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14/03/2011

Assets up at DZ Privatbank

p { margin-bottom: 0.08in; } The Luxembourg private bank affiliate of the German DZ Bank (co-operative banks), DZ Privatbank, has posted stable net profits for 2010 of EUR70.8m, corresponding to its dividend (compared with EUR71m for 2009).Assets in the firm’s 464 funds, compared with 436 as of the end of 2009, totalled EUR46bn, compared with EUR36bn.
14/03/2011

Petercam rankings: France takes 12th place for sustainable development

p { margin-bottom: 0.08in; } In the most recent edition of its rankings of OECD countries (excluding Israel) on sustainable development, the Belgian asset management firm Petercam has announced that Sweden (75 points) has topped the rankings once again, as in previous editions (see Newsmanagers of 28 September 2010), but that Denmark has fallen back from third to eighth place, following a poor score in PISA tests of science, reading and mathematical abilities of students in the countries concerned. 2nd and 3rd place went to Norway (73 points) and Switzerland (72).France (62 points) remains in 12th place in the rankings, up three places from its result of 15th place in September, due to continued environmental efforts, as it takes 5th place for CO2 emissions and environmental protection efforts (protected areas). Public debt (28th) does not help France in the overall rankings.Petercam also states that as a part of its effort to maintain a dynamic approach to the study of the sustainable characteristics of countries, the area of analysis entitled “health and distribution of wealth” has been improved, with the addition of an indicator of infant mortality. The indicator is relevant to judge the quality of medical hygiene and the quality of health care.The sustainable and ethical fund Petercam L Bonds Government Sustainable (see Newsmanagers of 8 July 2009) now has EUR120m in assets. The product, launched on 20 December 2007, may invest only in debt from the top-ranked countries. Performance before fees with gross coupons reinvested totals 3.34% year on year, and 8.13% over three years.
14/03/2011

CEO of Alliance Trust to become director at Deutsche Bank

p { margin-bottom: 0.08in; } The supervisory board at Deutsche Bank on 11 March announced that at a general shareholders’ meeting on 26 May, it will elect Katherine Garrett-Cox as a board member, replacing Sir Peter Job, whose term is coming to an end.Garrett-Cox has since 2008 been CEO of Allianz Trust plc, the largest publicly-traded management firm in the UK, and previous to that was CIO of the firm, from 2007. Before that, she was CIO and executive director of Morley Fund Management (Aviva group).
14/03/2011

Pinebridge Investments appoints a head for Asian bonds ex Japan

p { margin-bottom: 0.08in; } Hedgeweek reports that Pinebridge Investments has announced the appointment of Arthur Lau as head of Asia ex Japan bond activities. Lau will be based in Hong Kong, and will be a member of the emerging markets and international bonds team. His team will include eight people. Lau previously worked at JP Morgan AM, as senior portfolio manager and head of the Asian Credits unit.
14/03/2011

Fideuram increases assets in 2010

p { margin-bottom: 0.08in; } In 2010, Banca Fideuram posted net subscriptions of EUR1.9bn, compared with EUR2.8bn in 2009. For asset management alone, inflows totalled EUR4.2bn, compared with EUR2.9bn one year previously. Assets under management increased to EUR71.6bn, up 5.6% compared with 31 December 2009. The bank of the Intesa Sanpaolo group earned net profits for 2010 of EUR311.6m, up 27% compared with 2009.
14/03/2011

Hume Capital launches a Global Opportunities OEIC

p { margin-bottom: 0.08in; } Hume Capital has announced the launch of the OEIC Global Opportunities fund on 28 March. The portfolio, managed by Stephen Watson, will be invested in 40 to 60 mid and large caps from the MSCI World universe. The portfolio will initially be exposed primarily to Asian growth, and the infrastructure needs of emerging countries.
14/03/2011

Invesco Perpetual launches a regular distribution equities fund

p { margin-bottom: 0.08in; } Invesco Perpetual is planning to raise EUR100m for a regular distribution equities fund (Invesco Global Income Trust), which will be managed by Paul Boyne and Doug McGraw. The fund will invest in equities that pay high dividends, with the objective of achieving an average of 3.5% in dividends, and protecting investors against inflation. The portfolio will include 50 to 70 positions.
14/03/2011

Schroders hires a head of manager selection

Schroders has strengthened its manager selection team within its GBP31.5 billion FUM Multi-Asset business by appointing Rob Hall to the newly created role of head of manager selection. He joins from Russell Investments with over 23 years’ industry experience and 20 years in manager research and selection. This announcement follows the appointment of Nicolaas Marais, who joined Schroders this week as head of multi-asset investments and portfolio solutions. Nicolaas Marais joins from BlackRock’s Multi-Asset Client Solutions Group where he was global head of active portfolio management. He is a member of Schroders’ Group management committee, reporting to Michael Dobson, chief executive.
14/03/2011

Renminbi private equity fund created

Beijing’s municipal government has agreed to create China’s first local currency fund for foreign investments with A Capital Asia, a European private equity group, in order to support Chinese companies’ overseas expansion, according to the Financial Times. The fund aims to raise Rmb3bn and partner with Chinese companies investing in technology, distribution channels and brands, especially in Europe.
14/03/2011

David Fass becomes head of EMEA at Macquarie

p { margin-bottom: 0.08in; } From June, the new CEO of Macquarie Group Ltd for Europe, the Middle East and Africa will be David Fass, who had worked in corporate finance since leaving his position of head of European global banking at Deutsche Bank in October 2009. He replaces Benoît Savoret, who left the position after five weeks to join Nomura.
14/03/2011

John Paulson and George Soros are small fish compared with Carlos Slim

p { margin-bottom: 0.08in; } In the most recent Forbes rankings of the world’s richest people, hedge fund managers were clearly outpaced, the Frankfurter Allgemeine Zeitung reports. While the Mexican magnate Carlos Slim tops the list, with estimated wealth of USD74bn, John Paulson is only in 39th place, with USD16bn (which is, however, USD4bn more than last year), and George Soros is in 46th place, with USD14.5bn. He is even outstripped by Michael Dell, who falls into the same category, as owner of the alternative asset management firm MSD Capital, with USD14.6bn.
14/03/2011

Steen Jakobsen returns to Saxo Bank

p { margin-bottom: 0.08in; } After two years as CIO of Limus Capital Partners, Steen Jakobsen on 17 March returned to Saxo Bank, as economist in chief. David Karsbol, who was economist in chief during the past two years, has joined the banking team of senior vice president Christian Kofoed Jakobsen. He will be responsible for product development in the areas of retirement and investment.
14/03/2011

Two managers leave SPGP

p { margin-bottom: 0.08in; } According to reports received by Citywire, Frédéric Motte and Jérôme Archambeaud are leaving SPGP and are reportedly about to found their own management boutique. The two managers were in charge of the Focus Europa fund.
14/03/2011

Kas Bank wins a big mandate

p { margin-bottom: 0.08in; } The pension fund for retail employees in the Netherlands, Stichting Bedrijfstakpensioenfonds voor de Detailhandel, with a coverage rate as of the end of January of 98.4% (compared with 96.6% as of the end of December), has announced that it has selected Kas Bank for custody and administration of all of its assets, totalling about EUR8-9bn. Kas Bank will also handle risk monitoring as well as informing the fund’s board and investment committee.
14/03/2011

Deka facing a loss of up to EUR50m

p { margin-bottom: 0.08in; } A spokesperson for DekaBank on Saturday confirmed to Reuters that there is truth to claims in the Börsen-Zeitung on Saturday that the central asset management firm for the German savings banks has committed some irregularities in accounting some equities transactions, which may cost the firm EUR50m, the Frankfurter Allgemeine Zeitung reports. Deka is said to have missed some legal deadlines, and may no longer claim tax refunds on dividends on equities hosted for non-residents at the time when dividends are paid out.
14/03/2011

Threadneedle releases European Smaller Companies Absolute Alpha Fund

p { margin-bottom: 0.08in; } The range of eight newcits products from Threadneedle has gained the addition of the Luxembourg-registered small caps fund European Smaller Companies Absolute Alpha Fund (see Newsmanagers of 4 March), managed by Philip Dicken (also manager of the Threadneedle European Small Companies Fund, LU0282719219), which reproduces the strategy of the Threadneedle European Smaller Companies Crescendo Fund (ISIN: KYG8848E2346), which has been closed in favour of the new UCITS-compliant product. The absolute return product will typically have between 50 and 100 long and short positions, with the objective not only of absolute returns, but of annualised returns of 8-10% per year, on an 18-24 month investment horizon. Characteristics Name: Threadneedle Smaller Companies Absolute Alpha Fund ISIN: LU0570870567 Management commission: 1.5% (retail shares) 0.75% (institutional shares) Performance commission: 20% of performance exceeding the hurdle rate (Libor 3 month) Available in” euros, hedged pounds sterling, hedged US dollars, hedged Swiss francs
14/03/2011

GAM to release three themed funds in Germany

p { margin-bottom: 0.08in; } The German financial supervisory authority BaFin has granted permission to release the full range of UCITS-compliant funds from the Swiss management firm GAM in Germany, opening the market to three more Irish-registered GAM Star products. The funds are thematic equities funds denominated in US dollars, and focused on technologies (GAM Star Technology, IE00B5THWW23, launched on 1 February 2011), sustainable development (GAM Star Geo, IE00B5THWW23, launched on 29 December 2010), and inflation (GAM Star Global Equity Inflation Focus, IE00B4M7MR78, launched on 19 January 2011). The managers are Mark Hawtin, Paul Udall and Manning & Napier Advisors, respectively. In all three cases, minimal subscription is set at USD10,000, or the equivalent in other currencies. Front-end fee is 5%, and management commission is 1.5%.
14/03/2011

Singapore and the U.S. are the best markets for fund investors

An evaluation by Morningstar of fund practices worldwide has found that the United States and Singapore are the best markets for investors on the basis of criteria such as investor protection, transparency, commissions, taxation, and distribution, according to the second study on the subject (“Second Global Investor Experience Study”).New Zealand comes at the bottom of the rankings, but is showing signs of improvement compared with the first edition of the study, published in May 2009. France is in the middle of the rankings, ahead of Germany. Below are the ratings received by 22 countries analysed by Morningstar. Singapore: A Germany: C+ United States: A Japan: C+ Thailand: A- United Kingdom: C+ India: B Australia: C Netherlands: B Belgium: C Switzerland: B Hong Kong: C Taiwan: B Italy: C China: B- Norway: C Sweden: B- Spain: C Canada: C+ South Africa: C- France: C+ New Zealand: D-
14/03/2011

Oddo Asset Management integrates another strategy thanks to Orsay

p { margin-bottom: 0.08in; } Now, with the integration of Orsay Asset Management, Oddo Asset Management has additional expertise in absolute return equities, with 7 people. Oddo has begun preparing its networks and clients for two Orsay products which will be added to the range, a strategy with assets of EUR200m, of which EUR120m belong to the French-registered UCITS fund Orsay Arbitrages Actions, launched on 16 September 2009, EUR10m for the Orsay Active Plus L/S, and EUR60m for an institutional mandate.The two funds, both of which have Frédéric Staub as their principal manager, will use the same basic methodology, with a common long/short core (based on the momentum/pair trade/conviction triangle, with each area being neutral), and attention to risk control. For the Arbitrage Actions fund, the manager adds a layer of investment in announced mergers and acquisitions, without being required to participate in any dubious deal.For the Active L/S fund, net market exposure is +/-25%, while the Arbitrage Actions fund aims to have a neutral exposure to the market +/-3%. There is no genuine leverage. The volatility objectives are 5% for the mergers and acquisitions arbitrage fund, and 3-4% for the pure long/short fund, with respective performance targets of 4-5% and 7-8%. The Active L/S fund will be aimed at private clients who would like to take on additional risk, but cautiously, while the more defensive Arbitrage Actions fund is aimed rather at institutional investors seeking to add dynamism to their treasury, as well as to Oddo Banque Privée and its clients and IFAs.
14/03/2011

Assets in US money market funds up by USD11bn in one week

p { margin-bottom: 0.08in; } Money Fund Report reports that assets under management in US money market funds increased by USD11bn in one week (from USD2.715trnn to USD2.726trn), on average returns of 0.03%, La Tribune reports.
14/03/2011

Chinese social security fund plans to triple international investments

p { margin-bottom: 0.08in; } The Chinese social security fund (National Council for Social Security Fund, or NCSSF) is planning to increase its exposure to international assets from 7% to 20% of its portfolio, Asian Investor reports. Assets under management in the fund are expected to total RMB1trn (about USD152bn) by the end of the year, and RMB1.5trn by 2015. Assets under management currently total RMB850bn, including a bond allocation of 45%, an equities allocation of 30%, and a private equity allocation of 25%. In addition to this international development, the fund is also planning to increase its exposure to Chinese real estate and private equity. The fund is also working to improve returns on bond products. The fund uses 22 foreign firms to manage its funds. The list includes Alliance Bernstein, Allianz, Axa Rosenberg, BlackRock, Invesco, Janus Intech, Pimco, State Street Global Advisors, T Rowe Price and UBS/CICC. Barings and Schroders are in charge of investments in Chinese equities listed abroad; JF Asset Management, Martin Currie and Principal are in charge of Asian equities ex Japan; Batterymarch, Morgan Stanley IM and Schroders are in charge of emerging markets equities, and Fidelity, Newton, Prudential and Wellington handle international equities. In December 2010, the fund also contracted seven management firms and one trading firm to manage its local investments: China Universal, Dacheng, Fullgoal, Huangfa, Haitong Fortis, ICBC Credit Suisse, Yinhua and Citic Securities. 18 companies now manage the Chinese assets of the fund, which is not planning any new appointments in that area this year.

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