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22/02/2011

JP Morgan AM launches a fund dedicated to emerging markets currencies

p { margin-bottom: 0.08in; } Investment Week reports that JP Morgan Asset Management has launched JPM Emerging Markets Currency Alpha Fund, a fund dedicated to emerging markets currencies, which aims for euro cash returns of over 8%. The absolute return fund in UCITS III format will be managed by Amit Tanna and Harry Bazzaz, with the assistance of 14 strategists and analysts present in a variety of emerging markets.
22/02/2011

Hedge funds rifle through offices looking for bugs

p { margin-bottom: 0.08in; } An investigation by US authorities into insider trading has had an unexpected consequence. According to the Financial Times, hedge fund managers are calling in security firms to ensure that their offices and residences have not been bugged with listening devices. This is taking place despite the fact that listening in on phone calls can nowadays be achieved with the collaboration of telephone companies, and does not require agents to enter the offices of a business. It is therefore indetectible to private investigators with scanners.
22/02/2011

Madoff: 1818 Gestion to appeal verdict

p { margin-bottom: 0.08in; } 1818 Gestion will appeal a decision by the courts which would require it to pay EUR100,377 (with interest) to the Someg Group, Agefi reports. In its decision on 4 February, which has been obtained by Agefi, the Paris commercial court finds that by placing a part of the EUR2.5m its client entrusted to it in the Luxalpha fund (the Luxembourg Sicav operated by Bernard Madoff), 1818 Gestion failed in its obligations. The court finds that the Luxalpha strategy, “which involves alternative management, does not correspond to the operations authorised by article 6 of the mandate,” which required “prudent” management. 1818 Gestion, however, argues that article 6.2 cites hedge funds, including Aria and Aria EL (with leverage) as permitted investments.
22/02/2011

Managers' fear of unemployment damages performance of funds

Many active managers are capable of finding winning stocks, but only deliver average performance for fear of losing their jobs, according to Skagen, the Norwegian asset manager, citing a scientific study from 2008, “Best Ideas» by Randy Cohen, Christopher Polk and Bernhard Silli.It is possible for active portfolio managers to beat the index and generate better returns than the market. But in practice this is often not reflected in their funds’ performance. Many portfolio managers find themselves forced towards mediocrity, partly for fear of losing their jobs. “Active portfolio managers can generate excess returns over time. We are not just talking about ourselves – this is also true of a number of managers with talented investors. But often the reality is that the portfolio manager has to keep close to the index to ensure that he isn’t left behind when the index goes up. Otherwise their job could be on the line. And this means that their performance is no better than average in the long-term», says Skagen’s deputy managing director, Åge Westbø.
22/02/2011

Ellwanger & Geiger launches a “green” index

p { margin-bottom: 0.08in; } The German private bank Ellwanger & Geiger (Stuttgart) has announced in its newsletter Kapitalmarkt Report that it has created the E&G Green-Utility-Index, which includes shares in ten companies (nine of them European, including the Austrian firm Verbund, and one Brazilian company), which are involved in the production of energy from alternative sources, particularly water and wind. Backtested to 2005, the index far outperforms both the Ökosur index from Sarasin and the MSCI World index.Several shares in the index are small and midcaps, often with a stable majority shareholders, meaning that the liquidity of the index is relatively limited, and the investment horizon should be long-term.
22/02/2011

Chinese fund assets up in October-December

p { margin-bottom: 0.08in; } As of the end of December, assets in Chinese funds totalled CNY2.4972trn, compared with CNY2.3867trn as of the end of September, of which CNY927bn, compared with CNY904.1bn, were in equities funds, and CNY741.4bn, compared with CNY730.8bn, were in diversified funds. QDII and guaranteed funds were the only categories to see declines in their asset volumes, to CNY72.9bn from CNY74.2bn, and CNY22.8bn, from CNY24.4bn.Z-Ben Advisors explains that the overall increase in assets is due to gains of CNY124.5bn and the launch of 47 new funds, which attracted CNY126.8bn, while on the other hand, net outflows ran to CNY140.7bn.Money market funds saw an increase in their assets of over half, to CNY153.3bn, from CNY100bn, but in 2010 the movement was less pronounced than usual, as the regulator exercised some pressure to limit the trend.
22/02/2011

Fund transfers fell to their lowest level since 2003 in 2010

p { margin-bottom: 0.08in; } According to statistics from the Spanish Inverco association of asset management firms, the total volume of transfers from one fund to another, which have been subject to a tax exemption since 1 January 2003, came to only EUR27.52bn in 2010, compared with EUR33bn in 2008, and a peak of EUR66.2bn in 2008.This result is the lowest since 2003, even though it represents 43% of gross subscriptions, and 18% of average assets last year. Fund trades represented slightly over EUR2.29bn per month.The steep decline in transfers from one fund to another since 2008 is due to a “war for deposits” which has led many subscribers to withdraw their money from funds and place it in savings accounts that pay higher rates.
22/02/2011

Credit Suisse Private Bank head moves to JP Morgan

p { margin-bottom: 0.08in; } Pontus Aldell, head of the private banking team at Credit Suisse Private Bank for Scandinavia and Israel, based in London, has left the firm to join JP Morgan, Wealthbriefing reports. Aldell is said to have moved to JP Morgan along with two members of his team from Credit Suisse Private Bank.
22/02/2011

Dean Cheeseman (ex-F&C) joins Mercer

p { margin-bottom: 0.08in; } The former head of multi-management at F&C, Dean Cheeseman, has joined Mercer as an equities portfolio manager, Investment Week reports. Cheeseman will be based in London, and will be responsible for selection of managers for UK and international equities, and will also be in charge of the appointment of fund managers for the platform recently launched by Mercer in partnership with Friends Provident, Standard Life and Zurich. Cheeseman left F&C in September of last year, following the merger of the firm with Thames River.
22/02/2011

Ignis considering a “strategic” bond fund

p { margin-bottom: 0.08in; } Investment Week reports that Ignis is considering launching a strategic bond fund, which could take the form of a long-only portfolio with 30 positions, which would be concentrated on the United Kingdom. Exposure to Europe and emerging markets is also under study. The fund, which would be managed by Chris Bowie, head of credit portfolio management, would be released in second or third quarter.
22/02/2011

DekaBank rumoured to have seen a strong increase in profits

p { margin-bottom: 0.08in; } According to Frankfurt financial industry sources, operating profits at DekaBank are rumoured to have leapt by nearly 80% in 2010, to EUR900m, the Frankfurter Allgemeine Zeitung reports. This major improvement is said to be largely due to gains for structured products.
22/02/2011

Italian firms manage funds abroad but sell them in Italy

p { margin-bottom: 0.08in; } Italian management firms virtually all have offices abroad, but their clients remain virtually entirely domestic, Plus, the money supplement of Il Sole – 24 Ore reports. This odd situation is a result of the fact that Italian taxes for years penalised Italian-registered funds compared with foreign funds (which will soon no longer be the case). In order to get around this obstacle, Italian firms opened affiliates in Luxembourg or Dublin. The objective was not to conquer market share in other countries, but to be able to create products that could compete with foreign-registered rivals, the Italian weekly newsmagazine reports. As a result, assets in foreign-registered funds in italy managed by Italian groups represent 57% of the total, compared with 30% in 2005. A firm such as Mediolanum manages 98% of its assets on behalf of Italian clients, though 89% of assets are managed abroad.
22/02/2011

Appointments at Lion Global Investors

p { margin-bottom: 0.08in; } Asian Investor reports that the Singapore-based management firm Lion Global Investors, which manages assets for the insurer Great Eastern Holdings, has appointed David Conner as chairman of the firm, and Christopher Wei as vice president. Conner was previously chief executive at OBCC Bank, which controls 91% of Lion Global, 70% of it via Great Eastern. Wei, who joined the firm on 10 February, previously worked at the insurance group AIA. As of 31 December 2010, assets under management at Lion Global totalled approximately SGD29bn, or about USD23bn.
22/02/2011

Deka sells off a property in Brussels suburbs

p { margin-bottom: 0.08in; } The German asset management firm Deka Immobilien announced on 21 February that it has sold an office building with 7,300 square meters in Woluwe, a suburb of Brussels, to the Belgian insurer Ethias.The sale totalled about EUR15m, which is higher than the market value of the property, which had been in the portfolio of the open-ended real estate fund WestInvest InterSelect.
22/02/2011

Temasek appoints a head for China

Temasek Holdings has appointed Ding Wei to head its China focus with effect from 28 February 2011.As part of Temasek’s senior management, Ding Wei will continue to build on Temasek’s platform in China as a long-term, active investor in successful enterprises.Ding Wei has over 23 years of experience in international finance, commercial banking and investment banking in leading financial institutions which included the World Bank, International Monetary Fund, Deutsche Bank, and China International Capital Corporation, including 12 years based in China.
22/02/2011

Sarasin sets up a trust company in Singapore

p { margin-bottom: 0.08in; } The Swiss private bank Sarasin (Rabobank group) on 21 February announced the recent creation of Sarasin Trust Company (Singapore) Limited, led by Michael Low, head of trust & fiduciary services Asia, and Ethan Chue, head of trust advisory Asia. The new entity will offer Singapore and Asian clients advisory services in the area of trusts and succession solutions. The range will also be available to European and Middle Eastern clients.
22/02/2011

Samsonite prépare une IPO à Hong Kong

Le fabricant de bagages américain, détenu par CVC Capital Partners, prévoit de lever au deuxième ou au troisième trimestre environ un milliard de dollars à l’occasion d’une entrée en Bourse de Hong Kong, ont indiqué plusieurs sources à Bloomberg. La société a mandaté Goldman Sachs, HSBC, Morgan Stanley et Royal Bank of Scotland, ont ajouté ces sources.
22/02/2011

La Buba met en garde contre un rachat d'obligations par l’EFSF

Utiliser le Fonds européen de stabilité financière (EFSF) pour racheter des obligations de pays de la zone euro équivaudrait pour les gouvernements et les créanciers à se délester de leurs responsabilités, a déclaré la Bundesbank (Buba). La banque centrale allemande a également écarté l’idée d'émettre des obligations européennes conjointes, ou «eurobonds», ainsi que la possibilité que l’EFSF prête des fonds aux Etats à des taux avantageux pour qu’ils rachètent leur propre dette, une proposition soutenue par la Grèce.
22/02/2011

Aviva Investors écrit aux bourses mondiales

Sous l’impulsion de la branche de gestion d’actifs internationale d’Aviva, 24 investisseurs institutionnels représentant un encours de 1.600 milliards de dollars viennent d’écrire aux trente plus grandes places boursières internationales pour réclamer une meilleure communication des informations relatives au développement durable des sociétés cotées.
22/02/2011

Ares détient 67,69% de Stallergenes

A l’issue de son offre à 59 euros par action sur la biopharmaceutique, le fonds suisse détient 67,69% du capital et des droits de vote. L’offre sera rouverte du 22 février au 11 mars. Ares avait acquis en novembre dernier la participation de 46% détenue par Wendel dans Stallergenes au prix de 59 euros.
22/02/2011

EDRAM mandate Sumitomo Mitsui AM

Comme dévoilé dans l’Agefi Hebdo du 17 au 23 février, Edmond de Rothschild Asset Management (EDRAM) fait part aujourd’hui de sa décision de déléguer à Sumitomo Mitsui AM la gestion d’un fonds investi en actions japonaises. La société a délocalisé récemment tous ses spécialistes de l’Asie à Hong-Kong.
22/02/2011

La baisse de l’immobilier américain sous-estimée

La NAR, association nationale des promoteurs immobiliers aux Etats-Unis, a peut-être surestimé depuis 2007 le nombre de transactions immobilières dans le pays, rapporte le quotidien. Les transactions mensuelles publiées par cette association ne seraient pas en accord avec les chiffres de la société californienne CoreLogic qui considère que les chiffres de la NAR surestimeraient de 20% le niveau réel des transactions.

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