Le gestionnaire de fortune VCH Vermögensverwaltung, membre du groupe Altira, a annoncé le lancement le 23 février du fonds luxembourgeois confié à Hauck & Aufhäuser Investmentgesellschaft et géré par un transfuge de DWS, Jens Schleuniger (lire notre article du 25 janvier 2011). Il s’agit d’un fonds d’actions spécialiste des sociétés dont le siège est situé en Afrique, et principalement en Afrique du Sud, en Egypte, sur l'île Maurice, au Nigeria, au Maroc et au Kenya. Une partie importante du portefeuille sera placée dans des entreprises du secteur des matières premières au sens large (prospection, extraction, raffinage, transformation, commercialisation).Caractéristiques :Dénomination : VCH AfricaCode Isin : LU0563445195Droit d’entrée : 5 %Commission de gestion : 0,40 %Commission de banque dépositaire (Hauck & Aufhäuser Banquiers Luxembourg S.A.) : 0,10 %Commission de conseil : 1,45 %Commission de performance : 10 % avec high watermarkSoucscription minimale : 500 euros

Le britannique Schroders Investment Management a annoncé avoir recruté Caterina Zimmermann pour son équipe de distribution en Allemagne et en Autriche basée à Francfort. L’intéressée sera chargée du suivi de la clientèle «wholesale», essentiellement les fonds de fonds et les gestionnaires de fortune.L’intéressée, qui est subordonnée à Joachim Nareike, directeur de la distribution, vient de passer quatre ans chez ABN Amro à Singapour, d’abord comme chargée de clientèle internationale puis comme banquier privé spécialiste des clients européens en Asie et en Europe.

A fin décembre, la banque privée allemande Delbrück Bethmann Maffei gérait 16,5 milliards d’euros, soit 3,7 milliards de plus qu’un an auparavant, grâce notamment à 1,35 milliard d’argent frais, a indiqué Horst Schmidt, président du directoire. Ce dernier souligne que la clientèle n’est donc pas gênée du fait que l'établissement bénéficie de la garantie de l’Etat néerlandais, puisque sa maison-mère est ABN Amro, rapporte la Frankfurter Allgemeine Zeitung.Le manager indique qu’environ 40 % de l’encours est apporté par des clients disposant d’une épargne financière d’au moins 25 millions d’euros. Ces deux dernières années, Delbrück Bethmann Maffei a recruté 40 conseillers, ce qui a porté leur nombre à 100 spécialistes sur un effectif de 550 personnes, dont 330 dans la banque privée.

En janvier 2011, le secteur allemand de la gestion d’actifs a enregistré des souscriptions nettes de 6,62 milliards d’euros contre 6,56 milliards en décembre et 13,51 milliards un an auparavant, selon les chiffres publiés le 7 mars par l’association allemande BVI des sociétés de gestion. Ce résultat est attribuable aux fonds institutionnels, qui ont drainé 5,6 milliards d’euros, aux fonds immobiliers offerts au public, qui ont levé 599 millions, et aux mandats, qui ont engrangé 360 millions. Les fonds de valeurs mobilières offerts au public n’ont attiré que 65,6 millions d’euros parce que les produits obligataires ont accusé des sorties nettes de plus de 1,62 milliard d’euros.Dans les grandes maisons, Allianz Global Investors (AGI) a subi des remboursements nets de 786,8 millions d’euros tandis que Deka (caisses d'épargne) et Union Investment (banques populaires) enregistraient des rachats de 513,2 millions et de 123,6 milliards, respectivement. L’ensemble DWS DB Advisors/DB Groupe (Deutsche Bank) a en revanche collecté en net 541 millions d’euros.A l’exception d’ETFlab (Deka), qui accuse des sorties nettes de 470 millions, les spécialistes des ETF ont engrangé des souscriptions nettes : 349,4 millions pour BlackRock (iShares), 78,7 millions pour ComStage (Commerzbank) et 349,9 millions pour db x-trackers (Deutsche Bank).

Le gestionnaire central des banques populaires allemandes, Union Investment, a annoncé le 7 février le lancement du fonds obligataire de droit luxembourgeois UniRentaEurolandPlus 5J dont la première échéance, avant reconduction éventuelle, est le 31 janvier 2016.Ce produit sera investi principalement en obligations d’Etat, en obligations d’entreprises et en obligations sécurisées européennes de bonne à très bonne signatures, mais pourra également effectuer jusqu'à 40 % des placements en obligations d’Etat ou d’entreprises de pays émergents en monnaies locales. En revanche, pour l’instant, Union n’investit pas pour ce fonds dans les pays périphériques (PIIGS) de la zone euro.Le fonds, géré par Dmitri Barinov, investit uniquement dans des titres dont l'échéance correspond au plus tard à celle du fonds. Avant cette échéance, le fonds pourra adopter une politique plus défensive et investir en instruments monétaires.CaractéristiquesDénomination : UniRentaEurolandPlus 5JCode Isin : LU0578911900Droit d’entrée : 2 %Commission de gestion : 0,7 % (1 % maximum)Commission de banque dépositaire : 0,05 %

p { margin-bottom: 0.08in; } Chris Burvill, a fund manager at Gartmore, will be transferred in April to take over the equities allocation of the Henderson Managed Distribution Fund, replacing Trevor Green. Green will join the British equities management team at Aviva Investors at the end of May, and will handle high alpha mandates. He will succeed Mervyn Douglas, who is leaving the firm.

p { margin-bottom: 0.08in; } The private equity firm Duke Street has acquired a majority stake in IFA UK Wealth Management (UKWM, ex Yorkshire Investment Group), for a total of over GBP10m, Fund Strategy reports. The management firm currently has GBP1.5bn in assets under management, but its objective is to achieve GBP5bn in five years’ time.

p { margin-bottom: 0.08in; } Barclays Capital is launching two new OEIC funds exposed to the FTSE 100, Investment Week reports. They are the IFSL Barclays FTSE 100 Trend fund, which aims to bring investors positive returns tied to the FTSE 100 Trend Total Return index, and a defensive version of the fund, which offers protection for 80% of invested capital.

p { margin-bottom: 0.08in; } On 7 March, Skandia Investment Group (SIG) announced the launch of the Skandia Asian Equity Fund, a UCITS-compliant product, which will be managed by the high-conviction management firm MIR (USD1.4bn in assets as of the end of June 2010), which for nearly two years has managed the Asian equities allocation from the Skandia Global Dynamic Equity Fund (GBP1bn in assets as of the end of December 2010), managed by François Zagame.MIR will use a value and momentum management style with a process that allies quantitative and qualitative management, applied to a highly diversified portfolio of 60 to 100 Asian equities (ex Japan). The benchmark index is the MSCI Asia Pacific Ex Japan GDP Index, which is weighted according to the GDP of the countries concerned.

p { margin-bottom: 0.08in; } In January, retail net subscriptions to funds domiciled in the United Kingdom totalled GBP891m, less than half the monthly average for the past twelve months of GBP2bn, according to statistics from the Investment Management Association (IMA). Institutional funds saw net outflows of GBP1.18bn.As of the end of January, assets in retail funds domiciled in the United Kingdom totalled GBP569.3bn, compared with GBP468.9bn one year earlier, while for funds domiciled abroad, assets totalled GBP26.8bn, compared with GBP23.9bn as of the end of January 2010. In January, these funds posted net inflows of GBP292.3m, compared with net redemptions of GBP134m for the corresponding month of last year.Net subscriptions to equities funds totalled Gbp534m, compared with an average of GBP624m for the past twelve months, while balanced funds totalled GBP231m, for an average of GBP299m, and bond funds fell to their lowest level since October 2008, at GBP37m, whereas the average over the past twelve months was GBP584m.

In the first two months of this year, Mandarine Gestion has taken on a net total of EUR150m in subscriptions, which is a good sign, barring any bad surprises, for the firm’s ambitions to attract EUR600m in subscriptions this year, after EUR500m in 2010 (see Newsmanagers of 11 February). Net profits last year totalled about EUR5m, as in 2009.Assets as of the end of February, at the end of three years in business, totalled EUR1.785bn, compared with “over EUR1.6bn” one month ago, of which 5% are from Germany, and 15% from French-speaking Switzerland.Marc Renaud, chairman and founder of the management firm, has unveiled the firm’s international distribution plans. In Germany, the firm’s “second domestic market,” the Frankfurt office, led by Andreas Krebs, concentrates on institutional clients, private banking and funds of funds; it may eventually take on recruitments, once it tops EUR100m in assets.Mandarine has also signed a distribution agreement for Austria with Tury Investment. The “minority” partner with whom the firm was in talks a month ago to invest in the Spanish and Italian markets is UFG-LFP, which controls 15% of Mandarine Gestion, and will distribute the Mandarine Valeur fund (about EUR1.2bn in assets) in these countries, as well as the Luxembourg-registered smidcaps fund Mandarine Unique, launched in March 2010, which has already received EUR40m in subscriptions in France and Germany. The Luxembourg vehicle may also be used to sell UCITS-compliant products in Asia or elsewhere in the world.The objective for 2011 is to bring in 30% to 35% of inflows from abroad, compared with one quarter in 2010, says Rémi Leservoisier, deputy CEO. To accompany this overall increase in assets, the firm, which has 19 employees, has recruited Mélanie Pauchard, who joins Yann Baudin in marketing, and further recruitments are planned for the legal department as well as the middle office (one for each unit).

p { margin-bottom: 0.08in; } Lyle LaMothe is leaving his position as head of Merrill Lynch US Wealth Management, an internal memo obtained by Financial News reveals. A successor has not yet been appointed.

p { margin-bottom: 0.08in; } At a press conference organised by Reuters on Monday, 7 March, Financière de l’Echiquier admitted that it has received enquiries from companies throughout the world (United States, Great Britain, and elsewhere), but stated that the candidates under study for potential acquisitions are exclusively French, Agefi reports. As Didier le Menestrel last year told Newsmanagers (see article on 15 February 2010), a logic of complementarity is now necessary for operations of this type in areas of specialised expertise or activity.

p { margin-bottom: 0.08in; } The management firm Rivoli Fund Management has announced that it topped EUR500m in assets in 2010 (EUR510m, to be exact). Inflows from France and abroad from all types of clients (institutionals, family offices, IFAs, etc.) were largely concentrated on the equities fund Rivoli Equity Fund and the bond fund Rivoli Long Short Bond Fund. As of the end of 2010, the first fund had nearly EUR200m in assets under management (with returns of 17.45% year on year), while the second had assets of EUR100m (with gains of 11.17%). As Newsmanagers reported on 14 October 2010, Rivoli Fund Management, which is planning to continue its development in the IFA segment, is planning to recruit two new specialist partners for its marketing and sales team to serve these clients.

p { margin-bottom: 0.08in; } The alternative management firm Ciam (Charity Investment Asset Management) was founded by three women, Catherine Berjal, Anne-Sophie d’Andlau and Frédérique Barnier-Bouchet, La Tribune reports. The firm, which received a license from the AMF in late 2009, is specialised in merger and acquisition arbitrage, and only trades on operations of over USD500m. The portfolio at Ciam totals USD40m, and the managers are aiming for eventual assets of USD700m.

p { margin-bottom: 0.08in; } On 7 February, Bank of America announced that Stuart Hendel has been recruited as managing director and head of global prime brokerage. He will join BofA in June, and will be based in New York. He will report to Tom Patrick and Mike Stewart, co-heads of global equities. The global futures & derivatives clearing services group will be placed under the joint responsibility of Hendel and Denis Manelski, who will remain as head of global short rates trading. Since 2009, Hendel has been head of global prime services at UBS, following his return from Morgan Stanley in 2007 as global head of prime brokerage. In 2004, he joined the hedge fund firm Eton Park. According to the Wall Street Journal, two partners of Hendel also left UBS on Monday: Jonathan Yalmokas, U.S. head of prime-brokerage sales, and Charlotte Burkeman, European head of prime brokerage.

p { margin-bottom: 0.08in; } AXA Investment Managers (AXA IM) announced on Monday, 7 March that it has appointed Matt Christensen as director of socially responsible investment, from 2 May 2011. Christensen will be based in Paris, and will report to Christophe Coquema, a member of the board at AXA IM, director of Markets & Investment Strategy.Before joining AXA IM, Christensen was executive director of Eurosif, a European think tank in the area of socially responsible investment, which works with 85 member businesses representing EUR1trn in assets under management.

p { margin-bottom: 0.08in; } The central management firm for the German co-operative banks, Union Investment, on 7 February announced the launch of the Luxembourg-registered bond fund UniRentaEurolandPlus 5J, which will reach its first maturity on 31 January 2016, after which the life of the fund may be extended.The product will invest primarily in government bonds, corporate bonds and European securitised bonds from very highly-rated issuers, but may also invest up to 40% of its asstes in government or corporate bonds from emerging markets in local currencies. However, for the moment, Union has not invested the fund in any of the peripheral countries of the Euro zone (PIIGS).The fund, managed by Dmitri Barinov, invests solely in assets whose maturity falls before the end date of the fund at the latest. Before this date, the fund may adopt a more defensive policy and invest in money market instruments.CharacteristicsName: UniRentaEurolandPlus 5JISIN code: LU0578911900Front-end fee: 2%Management commission; 0.7% (maximum 1%)Depository banking commission: 0.05%

p { margin-bottom: 0.08in; } On 3 March, Global X Funds (USD1.5bn in assets as of the end of February) launched what it claims is the first ETF in the world to track the Argentinian market. The product is the Global X FTSE Argentina 20 ETF, acronym ARGT. The new product charges fees of 0.75%.

p { margin-bottom: 0.08in; } On 3 March, Invesco PowerShares launched what it claims is the first ETF of senior bank loans (see Newsmanagers of 3 March). The product, the PowerShares Senior Loan Portfolio (US73936Q7694, acronym BKLN), charges a management commission of 0.75%. The product replicates the S&P/LSTA U.S. Leveraged Loan 100 Index, and will invest at least 80% of its portfolio in assets drawn from this benchmark. It is authorised to invest up to 20% in closed funds, which in turn will invest in senior loans and other liquid instruments such as high yield bonds.

p { margin-bottom: 0.08in; } The Wall Street Journal reports that potential jurors for the trial of the hedge fund Galleon and its founder, Raj Rajaratnam, on insider trading charges, are being asked about their feelings towards Wall Street directors and the US financial crisis, in order to determine whether they are likely to be prejudiced or to retain their ability to judge the case impartially.

p { margin-bottom: 0.08in; } The ratings agency Moody’s on Monday announced that it has downgraded the sovereign rating for Greece from “Ba1” to “B1,” a downgrade of three places, with a negative outlook. The agency cites risks to the enactment of budgetary reforms, and restructuring of the country’s debt.

p { margin-bottom: 0.08in; } The wealth management firm VCH Vermögensverwaltung, a member of the Altira group, on 23 February announced the launch of a Luxembourg-registered fund, whose management will be contracted out to Hauck & Aufhäuser Investmentgesellschaft, where it will be managed by a former DWS manager, Jens Schleuniger (see Newsmanagers of 25 January 2011). The product is an equities fund specialised in firms whose headquarters are located in Africa, primarily in South Africa, Egypt, Mauritius, Nigeria, Morocco, and Kenya. A significant portion of the portfolio will be placed in companies of the commodities sector in the broader senst (prospecting, refining, transformation, sales).CharacteristicsName: VCH AfricaISIN code: LU0563445195Front-end fee: 5%Management commission: 0.40%Depository banking commission (Hauck & Aufhäuser Banquiers Luxembourg S.A.): 0.10%Advising commission: 1.45%Performance commission: 10%, with high watermarkMinimal subscription: EUR500

p { margin-bottom: 0.08in; } In January 2011, the German asset management industry posted net subscriptions of EUR6.62bn, compared with EUR6.56bn in December, and EUR13.51bn one year previously, according to figured published on 7 march by the German BVI association of asset management firms. These results are due to institutional funds, which attracted EUR5.6bn, open-ended real estate funds, which raised EUR599m, and mandates, which brought in EUR360m. Open-ended securities funds attracted only EUR65.6m, as bond products saw net outflows of over EUR1.62bn.Among the major asset management firms, Allianz Global Investors (AGI) saw net redemptions of EUR786.8m, while Deka (savings banks) and Union Investment (co-operative banks) posted redemptions of EUR513.2m and EUR123.6m, respectively. The DWS/DB Advisors/DB Group (Deutsche Bank) family, however, posted net inflows of EUR541m.Except ETFlab (Deka), which saw net outflows of EUR470m, ETF specialists took on net subscriptions: EUR349.4m for BlackRock (iShares), EUR78.7m for ComStage (Commerzbank), and EUR349.9m for db x-trackers (Deutsche Bank).

p { margin-bottom: 0.08in; } According to a study by Cerulli Associates, cited by Financial Times Fund Managemnet, absolute return funds are “a myth.” The report finds that no absolute return strategy has been able to preserve capital in all market conditions, and that returns were more or less in line with their underlying markets, although volatility was lower.

p { margin-bottom: 0.08in; } Schroders has announced a hard closure of its US Mid Cap fund to subscriptions from 1 April, as its assets now exceed USD4.5bn, Investment Week reports. Schroders estimates that above this level it would not be possible to earn satisfactory returns. The product, managed by Jerry Jones, had already been provisionally closed in December. The fund was launched in April 2005, and has earned returns over three years of 44.3%.

p { margin-bottom: 0.08in; } After registering the Global Credit sub-fund of its Luxembourg Sicav ACPI Luxembourg Fund, an absolute return product, in Spain in April 2010, the British asset management firm ACPI Investment Managers (USD2.75bn in assets) has received permission from the CNMV to sell three sub-funds of its Irish Sicav ACPI Global Ucits Fund in the country. The products are two emerging markets bond funds, ACPI Emerging Markets Fixed Income UCITS and ACPI Global Fixed Income UCITS, and an international equities product, ACPI Global Equity UCITS.

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