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18/04/2011
Fonds

db-X ETC lance une classe de parts en livres de son ETC sur l'or physique

Compte tenu d’une forte demande, db-X ETC a lancé le 14 avril sur le London Stock Exchange le db Physical Gold GBP Hedged ETC. Il vient compléter le db Physical Gold Euro Hedged ETC, un produit adossé à l’or physique et dont l’encours représente 500 millions d’euros sur le total de 1,2 milliard drainé depuis mars 2010 par cette plate-forme d’ETC (38 actuellement) de la Deutsche Bank.
Fonds
18/04/2011

Le patron de Deloitte-Chypre rejoint Barclays Wealth

Entré en 2011 chez Deloitte où il avait été promu en 2009 associé et head of private client services pour Chypre, Theophanis Theophanous a été recruté comme managing director et ultra high net worth (UHNW) banker par Barclays Wealth.Il est subordonné à Stefanie Drews, head of UHNW & family offices, UK & EMEA. Basé à Londres, il sera également sous la responsabilité de Henry Fischel Bock, head du bureau de Londres pour l’international private bank, EMEA.Cette embauche vient compléter celle, récente, de Solomon Soquart, qui a quitté Citi Private Bank pour prendre la direction du strategic solutions group qui offre aux particuliers très haut de gamme (UHNW) l’accès aux produits et services de Barclays Capital et de Barclays Corporate.
18/04/2011

LCF Edmond de Rothschild se renforce dans l'empire du Milieu

La Compagnie Financière Edmond de Rothschild Banque a de grands projets en gestion d’actifs en Chine. Après une hausse de la participation de la banque au capital de Zhonghai Fund Management, qui est passée de 15,4 % à 25 %, la banque a demandé une extension de son quota d’investissement de 600 millions de dollars aux autorités chinoises, rapporte La Tribune. Elle avait obtenu 100 millions en 2006. «Nous espérons l’obtenir cette année», a déclaré Marc Samuel au quotidien.
18/04/2011

BNP Paribas a vendu à Mitsubishi UFJ sa participation dans SYWG BNP Paribas AM

Selon La Tribune, BNP Paribas a officiellement cédé sa participation de 33% dans la société de gestion chinoise SYWG BNP Paribas AM à Mitsubishi UFG. Les 67 % restants sont détenus par Shenyin Wanguo Securities. Selon le quotidien, la part de marché de la société de gestion chinoise représente moins de 1 %.
18/04/2011

Increase in global assets in and number of ETF funds

As of the end of March, total assets under management in ETFs worldwide came to USD1.3394trn, compared with USD1.3674trn as of the end of February (see Newsmanagers of 10 March), and USD1.0819trn twelve months previously. As of the end of December, total assets stood at USD1.3313trn, according to statistics from BlackRock. The increase observed in first quarter came to 6.7%.Assets were managed in 2,605 ETF funds, listed 5,905 times, from 142 issuers, listed on 48 stock markets. One year earlier, there were 2,131 ETF funds listed 4,133 times, from 123 issuers, on 42 stock markets. In the first three months of the year, the number of ETFs increased by 5.9%, with 163 launmches and 18 mergers, compared with a 9.4% increase in the corresponding period of 2010 (193 launches and 10 closures).BlackRock says that seven providers have debuted on the ETF market in January-March, while 37 others are planning to launch their first ETFs in the near future.There are currently plans to launch 1,051 ETFs.Net subscriptions in first quarter for ETFs totalled USD41.4bn. Worldwide, iShares remains the largest provider, with 461 ETFs and assets of USD609.3bn, which corresponds to a market share of 43.5%. It is followed by State Street Global Advisors (118 ETFs, USD200.4bn and 14.3%), and Vanguard (66 products, USD164.7bn, and 11.8%). Lyxor Asset Management (Société Générale) and db x-trackers (Deutsche Bank) are in fourth and fifth place, respectively, with USD54.5bn and USD51.8bn, and market shares of 3.9% and 3.7%.
18/04/2011

How UBS and Luxalpha worked with Bernard Madoff: First revelations

In an internal document, UBS has described the operation of the Luxalpha Sicav, for which it was the depository, administrator and manager, an article in Les Echos reports. The newspaper says that the Operating Memorandum (OPMEM) for Luxalpha, the Sicav fund which had ties to the fraud scheme rigged up by Bernard Madoff, throws some light on the arrangements that upheld between the protagonists for the Luxembourg Sicav. The OPMEM clearly cites Bernard Madoff, who appears as a sub-depository of UBS Luxembourg.
18/04/2011

Swiss & Global registers inflation-linked emerging markets bond fund in Spain

The Julius Baer Multibond – Emerging Markets Inflation Linked Bond Fund has been registered with the CNMV, which will allow Swiss & Global Asset Management to offer the fund, launched on 17 December, which invests in emerging markets inflation-linked bonds denominated in local currencies (see Newsmanagers of 25 January) for sale in Spain. As of the end of March, the UCITS III-compliant product had assets of EUR167.8bn.
18/04/2011

ProShares launches two ETFs

ProShares is launching ETFs providing magnified exposure to the high yield and investment grade corporate bond markets. ProShares Ultra High Yield seeks to provide 2x the daily performance of the Markit iBoxx $ Liquid High Yield Index, before fees and expenses. ProShares Ultra Investment Grade Corporate seeks to provide 2x the daily performance of the Markit iBoxx $ Liquid High Yield Index, before fees and expenses.
18/04/2011

ESMA holds consultation on enactment of AIFM directive

The European Securities and Markets Authority (ESMA) on 15 April announced the publication of a working document which lays out its approach to the transposition of the AIFM directive.ESMA points out that at this stage suggestions for this enactment of the legislation in national law have not been formulated, and with this in mind it is seeking the opinions of market participants in relation to several issues, including the identification of portfolios under management by hedge funds, valuations, and the influence of leverage on assets under management.On the basis of comments received on all these subjects, ESMA will formulate proposals during summer 2011, which will then be subject to a consultation.
18/04/2011

Solvency II is too strict in real estate

One of the key proposals of the proposed Solvency II legislation, the application of a 25% owners’ equity coverage requirement for real estate investments of insurance companies, is a step too far, according to a study by Investment Property Databank (IPD) published on 15 April (“The IPD Solvency II Review: Informing a New Regulatory Framework for Real Estate”).According to IPD, the rate could be lowered to 15% without endangering the goals of the regulations. IPD observes that the European insurance supervision authority (EIOPA) has focused in its approach on changes to property values in the United Kingdom, which were higher than average. If analysis is widened to Europe in general, IPD continues, scenarios look much different and are much more representative of European markets, which calls for a reevaluation of owners’ equity requirements.The research project, which produced a 50-page research document, was ordered by seven European associations, led by Inrev (the European association for investors in non-listed real estate vehicles), supported by the Association of British Insurers (ABI), The British Property Foundation (BPF), and the German asset management association (BVI), the European public real estate association (EPRA), the property investment forum (IPF), and the German real estate federation (ZIA).
18/04/2011

Net inflows of USD10bn for ETFs in Europe in first quarter

Assets in ETFs in Europe as of the end of March, according to BlackRock, totalled USD307.5bn, in 1,122 products listed 3,896 times on 23 stock markets. In first quarter, assets increased by 8.3% (USD284bn as of the end of 2010), and the number of ETFs rose by 4.7%.ETFs in Europe attracted net subscriptions in January-March of USD10bn, with the largest inflows for iShares (BlackRock), at USD4.2bn, followed by UBS Global Asset Management, with USD2.8bn, while Lyxor Asset Management( Société Générale) had the largest net outflows, totalling USD1.5bn.iShares remains the largest provider in Europe, with 167 ETFs and assets of USD109.6bn as of the end of March, which represents a market share of 35.7%. Lyxor is in second place, with USD53.7bn (17.5% of the market), followed by db x-trackers (Deutsche Bank), with 156 products and a total of USD50.6bn, and a market share of 16.4%. In fourth place is Credit Suisse Asset Management, with 58 ETFs, and USD16.6bn in assets, equivalent to 5.4% of the market.Of the 41 issuers registered as of the end of March (compared with 39 as of the end of December), the three largest asset management firms accounted for 69.6% of total assets, compared with 72.9% one month previously.
18/04/2011

Increase in ETF activities on Euronext in March

In March, 13 new ETFs (9 from Amundi and 4 from Credit Suisse) were admitted to trading on Euronext Paris, meaning that the European markets of NYSE Euronext as of the end of the month had 541 ETFs listed a total of 637 times. Since the beginning of the year, 75 ETFs were added to trading on NYSE Euronext in Europe, of which 68 were primary listings, and 7 were cross listings.The number of trades and daily trading volume increased in March and February compared with the corresponding months of the previous year (see Newsmanagers of 21 March).NYSE Euronext says that it registered an average of 11,224 transactions per day in March, compared with 9,284 in February, and 10,288 in January, meaning an increase of 59.8% since March 2010.The average daily trading volume came to EUR509.9m, compared with EUR430.8m the previous month, EUR473.4m in January, and EUR291m in March 2010. Year on year, that represents an incerase of 75.2%.The average spread totalled 28.97 basis points, compared with 28.15 in February, and 28.5 in January.
18/04/2011

Pension funds have lost 0.25% per year

According to statistics from the Inverco association, management firms and individual pension funds in Spain (EUR51.76bn in assets in 1,258 products) in March saw average losses of 0.25% year on year, while equities products have earned returns of 4.47%. It is true that guaranteed funds have seen average losses of 3.90%. The weighted average for funds overall comes to 0.23% over 5 years, 1.31% over 10 years, and 3.55% over 15 years.
18/04/2011

Lupus Alpha makes Alexander Raviol head of an enlarged absolute returns team

From 1 April, Alexander Raviol, a partner at Lupus alpha, director of absolute return products development, head of risk management and director for quality control, has become head of the absolute return team. Raviol, who joined Lupus alpha in 2006, replaces Ulf Becker, who will be leaving the business in September for a change in career direction, according to a statement from the Frankfurt-based independent asset management firm.In response to rising demand from institutional investors, whose risk budgets are increasing rapidly, Lupus alpha has decided to add to its range of absolute return products. It will be growing the team to 21 people in the next few months, from 15 currently.
18/04/2011

Head of hedge funds leaves Lupus Alpha

Ulf Becker, the head of hedge funds at the German management firm Lupus Alpha, has left the firm, Financial News reports. His responsibilities have been taken over by Alexander Raviol.
18/04/2011

max.xs will be exclusive distributor for Skeinwort Benson Investors Dublin and Germany

Very soon after announcing that it had obtained exclusive rights to distribute funds and institutional mandates for the French management firm Rothschild & Cie Gestion in Germany (see Newsmanagers of 11 April), max.xs announced that it had signed a strategic cooperation agreement with the asset management firm Kleinwort Benson Investors Dublin Ltd.The agreement gives Kleinwort Benson Investors direct and complete access to German IFAs and institutionals. To do this, the management firm will seek a sales license in Germany for five key products, which will include a global high dividend equities fund, a high dividend equities fund focused on emerging markets, two themed funds, one dedicated to alternative energies and one to water, and a global environment fund.
18/04/2011

BBVA recruits head of marketing from Schroders

Mencia Berreiros Juste, who since February 2007 had been director of marketing for Spain and Portugal at Schroders, is joining BBVA as director of marketing and advertising for the wholesale banking and asset management sectors.
18/04/2011

Lazard recruits a former director of Urquijo

Funds People reports that Manuel San Salvador, who for five years, until November 2010, was deputy director of Banco Urquijo (Sabadell group), has joined the investment bank Lazard as head of the new European wealth management, private banking and fund distribution division for Spain.
18/04/2011

BNP Paribas sells its stake in SYWG BNP Paribas AM to Mitsubishi UFJ

La Tribune reports that BNP Paribas has officially sold its stake of 33% in the Chinese management firm SYWG BNP Paribas AM to Mitsubishi UFG. The remaining 67% are held by Shenyin Wanguo Securities. The newspaper reports that the Chinese management firm’s market share remains below 1%.
18/04/2011

LCF Edmond de Rothschild builds Chinese activities

La Compagnie Financière Edmond de Rothschild Banque has big plans for asset management in China. After an increase of the bank’s stake in the capital of Zhonghai Fund Management, from 15.4% to 25%, the bank has applied for an extension of its investment quots of USD600m from the Chinese authorities, La Tribune reports. It got USD100m in 2006. “We hope to get it this year,” Marc Samuel tells the newspaper.
18/04/2011

Mirabaud joins Hedge Funds Standards Board

Mirabaud has joined the Hedge Funds Standards Board (HFSB). The asset management firm has also signed up to the group’s principles for good practices in the hedge fund industry.
18/04/2011

Pimco adds to emerging markets debt team

Pimco is expanding its emerging market fixed income team through the hiring of three additional portfolio managers to enhance its expertise in emerging markets. Francesc Balcells, an executive vice president and portfolio manager, will join the firm in July. In addition to managing global emerging markets portfolios and contributing to the firm’s investment strategies, he will lead the local bonds and currency initiatives based in Munich. Francesc Balcells joins Pimco from Rogge Global Partners where he was head of emerging markets. In 2004-2005 he spent a year at Pimco on secondment from the International Monetary Fund where he worked earlier in his career. Isaac Meng, a senior vice president and portfolio manager, will join the firm in April, based in the Hong Kong office. He will specialize in macroeconomic and financial analysis of China and regional linkages integral to portfolio strategy. He was previously a director and senior financial economist at BNP Paribas, where he focused on China, including macroeconomics and equities.Javier Romo, a vice president and portfolio manager, will join the firm in May based in the Newport Beach office. He will focus on relative value analysis, trading and portfolio strategy for Latin American sovereign credit, foreign exchange, and local interest rate products. He was previously a vice president with Citigroup, where he focused on trading hard currency bonds and credit default swaps in Latin America.
18/04/2011

Very good first quarter for asset management unit of BofA Merrill Lynch

The Global Wealth and Investment Management (GWIM) of BofA Merrill Lynch in first quarter 2011 posted one of its best quarterly results since its acquisition of Merrill Lynch.Net profits for the unit rose 22% in first quarter, to USD531bn, compared with USD431bn in first quarter 2010, on revenues up 11% year on year to USD4.5bn, largely due to a 6% rise in management commission revenues to USD1.5bn.Assets under management as of the end of March totalled USD664.4bn, compared with USD631.4bn one quarter earlier, but USD721bn at the end of first quarter 2010.At the end of first quarter 2011, the number of financial advisers at the firm totalled 15,695, while the total number of independent financial advisers totalled 17,201, both up 3% compared with first quarter 2010.
18/04/2011

Ameriprise interested in Grail Advisors

According to reports in InvestmentNews, Ameriprise Financial is said to be about to acquire Grail Advisors, an asset management firm specialised in ETFs in the United States. That would make Ameriprise a major player in the ETF sector. The deal is said to be imminent.
18/04/2011

AllianceBernstein recruits an equities manager

AllianceBernstein, the asset management company owned by Axa, has announced that Kurt Feuerman will join the firm’s equity investment management team as senior vice president and portfolio manager, US equities, on or shortly after May 31, 2011. Kurt Feuerman will join the firm from Caxton Associates, where he is currently a senior managing director and a US portfolio manager. On May 31, AllianceBernstein will also assumre the role of investment manager and trading advisor for several investment vehicles managed by Feuerman: Equity Growth, a long/short strategy, and Alpha Equity, a long-only strategy.
18/04/2011

BlackRock builds Asian strategy unit

Asian Investor reports that BlackRock is in the process of building a team dedicated to strategy for the group in Asia-Pacific, and the creation of strategic initiatives to develop activities in the region. Terence Jen, who has been in charge of the new unit since August 2010, recruited Fiona Lau in Hong Kong in October, and has recently recruited Shuichi Adachi in Tokyo, both as vice presidents for corporate strategy.
18/04/2011

East Capital adds to China team

East Capital, a Swedish asset manager specialised in Eastern Europe and Russia, has boosted its China investment team with the appointment of Kristina Sandklef as macro economist Asia, after the acquisition last year of a fund manager dedicated to Asia, AGI. Kristina Sandklef brings longstanding experience of working in China to East Capital’s existing five-strong dedicated China investment team based in Stockholm and headed by Gustav Rhenman, lead portfolio manager of the East Capital China Fund and the East Capital China East Asia Fund. East Capital will also relocate two China analysts to Shanghai in 2011 to enhance the China investment team’s local knowledge and insight. East Capital’s Shanghai office, headed by Karine Hirn, co-founder of East Capital, was established in August 2010.
18/04/2011

db-X ETC launches a share class in physical gold ETC denominated in pounds Sterling

Due to high demand, db-X ETC on 14 April listed the db Physical Gold GBP Hedged ETC on the London Stock Exchange. The product is a complement to the db Physical Gold Euro Hedged ETC, a product backed by physical gold, with assets of EUR500m, out of a total of EUR1.2bn that have flowed in since March 2010 for the ETC platform from Deutsche Bank (currently with 38 funds).
18/04/2011

Church of England preaches against large bonuses

The Church of England, which has a portfolio of GBP5.3bn in assets managed by the Church Commissioners, has informed businesses in which it holds a stake that it will not be supporting pay scales in which high level directors receive bonuses four times larger than their annual salaries, the Financial Times reports. Ten major British companies are above this level currently.
18/04/2011

Head of Deloitte Cyprus joins Barclays Wealth

Theophanis Thephanous, who in 2001 joined Deloitte, and in 2009 was promoted to head of private client services for Cyprus, has been recruited as managing director and ultra high net worth (UHNW) banker at Barclays Wealth.He will report to Stefanie Drews, head of UHNW & family offices, UK & EMEA. He will be based in London, and will also report to Henry Fischel Bock, head of the London office for international private banking, EMEA.The recruitment follows the recent appointment of Solomon Soquart, who left Citi Bank to become director of strategic solutions for the group, offering ultra-high net worth investors (UHNW) access to products and services from Barclays Capital and Barclays Corporate.

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