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06/06/2011

New head of Axa REIM Germany joins from Deutsche Bank

Matthias Leube, who for seven years was managing director in charge of real estate portfolios for the Europe, Middle East and Africa (EMEA) region at Deutsche Bank, is joining Axa Real Estate Investment Managers (Axa REIM) as regional head of property services group and local head of Axa REIM Germany. He will be based in Cologne, and will report to Anne Kavanagh, global head of property services group.
06/06/2011

Aberdeen multi-management team increases exposure to money markets

The multi-management team at Aberdeen has doubled the allocation to money markets for its fund range, Money Marketing reports. Weightings have risen from a range of 2% to 3% to a range of 5% to 7% for its twelve onshore funds, as Aberdeen seeks to take into account a number of areas of concern that may be exploited by the markets, such as the rising price of oil, the end of the United States quantitative easing program, debt problems in the Euro zone, and inflationary dangers in emerging markets, particularly China.
06/06/2011

Berry AM launches five benchmark portfolios with Novia

Money Marketing reports that Berry Asset Management, which aims primarily at ultra-high net worth private clients, has teamed up with Novia to launch five benchmark portfolios, which will be managed according to their risk profile. The range on offer, which lines up with Novia’s risk profiling tools, includes defensive, prudent, balanced, growth and aggressive profiles. The portfolios, which will be rebalanced on a quarterly basis, charge 0.30% per year. Minimal investment is set at GBP1,000.
06/06/2011

Hedge funds dipped in the red in May

The HFRX Index from Hedge Fund Research shows for May an average loss of 1.39% for the 250 hedge funds it covers, vs a 0.47% gain for April. Thus, the HFRX is down 0.53% ytd.
06/06/2011

First Poland ETF released on Deutsche Börse

Deutsche Börse has announced that it has admitted the first fund replicating the MSCI Poland index on the XTF segment of its Xetra electronic trading platform. The fund is a German-registered product from BlackRock, entitled iShares MSCI Poland (DE000A1H8EL8), with fees of 0.74%. The MSCI Poland index now includes 22 companies. There are now a total of 807 ETFs listed on the XTF segment in Frankfurt.
06/06/2011

Aberdeen sells a portfolio from DEGI International fund under good conditions

The Hamburg-based management firm Aberdeen Immobilien KAG has announced that it has succeeded in selling a portfolio of four properties (one in London, two in Brussels, and one in Prague) from the open-ended real estate DEGI International to a German institutional investor, at its market value of EUR204m. The sale raises the liquidity of the fund by about 800 basis points, nearly doubling it.The fund had recently sold a property in London, slightly below its book value (see Newsmanagers of 31 May). Redemptions from the DEGI International fund have been frozen since November 2010.
06/06/2011

ACMBernstein launches RMB-based bond fund

With the RMB Income Plus Portfolio, ACMBernstein plans to release an UCITS III compliant, Luxembourg registered bond fund which should allow investors to take advantage of China’s economic growth and of the higher return on fixed income from other Asian countries (ex-Japan). Hayden Briscoe, the fund manager, told that sales licenses have been applied for in Germany, Austria and Switzerland.The fund will be invested in RMB-denominated bonds issued outside China as well as in other Asian bond (ex-Japan). The press release mentions that the RMB exposure willbe almost completely hedged.
06/06/2011

Luxembourg and France lead for fund launches in first quarter

First quarter 2011 witnessed the launch of 500 mutual funds registered for sale in Europe, compared to 716 newly launched funds during fourth quarter 2010, and 762 funds during first quarter 2010, according to statistics from Lipper. Of this total of 500, there are 154 equities funds, 101 bond funds, 103 balanced funds, and 20 money market funds.Luxembourg was the most active marketplace - with the launch of 140 funds, followed by France (83) and Spain (73). The universe of mutual funds registered for sale in Europe included 31,493 primary funds as of the end of March 2011. Luxembourg hosted the largest number of mutual funds– approximately 8,100, followed by France, where 4,795 mutual funds were domiciled. In fund liquidations and mergers, activity has remained stable in first quarter, with 425 funds liquidated between January and March 2011, compared with 420 liquidations in first quarter 2010, and 230 fund mergers, compared with 172 one year earlier.The year 2010–with 2,872 new funds–was marked by the lowest number of funds launched during the five-year period from 2006-2010. The most prolific years were 2007–with 4,327 new funds– and 2008–with 3,702 new funds.
06/06/2011

Paulson loses 6% in May

Paulson & Co, the world’s third-largest hedge fund, saw the value of its flagship fund drop close to 6 per cent in May, according to the Financial Times. It means that in the year to date, the USD9bn Paulson & Co Advantage Plus fund lost 7.6 per cent. This is due to the fact that John Paulson, Paulson & Co’s founder, has maintained his bullish view on the US economy and equity markets. He has also suffered from his bet on gold.
06/06/2011

Oyster Funds announces new hire in Paris

Aude Dhuivonroux has joined Oyster (France) SAS (Syz group), as co-head of commercial development, and will work in close collaboration with Denis Chasteuneuf (ex BlackRock), who joined the firm on April 1st.Dhuivonroux has 14 years of experience in fund distribution, serving French clients (multi-management, private banking, insurers). She spent 13 years at SGAM (Société Générale Asset Management), before its merger, and more recently, at ING.Claudia Eftimie on 1 June joined the Paris office of the firm as chief product speicalist (see Newsmanagers of 30 May).
06/06/2011

Philippe Sabbah quits Threadneedle France

According to Newsmanagers, Philippe Sabbah, who has been head of the Paris office of Threadneedle for four years, is leaving the UK asset management firm. As there will be no replacement for him in the short term, Eléonard Buono, head of sales for France, will take on his responsibilities.Sabbah will soon begin in a similar position to the one he held at Threadneedle, at another foreign asset management firm in France...
06/06/2011

S&P launches a range of indices to control volatility

S&P Indices has launched a second family of risk indices, which allow investors to control volatility. The S&P RC 2 (Risk Control 2) range is composed of the S&P 500 RC 2 Index (US market), S&P BRIC 40 RC 2 Index (Brazilian, Russian, Indian and Chinese markets), S&P Asia 50 RC 2 Index (firms of the Hing Kong, Singapore, South Korean, and Taiwan markets), and the S&P Euro 75 RC 2 Index (blue-chip stocks of the Euro zone).
06/06/2011

Arden AM takes over Robeco hedge fund activities

The New York-based firm Arden Asset Management (USD7.2bn in assets) has announced that Robeco will be transferring its Robeco-Sage division (funds of hedge funds, USD1.3bn in assets under management) to it from 1 October 2011. The transaction, whose details have not been disclosed, will allow Arden to grown considerably, as its activities and those of Sage are largely complementary, and there is a considerable number of single hedge fund managers who are used by both groups.The agreement stipulates that some investment, customer service and operations specialists from Robeco-Sage will be transferred to Aberdeen, including Paul Platkin, CIO, and Darren Wolf, head of research.
06/06/2011

Jonathan Polin leaves Ignis

The head of sales and distribution at Ignis Asset Management, Jonathan Polin, is leaving the firm, Money Marketing reports. Polin, who has been at Ignis for seven years, will be leaving the firm at the end of July in a career reorientation.
06/06/2011

Bestinvest seeking acquisitions

The British management firm Bestinvest has opened talks with several consulting firms about possible acquisition operations, MoneyMarketing reports. Bestinvest is looking to double its assets under management, which currently total GBP4bn, in the next five years. Organic growth would allow the firm to reach this objective, but acquisitions could contribute to much more significant growth in assets, the head of Bestinvest, Peter Hall, estimates.
06/06/2011

Berkeley Fund Managers co-founder dies

Brian White, one of the co-founders of the British management firm Berkeley Fund Managers, and manager of GHC Capital Markets, has died. He had more than 30 years of professional experience as a manager, and was the mentor of renowned professionals such as Richard Philbin, Ian Reed and Scott Spencer.
06/06/2011

“Ideally, for emerging markets, equities, local debt and corporate bonds should be equally weighted”

Emerging markets funds are in style, for clear macroeconomic reasons. The major US and UK asset management firms are not the only ones to be interested in them. BNP Paribas IM, for example, manages tens of billions of dollars in these countries. In the past eight months, as Martial Godet, CIO for emerging markets equities at the French management firm, tells Newsmanagers, teams at the management firm have a bias towards emerging Europe, Russia, and Turkey. The head explains the reasons for that, and describes projects for the short term.
06/06/2011

Rajeev De Mello joins Schroders

Schroders has announced that it has appointed Rajeev De Mello as head of Asian fixed income. He joins on 1 July and will be based in Singapore. He will oversee Schroders’ Asia ex-Australia fixed income investment teams, which includes professionals in Singapore, Hong Kong, Tokyo, Jakarta, Seoul and Taipei. Rajeev De Mello joins from Western Asset Management (WAM) where he was country head of Singapore, senior investment officer and member of the global investment strategy committee. Previously, he was executive vice president and head of Asian fixed income at Pictet Asset Management. Rajeev De Mello replaces How Phuang-Goh, currently head of Asian fixed income, who has decided to retire from the industry after 17 years with Schroders, and will be leaving the firm in September.
06/06/2011

Pictet AM adds to Asian distribution unit

Asian Investor reports that the Pictet group has appointed Lawrence Tse, previously of Allianz Global investors, as head of distribution for Asia ex Japan. In the newly-created position, Tse, who will be based in Hong Kong, will develop the firm’s network of partnerships in Hong Kong and Singapore. He will report directly to Amy Cho, head of development for activities in the Asia-Pacific region.
06/06/2011

Hamon recruits a former Amundi head

The Hong Kong-based asset management firm Hamon Investment Group, with assets under management of USD2bn, has appointed Raymond Chan as its chief investment officer, Asian Investor reports. In his new position, Chan, who previously worked for Amundi in Hong Kong, will be in charge of investment strategy for the firm, which offers a range of Asian equities funds and other products. Hamon Investment Group, which is 20% controlled by BNY Mellon, has a largely institutional client base, which includes pension funds, businesses, financial institutions and family trusts.
06/06/2011

L’ONU s’inquiète d’une bulle des matières premières

Une intervention gouvernementale directe serait peut-être nécessaire afin d'éclater la bulle qui affecte le marché des matières premières, selon une étude des Nations Unies. «Lorsque tout le monde sur le marché se met en position longue, c’est alors exactement l’opposé de la liquidité», estime Heiner Flassbeck, l’un des auteurs. Une spéculation excessive a fait progresser les prix du pétrole d’environ 20% et a envoyé un faux message aux acteurs du marchés, précise le document publié dimanche.
06/06/2011

La réforme des retraites rejetée en Slovénie

D’après la commission électorale, les Slovènes ont rejeté hier par référendum, à une large majorité, une hausse graduelle de l’âge de départ en retraite. Selon les analystes, ce rejet d’une réforme considérée comme cruciale pourrait provoquer un abaissement des notes de crédit, voire des élections anticipées.
06/06/2011

L'OCDE observe un ralentissement de la reprise mondiale

La reprise de l'économie mondiale ralentit bien qu’une rechute dans la récession soit improbable, selon le secrétaire général de l’OCDE Angel Gurria. «Certaines informations.... confirment sans doute une probable matérialisation de certains risques baissiers que nous avons évoqués», a-t-il indiqué à Reuters. «Au sein même d’une reprise généralisée, nous assistons à un ralentissement».
06/06/2011

La Maison blanche reporte un rapport budgétaire

L’administration Obama va repousser la publication des projections économiques et budgétaires actualisées au-delà de la date butoir prévue du 16 juillet, a annoncé vendredi un responsable de l’administration. Ce report est dû en partie à la poursuite des discussions entre des parlementaires américains et la Maison blanche au sujet de la réduction des déficits.
06/06/2011

Le Brésil affiche une croissance trimestrielle de 1,3%

La croissance économique du Brésil a été de 1,3% au premier trimestre, par rapport au quatrième trimestre 2010, a indiqué l’institut de la statistique IBGE vendredi. La croissance économique atteint 4,2% au premier trimestre par rapport au premier trimestre 2010, ce qui est conforme au consensus.
06/06/2011

La Grèce obtient une rallonge

Le président de l’Eurogroupe a précisé que ce financement supplémentaire, estimé entre 60 et 70 milliards d’euros, serait assorti de conditions strictes.

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