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22/03/2011
Fonds

HSBC commercialise cinq ETF supplémentaires en Espagne

HSBC fait enregistrer par la CNMV cinq ETF cotés à Londres et chargés à 0,60 %, sauf le canadien, dont la commission de gestion se situe à 0,35 %, rapporte Funds People. Il s’agit des fonds HSBC EM Latin, America, S&P BRIC 40, MSCI China, MSCI South Africa et MSCI Canada.
Fonds
22/03/2011
Fonds

Credit Suisse Gestión distribue un fonds obligataire à duration flexible

Credit Suisse Gestión, filiale espagnole du groupe helvétique, a annoncé la commercialisation du fonds CS Duracion Flexible qui investira au moins 75 % de ses encours en dette notée AAA à A- et au maximum 10 % en obligations inférieures à BBB- avec la possibilité par ailleurs de s’exposer à des hybrides ou des dérivés d’actions jusqu'à 20 %.Ce produit résulte de la conversion du fonds Diner 2000 qui a été validée par la CNMV le 11 mars. Il affichera une duration moyenne comprise en - 3 ans et + 6 ans, la duration moyenne négative étant obtenue au moyen d’instruments dérivés.Le fonds géré par Gregorio Oyaga et Alba Gutiérrez affiche une commission de gestion de 0,65 %.
Fonds
22/03/2011
Fonds

L'Asie adopte les ETF

Les investisseurs asiatiques sont de plus en plus nombreux à considérer les ETF comme un moyen de diversifier leurs investissements dans la zone. Daniel Farley, qui chapeaute les stratégies d’allocation pour la clientèle institutionnelle de State Street Global Advisors (SSgA), indique que les investisseurs asiatiques utilisent la classe d’actifs pour développer une exposition contrôlée à certains pays de la zone, rapporte Asian Investor. La zone asiatique hébergeait 318 ETF à fin décembre avec des actifs de 84,1 milliards de dollars, loin derrière les 1.663 ETF répertoriés en Europe totalisant 318,5 milliards de dollars. State Street estime que l’intérêt pour les ETF est lié à leur liquidité, leur transparence et l’exposition plus facile à des actifs parfois difficilement accessibles, comme les actions cotées en Chine.
Fonds
22/03/2011

Edram Deutschland confirms arrival of Selina Sezen

p { margin-bottom: 0.08in; } On 21 March, Edmond de Rothschild Asset Management Deutschland confirmed the arrival of Selina Sezen (see Newsmanagers of 17 March), as director third party distribution. She will join the firm on 1 May, and will be responsible for developing distribution activities in Germany and Austria.In 2000, Sezen joined DWS Invesments as director of sales and co-director of development for the distribution unit. In 2003, she joined Axa Investment Managers, where she directed the sales team dedicated to IFAs, fund distribution platforms, and asset managers.
22/03/2011

BVI has a head of communications once again

p { margin-bottom: 0.08in; } The German BVI association of management firms on 21 March announced the appointment of Rolf Drees as director of media and communication, effective from 1 August 2011, replacing Andreas Fink, who died in December of a heart attack, aged 47. Drees remains head of research and communication for capital markets at WGZ Bank. He previously spent 14 years at Union Investment.
22/03/2011

Record profits and assets at BayernInvest

p { margin-bottom: 0.08in; } The Munich-based asset management firm BayernInvest, a wholly-owned subsidiary of BayernLB, has announced that it finished 2010 with record assets of EUR33.1bn, compared with EUR29.4bn one year earlier, largely due to an increase of 13.1% in assets in institutional funds, to EUR26.2bn.Profits before transfer to the parent company increased 54%, also to a record level, though figures have not been disclosed.In 2011, BayernInvest is planning to develop its two main activities, asset management and Master-KAG services (fund administration and accounting for third parties), and also to enter the family office and multi-management markets.
22/03/2011

Asia adopts ETFs

p { margin-bottom: 0.08in; } A growing number of Asian investors are considering ETFs as a means to diversify their investments in the region. Daniel Farley, head of allocation strategies for institutional clients at State Street Global Advisors (SSgA), says that Asian investors are using the asset class to develop controlled exposure to some countries in the region, Asian Investor reports. The Asian region was home to 218 ETFs as of the end of December, with assets of USD84.1bn, far behind the 1,663 ETFs available in Europe, with USD318.5bn in assets. State Street estimates that interest in ETFs is related to their liquidity, transparency, and easier exposure to assets which are sometimes difficult to access, such as equities listed in China.
22/03/2011

Italian distributors pocket 80% of fund management fees

p { margin-bottom: 0.08in; } According to a report on fees of Italian funds, undertaken by Plus24 with Interactive Data InvestOnline, asset management firms pay an increasingly large proportion of their revenues to distributors. In 2010, of EUR2bn in management fees, more htan EUR1.6bn were paid to distribution networks, which are often the owners of asset management companies. That represents 80%, a strong increased over the 71.4% observed in 2009 and 73.1% in 2008. Among the most generous with their distributors are asset management firms controlled by banks, the Italian weekly newsmagazine observes. Eurizon Capital, which is owned by Intesa Sanpaolo, pays an average of 82.4% of fees taken in, with peaks at 91.7% for some products. Amundi, for its part, takes the first three places in the rankings for highest proportion of commissions paid to networks in terms of products: 92.55% for the Amundi Pacific Equity fund, 92.11% for Amundi USA Equity, and 91.94% for Amundi Global Emerging Equity.
22/03/2011

Bank of Italy blocks sale of Pioneer

p { margin-bottom: 0.08in; } According to reports in Financial News, the Italian central bank, Banca d’Italia, has made an attempt to block the sale of Pioneer, the asset management firm of the UniCredit group, to a foreign group. It has proposed that the founders of UniCredit, who are shareholders with only a 12% stake in the bank, but have significant influence, should support the merger of Pioneer with Eurizon Capital, an affiliate of Intesa Sanpaolo.
22/03/2011

Aviva Investors launches two funds in Italy

p { margin-bottom: 0.08in; } Aviva Investors has launched the Aviva Investors Global Convertibles Euro Hedged and Aviva Investors Global High Yield Bond Fund Euro Hedged funds in Italy. The products are available to retail investors either via IFAs or bank branches.
22/03/2011

MarketRiders launches an energy ETF portfolio

p { margin-bottom: 0.08in; } MarketRiders has launched an energy hedge fund comprised 100% of ETFs, aimed at investors seeking to protect themselves against rising energy prices, Hedgeweek reports. The MarketRiders Energy Hedge Portfolio, which includes over 300 shares affected by oil and gas prices, offers wider diversification in the energy sector, at about 5%, compared with an average of 1.5% for mutual funds investing in energy.
22/03/2011

Axel Schwarzer resurfaces as head of asset management at Vontobel

p { margin-bottom: 0.08in; } Axel Schwarzer, the man who turned around Scudder and who spent 22 years of his career at the Deutsche Bank group, with high-responsibility positions at DWS, will take over on 4 May 2011 as head of asset management at the Swiss Vontobel gorup (CHF119bn in assets as of the end of 2010). He left his job at DWS as head of strategic distribution partnershiops at the end of last year (see Newsmanagers of 30 December 2010).Schwarzer replaces Zeno Staub, who will take over as CEO, succeeding Herbert J. Scheidt, who will become chairman of the board of directors.
22/03/2011

Mercer strenghtens sustainable development team

p { margin-bottom: 0.08in; } The investment advising firm Mercer has added to its expertise in sustainable development with the recruitment of Richard Fuller, previously senior investment analyst at Hesta Super Fund, with about AUD16bn, or about EUR11bn, in assets under management, Responsible Investor reports. Mercer has also recruited Ryan Police, who previously worked as a manager at the UN PRI.
22/03/2011

Rob Lay leaves Barings for UBS Global AM

p { margin-bottom: 0.08in; } Rob Lay, head of distribution for the United Kingdom, Europe and the Middle East at Barings, has been recruited as head of distribution partnerships for Europe and the Middle East at UBS Global Asset Management, effective from 1 March. He is based in London, and reports to Tim Blackwell, head of Europe. He will be in charge of development of wholesale distribution in Europe and the Middle East.
22/03/2011

Matteo Pardi joins board at HSBC Global AM/EMEA

p { margin-bottom: 0.08in; } Following the recent appointment of Andy Clark as director of wholesale distribution (see Newsmanagers of 9 March), HSBC Global Asset Management has added to its distribution team for Europe, the Middle East and Africa (EMEA) with the promotion of Matteo Pardi as head of wholesale for continental Europe. Pardi joined HSBC 10 years ago, and was most recently head of fund distribution for southern Europe.The CEO of the British asset management firm for the EMEA region (1,100 employees, USD250bn in assets as of the end of December) since 1 October 2010 is Rudolf Apenbrink, who is also CEO of HSBC GAM for Germany, based in Düsseldorf. His objective will now be to develop the activity in emerging markets, where HSBC GAM has about USD145bn under management, with 200 specialists in 20 locations.
22/03/2011

2010 a mixed bag for Belgian fund industry

p { margin-bottom: 0.08in; } The Belgian investment fund industry had a good year in 2010, L’Echo reports. Assets in funds available for public sale in Belgium increased 2.2% to EUR127.03bn, according to figures from the Belgian asset management association (BeAMA). Market effects were responsible for the increase in net assets in the industry. Variable revenue funds are the cause of the development, with net subscriptions of EUR120m and gains of EUR2.93bn. For pure and mixed equities funds, Belgium followed the European trend in 2010, with an upward movement. However, Belgian bond funds were down in 2010 (though they rose in Europe), while net assets in money market funds rose in Belgium, but fell in Europe.
22/03/2011

Russia to create a USD10bn sovereign fund

p { margin-bottom: 0.08in; } Russian president Dmitri Medvedev on 21 March announced the creation of a sovereign fund with USD10bn in assets which will finance modernisation in the country, partly with foreign investments, by June of this year, Agefi Switzerland reports. The minister of economic development, Elvira Nabioullina, soon after announced that the fund may have up to USD10bn in assets.“In the first year, capitalisation of USD2bn is planned, from budget surpluses. In the following five years, the fund will reach USD10bn,” she announced, cited by the Ria Novosti news agency.
22/03/2011

Appointments to international consulting committee at Edhec Risk Institute

p { margin-bottom: 0.08in; } The Edhec Risk Institute has announced the appointment of three new members of its international consulting committee. They are Tomas Franzen, chief investment strategist at AP2 – Andra AP-fonden, Jaap van Dam, managing director in charge of investment strategy at PGGM, and Stuart Lewis, chief credit officer and deputy chief risk officer at Deutsche Bank.
22/03/2011

Tikehau Investment Management will soon take on a new partner

p { margin-bottom: 0.08in; } The management firm Tikehau Investment Management (Tim) announced on Monday, 21 March, that Fabrice Damien will be arriving in the next few weeks as a partner at Groupe Tikehau. Damien will strengthen TIM’s presence in credit and Private Debt activities in particular, a statement says. Damien, 34, was previously Managing Director at Bank of America Merrill Lynch, in charge of corporate and leverage finance activities in France.
22/03/2011

Bruno Bernard leaves Pastel & Associés

p { margin-bottom: 0.08in; } Bruno Bernard, who was director of commercial development at Pastel & Associés, has left the management firm. His clients will be taken over by Patrick Delaroque. Meanwhile, Valérie Salomon has joined the business to handle institutionals.
22/03/2011

EBITDA and assets up at Nuveen in 2010

p { margin-bottom: 0.08in; } For the fiscal year ending on 31 December 2010, Nuveen Investments has announced an adjusted EBITDA of USD470.75bn, compared with USD379.73m. As of 31 December, assets totalled Usd196.98bn, compared with USD144.8bn twelve months earlier, due to USD27bn in asset acquisitions, USD13.56bn in net subscriptions, and USD11.44bn in positive market effects.
22/03/2011

Standard Life Investment recruits a head of funds of funds

Standard Life Investments has appointed Bambos Hambi as head of fund of funds management. His previous roles have included head of multi-manager funds at both Gartmore Investment Management and Rothschild Asset Management. Reporting to Rod Paris, head of investments, Bambos Hambi will have overall responsibility for the portfolio management of the 15 funds in Standard Life Investments’ new MyFolio Funds offering. These are currently managed on an interim basis by Jacqueline Kerr, head of UK wholesale. Bambos Hambi will join Standard Life Investments on 28th March. Based in London, he will work alongside Alan Scrimger, who heads up the multi-manager research function.
22/03/2011

Former head of Liontrust to launch a new firm

p { margin-bottom: 0.08in; } Nigel Legge, former head of Liontrust, is planning to return to the asset management sector with the launch of a management firm, Vinculum Fund Management, Investment Week reports.Vinculum will rely on a new investment process which will limit human error in stock-picking. Vinculum will offer a long-only OEIC fund based on the process, with additional strategies offering regional variations.
22/03/2011

Norwegian sovereign fund invests in Spain

p { margin-bottom: 0.08in; } The Government Pension Fund – Global (GPFG, formerly known as the Petroleum Fund), managed by Norges Bank Investment Management (NBIM), an affiliate of the Bank of Norway, in 2010 invested about NOK258m (EUR33m) in bonds issued by the Spanish banking restructuring fund (FROB), Expansión reports. The fund holds more than 1.5% of capital in Telefónica, Santander and BBVA, and controls more than 3% of Ferrovial and Gamesa.The fund also has NOK37.8bn, or EUR4.8bn in bonds issued by La Caixa, Maja Madrid and other Spanish savings banks in its portfolios. The GPFG last year also doubled its exposure to participation shares in the Caja de Ahorros del Mediterráneo (CAM), to NOK1.5m.The fund’s portfolio of Spanish government bonds as of the end of 2010 includes NOK25.66bn, compared with NOK9.66bn one year previously.
22/03/2011

Credit Suisse Gestión releases a flexible duration bond fund

p { margin-bottom: 0.08in; } Credit Suisse Gestión, a Spanish affiliate of the Swiss group, has announced the release of the CS Duracion Flexible fund, which will invest at least 75% of its assets in debt rated from AAA to A-, and at least 10% in bonds with a rating of BBB- or lower, with the added possibility of exposure to equities hybrids or derivatives for up to 20%.The product is the result of the conversion of the Diner 2000 fund, which was licensed by the CNMV on 11 March. It has a total average duration of -3 years and +6 years, where the negative average duration is obtained via derivative instruments.The fund is managed by Gregorio Oyaga and Alba Gutiérrez, and carries a management commission of 0.65%
22/03/2011

HSBC releases five more ETF funds in Spain

p { margin-bottom: 0.08in; } HSBC has registered five ETFs listed in London with the CNMV. The funds charge fees of 0.60%, except the Canadian fund, with management commissions of 0.35%, Funds People reports. The products are the HSBC EM Latin America, S&P BRIC 40, MSCI China, MSCI South Africa and MSCI Canada.
22/03/2011

Trader claims hedge funds should accept higher taxes in London

Hedge funds should accept higher taxes in London and stop threatening to move elsewhere, according to Michael Farmer, a Conservative party donor who runs the near-USD1bn Red Kite metals hedge funds. “If one is a citizen and your country’s having a tough time, you pay your taxes and that’s it – although rather reluctantly if they are not spending it wisely,” he told the Financial Times.
22/03/2011

UK government to make acquisitions of British firms more difficult

p { margin-bottom: 0.08in; } The Takeover Panel in the UK is planning to make the publication of commissions received by bankers and business lawyers compulsory, Les Echos reports. The proposal was published on 21 March in a 172-page document. The proposals are open to consultation until May, after which time the law will be changed, most likely during summer. “Shareholders should receive all the information about the sums spent by businesses in acquisition bids, and consulting commissions represent a significant portion of those amounts,” the Takeover Panel says. Commissions paid by the predator and the target businesses to bankers, lawyers, consultants and communication advisers are included.
22/03/2011

Pan-European real estate funds show returns of 5%

p { margin-bottom: 0.08in; } Agefi reports that IPD has created a new index which tracks the performance of pan-European private real estate funds. The overall yield for 2010 totals 5%, compared with -17.2% in 2009. The sample on which the index is calculated includes 18 funds, with assets of EUR11bn, the newspaper says.
22/03/2011

SRI: top asset management firms all lost ground in 2010

According to statistics from ThomsonReuters in the 2011 edition of the European Fund Review, the top 10 European groups in the area of SRI management had assets as of the end of 2010 of EUR45.59bn, compared with EUR49.41 twelve months earlier, while total assets were up to EUR92.66bn from EUR88.78bn as of the end of 2009, despite net outflows of EUR2.02bn.The top two firms in the rankings are the French Natixis, with EUR9.78bn, compared with EUR11.97bn, and Amundi, with EUR9.23bn, compared with EUR9.05bn. KBC is in third place, with EUR4.29bn, compared with EUR4.55bn, and BNP Paribas, with EUR4.06bn, compared with EUR4.83bn.In terms of net subscriptions, the Norwegian firm Storebrand comfortably takes the top spot with EUR1.14bn, followed by the Swedish SEB (EUR265.2m) and the British Aviva (EUR232.9m). The only two French management firms among the leaders are Crédit Agricole (7th, with EUR154.4m) and AG2R, with EUR133.9m.

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