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21/02/2011

Smooth start to the year for hedge funds

The equity-oriented strategies all responded positively to the favourable conditions on the stock market and similarly registered a fifth consecutive month of gains, according to the Edhec-Risk Institute. The Equity Market Neutral strategy (+0.50%) managed a modest gain. Despite its smaller exposure to the stock market, the Event Driven strategy (+1.47%) outperformed the Long/Short Equity strategy (0.51%), which was hampered by a shrinking small- minus large-cap return differential (-2.22%).» «In January, sustained both by risky bonds and the increasing credit spread (+0.56%), the Convertible Arbitrage strategy (+1.90%) bettered its profits of December. Conversely, the CTA Global strategy (-0.73%) stumbled unexpectedly despite a sharp decline in the dollar and the rising trend of the commodity market. Overall, the Funds of Funds strategy (+0.16%) started 2011 on a very mild note.
21/02/2011

Skagen to open an office in Amsterdam

Michiel Krauss has been appointed managing director at Skagen Netherlands and assumed the position on 1st February 2011. He comes from Wilton Investment Services where he was also managing director. The Norwegian asset management company will also be opening an office in Amsterdam by the summer.It received approval to market its funds in the Netherlands in 2006 and currently has approximately 1 billion euro under management, predominantly from retail and HNW clients.The Amsterdam office will be Skagen’s eleventh office – in addition to the six in Norway, and offices in Stockholm, Copenhagen, Gothenburg and London. Local personnel in the Netherlands are currently being recruited. In the meantime the existing client facing team from the International department in Stavanger will support Michiel Krauss.Separately, Stavanger District Court has acquitted portfolio manager Kristian Falnes and ruled that he complied with the duty of confidentiality pursuant to the Norwegian Securities Trading Act § 3-4 regarding confidentiality and proper handling of information.
21/02/2011

Kempen CM plans international development

Netherlands-based asset management firm Kempen Capital Management (KCM) has built an international development team, which will be led by Hilko de Brouwer.“With the creation of this team, we at KCM confirm the increasing importance we assign to international institutional investors in our development plan,” the asset management firm says. The team, which will be based in Amsterdam, will focus its activities on markets outside Switzerland and the Netherlands, where KCM has local teams. “In the past two years, international institutional investors have shown a growing interest in KCM strategies in the areas of small caps, publicly-traded real estate, high quality investment grade credit, high yield equities and funds of hedge funds,” the structure says. However, international assets under management now total about EUR1bn, out of total assets under management of EUR18.2bn (compared with EUR13.4bn as of the end of 2009). The team will include Vuk Srdanovic, who joined KCM as head for France and Scandinavia. The Danish Srdanovic speaks Danish, French, German and English. He previously worked in the Scandinavia team at T. Rowe Price, from 2006 to 2009. The international development team at Kempen, which includes three members, will be expanded with the addition of one further person in 2011.
21/02/2011

Mercer scales up presence in Asia

p { margin-bottom: 0.08in; } In order to increase its range of multi-management products for institutionals in Asia, Mercer is to appoint country heads for sales in South Korea, Hong Kong, Singapore, and Japan, Asian Investor reports.
21/02/2011

“Carmignac is not Madoff”

p { margin-bottom: 0.08in; } “It is true, we have had negative short-term performance since the beginning of the year, at a time when markets were rising,” admits Didier Saint-Georges, who for more than 20 years has been one of the closest advisors to Edouard Carmignac, in an interview with Il Sole – 24 Ore. “Maybe the fact hat we are losing money is the proof that Carmignac is not Madoff, as some ill-intentioned voices are insinuating,” he continues. “We are losing money because we made big bets on Chinese and Indian businesses, which since the beginning of the year have been losing value. And because we avoid European banks, to which others are returning, and which are therefore bouncing back … We go against the grain. We will see in the future that we were right,” he explains to the Italian newspaper, which dedicates two articles to the management firm headquartered on Place Vendôme in Paris.
21/02/2011

Two affiliates of BNY Mellon AM join forces on emerging markets

p { margin-bottom: 0.08in; } Standish Mellon Asset Management Company (USD78bn in assets, of which USD8.5bn are in emerging markets debt), and The Boston Company Asset Management, or TBCAM (USD39bn in assets, of which USD10.5bn are in emerging markets equities), have announced the creation of a common strategy, entitled Total Emerging Markets. The two boutiques, which are both affiliates of BNY Mellon Asset Management, are planning to offer actively-managed, diversified portfolios of bonds, equities and currencies of emerging markets.Within this project, Standish Mellon AM will handle selection of bonds and currencies, while TBCAM will be responsible for selection of equities. This will allow for the firms to offer absolute return products which are better adapted to risk than traditional funds, benchmarked against the MSCI Emerging Markets index. The extension of the investment universe to bonds and currencies will allow for greater geographical diversification, where bonds and equities allocations only partially take into account emerging markets.The Total Emerging Markets strategy will use an integrated platform to control risk. For each type of asset, selection will be based on the well-defined investment process at the corresponding boutique.
21/02/2011

Frankfurt exchange lists six more iShares ETFs

p { margin-bottom: 0.08in; } On 18 February, the Deutsche Börse admitted several more funds from iShares (BlackRock), all German-registered, for trading on the XTF segment of tis Xetra electonric platform. The additions bring the total number of ETFs listed in Frankfurt to 797.The funds iShares MSCI Japan Monthly EUR Hedged (DE000A1H53P0), iShares MSCI World Monthly EUR Hedged (DE000A1H53Q8) and iShares S&P 500 Monthly EUR Hedged (DE000A1H53N5) are physical replication products, hedged for currency risks, with total management commissions of 0.64%, 0.55% and 0.45%, respectively.iShares has also launched two synthetic replication funds, the iShares MSCI Russia Capped Swap (DE000A1H53L9) , with fees of 0.74%, and the iShares S&P CNX Nifty India Swap (DE000A1H53K1), with management commission of 0.85%.The iShares MSCI USA (DE000A1H53M7), a physical replication fund, charges 0.40%. BlackRock has also launched these six funds on the Vienna stock exchange, with the addition of a seventh Irish-registered product dedicated to Poland, the iShares MSCI Poland (IE00B4M7GH52), a physical replication fund with management commission of 0.74%.
21/02/2011

VMZ launches a flexible fund with Universal

p { margin-bottom: 0.08in; } The Cologne-based wealth management firm V.M.Z. Vermögensverwaltungsgesellschaft Dr. Markus C. Zschaber mbH is advisor to the new flexible equities fund World Market Fund, whose launch has been announced by Universal-Investment.Management of the fund will follow the evolution of the “Welt-Index” designed by Markus Zschaber, involving the monthly combination of an index of conjunctural data and another index of market outlooks. This tool will allow the management team to identify and evaluate cyclical changes taking place in the global economy early on, and to integrate these data into the investment process.The portfolio of the new fund is constructed on the basis of both top-down and bottom-up analysis. In case of extreme situations on international equities markets, exposure to equities markets may be wholly hedged, and half of assets may be invested in money market investments and equities.CharacteristicsName: World Market FundISIN: DE000A1CS5F8Front-end fee: Maximum 5%Management commission: Currently 1.90%Performance commission: 10% of absolute returns, with high watermark
21/02/2011

Not all savings investors have the same level of protection in Europe

p { margin-bottom: 0.08in; } Clients in the European asset management sector do not have the same levels of protection across Europe. “There is a European passport for funds, which allows them to be sold within the European Union, but the rules for their sale vary from one country to another, as do the rules which intermediaries have to respect, and the rules to practice advising activities vary as well,” says Jean-Baptiste de Franssu, CEO of Invesco Europe and president of Efama, in an interview with Il Sole – 24 Ore. He says the best-protected savings investors are in the Netherlands and the UK. However, de Franssu confirms that Invesco has ambitions to participate in the current wave of consolidation.
21/02/2011

Liechtenstein sets out to win over clients

p { margin-bottom: 0.08in; } The Liechtenstein bankers’ association on 18 February unveiled its strategy for the principality’s financial centre for the coming years. “The Liechtenstein financial centre is known for its high capacity for innovation, its effectiveness, and its abilities in the area of wealth management. This puts it in a position to offer top quality custom products and services to demanding international clients,” the chairman of the association, Adolf E. Real, says in a statement.However, in a contect of increased competition, the financial centre has revised its strategy (“Roadmap 2015”) to focus on five core areas: innovation, shared common objectives, international collaboration, attractiveness, and reputation, and three major principles: quality, stability, and sustainable development. “Our objective is to be considered a stable and sustainable financial centre,” the association chairman says.Following the tax scandals in Germany in 2008, the association emphasizes that it has now deployed a zero tolerance policy to tax evasion. In addition to the potential for developing international regulation, the association is also planning to take advantage of the opportunity to innovate in socially responsible investment, microfinance, and philanthropy.
21/02/2011

Outflows from emerging markets equities funds continue

p { margin-bottom: 0.08in; } For the week to 16 February, transfers of capital from emerging markets equities funds towards developed markets equities funds continued, according to statistics from EPFR Global. Equities funds posted inflows of USD8.39bn, while bond funds saw inflows of USD1.16bn. Money market funds, however, saw outflows of USD3.73bn.Outflows from emerging markets equities funds totalled USD5.45bn, while inflows to developed markets equities funds were at their highest levels in 30 months, with the result that since the beginning of the year, equities funds (United States, Europe, Japan and international) have attracted more than USD4.7bn, of which USD29bn have gone to US equities funds. In the corresponding periods of 2009 and 2010, EPFR Global observed outflows of USD28bn and USD17bn, respectively.
21/02/2011

Affaire Madoff : 1818 Gestion condamnée à indemniser un client

Selon La Tribune, 1818 Gestion, filiale de Banque Privée 1818, elle-même détenue à 100 % par Natixis, a été condamnée dans un jugement prononcé le 4 février, la 6e chambre du tribunal de commerce de Paris à payer la somme de 100.377 euros à la SAS Groupe Someg avec intérêts au taux légal à compter du 10 juin 2009, date de l’assignation de la Someg contre les deux sociétés.En contrepartie, la Someg renonce à tous ses droits sur les 73.213 actions de Luxalpha au bénéfice de 1818 Gestion. La Tribune rappelle que le 8 février 2008, la société a confié à 1818 Gestion un mandat de gestion «prudente» d’un montant de 2,5 millions d’euros. «En investissant dans Luxalpha, 1818 Gestion n’a pas respecté les conditions du mandat de gestion», estiment Nicolas Lecoq Vallon et Hélène Feron-Poloni, associés au cabinet Lecoq Vallon et conseils de la Someg. «1818 Gestion a manqué à son devoir d’information claire et non trompeuse, de vigilance, de diligence et de compétence en investissant sur ce fonds».
21/02/2011

Assets at merged management firms for savings banks fall steeply

p { margin-bottom: 0.08in; } In the twelve months to the end of January, assets under management by the Spanish savings banks, immersed in an ongoing merger process, fell by EUR3.02bn, or 10.4%, to a total of EUR26.1bn, Cinco Días reports. The contraction is less than the 14.7% decline observed for Spanish management firms as a whole, solely due to good results at Catalunya Caixa, where assets increased by 36.3% to EUR3.91bn. Without this contribution, the decline would have been 15.5%.The other winner out of the mergers is the management firm La Caixa, where assets increased by 10.5%, to EUR15.38bn, largely due to its flagship product Foncaixa Bienvenida, which got a boost from a 3% bonus on transfers.Cinco Días also observes that according to the Spanish association Inverco, assets under management by the various asset management firms of the Santander and BBVA groups fell by 14.6% and 28.7%, respectively, in the twelve months to the end of January.
21/02/2011

Caceis publishes a UCITS IV guide to management firms

p { margin-bottom: 0.08in; }a:link { } Caceis has published a brochure entitled “Making the most of UCITS IV: A flexible approach by Management Company profiles,” which describes opportunities for development and rationalisation that will be available to management firms in light of the UCITS IV directive from 1 July 2011.A segmentation of management firms according to various profiles is proposed, ranging from new entrants into the UCITS fund market to more experienced promoters. “For each profile, our experts analyse the strategy that the asset management firm may adopt in regard to opportunities offered by UCITS IV, and establish scenarios for the achievement of set objectives. They then list the challenges in terms of cross-border distribution and restructuring of organisations and products,” Caceis explains in a statement. The guide is available on the website http://www.caceis.com/.
21/02/2011

Pimco selects State Street and IFDS for its new Canadian fund service

p { margin-bottom: 0.08in; } State Street Corporate and International Financial Data Services (IFDS) Canada announced on 17 February that they have been selected by Pimco (Allianz Global Investors group) to provide a variety of services for its new range of retail funds.State Street will be responsible for accounting and fund administration, custody and fiduciary services, while AFDS will serve as transfer agency and client data custodian for the eight funds.
21/02/2011

KPMG: hedge fund head appointed for UK

p { margin-bottom: 0.08in; } Hedge Week reports that KPMG has announced the appointment of Robert Misky as head for UK hedge funds. Mirsky previously worked at Laven Partners, where he was managing director in charge of the creation of a UCITS platform.
21/02/2011

Assets under management up by over 19% at Rathbones in 2010

p { margin-bottom: 0.08in; } Assets under management at the British management firm Rathbones totalled GBP15.6bn as of 31 December 2010, an increase of 19.3% compared with their levels as of the end of 2009. The group says that redemption demands continued for the entire year, but with a net slowdown as the months progressed, but total net subscriptions of GBP18.3m in fourth quarter.
21/02/2011

Edram to launch a Japan fund

p { margin-bottom: 0.08in; } According to reports in Agefi Weekly, Edmond de Rothschild Asset Management (EDRAM) is soon to announce the launch of a fund managed by Sumitomo Mitsui AM, focused on equities in Japanese companies set to profit from growth on the Asian continent.
21/02/2011

TCW closes Small Cap Growth Fund to new investors

p { margin-bottom: 0.08in; } On 17 February, the TCW Group (Société Générale) announced that from 30 April 2011, its fund TCW Small Cap (TGSCX/TGSNX) will be closed to new subscribers, but not to retail investors who are already invested in the product, or to 401(k) savings plan holders. The fund now has USD1bn in assets, and TCW would like to limit its size in order to continue to manage the fund in the best interests of existing shareholders, says Charles Balisweiler, president & CEO of TCW Funds. Investors seeking similar exposure to growth small caps may consider the TCW SMID Cap Growth Fund, managed by Husam Nazer, or the TCW Growth Equities Fund, managed by Brendt Stallings.
21/02/2011

"Nous finalisons les enregistrements de nos fonds en Italie et en Espagne"

Dans un entretien à Newsmanagers, Maroun Jalkh, directeur du développement, marketing et distribution de Neuflize Private Assets, filiale de la banque Neuflize OBC créée en 2002 par François Mouté, revient sur la fusion avec Fontenay Gestion. Il présente également les projets de la structure de gestion, dont 52 % des encours sont gérés pour des clients externes.
21/02/2011

Kempen recrute un responsable France

La société de gestion néerlandaise Kempen Capital management (KCM) vient de constituer une équipe de développement international, qui sera dirigée par Hilko de Brouwer."En créant cette nouvelle équipe, KCM confirme l’importance grandissante accordée aux investisseurs institutionnels internationaux dans le cadre de notre plan de développement», explique la société de gestion. L’équipe, qui sera basée à Amsterdam, axera son action sur les marchés hors Suisse et Pays-Bas, où KCM dispose d’équipes locales. «Au cours des deux dernières années, les investisseurs institutionnels internationaux ont manifesté un intérêt croissant pour les stratégies de KCM dans les domaines des petites capitalisations, des titres immobiliers cotés, des crédits de qualité investment grade, des actions à haut rendement et des fonds de hedge funds», souligne la structure. Si bien que les actifs internationaux sous gestion s’élèvent actuellement à environ un milliard d’euros, pour des encours totaux sous gestion de 18,2 milliards d’euros (contre 13,4 milliards d’euros à fin 2009). Cette équipe est notamment composée de Vuk Srdanovic, qui a rejoint KCM en qualité de responsable France et pays nordiques. De nationalité danoise, il parle couramment le danois, le français, l’allemand et l’anglais, et il travaillait au sein de l’équipe nordique chez T. Rowe Price de 2006 à 2009. Pooja Padhye s’occupe quant à elle des relations avec les conseillers. Une quatrième personne sera recrutée cette année.
21/02/2011

Skagen va ouvrir un bureau à Amsterdam

La société de gestion norvégienne Skagen a recruté Michiel Krauss, un ancien de Wilton Investment Services, en tant que managing director pour les Pays-Bas, où elle compte ouvrir un bureau d’ici à cet été. La structure nordique, dont les fonds sont enregistrés aux Pays-Bas depuis 2006, gère aujourd’hui 1 milliard d’euros d’encours dans ce pays, principalement pour le compte de particuliers et de clients fortunés. Le bureau d’Amsterdam sera le onzième de la société de gestion norvégienne, en plus des six basés en Norvège, et des bureaux de Stockholm, Copenhague, Gothenburg et Londres. Skagen précise qu’elle est en train de recruter des collaborateurs pour ce nouveau pôle. En attendant, les clients existants seront pris en charge par Michiel Krauss et le département international de la société basé à Stavanger en Norvège. Par ailleurs, Kristian Falnes, gérant de Skagen, a été acquitté dans un procès où il était accusé d’avoir enfreint la réglementation boursière sur la confidentialité et la détention d’informations privilégiées. L’intéressé avait informé début 2009 la société Q-Free, dont Skagen était actionnaire, que quelqu’un cherchait à acquérir une grosse participation dans son capital. L’autorité norvégienne des marchés financiers avait infligé une amende de 350.000 couronnes norvégiennes à Kristian Falnes, que ce dernier a contestée. Le régulateur a fait appel du jugement.
21/02/2011
Fonds

La Cour des comptes épingle le Fonds de réserve des retraites

Dans son rapport annuel 2011, la Cour des comptes consacre un chapitre au FRR. Selon La Tribune, pour gérer sa poche obligataire classique, le Fonds de réserve des retraites pourrait s’inspirer de l’Erafp (Établissement de la retraite additionnelle de la fonction publique), qui la gère en interne. Le FRR pourrait garder une gestion déléguée pour les actifs de « performance ». La solution radicale serait d’intégrer toute la gestion, ce qui selon la Cour, «coûterait moins cher que l’externalisation facturée 40 millions d’euros en moyenne par an», rapporte le quotidien.
Fonds
21/02/2011
Fonds

Edram va lancer un fonds Japon

Selon les informations de l’Agefi Hebdo, Edmond de Rothschild Asset Management (Edram) devrait annoncer prochainement le lancement d’un fonds géré par Sumitomo Mitsui AM d’actions de sociétés japonaises profiant de la croissance du continent asiatique.
Fonds
21/02/2011

Pimco choisit State Street et IFDS pour le service de ses nouveaux fonds canadiens

State Street Corporation et International Financial Data Services (IFDS) Canada ont annoncé le 17 février avoir été sélectionnés par Pimco (groupe Allianz Global Investors) pour fournir un certain nombre de services à la nouvelle gamme de ses fonds retail.Le premier se chargera de la comptabilité et de l’administration de fonds, de la conservation et des services de fiducie. De son côté, IFDS fera fonction d’agent de transfert et de conservation des données clients pour les huit fonds.
21/02/2011
Fonds

L'encours des gestionnaires des caisses d'épargne fusionnées a nettement fondu

Durant les douze mois à fin janvier, les actifs gérés par les caisses d'épargne espagnoles immergées dans un processus de fusion a chuté de 3,02 milliards d’euros ou de 10,4 % pour revenir à 26,1 milliards d’euros, constate Cinco Días. Cette contraction est inférieure à celle de 14,7 % enregistrée par l’ensemble des gestionnaires espagnols, uniquement grâce au bon résultat de Catalunya Caixa, dont l’encours s’est accru de 36,3 % à 3,91 milliards d’euros. Sans cette contribution, la baisse aurait été de 15,5 %.L’autre gagnante des fusions est la société de gestion de La Caixa, dont les actifs ont gonflé de 10,5 % à 15,38 milliards, notamment grâce à son produit vedette Foncaixa Bienvenida, dopé par une prime de 3 % sur les transferts.D’autre part, Cinco Días note que, selon l’association espagnole Inverco, l’encours géré par les gestionnaires des groupes Santander et BBVA a fondu respectivement de 14,6 % et de 28,7 % sur les douze mois à fin janvier.
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21/02/2011

Mercer se renforce en Asie

Afin de renforcer son offre multi-gérants destinée aux institutionnels en Asie, Mercer va nommer des responsables commerciaux pays en Corée ainsi qu'à Hong Kong, Singapour et Tokyo, indique Asian Investor.
21/02/2011
Fonds

VMZ lance un fonds flexible avec Universal

Le gestionnaire de fortune colonais V.M.Z. Vermögensverwaltungsgesellschaft Dr. Markus C. Zschaber mbH conseille le nouveau fonds d’actions flexible World Market Fund dont le lancement a été confié à Universal-Investment.La gestion s’opère en fonction de l'évolution du «Welt-Index» conçu par Markus Zschaber et qui résulte de la réconciliation mensuelle d’un indice de données conjoncturelle et d’un autre de prévisions de marché. Cet outil doit permettre à l'équipe de gestion d’identifier et d'évaluer très tôt des mutations cycliques intervenant dans l'économie mondiale et d’intégrer ces données dans le processus d’investissement.Le portefeuille du nouveau fonds est constitué en fonction d’analyses à la fois top-down et bottom-up. Il est en outre prévu qu’en situation extrême sur les marchés d’actions internationaux, l’exposition aux actions puisse être le cas échéant totalement couverte et que la moitié de l’encours soit investi en actions et en placements monétaires.CaractéristiquesDénomination : World Market Fund Code Isin : DE000A1CS5F8 Droit d’entrée 5 % maximumCommission de gestion : actuellement 1,90 %Commission de performance : 10 % de la performance absolue, avec high watermark
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21/02/2011
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Francfort cote six ETF iShares supplémentaires

Le 18 février, la Deutsche Börse a admis à la négociation sur le segment XTF de sa plate-forme électronique Xetra six ETF actions supplémentaires d’iShares (BlackRock), tous de droit allemand. Cela porte à 797 le nombre total d’ETF cotés à Francfort.Les fonds iShares MSCI Japan Monthly EUR Hedged (DE000A1H53P0), iShares MSCI World Monthly EUR Hedged (DE000A1H53Q8) et iShares S&P 500 Monthly EUR Hedged (DE000A1H53N5) sont des produits à réplication physique et couverts du risque de change dont les commissions de gestion ressortent respectivement à 0,64 %, 0,55 % et 0,45 %.Par ailleurs, iShares a lancé deux fonds à réplication synthétique, le iShares MSCI Russia Capped Swap (DE000A1H53L9) chargé à 0,74 % et le iShares S&P CNX Nifty India Swap (DE000A1H53K1), dont la commission de gestion se situe à 0,85 %.Enfin, le iShares MSCI USA (DE000A1H53M7), à réplication physique, est chargé à 0,40 %.BlackRock a introduit ces six fonds sur la bourse de Vienne également, en y ajoutant un septième produit de droit irlandais dédié à la Pologne, le iShares MSCI Poland (IE00B4M7GH52), un fonds à réplication physique dont la commission de gestion se situe à 0,74 %.
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