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13/04/2011
Fonds

Bonne résistance à la baisse du fonds Alken European Opportunities

Au 31 mars 2011, le fonds Alken European Opportunities dont les actifs sous gestion du fonds s'élevaient à près de 2,46 milliards d’euros contre 2,18 milliards d’euros au 31 décembre 2010, affichait une surperformance de 22,07% sur l’indice Stoxx 600 (réinvesti) depuis son lancement début 2006. Dans le détail, le fonds a fait preuve d’une bonne résistance au mois de mars en limitant son recul à 1,36% tandis que son indice de référence a perdu, sur le mois, 3,44%. Par ailleurs, l’encours du fonds Alken Fund Absolute Return Europe, lancé fin janvier 2011, s'élevaient au 31 mars à environ 64,45 millions d’euros et affichait, sur cette durée, une performance de 0,51%.
Fonds
13/04/2011

Mirae recrute une responsable commerciale pour l'espace germanophone

Betina Tomiæ qui était client relationship manager chez Janus Capital International pour l’Europe du Nord a été recrutée par la société de gestion sud-coréenne Mirae Asset Global Investments Group, rapporte fondsprofessionell. Elle occupera le poste de responsable commerciale pour l’Europe germanophone (Allemagne Autriche et Suisse), et travaillera sous la direction d’Elliot Berman, head of EMEA de la société de gestion asiatique. Elle sera en charge de la commercialisation de la Sicav de Mirae Asset.
13/04/2011

Gargoyle Group va commercialiser un fonds en Europe

Gargoyle Group, une société de hedge funds américaine, a choisi la société de marketing d’actifs alternatifs MCAM, basée à Genève, pour lever des capitaux en Europe et en Asie pour son fonds Gargoyle Hedged Value Fund, rapporte Hedge Week. Lancé en janvier 2000, ce fonds de 210 millions de dollars cherche à battre le S&P 500 grâce à une stratégie long/short et l’utilisation d’options.
13/04/2011
Fonds

SEB choisit EFA pour l'administration de sa nouvelle gamme d'ETF

Le luxembourgeois EFA (European Fund Administration) a annoncé le 12 avril que le groupe suédois SEB (Skandinaviska Enskilda Banken AB) lui avait attribué un mandat d’administration de sa nouvelle gamme d’ETF, notamment des services de comptabilité et d’agent de transfert.SEB s’est récemment lancé sur le marché des ETF avec trois véhicules, SpotR, SpotR Bull et SpotR Bear. EFA devrait notamment calculer la valeur des actifs nets au quotidien, enregistrer les souscriptions/rachats et valoriser les transactions de swaps ainsi que les portefeuilles de collatéraux.
Fonds
13/04/2011
Fonds

Skandia IG remanie son fonds Equity Income

Skandia Investment Group, la société de gestion de Old Mutual Wealth Management, a élargi l’univers de son fonds Equity Income, ayant pour thème la croissance des dividendes, à l’ensemble des entreprises mondiales. Auparavant, il se limitait aux sociétés britanniques. Le fonds de 66 millions de livres d’encours a été à cette occasion renommé Skandia Global Equity Income. Parallèlement, il abandonne sa structure de fonds de fonds et sera désormais géré par une seule société de gestion, O’Shaughnessy Asset Management (OSAM).
Fonds
13/04/2011

MAM recrute un ancien de Schroders

MAM Funds a recruté Neil Bridge, l’ancien responsable commercial retail de Schroders en tant que responsable du développement, rapporte Investment Week. Mark Harper, ancien marketing manager chez Gartmore, rejoindra aussi MAM le 30 mai en tant que responsable marketing.
13/04/2011
Fonds

F&C réduit l'accès à ses fonds d'obligations convertibles

Le britannique F&C a indiqué le 12 avril, dans un communiqué, qu’il avait décidé de réduire dans l’immédiat la collecte dans ses produits d’obligations convertibles internationales, dont notamment le F&C Global Convertible Bond Fund.En raison de souscriptions nettes significatives dans ces véhicules au cours des douze derniers mois, F&C considère que les actifs de ces fonds ont atteint un niveau maximum compte tenu de l’univers actuel des titres dans lequel il est possible d’investir. Les actifs sous gestion dans ces fonds s'élèvent actuellement à plus de 2 milliards d’euros.
Fonds
13/04/2011
Fonds

L'univers des hedge funds est prolifique

Au premier trimestre 2011, 150 hedge funds ont été lancés à travers le monde, selon Eurekahedge. Par ailleurs, sur la période, l’indice Eurekahedge Hedge Fund a progressé de 1,33 % dont 0,20 % en mars.
Fonds
13/04/2011

BP up against institutionals in shareholders' meeting

For the oil giant BP, the general shareholders’ meeting to be held on 14 April in London will be a challenge. Two of the largest US pension funds, CalPERS and SBA (Florida State Board of Administration) have announced that they will not vote to approve the group’s accounts due to a lack of reactivity on environmental and security issues in the wake of the Gulf of Mexico oil leak. The decisions, reported by Responsible Investor, follow an announcement last week by a group of US and European institutional investors not to vote to approve BP’s books. CalPERS points to the lack of information in the firm’s annual reports about “key performance indicators and the reevaluation of the role of the board of directors in overseeing risk management.”
13/04/2011

Financial Stability Board publishes a report on shadow banking system

The Financial Stability Board (FSB) on 12 April published a report on ongoing work to reform the shadow banking system (“Shadow Banking: Scopint the Issues.”) In November 2010, the G20 called on the FSB to formulate recommendations to strengthen regulation of these activities which are developing outside the traditional banking system. Since then, the Board has created a working group, which has approached the perimeter and definition of these shadow activities. The working group will be able to formulate its first conclusions in July this year, and will then make a series of proposals at the G20 summit this autumn. The report will be open for consultation until 16 May.
13/04/2011

Financial Stability Board considers risks related to ETFs

As part of its mandate to monitor market developments, the Financial Stability Board (FSB) on 12 April published a report on potential risks related to the rapid growth of ETFs (“Potential Financial Stability Issues Arising from Recent Trends in Exchange-Traded Funds.”) In addition to its rapid growth, the ETF market, which still consists largely of simple products, has diversified its range, with complex products in some cases. The report aims to improve understanding of financial stability issues related to these developments, and to encourage the financial sector to adapt its risk management and information practices to the pace of innovation in the market.
13/04/2011

Why European funds are better than American ones

Robert C Pozen, senior lecturer at Harvard Business School and senior fellow at Brookings, explains in the Financial Times why European mutual funds are outgunning US rivals, while the US fund indistry is still the largest in the world in assets. «In short, Ucits are winning the global contest for mutual funds primarily because of more favourable tax rules, and secondarily because of greater investment flexibility. (…) At the same time, Europe needs to bolster the superiority of Ucits by lowering their expense ratios. This means reducing the number of new funds started each year, and increasing competition among seasoned funds through more open architecture», he writes.
13/04/2011

150 new hedge funds

Strong launch activity was witnessed in the first quarter of 2011, with more than 150 hedge funds launched globally, says Eurekahedge. The Eurekahedge Hedge Fund Index was up 0.20%1 in March, with the year-to-date return at 1.33%.
13/04/2011

AFIC to reform governance

Les Echos reports that the president of AFIC, Hervé Schricke, yesterday opened a consultation until 25 April for its 250 members, to revise its governance rules, which have been in force for 12 years. A working group led by Xavier Moreno, chairman of Astorg, has been looking into the matter for several weeks. The reforms, if approved by a general assembly in June, would take effect after that date. The working group finds that there needs to be a clear separation between operational functions, which would henceforth be fully assumed by the director general, and strategic and political functions. This would involve lengthening the chairman’s term from two years to four, and creating a strategic committee, which would make recommendations for action by the association.
13/04/2011

High yield bond funds on a roll

High yield bond funds have started the year with an unprecedented level of activity, as net sales of EUR11bn in the first two months of 2011 dwarf those achieved over the same period last year (EUR3.9bn, itself a record), says Lipper in its latest Fund Flash. This boost has come as a several bond and equity sectors suffered in February, leaving net sales for the former asset class at EUR160m and the latter at EUR4.6bn (a 5-month low). In both cases outflows from emerging market funds dragged down sales totals: global emerging debt funds saw net withdrawals of EUR1bn (the worst total in two years), while emerging market equities (Global, BRIC and Latin American funds) suffered redemptions of EUR5.8bn, with nearly 90% of this coming from actively managed funds. It was left to some of the smaller sectors to bolster the European industry, with net inflows of over EUR1bn each into commodity (EUR 1.3bn), convertible bond (EUR 1.7bn) and guaranteed funds (EUR 1bn), writes Lipper. But above these three stands asset allocation funds with net sales of EUR2.7bn.In total, European inflows hit EUR15.7bn in February (excluding money market funds). With money market activity included, total industry sales rose to EUR18bn.BlackRock moved to the top of the leader board in terms of group sales, with EUR3.6bn, underpinned by flows into equity funds of EUR2.6bn. Robeco and Henderson were in second and third place for equity sales, each with just over EUR530m.Franklin Templeton was the most successful group for bond fund sales, attracting EUR1.4bn.
13/04/2011

Good returns for Alken European Opportunities fund

As of 31 March, the Alken European Opportunities fund showed outperformance of 22.07% compared with the Stoxx 600 (reinvested) since its launch in 2006. Performance in the month of March was -1.36%, compared with -3.44% for the benchmark index. Assets under management in the fund as of the end of March totalled nearly EUR2.46bn, compared with EUR2.18bn at the end of 2010. Assets under management in the Alken Fund Absolute Return Europe fund, launched at the end of January 2011, totalled about EUR64.45m as of the end of January 2011. The fund was up 0.51% since its launch as of 31 March.
13/04/2011

BlackRock World Mining Fund gets a new co-manager

Catherine Raw has been appointed as co-manager of the BGF World Mining Fund, managed by Evy Hambro at BlackRock. Since her arrival at the US management firm in 2003, Raw has been working “in close collaboration” with the star manager on two other funds, the BGF World Mining and the BGF World Gold Funds. The arrival of Raw as co-manager of the BlackRock World Mining Fund will not affect the style or management philosophy of the portfolio, a statement says. The “natural resources equities” team at BlackRock, of which Hambro is co-director, manages over USD45bn in assets.
13/04/2011

JP Morgan WSS wins an ETF administration mandate from Morningstar

JP Morgan Worldwide Securities Services (WSS) on 12 April announced that it has won an administration mandate for 15 new Focus Morningstar ETF funds from the investment advising firm FocusShares, an affiliate of the online investment firm Scottrade. The Focus Morningstar ETF line includes a US Market ETF, a Small Cap ETF, a Mid Cap ETF and a Large Cap ETF, as well as 11 sectoral ETF funds. The products have been available since March on NYSE Arca. JP Morgan currently provides administration services for 138 ETFs, with cumulative assets of over USD97bn.
13/04/2011

Hedge funds remain a mystery for investors

A recent survey by Thesis Fund Management, reported in Hedge Week, reveals that many Americans do not know what hedge funds are. To the question of whether they know what a hedge fund is, 65% of 100 people surveyed with various income levels said that they did not.
13/04/2011

SEB selects EFA for administration of its new ETF range

The Luxembourg-based EFA (European Fund Administration) on 12 April announced that the Swedish SEB group (Skandinavska Enskilda Banken AB) has awarded it an administration mandate for its new range of ETFs, including accounting and transfer agency services. SEB has recently entered the ETF market with three vehicles: SpotR, SpotR Bull and SpotR Bear. EFA will calculate net asset value on a daily basis, register subscriptions and redemptions, and value swap transactions as well as collateral portfolios.
13/04/2011

Mirae recruits a head of sales for German-speaking countries

The South Korean management firm Mirae Asset Global Investments Group has recruited Betina Tomiæ as head of sales for the German-speaking countries (Germany, Austria and Switzerland), fondsprofessionell reports. She will report to Elliot Berman, head of EMEA for the Asian management firm, and will be in charge of sales for the Mirae Asset Sicav. Tomiæ was previously client relationship manager for Northern Europe at Janus Capital International.
13/04/2011

Gargoyle Group to release a fund in Europe

Gargoyle Group, a US hedge fund firm, has chosen the alternative asset marketing firm MCAM, based in Geneva, to raise capital in Europe and Asia for its Gargoyle Hedged Value Fund, Hedge Week reports. The fund, launched in January 2000, has USD210m in assets and seeks to outperform the S&P500 with a long/short options enhanced strategy.
13/04/2011

US government agency to promote socially progressive investment

OPIC (the Overseas Private Investment Corporation), the US government agency that assists US businesses with their development in emerging markets, has launched a call for tenders to promote the development of impact investing, or investment which has a positive social impact or social utility. OPIC is proposing to provide USD250m in funding for the project, which represents the largest engagement by the US government to date in promoting socially useful investment, a statement says. OPIC invites qualified fund managers to propose investment funds which would make it possible to create a socially progressive investment portfolio in emerging markets where OPIC is present. The call for contributions, open until 12 May, includes equities, deby and hybrid strategies. According to estimates, impact investing, which represented about Usd50bn last year, could account for as much as USD500bn by 2020.
13/04/2011

Assets under management at Switzerland's Valartis dip slightly

Assets under management at the Swiss private management firm Valartis remained virtually unchanged in December, at CHF6.28bn, compared with USD6.38bn one year earlier, the firm announced on 12 April. Net inflows totalled CHF220m last year. However, due to the falling euro and dollar, currencies in which the majority of its assets under management are denominated, assets under management have posted a slight decrease. Net profits in 2010 fell by more than 80%, to CHF10.9m. The firm has also decided to create a new group structure, in order to continue to refocus its activities on private management. Stefan Holzer and Philipp Leigundgut, previously directors, have been granted the new operational functions of CEO of Valartis Bank and head of asset management, respectively. George Isliker, currently chief financial officer for the Liechtenstein bank VP Bank, becomes the new CFO/CRO (chief risk officer). Daniel Reptsis, who is already a board member, will become CFO/CRO for Valartis Bank Switzerland.
13/04/2011

Skandia IG revamps its Equity Income fund

Skandia Investment Group (SIG), the investment management arm of Old Mutual Wealth Management, has handed a GBP66m mandate to O’Shaughnessy Asset Management (OSAM) in an overhaul of its Equity Income fund. The fund has been renamed the Skandia Global Equity Income fund and will give investors access to the growing trend in global dividend growth. Following shareholder approval, SIG has switched the fund from a UK to a global remit. The Skandia Global Equity Income fund is a single manager fund rather than multi-manager like the old Equity Income fund.
13/04/2011

F&C soft closes its convertible bond strategies

F&C has announced that following significant inflows into its global convertible bond products, which include the F&C Global Convertible Bond Fund, it is to restrict new business in the asset class for the foreseeable future. The decision to ‘soft close’ the F&C Global Convertibles Fund reflects the investment manager’s belief that the assets managed by the business have reached an optimum level given the current universe of investible securities. F&C has attracted new inflows from across the globe into global convertibles over the last 12 months. F&C currently manages global convertible bonds in excess of EUR2 billion. These assets are managed in Amsterdam by F&C’s Global Convertible Bond team.
13/04/2011

MAM recruits a former Schroders head

MAM Funds has recruited Neil Bridge, former head of retail sales at Schroders, as head of development, Investment Week reports. Mark Harper, former marketing manager at Gartmore, will also join MAM on 30 May as head of marketing.
13/04/2011

La gestion d’actifs favorable à la réforme bancaire

Plusieurs gérants de fonds britanniques auraient accueillis favorablement la réforme du système bancaire, indique le quotidien qui cite des témoignages. «Une large majorité silencieuse d’investisseurs» sont favorables à un renforcement des exigences en termes de capitaux indique James Alexander, responsable de la recherche actions chez M&G Group.

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