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07/04/2011

Deutsche Bank and IndexIQ launch real estate ETFs

Deutsche Bank has announced the launch of an ETF, the db x-trackers FTSE EPRA/NAREIT Global Real Estate ETF (ISIN LU0489337005), which provides access to realty firms and Reits both in developed and emerging countries. Management fees are 0.60%. The US ETF provider IndexIQ, for its part, is offering an ETF which charges fees of 0.75%, which covers small caps in the agricultural sector, the IQ Global Agribusiness Small Cap ETF (ISIN US45409B8349).
07/04/2011

Italian asset managers encouraged to come back home

At the opening of the savings conference now being held in Milan, the Italian minister of the economy, Giulio Tremonti, renewed his proposal to offer Italian asset management firms that decide to repatriate to Italy a choice of the most favourable tax regime from among the existing regimes in the European Union, Il Sole – 24 Ore reports. Under the initiative, entitled “tax regime shopping,” a public consultation will be held. Due to disadvantageous tax regimes for Italian-registered funds, many Italian asset management firms have moved abroad. Now the tax handicap has been lifted, but are many managers prepared to return? According to initial responses collected by Il Sole – 24 Ore, many managers say they would be highly cautious about the offer.
07/04/2011

Stephen Snowden returns to Aegon

The bond manager Stephen Snowden has left Old Mutual Asset Manager, where he spent seven years, to return to Aegon Asset Management. He will report to David Roberts, head of bonds.
07/04/2011

FTSE offers ESG ratings

The index provider FTSE Group on 6 April announced the launch of a new ratings system for environmental, social and governance (ESG) practices at more than 2,300 businesses worldwide, entitled FTSE4Good ESG Ratings, an offshoot of the FTSE4Good index, launched in 2001. The new product provides institutional investors with a model of flexible ratings, which provide a way to evaluate the ESG practices of businesses from several standpoints, not only ESG criteria as a whole, but in respect of several ESG subjects such as environmental management, climate change, or labour rights. In all areas, investors may evaluate the risks related to activities as well as the degree to which they are taken into account by the business.
07/04/2011

Aberdeen AM makes two appointments

Aberdeen Asset Management has appointed Steven Nicholls, head of EMEA client portfolio managers. From 2004 to the end of 2010, Steven was at PIMCO in London where he led a team responsible for UK institutional client servicing and working with their distribution teams to facilitate new business strategies.Steven Nicholls has two main areas of responsibility. Firstly, he will be a client facing portfolio manager in our UK product team where he will be responsible for the external support and promotion of our UK fixed income products, reporting to Paul Magura, head of UK fixed income. Secondly, Steven will be Head of EMEA Client Portfolio Managers reporting to Charles McKenzie, deputy head of fixed income.Aberdeen Asset Management has also appointed Andrew Allen as director of global property research. Andy will join on 3 May and will be responsible for property research at Aberdeen and will lead a team of seven researchers located around the world. He, along with our global strategy, investment analytics and asset appraisal specialists, will report to Russell Chaplin, chief investment officer – property. He joins from Oriel Securities where he was a partner and real estate equities analyst.
07/04/2011

Hedge fund managers pessimistic about US equities and Treasury bonds

Hedge fund managers remain pessimistic about US equities, according to the most recent monthly survey (March) from TrimTabe/BarclayHedge. In March, 36% still predicted that the S&P 500 would fall, compared with 40% in February, while 28% were optimistic, compared with 26% previously. Sentiment about 10-year US Treasury bonds had not changed greatly, with 33% of managers pessimistic and 16% optimstic. However, managers have become highly pessimistic about the dollar, with 43% predicting a decline, compared with 31% in February. In parallel with this continuing pessimism, investors are continuing to pour money into hedge funds, which saw record inflows in February. 18% of hedge funds are expecting to increase their leverage in the short term, while 14% say that they are planning to lower it. This will come as little surprise, as managers last month estimated that Portugal would be the next victim of the European debt crisis, and Spain is their next candidate.
07/04/2011

Jean-Charles Mériaux to remain a major shareholder in DNCA Finance

Following an article in Les Echos on 6 April announcing that Banca Leonardo may soon sell its asset management unit in France, and speculation in Il Corriere della Sera that an investment fund had made a bid to acquire DNCA Finance, the French asset management firm based in rue de la Paix in Paris has confirmed that changes in its ownership are under consideration, but that no decisions had been taken. According to information obtained by Newsmanagers, regardless of the solution chosen, Jean-Charles Mériaux, head of investment, will remain the main shareholder behind the largest institutional shareholder. Currently, the star manager owns 20% of shares, behind Banca Leonardo (67%). In the new distribution of capital now taking shape, the Italian firm would also remain a significant shareholder. An announcement on the subject of the various changes is expected in the next few weeks.
07/04/2011

GEAM has a new CEO

GE Asset Management (USD119bn in assets under management) has appointed Dmitri Stockton, former chairman and CEO of banking activities at GE Capital, as chairman and CEO of the management firm. He succeeds Jay Ireland, who becomes chairman and CEO of GE Africa.
07/04/2011

Pioneer-Eurizon marriage is off

At a presentation of the three-year plan for Intesa Sanpaolo, Corrado Passera, CEO, reviewed the bank’s various activities, including asset management in the Eurizon Capital division. Its revenues are expected to increase bt 11.2% to EUR1.4bn over the period. This increase may come due to external growth, but not through an Italian marriage with Pioneer, Il Sole – 24 ore reports in an article on Intesa. “There was a time when that merger was possible, but now there are no negotiations underway,” the director states.
07/04/2011

PPS Swiss professional retirement planning conference special: Vanguard recruits European staff

Since mid-March, the Zurich office of the US management firm Vanguard has been transformed into a Swiss-registered affiliate, Vanguard Investments Switzerland GmbH, Jacques-Etienne Doerr, head of business development for Switzerland, told Newsmanagers at the 3rd annual PPS conference in Geneva. Once the necessary permission has been received from Finma, Vanguard, whose local assets total CHF4.5bn, will be authorised to serve a wider range of professionals (charities, family offices, insurers, private wealth managers), and to advertise its products to this audience, including UCITS-compliant funds and US-registered ETF products. The staff of 3 at the office is expected to double by the end of the year.Switzerland will manifestly not be the sole target of Vanguard’s efforts, as it has redeployed its personnel to other European countries. The Amsterdam and Paris offices have recently been converted into subsidiaries, and the Brussels office has been closed, in order to construct a larger platform in London, where staff has been significantly expanded, beyond the mere integration of Belgian personnel who agreed to transfer.According to the US press, the Vanguard group is planning to actively enter the European market to enlarge its product range, which could involve the release of further products, including additions to its Irish ETF range. But initially at least, products would focus on major asset classes, without thematic specialisations.
07/04/2011

Assets and net profits up at M.M. Warburg

The M.M. Warburg & Co KGaA private bank has announced net profits for the 2010 fiscal year of EUR65.6m, compared with EUR61.3m in 2009, due to a EUR12m increase in reserves for general banking risks. Excluding this element, ROE before taxes was down to 24% from 31%.Though overhead expenses fell by EUR1.9m to EUR147.1m, the cost/income ratio deteriorated only slightly, to 62.30% from 61.75%.Assets under management increased to EUR36.1bn from EUR32.2bn.
07/04/2011

Schroder Property hires a manager from IVG

Philipp Ellebracht, who was senior product manager and senior product developer at IVG, has been appointed as head of products for continental Europe, a newly-created position, at Schroder Property. He is joining the Frankfurt office, from where he will report to William Hill, head of property at Schroders.Schroder Property has also recruited Nina Kutsch, a fund analyst at HSBC, as product executive for its German team.
07/04/2011

BlueBay AM opens an office in Hong Kong

The British management firm BlueBay Asset Management, a specialist in fixed income and credit, on 6 April opened an office in Hong Kong, its second Asian office after Tokyo, Asian Investor reports. The current head of sales for Asia ex Japan, Charmian Wan, has moved from London to Hong Kong, where he will recruit several people in the next few months, particularly for distribution. As of the end of 2010, assets under management at BlueBay AM, which was acquired in December by the Royal Bank of Canada, totalled USD40bn.
07/04/2011

UBS launches two real estate ETFs

The Swiss stock exchange (SWX) on 6 April admitted two new Swiss-registered ETFs to trading. The UBS-Index Solutions - SXI Real Estate ETF A (CH0105994401) charges 0.35%, while the UBS-Index Solutions SXI Real Estate Funds ETF (CHF) I (CH0105994419) charges a management commission of 0.20%. Both funds replicate the SXI index of Swiss real estate funds.
07/04/2011

Skagen Funds releases its funds in Switzerland

Skagen Funds has received permission from the Swiss Financial Market Supervisory Authority (Finma) to market its Norwegian domiciled funds Skagen Global, Skagen Kon-Tiki, Skagen Vekst and Skagen Tellus in Switzerland.In addition to its home markets in the Nordic countries, the Norwegian asset manager currently markets its funds in Luxembourg, the Netherlands and the UK. The decision to expand operations into Switzerland was based on a growing interest and demand from Swiss investors, the firms says. As it has previously done in its other international markets, Skagen announces it plans to develop its footprint in Switzerland «in a controlled and measured manner». Initially a team of three Skagen employees will service Switzerland remotely from our International office based in Stavanger, Norway, responding to client enquiries and servicing existing clients as required.
07/04/2011

Aberdeen AM alters configuation of a multi-asset class fund

Aberdeen Asset Management plans to launch the Aberdeen MM Diversified Alpha Fund, a portfolio of UCITS III funds, on 1 May 2011. The Fund will evolve from theexisting £7.9 million Aberdeen MM Multi Asset Growth Fund.The Fund will be a multi-asset portfolio with a total return mandate, investing in vehicles using a wide range of investment powers to reduce volatility and stabilise returns. The Aberdeen multi manager team, jointly led by Aidan Kearney and Graham Duce, will continue to manage the Fund. From 1 May 2011, the annual management charge for the Fund will be reduced from 1.5% to 1.25%.
07/04/2011

MGF recruits head of distribution from Credit Suisse AM

March Gestión de Fondos (MGF), the fund management firm of Banca March (EUR1.7bn), has announced the recruitment of José Ramón Aranda as head of sales. Aranda was previously head of distribution at Credit Suisse Asset Management for Spain.
07/04/2011

Lisbonne réclame l'aide de Bruxelles

Les autorités ont demandé hier soir l’aide de la Commission européenne alors que le pays vient de placer hier au prix fort un milliard d’euros de bons à 6 et 12 mois.
07/04/2011

Une hausse allemande ?

On comprend que la BCE ait hâte de normaliser sa politique monétaire. Mais pour s’en tenir aux chiffres, le relèvement des taux ne va pas de soi. Même à 2,6% fin mars, l’inflation en zone euro demeure gérable, surtout considérée hors énergie et produits alimentaires. S’agissant des effets de second tour, on n’en voit nulle part la trace ni même la menace. Quant au profil conjoncturel de la zone euro, à la création monétaire ou à la production de crédits, ils n’appellent pas non plus une telle mesure. Au moment où les pays périphériques se débattent dans leurs difficultés, et que l’Espagne s’efforce de sortir de la zone dangereuse, doit-on leur faire prendre un risque supplémentaire ? Il est vrai que la BCE maintient sa politique non conventionnelle, mais quelle sera son efficacité dans ce nouveau contexte ? La seule raison vraiment cohérente du resserrement monétaire est ailleurs, et tient à la situation particulière de l’Allemagne. Son dynamisme économique ne devrait pas souffrir du relèvement annoncé, alors que sa Chancelière se trouve dans une posture difficile. Or l’Europe a plus que jamais besoin de son concours, sans compter que c’est d’elle que dépendra le choix du successeur de Jean-Claude Trichet. L’italien Mario Draghi tient la corde et l’occasion est belle d’administrer la preuve de son orthodoxie monétaire. De là à penser que cette hausse des taux est avant tout une « hausse allemande », il y a un pas qu’il est permis de franchir.
07/04/2011

Calpers se défie du private equity

Le quotidien croit savoir de sources proches que le fonds de pension des salariés du secteur public californien, le plus important fonds de pension aux Etats-Unis, a cédé un portefeuille d’actifs de private equity pour un montant de 800 millions de dollars. Le principal acheteur serait le néerlandais AlpInvest, ajoute le quotidien américain.
07/04/2011

Les cours du brut liés à la spéculation, selon le Qatar

Le niveau élevé des cours du pétrole est dû à la spéculation et non à un défaut de l’approvisionnement, a estimé le ministre qatari de l’Energie, Mohammed Saleh al Sada. «L’Opep ne peut rien faire en ce qui concerne la spéculation, mais il semble que cela soit la principale raison expliquant le niveau actuel des cours pétroliers», a-t-il ajouté.
07/04/2011

La bataille budgétaire fait rage aux Etats-Unis

Républicains et démocrates n’arrivent pas à se mettre d’accord sur les moyens de financer les besoins du gouvernement jusqu’au 30 septembre, fin de l’exercice fiscal 2010-2011. Environ 800.000 fonctionnaires pourraient ainsi être contraints de cesser le travail. Une réunion à la Maison blanche mercredi soir entre Barack Obama, John Boehner, le président républicain de la Chambre des représentants, et Harry Reid, le chef de la majorité démocrate au Sénat, a permis une discussion «franche» mais n’a pas abouti à un accord.

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