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29/08/2011
Fonds

Touchstone lance un fonds d'arbitrage de fusions

Longfellow Investment Management, spécialiste de la gestion du risque, a été choisi par Touchstone Investments comme sous-conseiller du nouveau Touchstone Merger Abritrage Fund. L’objectif de ce nouveau produit long/short consiste à générer une performance absolue sur le long terme. Le fonds géré par Barbara J. McKenna, David W. Seeley Alexander R. Graham et Andrew A. Shafter investit principalement dans des valeurs mobilières de sociétés impliquées dans des opérations de fusion déjà annoncées ou dans d’autres formes de réorganisation.
Fonds
29/08/2011
Fonds

Un ancien de BofA Merrill Lynch va lancer un hedge fund

L’ancien patron des matières premières asiatiques à Bank of America Merrill Lynch, Diego Parilla, vient de lancer son propre hedge fund dédié aux matières premières, rapporte Hedge Week.Le fonds basé à Singapour, Nareco Commodity Low Vol Alpha, ne devrait pas investir dans les marchés actions ou physiques mais plutôt dans les dérivés sur matières premières, a indiqué Diego Parilla qui espère lever quelque 500 millions de dollars au cours des trois prochaines années.
Fonds
29/08/2011

BlackRock devient le deuxième plus gros actionnaire de Siemens

Après les membres de la famille von Siemens et leurs fondations, qui détiennent au total 6 % du capital, BlackRock est désormais le deuxième plus gros actionnaire du groupe allemand Siemens.Le gestionnaire américain a en effet notifié le 25 août avoir franchi le 17 août le seuil de 5 % du capital et détenir une participation 5,01 %, ce qui représente plus de 45,77 millions de titres. Au cours de clôture de vendredi (69,95 euros par action), l’investissement du groupe BlackRock dans Siemens pèse un peu plus de 3,2 milliards d’euros.BlackRock avait déclaré en novembre 2010 détenir 3,9 % de Siemens après l’acquisition de Barclays Global Investors (BGI).
29/08/2011

Stefano Ferraro rejoint Merrill Lynch WM

Stefano Ferraro a été nommé market manager pour l’Italie de Merrill Lynch Wealth Management. Il sera responsable de la croissance des activités commerciales de la société en Italie. Stefano Ferraro vient de Crédit Agricole Corporate and Investment Bank, où il était responsable des relations avec les clients institutionnels.
29/08/2011

Le bénéfice des filiales de gestion des banques a baissé de 6 % au premier semestre

La concurrence des dépôts bancaires et la crise des marchés plombent les résultats du pôle gestion d’actifs des banques espagnoles, qui ont en moyenne diminué de 6 % au premier semestre 2011, note Expansión. Mais les groupes qui sont présents à l’international parviennent à limiter les dégâts.Ainsi, le bénéfice de Santander Asset Management a baissé de 5,75 % par rapport à janvier-juin 2010, à 37,7 millions d’euros, mais le résultat d’ensemble a été enjolivé par l’activité en Amérique latine et au Royaume-Uni (l’encours au Brésil a par exemple progressé de 15 % en un an, à 45 milliards d’euros).Le bénéfice de BBVA Wholesale Banking & Asset Management a accusé un recul de 6,10 % de son bénéfice à 661 millions d’euros, mais les actifs gérés en Amérique latine ont augmenté de 17 % et même gonflé de 22,5 % au Mexique.Pour BanSabadell Inversión, le bénéfice a baissé de 6,07 % à 6,34 millions d’euros, ce qui a été compensé par un bond en avant de 31,42 % à 9,66 millions pour la filiale Banco Urquijo achetée à KBL en 2006.La Caixa et le Banco Popular ont enregistré une nette augmentation des recettes de commissions de leur division de gestion d’actifs tandis que Bankinter accusait une baisse de 5 % de ces revenus.
29/08/2011
Fonds

Le Fonds pétrolier change de superviseur

Pål Haugerud, directeur général au ministère des Finances norvégien, prend en charge la tutelle et l’orientation stratégique du Government Pension Fund - Global (l’ex Fonds pétrolier, 600 milliards de dollars) qui est géré par une filiale de la Banque de Norvège, Norges Bank Investment Management (NBIM).L’intéressé succède à Martin Skancke, qui a démissionné de son poste de directeur général de la division gestion d’actifs pour créer un cabinet spécialisé dans le conseil aux fonds souverains. Selon le quotidien Dagens Næringsliv, Martin Skancke a l’intention de se focaliser sur la création et l’organisation de fonds souverains ainsi que sur les relations entre les détenteurs de capitaux et les gestionnaires.Parallèlement, Martin Skancke a aussi accepté un poste à temps partiel de conseiller spécial dans la société de gestion Storebrand Kapitalforvaltning.
Fonds
29/08/2011

SWIP recruits for fixed income team

Scottish Widows Investment Partnership (SWIP) is continuing to recruit for its fixed income team. The management firm has hired Sarah Wall as an analyst specialised in senior asset-backed securities (ABS). Wall, formerly of M&G Investments, will be based in London.
29/08/2011

L&G recruits a head from AllianceBernstein

Legal & General Investment Management has recruited Martin Reeves, previously of AllianceBernstein, as head of high yield and manager of the GBP1.9bn high income fund, MoneyMarketing reports. From next month, he will replace David North, who has been on a long-term leave of absence for health reasons since the beginning of this year.
29/08/2011

Patrick de Fraguier takes over as CRO at Amundi London

From 1 October, Patrick de Fraguier, who had been appointed as head of strategy at Crédit Agricole Asset Management (CAAM) three years previously, will become chief risk officer (CRO) at Amundi London (EUR14.2bn in assets as of the end of March). As head of a five-member team, de Fraguier will replace Philippe Garreau, who decided to return to France, to accept a management position elsewhere in the risk profession. De Fraguier will report to Hervé Leclerq, CEO and COO of Amundi London. He will be in charge of risk controlling, valuation, monitoring of compliance with regulatory ratio requirements, validation of new funds, relations with the regulator, and compliance.
29/08/2011

AllianceBernstein releases an offshore fund denominated in Chinese yuan and an emerging markets multi-asset class fund

On 23 May and 1 June, AllianceBernstein launched two Luxembourg-registered funds which have since obtained sales licenses in France, entitled RMB Income Plus Portfolio and Emerging Markets Multi-Asset Portfolio (EMMA), which charge fees of 1.10% (for the A2 share class, LU0633139125) and 1.60 % (A share class, LU0633140644) respectively.The RMB Income Plus Portfolio invests in offshore bonds denominated in Chinese yuan as well as Asian bonds which will in principle be hedged for currency risks against the yuan.The EMMA fund will invest in equities, bonds, and currencies from emerging countries, with the objective of generating returns similar to those of equities, with considerably lower volatility.
29/08/2011

BofA Merrill Lynch veteran to launch a hedge fund

The former head of Asian commodities at Bank of America Merrill Lynch, Diego Parilla, has launched his own hedge fund, dedicated to commodities, Hedge Week reports. The Singapore-based fund, Nareco Commodity Low Vol Alpha, will not invest in equities or physical markets, but will focus on commodities derivatives, Parilla says; he hopes to raise about USD500m in the next three years.
29/08/2011

Edmond de Rothschild IM harmonises fund names

Edmond de Rothschild Investment Managers is making the names of its main flagship funds uniformly bear the name of the Edmond de Rotschild group to which it belongs. The name “Edmond de Rothschild” (abbreviated as EdR) will now be included in the name of every fund. The main objectives of the change are to strengthen the brand identity of the Edmond de Rothschild group, and to provide clients with better visibility of the Edmond de Rothschild Invesment Managers range. The changes will take effect from 31 August, and will have no impact on the funds in terms of their technical or management characteristics.
29/08/2011

Touchstone launches a merger arb fund

Longfellow Investment Management, a specialist in risk management, has been selected by Touchstone Investments as sub-advisor for the new Touchstone Merger Arbitrage Fund. The objective for the new long/short product is to generate absolute returns over the long term. The fund, managed by Barbara J. McKenna, David W. Seeley, Alexander R. Graham and Andrew A. Shafter, invests primarily in securities from firms involved in merger and arbitrage operations which have already been announced, or in other forms of reorganisations.
29/08/2011

Stefano Ferraro joins Merrill Lynch WM

Stefano Ferraro has been appointed as market manager for Italy at Merrill Lynch Wealth Management. He will be in charge of growth for the firm’s sales activities in Italy. Ferraro joins from Crédit Agricole Corporate and Investment Bank, where he was head of relations with institutional clients.
29/08/2011

Lower net inflows in first half at Zurich Cantobank

The Banque Cantonale de Zurich on 26 August announced an operating profit of CHF1bn for first half 2011, down by only 2.3% compared with first half 2010. The group’s profits held stable at USD357m. Net inflows at the Swiss bank totalled CHF2.4bn, but a negative market effect wiped out assets under management of CHF1.7bn. This level of inflows also marks a significant slowdown compared with first half 2010, when net inflows totalled CHF5.4bn. Assets under management increased by a total of CHF700m in first half, to CHF165.8bn, of which CHF79.6bn came from institutionals.
29/08/2011

Record assets as of the end of June for hedge funds specialised in emerging markets

As of the end of June, assets under management by hedge funds focused on emerging markets set a new record at USD123bn, according to Hedge Fund Research (HFR). Second quarter 2011 was the fourth consecutive quarter of net subscriptions and gains in AUM for funds of this category.In April-June, assets increased by USD1.4bn, due to a performance effect of USD1.1bn, and net subscriptions of over USD300m.
29/08/2011

USD50,000 bail for a former Marvell employee

At the first hearing in his trial on Friday in New York, bail was set at USD50,000 for Stanley Ng, the Wall Street Journal reports. Ng, a former employee of Marvell Technology Group, is accused of providing confidential financial information about his employer to Winifred Jiau, a consultant for the Primary Global Research expert-network, who then passed on the information to hedge fund managers.
29/08/2011

An increasing number of pension funds invest in alternative management

In 2011, nearly eight pension fund heads out of 10 (78% to be exact) have an allocation to alternative management of some of their assets, according to an annual survey by SEI of 106 heads of pension funds, which manage total assets of USD25m to over USD1bn. The percentage, whose rise was slowed somewhat by the crisis of 2007-2008, has increased steadily, from 51% in 2008 to 53% in 2009, and 65% in 2010. These statistics need some nuancing, as allocations of over 10% of the total portfolio to alternative management fell last year. In 2010, 77% of pension funds with assets of over USD300m dedicated at least 10% of their portfolio to alternative management, compared with only 42% this year for funds of similar sizes.
29/08/2011

Sparx credit team launches a hedge fund firm

The credit team at the management firm Sparx in Hong Kong have decided to leave the firm in order to found their own investment vehicle, entitled Double Haven, Asian Investor reports. The credit team working with Darryl Flint are planning to launch two products, a long/short high yield credit fund and an investment grade fund, as well as another fund dedicated to private debts. In the wake of the crisis of 2007-2008, Sparx (previously known as PMA Advisors) has seen a decline in its assets under management from USD20bn to USD6bn.
29/08/2011

Profits at asset management affiliates of banks down 6% in first half

Competition from bank savings accounts and the market crisis have driven down results for the asset management units of Spanish banks, which fell by an average of 6% in first half 2011, Expansión notes. But the groups which have an international presence have managed to limit the damage.Profits at Santander Asset Management fell by 5.75% compared with January-June 2010, to EUR37.7m, but results for the group as a whole were driven by activities in Latin America and the United Kingdom (assets in Brazil, for example, increased by 15% in one year, to EUR45bn).Profits at BBVA Wholesale Banking & Asset Manmagement were down 6.10% to EUR661m, but assets under management in Latin America increased 17%, and were up 22.5% in Mexico.For BanSabadell Inversión, profits were down 6.07% to EUR6.34m, which was offset by a increase of 31.42% to EUR9.66m for the affiliate Banco Urquijo, which the firm acquired from KBL in 2006.La Caixa and Banco Popular posted a net increase in commission revenues from their asset management divisions, while Bankinter saw a decline of 5% in these revenues.
29/08/2011

iShares plans to create its own indices

On Thursday evening, the Wall Street Journal reports, iShares (BlackRock group) filed an application to the SEC for a license for ETFs which would replicate BlackRock indices. That would allow the firm to blur the line between actively and passively managed funds in the case of some funds, and to design ETFs similar to those from Wisdom Tree, which correspond more closely to new investment concepts than to specific market segments.For example, iShares might launch a range of ETFs investing both in equities and bonds, in order to generate predefined performance levels, for example of 3%, rather than investing in a portfolio of high dividend equities or bonds with a given maturity duration.Another possibility would be to launch bond ETFs which would be modified in order to avoid giving the impression in difficult periods of straying too far from their benchmarks.
29/08/2011

Sébastien Boulet leaves HDF Finance

Sébastien Boulet has left the multi-management boutique HDF Finance, where he had been an analyst and portfolio manager since 2007. He will join Amundi to work at the inspectorate general, Newsmanagers has heard.The move marks a further departure from HDF Finance (renamed “High Definition for Finance”), following those earlier this year of Eric Debonnet, head of research and risk management, Thierry De Rycke, co-CIO for fixed income and currencies, and David Gilleron, co-CIO for equities, who all joined Theam, the new structure from BNP Paribas Investment Partners (see Newsmanagers of 23 August 2011).There, they joined Gilles Guérin who had also left the boutique following stints as CEO and vice-chairman of the board. Erwan Ducocq, COO, and Christophe Shouard, CEO, have also left the firm this year.
29/08/2011

BlackRock becomes the second-largest shareholder in Siemens

After the von Siemens family and foundations controlled by it, which own a total of 6% in the capital of Siemens, BlackRock has become the second-largest shareholder in the German group.The US shareholder on 25 August released a notification that onn 17 August it passed the 5% threshold in capital, and now controls a stake of 5.01%, which represents 45.77 million shares. At the closing share price on Friday (EUR69.95 per share), the BlackRock group’s investment in Siemens is worth slightly over EUR3.2bn.BlackRock announced in November 2010 that it controls 3.9% of Siemens, following its acquisition of Barclays Global Investors (BGI).
29/08/2011

ESMA releases a guide to European money market funds

The European Securities and Markets Authority (ESMA) on 26 August released a guide in the form of frequently-asked questions and answers on the subject of European money market funds.The document aims to promote common practices and approaches in the application of recommendations by the CESR for money market funds (“Common Definition of European Money Market Funds.”)The text is aimed at the various supervisory authorities in Europe, in order to foster convergence in their actions, but is also useful for management firms, to provide them with clear answers about the content of the CESR recommendations and to avoid additional contractual obligations.
29/08/2011

UCITS-compliant hedge funds lost less than their offshore counterparts

According to the Börsen-Zeitung, the 602 UCITS-compliant hedge funds in the database of Hamburg-based Absolut Research in the period from 1 July to 12 August 2011 underwent average losses of 2.4%, while the offshore investable funds of the HFRX Global Hedge Fund Index had average losses of 3.3%. In the same period, the MSCI World index lost 12.3%, and the Dax index lost over 19%.
29/08/2011

Petroleum Fund changes supervisor

Pål Haugerud, a managing director in the Norwegian finance ministry, will take charge of oversight and strategic orientation for the Government Pension Fund – Global (formerly known as the Petroleum Fund, USD600bn in assets), which is managed by an affiliate of the Bank of Norway, Norges Bank Investment Management (NBIM).Haugerud succeeds Martin Skancke, who has resigned from his position as CEO of the asset management division in order to create a firm specialised in advising sovereign funds. According to the newspaper Dagens Næringsliv, Skancke is planning to focus on the creation and organisation of sovereign wealth funds and relations between asset holders and asset managers.Skancke has also accepted a part-time position as special advisor ot the asset management firm Storebrand Kapitalforvaltning.
29/08/2011

Record financial savings for German households as of end-March

According to statistics released on Friday by the Bundesbank, the financial savings of German households reached a new record of EUR4.824trn as of the end of March, EUR40bn or 0.8% more than at the end of December 2010, and EUR203bn, or 4.4% more than one year previously.However, the central bank states that in first quarter, investment funds underwent net outflows of nearly EUR3.5bn, for a total of EUR585.1bn, down from EUR587.4bn three months previuosly, following net redemptions of EUR1bn in October-December. Redemptions came largely from bond funds.

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