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03/03/2011

GLG Partners se renforce à Hong Kong

Andrew Thatcher, qui travaillait jusqu’ici en Europe pour GLG Partners, vient de s’installer en Asie, à Hong Kong, pour développer les activités de la société de gestion alternative en Asie, selon Asian Investor.En qualité d’executive director, Andrew Thatcher, directement rattaché à Tim Rainsford, managing director de Man Investments en Asie, aura la responsabilité des relations avec les investisseurs institutionnels et haut de gamme, à côté des family offices et des gérants de fonds de hedge funds.
03/03/2011

Les minoritaires approuvent l’opération Axa APH

Les actionnaires minoritaires d’AXA Asia Pacific Holdings (APH), filiale à 54% du groupe AXA, se sont prononcés le 2 mars très largement en faveur de l’opération initiée il y a plus de quinze mois et relancée en novembre dernier. Ils ont ainsi approuvé le projet de rachat des activités australiennes et néo-zélandaises d’AXAAPH par le gestionnaire de patrimoine australien AMP et la revente par ce dernier des activités asiatiques d’AXA APH à AXA, pour près de 10 milliards de dollars australiens, soit environ 7,2milliards d’euros.
03/03/2011

Aberdeen AM remporte un mandat immobilier en Suède

Aberdeen Asset Management a été choisi pour gérer un portefeuille immobilier en Suède pour une valeur de 300 millions d’euros pour le compte de Provinsfastigheter AB, qui faisait précédemment parti du groupe Allokton et qui est détenu actuellement en majorité par un consortium de plusieurs institutions financière danoises. Les biens du portefeuille – des bureaux et des résidences - sont dispersés en Suède, mais la plupart se trouvent à proximité de Stockholm ou dans l’enceinte de la capitale suédoise. Une part importante des biens immobiliers requiert une gestion active pour atteindre leur potentiel. Aberdeen va aussi gérer l’administration financière et reportera directement au conseil d’administration jusqu’à ce que le portefeuille soit vendu.
03/03/2011
Fonds

Arca SGR lance trois fonds obligataires

La société de gestion Arca SGR, filiale de 12 banques populaires italiennes, lance trois fonds obligataires : Arca Cedola Bond Globale Euro III, Arca Cedola Bond Paesi Emergenti et Arca Bond Paesi Emergenti Valuta Locale.Les deux premiers sont des fonds à distribution semestrielle qui sont investis pour le premier principalement dans des obligations gouvernementales des pays de la zone euro, ainsi que dans des obligations d’entreprises «investment grade» libellées en euros. Le second investit dans des obligations souveraines des pays émergents et des obligations d’entreprises. Le troisième fonds est un produit obligataire international axé sur les titres d’Etat des pays émergents et des pays exportateurs de matières premières.
Fonds
03/03/2011

Banque Piguet recrute un ancien de Lombard Odier

Banque Piguet & Cie vient de nommer Gioacchino Puglia en tant que premier vice-président du développement institutionnel, rapporte IPE.com. Il était précédemment chez Lombard Odier, où il était dernièrement vice-président senior en charge de la gestion des relations avec les clients institutionnels.
03/03/2011

Une société de gestion espagnole rejoint amLeague

La société amLeague compte une société de gestion supplémentaire dans son championnat. L’espagnol Bestinver, qui disposait à la fin du mois de février de 3,03 milliards d’euros, ce qui place l'établissement au douzième rang des sociétés de gestion outre-Pyrénées, va concourir, pour commencer, dans le cadre du mandat Europe. Son intégration est prévue le 31 mars prochain pour débuter la compétition à compter du deuxième trimestre.
03/03/2011
Fonds

DB Advisors fusionne le fonds Henderson Liquid Assets

DB Advisors, qui regroupe les activités de gestion institutionnelle internationale du groupe Deutsche Bank, a fusionné le Henderson Liquid Assets fund dans sa gamme de fonds monétaires, rapporte Fundstrategy.Les actifs de ce fonds Ucits III s'élèvent à environ 2,8 milliards de livres. DB Advisors, dont les actifs monétaires s'élèvent à environ 94 milliards d’euros, a déjà travaillé sur ce fonds en tant que sous-conseiller.
Fonds
03/03/2011
Fonds

Nordea va lancer une rafale de fonds

Selon les informations de Citywire, Nordea va lancer six nouveaux fonds sur le high yield, la dette et les actions émergentes dans les mois qui viennent. Dans l’obligataire, la société nordique va notamment s’allier à l’américain MacKay Shields pour lancer un fonds obligataire high yield US à faible duration.
Fonds
03/03/2011

Aviva Investors recrute un ancien de FFTW

Aviva Investors vient de nommer Dan James en tant que head of global aggregate portfolio management. Il prendra ses fonctions le 1er mars sous la responsabilité de Shahid Ikram, deputy CIO du fixed income. Dan James vient de Fischer Francis Trees and Watts où il était récemment responsable de la duration courte et du rendement absolu. Avant cela, il était CIO aggregate and absolute return chez Fortis Investments. Par ailleurs, Aviva Investors annonce avoir été mandaté par Philips Pensioenfonds pour gérer un portefeuille immobilier multigérants mondial.
03/03/2011

De nouveaux directeurs pour l'équipe obligataire de Putnam

Putnam annonce l’arrivée de trois personnes pour diriger son équipe de gestion obligataire, auparavant sous la responsabilité de Rob Bloemker, qui a décidé de quitter la société. Les trois spécialistes sont D. William Kohli, Michael V. Salm et Paul D. Scanlon, respectivement anciens responsables de la construction de portefeuilles et des stratégies globales, des marchés liquides et du haut rendement américain.
03/03/2011

JPMorgan conclut un accord avec BlackRock dans le traitement des ordres

JPMorgan a signé un accord avec BlackRock pour fournir au géant de l’asset management un service d’externalisation pour le traitement des ordres concernant les fonds asiatiques et effectués par fax. Il s’agit principalement de fonds domiciliés au Luxembourg ou en Irlande.
03/03/2011

Swiss & Global launches a healthcare fund for Julius Baer

p { margin-bottom: 0.08in; } The range of thematic equities products from Swiss & Global Asset Management, the exclusive provider of Julius Baer funds, has now gained the addition of the JB Health Opportunities Fund. The fund, a sub-fund of a UCITS-compliant Luxembourg Sicav, invests in 35-45 positions worldwide on publicly-traded companies active in all areas of the health care sector, including in emerging markets (up to 30%). The two co-managers of the fund, which was launched on 30 September 2010, are Nathalie Flury and Christophe Eggmann.CharacteristicsName: Julius Baer Multistock Health Opportunities FundISIN code: LU0529502287Management commission: Maximum 1.60%Benchmark index: MSCI World Healthcare
03/03/2011

Arca SGR launches three bond funds

p { margin-bottom: 0.08in; } The asset management firm Arca SGR, an affiliate of 12 Italian cooperative banks, is launching three bond funds: Arca Cedola Bond Globale Euro III, Arca Cedola Bond Paesi Emergenti, and Arca Bond Paesi Emergenti Valuta Locale. The first two are funds with quarterly distribution, the first of which is invested primarily in Euro zone government bonds, as well as in investment grade corporate bonds denominated in euros, while the second is invested in emerging markets government and corporate bonds. The third fund is an international bond product oriented to government bonds from emerging markets and countries that are net exporters of commodities.
03/03/2011

Software-systems.at to launch 6 sustainable development indices

p { margin-bottom: 0.08in; }a:link { } The Austrian consulting firm software-systems.at, which already calculates 150 indices of funds which are used as benchmarks for peer groups of categories, sectors, regions and themes, is planning to launch six sustainable development indices in mid-May, which will take into account the ethical and dynamic rating (EDA) of funds. Details can be found at http://www.software-systems.at/eda/docs/EDA_Beschreibung.pdf.The six IX EDA indices are the 50 Aktien SK75 Europa, 25 Aktien SK75 Deutschland (Germany), 25 Aktien SK75 Österreich (Austria), 25 Aktien SK75 Schweiz (Switzerland), 25 Aktien SK75 Emerging Markets and 50 Aktien SK75 Global. The numbers 25 and 50 refer to the number of appropriate funds selected for each country or region. The abbreviation SK75 indicates that at least 75% of standard criteria must be respected.Richard Lernbass, CEO of software-systems.at, says the indices must allow investors to determine the genuine “sustainable development” content of funds on an ongoing basis, without having to rely on marketing materials from fund issuers.
03/03/2011

Aviva Investors recruits an FFTW veteran

Aviva Investors has appointed Dan James as head of global aggregate portfolio management. In this role, Dan will be responsible for implementing strategies and asset allocation across all global aggregate portfolios. He will also be responsible for promoting Aviva Investors global aggregate products and developing high-margin absolute return solutionsStarting on 1 March, Dan James will be based in Aviva Investors London office and will report to Shahid Ikram, deputy CIO of fixed income. Dan James will be joining Aviva Investors from Fischer Francis Trees and Watts where he was most recently head of short duration and absolute return. Prior to this, he was CIO aggregate and absolute return at Fortis Investments.
03/03/2011

Warburg Henderson launches a real estate fund dedicated to four pension funds

p { margin-bottom: 0.08in; } The Hamburg-based asset management firm Warburg-Henderson KAG für Immobilien (EUR3.7bn in assets) is launching the Warburg-Henderson KAAG fund, dedicated to four municipal pension funds with similar profiles. The pension funds will contribute EUR200m, and the fund will invest up to EUR300m in office and commercial properties in Western Europe. The performance objective (internal rate of return) is 6.5% per year, with stable dividends.The first property is in the process of being acquired. Warburg-Henderson will make exclusive use of specialiste asset managers HIH Hamburgische Immobilien Handlung for Germany, and Henderson Global Investors for other European countries. Another KOOP mandate for German insurers is currently in preparation.To manage the first fund, Warburg-Henderson has recruited Daniel Fahrer as senior portfolio manager. Fahrer previously managed Europe funds at Axa Investment Managers, as a senior fund manager. He has previously worked at RREEF and Citigroup.
03/03/2011

Large funds account for lion's share of subscriptions

The 2010 balance sheets for subscriptions/redemptions and asset volumes established by the Kommalpha agency finds that the vast majority of German open-ended funds played only a cameo role in the big picture last year. Most segments are dominated by a small number of large products, which attracted most of the inflows. For example, about 50% of total assets in equities funds went to less than 5% of the major funds. For bonds and diversified funds, the situation is not much different: in these areas, about 15% of funds account for half of assets under management.Meanwhile, three quarters of the smallest equities funds manage only 10% of total assets. For bonds and diversified funds, about 60% of products share only one tenth of total assets. The best sales last year were for Pinco (EUR17.5bn) and ETFs from db x-trackers (Deutsche Bank), with EUR5.4bn. However, Deka and Union Investment saw net outflows of EUR6.4bn and EUR2.8bn, respectively (see Newsmanagers of 11 February 2011). Kommalpha also reports that, among the few dozen funds which “made” the market in 2010, there were a growing number of ETFs. Although in absolute terms, these represent a small group compared to actively-managed funds, they saw net subscriptions of about EUR8.6bn last year, while actively-managed funds attracted only EUR10.7bn.
03/03/2011

UniImmo: Global share value reduced

p { margin-bottom: 0.08in; } Das Investment reports that Union Investment Real Estate (UIRE) has lowered the price per share for the open-ended real estate fund UniImmo: Global (DE0009805556) by EUR2.40, or 4.45%, to EUR51.51, due to depreciations for three properties which the fund acquired in Tokyo in 2008, before the fall of the Japanese market.Assets in the fund total over EUR2.3bn.
03/03/2011

SEC proposes rules for hedge fund bonuses

p { margin-bottom: 0.08in; } The Securities and Exchange Commission has voted (three to two) in favour of new restrictions on bonuses for brokers and investment advisors, including hedge funds, the Wall Street Journal reports. Firms which have over USD1bn in assets will be required to disclose the structure of bonuses paid to their management to the SEC each year. Bonuses which encourage inappropriate risk-taking or which may provoke financial losses will be banned. The proposal will now go to a second vote before final approval.
03/03/2011

SEC charges a hedge fund manager

p { margin-bottom: 0.08in; } Hedge Week reports that the SEC has filed a lawsuit in a San Francisco district court against Lawrence R Goldfarb and his alternative management firm Baystar Capital Management LLC (BCM). The regulator accuses the manager of fraudulently misappropriating USD12m placed in side pockets and reinvesting them without the knowledge of subscribers in a real estate firm and a record company owned by Goldfarb. Goldfarb has agreed to pay USD14m to settle the charges.
03/03/2011

Nordea to launch several funds

p { margin-bottom: 0.08in; } According to Citywire, Nordea is preparing to launch six new funds focused on high yield, debt and emerging markets equities in the next few months. In bonds, the Scandinavian firm will team up with the US management firm MacKay Shields to launch a US short-duration high yield bond fund.
03/03/2011

DB Advisors merges Henderson Liquid Assets fund into its range

p { margin-bottom: 0.08in; } DB Advisors, which includes the international institutional management activities of the Deutsche Bank group, has merged the Henderson Liquid Assets Fund into its range of money market funds, Fundstrategy reports. Assets in the UCITS III fund total about GBP2.8bn. DB Advisors, whose money market assets total about EUR94bn, was already working with the fund as a sub-advisor.
03/03/2011

First ETF for corporate bank loans launched

The first ETF for corporate bank loans begins to trade on Thursday, the Financial Times said. Invesco PowerShares Capital Management will manage the ETF, which will be based on the S&P/LSTA US Leveraged Loan 100 Index.
03/03/2011

Winton Capital registers a fund in Spain

p { margin-bottom: 0.08in; } The CNMV on 25 February registered the British alternative management firm Winton Capital Management, and authorised its fund, Winton Global Equity Fund, a sub-fund of its UCITS-compliant Irish Sicav Winton UCITS Funds Plc, for sale in Spain, via RBC Dexia Investor Services España.
03/03/2011

Clients who invested in Banif Inmobiliario any time after 1998 have lost money

p { margin-bottom: 0.08in; } Investing in the real estate fund Santander Banif Inmobiliario (nearly EUR2.52bn in assets as of the end of 2010) was a bad move for most of the over 44,000 subscribers, Expansión reports, as all those who invested after 1998 have lost buying power. Santander, however, claims that excluding inflation, 70% of subscribers had earned gains as of the end of December.The net asset value of the fund is down 22% from its all-time peak in 2008.The Madrid prosecutor has declared that he considers the Banif Inmobiliario to have been “speculative” in nature, and that it was sold at “simulated” prices, which could be considered fraud. Legal action has been commenced, following a complaint from the Activa association, which accuses the management firm of fraud and price manipulation. The prosecutor claims the case should go before the National Audience.
03/03/2011

Euronext Amsterdam lists its first Netherlands-registered fund of hedge funds

p { margin-bottom: 0.08in; } On 1 March, the Theta Legends XL Fund became the first Netherlands-registered fund of hedge funds to be admitted ot trading on the NYSE Euronext Amsterdam platform. It is a product with daily liquidity, with a performance objective of 10% per year on a 1-5 year horizon. The portfolio is comprised of a maximum of 10 funds, each of which have a track record of at least 15 years. Characteristics Name: Theta Legends XL Fund ISIN code: NL0009692839 Management commission: 1.25% Performance commission: 5% of performance exceeding the Euribor 1-month +200 basis points
03/03/2011

Carlyle to launch an Africa fund

Carlyle plans to launch a USD750m fund to invest in Africa, the Financial Times wrote citing people familiar with the US private equity group. The fund would be overseen by a team of three with a presence in Johannesburg, Zimbabwe and Nigeria.
03/03/2011

Nomura AM signs up to PRI

p { margin-bottom: 0.08in; } Nomura Asset Management has signed the United Nations Principles for Responsible Investment (UN PRI). Among other recent signatories of the principles are AllianzGI Investments Europe, Santander Empelados Pensiones and Allegro Private Equity. Assets under management at Nomura Asset Management total about EUR212bn.
03/03/2011

“$20 billion club” has a USD121bn hole in its coverage

p { margin-bottom: 0.08in; } In 2010, retirement liabilities on the books of the 16 publicly-traded US companies with liabilities of over USD20bn, known as the “$20 billion club,” increased to USD740bn, from USD700bn the previous year, according to a study by Russell Investments.Meanwhile, the value of assets owned by these businesses increased yo USD619bn, from USD578bn.Bob Collie, chief research strategist at Russell, points out that the $20 billion club accounts for nearly 40% of total pensions for US publicly-traded businesses. Their coverage deficit of about USD121bn is likely to trigger substantial increases in contribution charges, in order to catch up in the next few years, due to increased requirements in the Pension Protection Act of 2006.The study finds that these businesses contributed USD21bn last year, as in 2009, which is more than double the total paid into pensions in 2008.
03/03/2011

New directors for Putnam bond team

p { margin-bottom: 0.08in; } Putnam has announced the arrival of three people to direct its bond management team, which was previously overseen by Rob Bloemker, who has decided to leave the firm. The three specialists are D. William Kohli, Michael V. Salm, and Paul D. Scanlon, former heads of portfolio construction and global strategies, liquid markets, and US high yield.

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