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07/02/2011
Fonds

Les gestionnaires imposent des préavis sur les retraits

Depuis novembre 2009, les fonds espagnols ont subi sans interruption des remboursements nets. Aussi plusieurs gestionnaires imposent-ils désormais des préavis d’un maximum de 10 jours pour ne pas être contraints de vendre des actifs à des prix sacrifiés et ne pas pénaliser les investisseurs qui restent dans le fonds, rapporte Cinco Días. De tels préavis ont été notifiés à la CNMV ces dernières semaines par Bansabadell Inversión et Ahorro Corporación Gestión, notamment.
Fonds
07/02/2011

Carnegie Fonder liquide son activité ETF

Carnegie Fonder, la société de gestion de la banque d’investissement suédoise Carnegie, a décidé le 3 février de mettre un terme à son activité d’ETF pour se concentrer uniquement sur la gestion active au travers de ses fonds.Son activité d’ETF avait été lancée en 2009 par HQ Fonder, qui avait été acquis par Carnegie en septembre 2010 et avait adopté le nom de Carnegie Fonder."Les ETF présentent des synergies limitées avec les autres fonds et n’ont pas atteint une taille critique. Nous avons donc décidé de mettre un terme à ces activités et de nous concentrer sur notre cœur de métier, les fonds gérés activement avec un focus sur la Suède, les marchés émergents et les taux», a expliqué Hans Hedström, président de Carnegie Fonder. D’après le site Internet suédois Privata Affärer, ces ETF représentaient moins de 1 pour 1.000 des encours sous gestion de la société. Dans ce cadre, les fonds suivants vont être fermés et retirés du marché Nasdaq OMX Stockholm AB : HQ OMX Double Long ETF, HQ OMX Double Short ETF, HQ Verkstad ETF, HQ Fastighet ETF, HQ Finans ETF, HQ Material ETF et HQ NASDAQ 100 ETF.
07/02/2011
Fonds

JMAM commercialise un fonds d'obligations émergentes investment grade

Depuis le 3 février, JPMorgan Asset Management (JPMAM) dispose d’un agrément de commercialisation en Allemagne pour le nouveau compartiment Emerging Markets Investment Grade Bond Fund de sa sicav luxembourgeoise JP Morgan Funds qui a été lancé le 29 novembre 2010.Comme son nom l’indique, ce portefeuille est investi en obligations de pays émergents qui sont notées au minimum BBB-. Environ 70 % de l’encours seront investis en obligations d’Etat et le reliquat en obligations d’entreprise, et libellées en dollars ou en euros.Michael Mewes, directeur de l'équipe fixed income de JPMAM à Francfort souligne que plus de la moitié des émissions sur le marché sont notées investment grade et qu’elles affichent souvent des différentiels de rendement (spreads) attrayants, ce qui permet d’escompter des rendements supérieurs à celui des titres de pays industrialisés, qui devrait demeure faible.Le nouveau fonds est géré par Pierre-Yves Bareau, CIO pour la dette émergente, avec Alain Defise (également un transfuge de chez Fortis Investments) comme co-gérant. A Paris, le 3 février, Pierre-Yves Bareau avait effectivement mentionné les obligations corporate parmi ses placements favoris parce que les entreprises émergentes offrent un rendement de 100 points de base supérieur à celles des pays émergents «pour une note de rating au-dessus».
Fonds
07/02/2011

"Notre projet de développement à l'international passe par l'Europe"

Après l'intégration réussie de La Française des Placements, le groupe UFG-LFP vient de conclure un partenariat stratégique avec Cholet-Dupont. Deux opérations qui illustrent bien les deux axes de développement d'UFG-LFP : l'international, tout particulièrement l'Europe, et la gestion privée.
07/02/2011

Northern Trust recruits two sales staff in the Netherlands

Northern Trust has announced that it will offer asset management solutions to institutional clients across Benelux (Belgium, The Netherlands and Luxembourg) from its Amsterdam office, following regulatory approval from the Dutch Autoriteit Financiële Markten and the UK Financial Services Authority. Regulatory approval for Northern Trust’s international asset management arm, Northern Trust Global Investments (NTGI) supports its strategy to enhance its business across Europe, Middle East and Africa and expands Northern Trust’s product offering for clients across the Benelux region where asset servicing capabilities have been offered from its Amsterdam branch office since March 2006.To support NTGI’s expansion, Gerard van Leusden and Arnaud Bizet have been hired as senior business development directors responsible for building new asset management relationships across the Benelux region with focus on pension funds and asset management groups. They will work alongside Liisa Salojarvi, who has advised NTGI’s Benelux clients from London for a number of years, and will be supported by NTGI’s UK team of relationship managers.Van Leusden and Bizet join from Blackrock, previously BGI, in Amsterdam where they were sales and relationship management directors.
07/02/2011

JP Morgan AM to launch low-fee funds

p { margin-bottom: 0.08in; } Money Marketing reports that the head of British retail distribution at JP Morgan AM, Jasper Berens, would like to launch low-cost actively-managed funds, to compete with passively managed funds. JP Morgan AM has already released a product of this type on the British market. If the product is well-received, JP Morgan AM may offer it in continental Europe and the United States as well.
07/02/2011

SAM recruits a manager from Asset4

p { margin-bottom: 0.08in; } Christopher Greenwald, director of data content at the extra-financial information specialist Asset4, has left the firm to join the Swiss management firm SAM, as head of Sustainablility Applications & Operations, Responsible Investor reports. Greenwald began in his new role on 1 February. Responsible Investor also reports that the head of research, Pierin Menzli, has left SAM.
07/02/2011

Morgan Stanley offers new services for corporate retirement savings plans

p { margin-bottom: 0.08in; } Morgan Stanley Smith Barney on 3 February announced that it has added to its range of corporate retirement plan services, with the introduction of benchmark indices of defined-contribution plan services and costs. A regulation introduced last summer requires that this information be made public.
07/02/2011

Russell launches stability indexes

p { margin-bottom: 0.08in; } The index provider Russell Investments announced at the end of last week that it has launched Russell stability indices, which will make it possible to take into account factors which are overlooked by value and growth indices. The indices are constructed from existing custom Russell indices specific to volatility and quality. The more stable portion is the defensive index, while the other is the dynamic index. Dynamic businesses are more exposed to some risks, and their share prices tend to rise faster than those of defensive companies in times of market euphoria. However, defensive companies outperform dynamic businesses in times of market pessimism.
07/02/2011

HDF Finance asset management team loses three members

Following the announcement in recent weeks of the departure fo Christophe Chouard, head of institutional clients, and the arrival of Peter Lenders as CEO, and Joseph Naaven as long/short fund of fund manager, the asset management team at HDF Finance has seen further changes. Eric Debonnet, head of the risk control management team and a member of the investment committee, and two other managers, one long/short and one fixed income manager, have left the firm.Christine du Fretay, chairwoman of the board at the management firm, tells Newsmanagers that the decision to adopt the new direction for HDF Finance will orient it more toward dedicated mandates and institutional investor services (see Newsmanagers of 26/01/2011). “We can’t all stay at an asset management firm with only 13 managers,” she said, “and some members were better suited to our new organisation.”
07/02/2011

ERAFP prepares to invest in real estate

p { margin-bottom: 0.08in; } With the publication in the official gazette of two modifications to 2004 regulations, the investment universe for the French public employees’ additional retirement institution (Etablissement de retraite additionnelle de la Fonction publique, or ERAFP) has been extended to include real estate.The institution “is now getting in marching order” to exploit this new opportunity, and “will be ready to start in late 2011 or early 2012,” Philippe Desfossés, director of ERAFP, has explained to Newsmanagers. “We need to prepare carefully for this new step, due to the ‘100% SRI’ framework which inspires all of the investment policies” of the entity.However, for the moment, ERAFP is still not allowed to invest directly in emerging markets and infrastructure.Desfossés also states that by the end of the month, the results of a RFP for Euro zone mandates for benchmarked, non-benchmarked and index-based assets (see Newsmanagers of 6 December 2010) will be known.
07/02/2011

Investors pull out of emerging market funds

Investors have pulled more than USD7bn from emerging market equity funds last week, which is the biggest withdrawal in more than three years after turmoil in the Middle East and rising food inflation raised fears of economic instability, according to th Financial Times. The outflows also reflected rising unease about economic overheating in China, India, Brazil and other big emerging economies.
07/02/2011

Assets up at SEB

p { margin-bottom: 0.08in; } The Swedish SEB group (Skandinaviska Enskilda Banken) has posted operating profits for 2010 of SEK11.1bn, compared with SEK4.35bn for the previous year. Operating profits for the wealth management division (private banking and institutional clients) totalled SEK1.65bn, compared with SEK1.14bn, with an increase in net inflows to SEK26bn, up from SEK17bn, for private banking, and stable inflows from institutional clients at SEK31bn. The cost/income ratio has improved to 62% from 69%. For the year as a whole, average assets increased 7%, due to net subscriptions of SEK54bn, up from SEK41bn, and positive market effects. Total assets reached a new record of SEK1.321trn as of the end of fourth quarter, up from SEK1.271trn as of the end of September, and SEK1.275trn one year previously. Of this total, investment funds represented 41% as of the end of December, compared with 44% for institutional clients (excluding money market funds), and 15% for private banking (excluding money market funds). As of the end of fourth quarter, equities funds represented 40% of assets in SEB funds, compared with 23% for bond funds, 16% for diversified funds, and 21% for hedge funds.
07/02/2011

Carnegie Fonder shuts down its ETF activities

Sweden’s Carnegie Fonder has on 3 February 2011 decided to terminate its operations in exchange traded funds (ETFs). Carnegie Fonder will therefore once again focus entirely on its core business of actively managed funds.The activities in exchange traded funds (ETFs) were initiated in 2009 by HQ Fonder, which in September 2010 was bought by Carnegie and changed its name to Carnegie Fonder. «Exchange traded funds have limited synergies with the other fund operations, and have not achieved a critical mass. We have therefore decided to terminate these activities and focus on our core area, namely actively managed funds with a focus on Sweden, emerging markets and fixed-income securities,» says Hans Hedström, president of Carnegie Fonder. With the decision to terminate the ETF operations, the following funds will be closed: HQ OMX Double Long ETFHQ OMX Double Short ETFHQ Verkstad ETFHQ Fastighet ETFHQ Finans ETFHQ Material ETFHQ NASDAQ 100 ETF As a consequence of the funds being closed, the board of Carnegie Fonder has also decided to apply for delisting of these funds from Nasdaq OMX Stockholm AB.
07/02/2011

Highbridge to launch a credit fund

Highbridge Capital, the hedge fund owned by JPMorgan, has hired Serge Adam to head its Principal Strategies unit and is preparing the release of a standalone credit fund, according to the Financial Times.The move comes a week after the firm fired its event trading team, headed by Jason Esralew.
07/02/2011

Managers require advance notice for redemptions

p { margin-bottom: 0.08in; } Since November 2009, Spanish funds have seen uninterrupted net redemptions. Several management firms are now requiring minimum advance notice periods of 10 days, in order not to have to sell assets at sacrificial prices, and so as not to penalise investors who remain in the funds, Cinco Días reports. Advance notice periods of this type have been announced to the CNMV in the past few weeks by Bansabadell Inversión and Ahorro Corporación Gestión, among others.
07/02/2011

M&G launches a bond fund in Italy

p { margin-bottom: 0.08in; } M&G Investments has launched an inflation-linked corporate bond fund dedicated to private einvestors in Italy, entitled M&G European Inflation Linked Corporate Bond, which is already available in Spain and France. The product will be co-managed by Jim Leaviss, head of fixed income at M&G, and Ben Lord, fund manager.
07/02/2011

Assets under management at Cantonal Bank of Grisons up 6.5%

p { margin-bottom: 0.08in; } Agefi Switzerland reports that assets under management at the Cantonal Bank of Grisons increased last year by 6.5%, to CHF26.49bn. Net inflows totalled CHF1.78bn. Net profits increased 7.1%, to CHF154.1m.
07/02/2011

Increase in net assets at Julius Baer, despite strong Swiss franc

p { margin-bottom: 0.08in; } Due to costs related to the integration and restructuring after the purchase of ING Bank in January 2010, as well as depreicaiton on goodwill, net profits at the Julius Baer group by IFRS accounting standards in 2010 fell 9% to CHF353m. Excluding these elements, net profits increased 6% to CHF504m. Due to a reduction in gross margins, and partly due to the appreciation of the Swiss franc, the cost-income ratio deteriorated to 65.4% from 63.1%.As of the end of December, assets under management had increased to CFH170bn, up from CFH154bn one year earlier. This increase of CHF16bn is due to CHF14bn in assets from the acquisition of ING Bank, CHF9bn in net inflows, CHF8bn in positive market effects, and a currency loss of CHF14bn due to the devaluation of the euro and the US dollar against the Swiss franc.Net subscriptions represented 6% of AUM as of the beginning of the year, compared with 4% in 2009, largely due to strong inflows from growth markets, particularly Asia, Russia, Central and Eastern Europe, and Latin America, as well as to domestic activities of the German bank.As of the end of 2010, total client assets came to CHF267bn, while savings assets as of the end of December totalled CHF98bn, compared with CHF87bn one year earlier, largely due to CHF7bn in net inflows.
07/02/2011

Merrill Lynch releases six more Newcits sub-funds of its MLIS Sicav

p { margin-bottom: 0.08in; } On 24 January 2011, the German BaFin and the Austrian FMA issued sales licenses for Germany and Austria for six sub-funds of the Luxembourg-registered, UCITS-compliant Sicav Merrill Lynch Investment Solutions (MLIS). The newcits funds in question are the AQR Global Relative Value UCITS Fund (LU0562189042), Boyer Allan Asian Long-Short UCITS Fund (LU0511125394), Graham Capital Systematic Macro UCITS Fund (LU0556497740), Theorema European Equity Long-Short UCITS Fund (LU0517905021) and York Asian Event-Driven Fund (LU0532509808). The products, all available in institutional shares in euros, bring the number of sub-funds of MLIS to 10.
07/02/2011

Bouwfonds releases its first closed real estate fund in Germany

p { margin-bottom: 0.08in; } The closed residential real estate fund Wohnen in Deutschland 01 is the first product released in Germany by Bouwfonds Real Estate Investment Management (Bouwfonds REIM), an affiliate of Netherlands-based Rabobank. Bouwfonds REIM has been operating in Berlin since 2006, and manages a portfolio of nearly 10,000 housing units, which were initially acquired via Netherlands-registered funds, Fondsprofessionell reports.The new fund holds assets totalling 26,500 square metres in stable regions of Germany (Hamburg, Göttingen, Neuss and Reutlingen), valued at EUR39.7m. Minimal subscription is set at EUR15,000, and annual distribution is 5%, with maturity after 14 years.Bouwfonds has already been offering the Netherlands-registered product Bouwfonds European Residential Fonds (BER), which has assets of EUR230m, in Germany for three years.
07/02/2011

Jean-Pierre Mustier may join UniCredit

p { margin-bottom: 0.08in; } According to reports in Il Sole – 24 ore, an agreement between the directors of UniCredit and Jean-Pierre Mustier are at the signature stage. The former director of the investment bank of the Société Générale group would succeed Sergio Ermotti as head of the corporate & investment banking division of the Italian bank. His appointment should be approved at the next meeting of the board of directors at UniCredit, scheduled for 22 February.
07/02/2011

“Our international development plans include Europe”

Following the successful integration of La Française des Placements, the UFG-LFP group has signed a strategic partnership with Cholet-Dupont. Two core areas of development for UFG-LFP are international activities, particularly in Europe, and private management.
07/02/2011

Madoff receiver takes on owners of New York Mets

p { margin-bottom: 0.08in; } Irving Picard, the court-appointed receiver for the business activities of Bernard Madoff, is seeking the return of USD300m in fictive profits from the fraud distributed to Fred Wilpon and Saul Katz, two brothers-in-law who own the New York Mets baseball team, their partners, and several entities with ties to their real estate operation, Sterling Equities Associates, the Wall Street Journal reports.The liquidator may also require that USD700m in principal which they received from Madoff’s business since 2002 be reimbursed. The lawsuits were filed in December, but the two brothers-in-law and Picard were involved in secret negotiations.Unlike in other cases, the trustee does not affirm that Wilpon and Katz were complicit with Madoff. He accuses them of having been alerted on several occasions of serious irregularities, but of having done nothing.
07/02/2011

ISS calls on Apple to disclose its CEO succession plans

p { margin-bottom: 0.08in; } The general shareholders’ meeting voting agency ISS claims that Apple Inc should disclose its plans for succession to the position of CEO Steve Jobs, who in January announced his second leave of absence on health grounds in two years, the Wall Street Journal reports. According to ISS, this would not require Apple to reveal the name of the people up to succeed Jobs, but the group should at least accept a motion proposed by shareholders at the general shareholders’ meeting on 23 February to require the firm to indicate in writing what its policies in this area are. Apple has recommended that shareholders vote against the resolution.
07/02/2011

State Street Global Advisors wins two investment mandates in the UK

p { margin-bottom: 0.08in; } State Street Global Advisors on 4 February announced that it has won five available investment mandates from National Employment Savings Trust Coporation (NEST) in the United Kingdom. Following a call for bids, SSgA was awarded the passive management tenders for inflation-linked and conventional gilts in the UK. Kanesh Kakhani, head of State Street Global Advisors in the United Kingdom, says: “We are very pleased to have won these five mandates from NEST in this call for proposals. We are particularly happy to see our fixed income product management capacities recognised in the call for proposals at NEST. This is a unique opportunity to participate in what is a major step in the retirement savings process in the United Kingdom. SSgA already works with many of the largest pension funds in the world, managing a range of investment strategies in order to ultimately help our clients to achieve their investment objectives.” NEST is a new retirement program in the United Kingdom, created to help employers to respect the new legal requirements which will come into force in the United Kingdom in 2012, which will require employees to be automatically subscribed to a retirement plan. The plan will include about 6 million employees in the United Kingdom who have no other retirement coverage. It will function as an employee savings retirement tax program, managed by NEST Corporation.
07/02/2011

SWIP adds to international strategy team

p { margin-bottom: 0.08in; } SWIP has announced that it has added to its international strategy team with the appointment of Emilion Cano as investment manager. Cano, who will report directly to Ken Adams, head of international strategy at SWIP, will be in charge of strategic and tactical asset allocation services for SWIP clients. Cano previously worked at Popular Banca Privada in Madrid.
07/02/2011

Head of multi-management at Schroders resigns

p { margin-bottom: 0.08in; } Citywire reports that Andrew Yeadon, head of multi-management at Schroders, has left the firm, following the merger of multi-management and multi-asset class teams. The new merged team manages about GBP14.4bn, in assets, and is now led by Jahanna Kyrklund.
07/02/2011

Société Générale Private Banking Hambros adds to wealth management personnel

p { margin-bottom: 0.08in; } Société Générale Private Banking Hambros (SGPB Hambros) announced on Friday, 4 February that it has signed an agreement to acquire the dedicated portfolio management activities dedicated to private banking at Baring Asset Management Limited, based in the United Kingdom and Guernsey. The agreement will be finalised in May 2011. Baring Asset Management Limited has a team of professionals including six private managers, who will come as additions to the wealth management teams at Société Générale Private Banking Hambros, which include about 500 employees, located in London, Guernsey, Jersey and Gibraltar, a statement says.
07/02/2011

Eva Castillo joins board at Old Mutual

p { margin-bottom: 0.08in; } The former head of Merrill Lynch and its head of private banking in Spain (until 2009), Eva Castillo, who has since served on the board of directors at Telefónica, has been recruited as non-executive director fo Old Mutual, Expansión reports. She will sit on the risk, appointment and remuneration committees.

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