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22/09/2011

Marc Romano leaves Schroders NewFinance Capital

Marc Romano has left Schroders NewFinance Capital (SNFC), Schroders’ funds of hedge funds unit, for personal reasons. He had been chief executive officer since January 2010. Schroders has confirmed the appointment of Miles O’Connor as CEO of Schroders NewFinance Capital (SNFC). He has joined the board at SNFC and will retain his existing role as head of UK Institutional. Five years after Schroders’ acquisition of SNFC, Marc Hotimsky has also decided to step back from day-to-day management and will be retiring as executive chairman and chief investment officer during the autumn. However, he will become non-executive chairman and continue as a member of the investment committee so our clients will continue to benefit from his wealth of experience. David Mooney, currently co-head of investment, has been appointed chief investment officer for all of SNFC’s investment strategies and Benjamin Moute, has become sole head of investment. Both will join the board of SNFC reporting to Miles O’Connor. In addition Nico Marais, head of multi asset investment and portfolio solutions, will join the board.
22/09/2011

AllianceBerstein recruits a former Schroders manager

AllianceBernstein on Wednesday announced the appointment of Jeremy Cunningham as senior portfolio manager for its fixed income team in Europe.Jeremy Cunningham has 25 years experience in fixed income investment, both as an asset manager and on the client facing side. He joins from Schroders where he was head of global fixed income product management. Prior to that he worked as an asset manager at Invesco before moving to Flemings/JP Morgan and Merrill Lynch.In his new role he will be expanding AllianceBernstein’s growing fixed income business, with a focus on Europe, the Middle East and Africa. He will be based in London.
22/09/2011

Eaton Partners scales up European distribution

Eaton Partners, a global placement agent, added several professionals to its teams during summer, particularly for European distribution. The firm has recruited Charles Vernudachi, who had previously been at Key Asset Management (SEB group), where he had among other things been responsible for the French market. He will focus on European hedge fund/liquid products distribution. He will be based in London, as will Silvia Calvo-Alcala, who has also been hired for European distribution. At present, Eaton Partners does not actively cover the French market, due to the fact that most of the funds that the firm represents are offshore, and not eligible for sale in France. But that may change as UCITS versions of products are launched. Meanwhile, Eaton Partners has also added to its teams in Rowayton in the United States, with two recruitments, and in Shanghai, with one person. Eaton Partners, founded in 1983, has raised over USD33bn of institutional capital across 70 funds.
22/09/2011

Two star ETF managers leave Veritas to create Advanced Dynamic AM

Marc Sattler and Thorsten Winkler, star managers of ETF funds at Veritas, will in early October found the asset management firm Advanced Dynamic Asset Management, in Obersuel (near Frankfurt), with Klaudius Sobczyk, head of diversified and equities funds at Veritas, Handelsblatt reports, relaying information from Reuters.The start-up firm will be specialised in portfolio management based on ETFs, and will initially operate as an external advisor to two funds of funds, the first of which, launched by Axxion, is pending a sales license in Luxembourg and may be released in Germany and Austria in November.
22/09/2011

Inflows continue for hedge funds

Despite losses of 2.13% in August, hedge funds have posted net inflows of USD1.5bn in August, the eighth consecutive month of positive inflows, Eurekahedge reports. Since the beginning of the year, net inflows have totalled USD120.8bn. As of the end of August, assets remained above USD1.8trn, the highest level since September 2008, despite a decline in assets related to performance effects. Eurekahedge notes that North American hedge funds have seen their 19th month of net subscriptions, with USD148.4bn. In the first seven months of the year, more than 580 hedge funds were launched, Eurekahedge notes.
22/09/2011

Pimco launches a fund to counter rising inflation

Pimco has launched the Pimco Inflation Response Multi-Asset, which will be managed by Mihir Worah. The product is aimed at investors seeking to protect themselves against an increase in inflation worldwide. The portfolio will contain various asset classes (commodities, inflation-linked bonds, emerging market currencies, etc), some of which may even gain value along with inflation, a statement says.
22/09/2011

Assets under management in Swiss investment funds down 2% in the month of August

In August 2011, assets under management in Swiss investment funds totalled CHF608.3bn, down only 2% month on month. About CHF217bn, or 36% of the total, are in Swiss funds aimed at institutional investors, according to statistics from the Swiss Fund Association (SFA) and Lipper, published on 21 September. In July, the decline was 5%. Affected by the ongoing crisis on money markets, the strength of the Swiss franc and negative developments on the stock markets, assets under administration declined by CHF11.2bn, or 2%, less than in the past few months, the SFA reports. Net outflows of CHF3.4bn were largely related to redemptions from bond funds. Assets under management in equities funds have increased from CHF199.68bn in July to CHF188.7bn. This evolution is largely due to market effects, while net outflows totalled CHF420m. Bond funds have seen a net outflows of CHF2.9bn, but have earned a positive return of CHF1.1bn. Assets under management in bond funds have fallen to CHF199.31bn. In the month under review, the largest promoters of funds on the Swiss market were UBS, with a market share of 22.8% (CHF138.73bn), Credit Suisse (14.8%), Pictet (7.2%), and Swisscanto (6.7%).
22/09/2011

Arrowgrass plans to close equity fund

Arrowgrass Capital Partners, a GBP2.6bn hedge fund firm created by a team of traders from Deutsche Bank in 2008, is planning to close down its equity fund Arrowgrass Equity Focus, after redemption demands from investors triggered a drop in asset levels, the Financial Times reports. The size of the fund has gone from USd400m in January to about USD30m currently. The fund lost 8.65% in August, and has lost 14.5% since the beginning of the year.
22/09/2011

Pimco launches a fund to counter rising inflation

Pimco has launched the Pimco Inflation Response Multi-Asset, which will be managed by Mihir Worah. The product is aimed at investors seeking to protect themselves against an increase in inflation worldwide. The portfolio will contain various asset classes (commodities, inflation-linked bonds, emerging market currencies, etc), some of which may even gain value along with inflation, a statement says.
22/09/2011

More than four hedge funds out of five post losses in August

As of 21 September the 2,200 hedge funds which disclose their results to BarclayHedge posted an average loss of 3.51% in August, and 2.59% for the first eight months of the year. Only one strategy in 18 finished the month in positive territory: equity short bias, with returns of 7.25%. But that category contains only eight funds. The heaviest losses (5.32%) were for the 296 equity long bias funds. In total, more than 83% of funds showed losses last month.Since the beginning of the year, five strategies have posted gains, with the highest returns once again going to equity short bias, and the heaviest losses to the European Equities Index.
22/09/2011

UBS scandal: FSA extends its investigation to other institutions

An investigation into fraud at UBS in London is continuing, and the FSA is currently examining several cases of “unauthorised transactions” by banks operating in London, the Wall Street Journal reports. The regulator is putting together dossiers on individual suspects, but is also planning to bring cases against institutions which failed to prevent the transactions.
22/09/2011

BBVA AM focuses sales efforts on Luxembourg

Since June, according to Funds People, BBVA Asset Management has begun the process of liquidating the Irish-registered funds it inherited from Próxima alfa (EUR107m as of the end of 2010), in order to concentrate on its Luxembourg platform, which had EUR835m in assets as of the end of August.The choice of Luxembourg comes as products registered in Luxembourg are easily sold in Europe, the United States, Latin America and Asia, where BBVA AM has sales teams.In order to develop its institutional management in Europe, the Spanish asset management firm has recruited Gema Martín Espinosa (EX Inversis Banco, see Newsmanagers of 6 December 2010). The Luxembourg BBVA Global Funds Sicav is already registered in Italy and Spain. It has two European bond sub-funds, and will be complemented by a range of funds investing in Latin America.
22/09/2011

Le marché des changes exclu de la taxe sur les transactions financières

Selon un projet de la Commission européenne, le marché des changes «spot» doit être exclu du champ d’une taxe européenne sur les transactions financières, dont l’entrée en vigueur est prévue le 1er janvier 2014. Selon ce document, cité par Reuters, les transactions réalisées à l’extérieur de l’Europe seraient également taxées à partir du moment où elles impliquent un établissement du Vieux continent.
22/09/2011

L’économie chinoise reprend un rythme modéré

L’économie chinoise pourrait connaître un niveau d’inflation compris entre 3% et 5% sur le long terme, indique le site qui cite des propos de Li Daokui, un responsable de la Banque centrale du pays. Parallèlement, la croissance devrait connaître un ralentissement «sensible» entre 2011 et 2015, comparée à celle enregistrée dans les dix dernières années, estime Li Daokui.
22/09/2011

Les banques cernées par les risques

Le Fonds monétaire international estime que le risque de crédit souverain des banques de l’Union européenne a grimpé de 300 milliards d’euros depuis 2010.
21/09/2011

La Banque d'Angleterre prête à rouvrir les vannes

Par neuf voix à zéro, les membres du comité de politique monétaire de la Banque d’Angeleterre ont voté pour un statu quo début septembre, selon les minutes publiées mercredi. Seul Adam Posen plaide pour un nouveau tour d’assouplissement quantitatif (QE). Mais «pour certains membres, la poursuite des conditions du mois dernier (ndlr: août) suffirait sans doute à justifier une expansion du programme d’achat d’actifs lors d’une prochaine réunion», indique la BoE, qui laisse ainsi attendre de nouvelles injections de liquidités.
21/09/2011

Le rendement des Bunds 10 ans au plus bas record

L’Allemagne a vendu pour 4,188 milliards d’euros d’obligations à dix ans, au cours d’une adjudication qui a vu le coût d’emprunt tomber à un plus bas historique pour cette catégorie de dette. Le ratio de couverture a été de 1,5 contre 1,4 lors d’une opération similaire en août. Le rendement moyen du papier à dix ans est ressorti à 1,8%, contre 2,15% lors de l’adjudication précédente.
21/09/2011

AEW Europe vend un portefeuille logistique de 177 millions d'euros

La société d’investissement a cédé, pour le compte de son fonds Curzon Capital Partners II, un portefeuille logistique à GLL Real Estate Partners pour 177 millions d’euros. Il est composé de 8 plates-formes développés entre 2005 et 2010, représentant une surface totale de 280.000 m². Il s’agit de l’investissement le plus important en immobilier logistique en France depuis le début de l’année.
21/09/2011

L'Allemagne va signer un accord fiscal avec la Suisse

Le gouvernement allemand a approuvé l’accord fiscal conclu avec le Suisse, indique Reuters. Selon les termes convenus, les personnes domiciliées en Allemagne auront la possibilité de régulariser leurs situation soit en déclarant leurs comptes, soit en optant pour un impôt supplémentaire unique dont le taux est compris entre 19 et 34% du capital. Par la suite, les plus-values et les rendements seront frappés d’un impôt libératoire, dont le taux a été fixé à 26,375%, soit un niveau comparable à ce qui est appliqué en Allemagne.
21/09/2011

SGSS mandaté par Deutsche Bank en Egypte

Société Générale Securities Services (SGSS) a annoncé le 20 septembre avoir été mandaté par Deutsche Bank AG en tant sous-conservateur pour ses actifs et ceux de ses clients en Égypte, après un processus de due diligence approfondi. La migration des actifs vers SGSS s’est achevée, avec succès, le 11 septembre 2011. La plate-forme de conservation de SGSS en Égypte fournira ainsi à Deutsche Bank une gamme de services centrés sur la conservation et le règlement-livraison. Cette plate-forme bénéficie de l’expérience du groupe Société Générale dans ce pays via sa filiale NSGB où, depuis plus de 30 ans, elle fournit des services de conservation à ses clients domestiques. «Ce nouveau mandat confié par un client international en Égypte est une reconnaissance de l’expertise de SGSS dans la région et illustre son engagement continu en Afrique du Nord. SGSS est d’ores et déjà l’un des principaux sous-conservateurs pour les clients internationaux au Maroc», souligne SGSS dans un communiqué.
21/09/2011
Fonds

Le fonds souverain de Singapour épingle UBS

Actionnaire à hauteur de 6,4% du capital, GIC, le fonds souverain de Singapour a exprimé sa déception après la découverte d’une fraude poussant UBS à prendre des mesures fortes pour restaurer la confiance, rapporte L’Agefi. Cela étant, GIC considère fondamentalement UBS comme une banque bien capitalisée.
Fonds

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