may not do better to sell off a firm which remains primarily a bond manager, before interest rates start rising.
12/09/2011

Mirabaud recruits head of development from Skandia IM

Andrew Blair has resigned from his position as head of business development at Skandia Investment Management, to join Mirabaud Investment Management in London as joint sales & marketing director, FundWeb reports. Other recruitments are planned by the Swiss group to build its presence in the United Kingdom and continental Europe.
12/09/2011

Talanx AM awards EUR300m mandates to C-Quadrat

C-Quadrat Kapitalanlage Ag, a wholly-owned subsidiary of C-Quadrat Investment AG, has announced that it has been awarded management mandates totalling EUR300m by Talanx Asset Management GmbH (which has controlled 25.1% of C-Quadrat Investment since late 2010). The transfer will be finalised during fourth quarter. Menahwile, C-Quadrat and Talanx AM have agreed to found a joint venture to recruit new institutional clients. Each partner will own a 50% stake in the venture. The firm will be based in Frankfurt, and will begin its activities on 1 January 2012. C-Quadrat Kapitalanlage manages about EUR2.8bn in assets.
12/09/2011

Two former Tudor partners set up their own firm

Two partners at the hedge fund Tudor Investment Corp, Nigel Whittaker and John Macfarlane, have announced that they will be leaving the firm, and that they are planning to set up their own business, which will invest primarily in emerging markets, Bloomberg reports, citing a message to investors obtained by the agency.The new firm, Zafferano Capital LP, will be based in London, and will invest in equities and bonds from listed and unlisted businesses. The two departing managers will not burn their bridges with Tudor (USD11bn in assets), as their colleagues at the firm will participate in the investment activities of Zafferano, in which they will control a stake.Zafferano, whose asset commitments already total over USD100m, will begin its investment actiivities in early 2012, with two preferred targets, hedge funds and private equity.The new firm will be directed by John Macfarlane, vice chairman of Tudor since 2009, and two co-chief investment officers, Nigel Whittaker, who was a portfolio manager and head of emerging market corporate credit at Tudor, and Brent Do Jong, former CEO of Ashmore Energy International, who will join Zafferano Capital to focus on capital investment in particular.
12/09/2011

Amundi hires a manager from Aviva

Amundi is adding to its active global equity management team, with the recruitment of Jason Josefs as senior portfolio manager. He will co-manage the active global equity thematic fund from Amundi, under the direction of Paul-Georges Moucan, head of global equities in London. His appointment brings the active global equity team in London to a total of five investment professionals. Josefs joins from Aviva Investors, where he was head of research in 2007, and was appointed manager of global and diversified equities funds for Aviva in 2008.
12/09/2011

Investec takes control of Evolution

The South African group Investec has signed an agreement to acquire the British firm Evolution for a total of GBP233m. The operation will allow Investec to develop both in wealth management activities, with William de Broe, and in investment banking (Evolution Securities). Last month, William de Broe acquired BNP Paribas Private Investment Management (formerly Fortis PIM) from BNP Paribas Wealth Management. Assets under management at BNP Paribas PIM total about GBP1.8bn, which brings assets at William de Broe to about GBP7.8bn (see Newsmanagers of 9 August 2011).
12/09/2011

Mark Harris joins Eden Financial

The former head of funds of funds at Henderson Global Investors, Mark Harris, has joined Eden Financial as co-manager of the multi-asset class fund CF Eden Global Multi-Strategy Fund, the firm announced in a statement on 9 September. Harris, who will begin in his new role on Monday, 12 September, will also be in charge of development for the firm’s multi-asset class product range.
12/09/2011

UBS Fund Services prepares to return to British market

According to Asset Servicing Times, UBS Fund Services, which has withdrawn from the UK market, has recruited Gavin Byrnes as its new head for the United Kingdom at its Dublin affiliate, which will be transformed into a transnational multi-product platform.Byrnes, who will be head of alternative asset administration and vehicles domiciled in Dublin from UBS Global Asset Management, will collaborate with the heads of development at the bank, and the client assistance teams in Dublin, Luxembourg, Hong Kong, Switzerland, and the United States.Byrne joins from SEB Fund Services, where he was in charge of sales development in Luxembourg.
12/09/2011

BlackRock débauche le patron de HSBC Hong-Kong

Mark McCombe rejoint BlackRock pour remplacer Rohit Bhagat comme chairman Asie-Pacifique, rapporte The Wall Street Journal. L’intéressé, qui a été CEO de HSBC Global Asset Management à Londres, était en dernier lieu CEO de HSBC Holdings à Hong-Kong. Il sera remplacé à ce poste le 12 septembre par Anita Fung, qui est actuellement group general manager du pôle asiatique de HSBC.
12/09/2011

Northern Trust étoffe son offre en Asie

Le groupe Northern Trust a annoncé qu’il fournirait des prestations de gestion indicielle à sa clientèle institutionnelle à partir de son bureau de Hong Kong. Ce développement fait suite à l’agrément obtenu par Northern Trust auprès de l’autorité des marchés de Hong Kong (Hong Kong Securities and Futures Commission) pour développer ce type de services. Dans le cadre de cette évolution, Northern Trust a nommé Patrick Dwyer au poste de senior portfolio manager au sein de l'équipe dédiée à la gestion indicielle. En outre, Craig Annakin, qui a rejoint la société en tant que responsable du négoce asiatique, sera en charge de la mise en place du nouveau desk de négoce.
12/09/2011

Restructuration en vue pour Arca Sgr

Arca, l’une des plus vieilles sociétés de gestion bancaires en Italie, filiale de Banco Popolare et Ubi Banca, a approuvé, selon Il Sole 24 Ore, un plan de restructuration et de réorganisation de la société. Cela pourrait se traduire par la vente de la banque dépositaire et par des incitations au départ de salariés.
12/09/2011

Talanx AM confie des mandats de gestion à C-Quadrat

C-Quadrat Kapitalanlage AG, filiale à 100 % de C-Quadrat Investment AG, indique avoir obtenu de Talanx Asset Management GmbH (qui détient 25,1 % de C-Quadrat Investment depuis fin 2010) des mandats de gestion d’un total de 300 millions d’euros. Le transfert sera finalisé durant le quatrième trimestre.D’autre part, C-Quadrat et Talanx AM sont convenus de créer une filiale commune pour recruter de nouveaux clients institutionnels. Chacun des deux partenaires détiendra 50 % des parts. La société aura son siège à Francfort et devrait démarrer ses activités au 1er janvier 2012.C-Quadrat Kapitalanlage gère environ 2,8 milliards d’euros.
12/09/2011
Fonds

Hémorragie sur les fonds actions suédois

En août, en pleine tourmente boursière, les fonds actions commercialisés en Suède ont subi des rachats nets de 34,8 milliards de couronnes suédoises, selon l’association suédoise des fonds d’investissement Fondbolagens Förening. Cela porte la décollecte nette depuis le début de l’année sur cette catégorie de fonds à un total de 51,2 milliards de couronnes.A contrario, les fonds monétaires ont enregistré des souscriptions nettes de 22,5 milliards de couronnes et les fonds obligataires 6,1 milliards de couronnes. Au total, les fonds commercialisés en Suède accusent des rachats nets de 8,1 milliards de couronnes sur août. Dans ce contexte, les encours du secteur ont baissé à 1.797 milliards de couronnes, contre 1.919 milliards fin juillet, dont encore 972 milliards de couronnes en actions.
Fonds
12/09/2011
Fonds

Global Logistic Properties va coter ses actifs japonais

Selon L’Agefi, Global Logistic Properties (GLP), la filiale du fonds souverain de Singapour (GIC), prépare la cotation de ses actifs japonais, une opération qui lui permettrait de lever au moins 100 milliards de yens (950 millions d’euros). GLP a mandaté Citigroup, Goldman Sachs et Nomura comme souscripteurs principaux.
Fonds
12/09/2011
Fonds

Forte dispersion des fonds de performance absolue cet été

La société d’analyse allemande Absolut Research a étudié le comportement de 674 fonds de performance absolue (113 milliards d’euros d’encours) sur juillet-août, rapporte le Handelsblatt.Les résultats s'échelonnent entre un gain de 17 % et une perte de 35 %. Au total, 172 de ces produits ont généré un résultat positif durant cette période de crise et la perte n’excède les 10 % que pour 50 fonds. A titre de comparaison, le Dax a perdu 18,2 % et le MSCI monde, 7,4 %.Le champion a été le AC Spectrum Fund d’Aquila Capital tandis que les plus mauvais résultats ont été réalisés par les produits actions, qui ont perdu en moyenne 5,9 % durant les deux mois sous revue.
Fonds
12/09/2011

La Deutsche Bank cible la clientèle "moyennement" aisée

Dans un entretien à Wirtschaftwoche, Pierre de Weck, qui dirige la division gestion de fortune du groupe, indique que la Deutsche Bank a gagné ces derniers temps d’importantes parts du marché allemand des très grandes fortunes.A présent, la Deutsche Bank a l’intention de concentrer ses efforts sur les investisseurs dont la fortune se situe entre 1 million et 10 millions d’euros.Pour cela, la banque va recruter des conseillers et elle envisage d’ouvrir de nouvelles agences dédiées. Cela vaut également pour la filiale Sal. Oppenheim.
12/09/2011

Le patron d'Inversis ne redoute pas l'impact d'éventuelles défections de ses actionnaires

Fernando Herrero, administrateur délégué d’Inversis Banco, a indiqué selon Expansión qu’il ne craint pas les conséquences d’une éventuelle sortie du tour de table de CAM (15,1 %), de Bankia (38,5 %) ou de Cajamar (moins de 5 %), «puisqu’il y a beaucoup de candidats pour prendre une participation dans l'établissement».Inversis Banco a enregistré un bénéfice record de 6,9 millions d’euros en 2010, soit le double de 2008. La banque/plate-forme de fonds compte 55.000 clients avec un volume d’investissement de 45 milliards d’euros, dont 4,2 milliards provenant de particuliers et le reste d’investisseurs institutionnels au travers d’Inversis Bank Institutional que dirige Salvador Martín.Les particuliers ont déjà apporté 200 millions d’euros de rentrées cette année, montant qui s’ajoute aux 350 millions enregistrés pour l’ensemble de 2010.
12/09/2011
Fonds

UBS Gestión lance un hedge fund nourricier du Arcano European Income

La CNMV a enregistré le 6 septembre un nouveau hedge fund («fonds d’investissement libre») de droit espagnol, Arcano European Income Fund FIL, lancé par UBS Gestión et qui investira dans les deux compartiments du fonds d’investissement specialisé luxembourgeois (FIS ou SIF en anglais) Arcano Fund -European Income Fund I et II à raison de respectivement 50-75 %) et 25-50 %.Le reliquat éventuel sera affecté à la gestion des liquidités en investissant dans des titres obligataires de moins d’un an. Le fonds comporte quatre classes de parts assorties de commissions de gestion de 0,5 % (classes A et D1) et de 1 % (classes A2 et D2). La commission de performance sera de 10 % sur la performance excédant d’au moins 100 points de base l’euribor 6 mois.
Fonds
12/09/2011

Divergence in performance of absolute return funds this summer

The German analysis firm Absolut Research has studied the performance of 674 absolute return funds (EUR113bn in assets) in July-August, Handelsblatt reports.The results range from gains of 17% to losses of 35% overall, 172 of these products generated positive returns on the crisis period, and losses were higher than 10% for only 50 funds. By comparison, the Dax lost 18.2%, and the MSCI World index lost 7.4%.The winner was the AC Spectrum Fund from Aquila Capital, while the worst results were for equity products, which lost an average of 5.9% in the two months under review.
12/09/2011

Lyxor Bear FTSE/MIB monopolises the Italian market

In the week from 22 to 26 August, which was one of the most disastrous weeks ever on the Milan stock exchange, the short ETF Lyxor ETF Bear FTSE/MIB, from Société Générale, accounted for 22.4% of trades on the ETF market, according to Il Sole 24 Ore, citing statistics from Borsa Spa. The fund represented 10,582 transactions, out of a total of 47,182 on the market. In the month of August overall, trades on the Bear ETF amounted to EUR1.3bn in value.

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