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28/01/2011

Ecofi Investissements launches a horizon fund

p { margin-bottom: 0.08in; } Ecofi Investissements announced on Thursday, 26 January that it has launched Ecofi Taux Fixe 2016, a bond fund with fixed income and a set maturity date, on 26 April 2016. Like the other three horizon funds managed by Ecofi Investissements, with a maturity date in 2011 for the first, 2012 and 2013 for the other two – the range is managed with environmental, social and governance (ESG) criteria taken into consideration in the selection of issuers. Ecofi Taux Fixe 2016 will invest largely in bonds and securities issued by European national governments or private businesses, a statement says. Eligible issues will be largely fixed income, senior debt. Subordinated issues are disallowed, and the manager will seek to buy bonds rated higher than BBB- at the time of purchase.
28/01/2011

John Paulson personally made USD5bn in 2010

Hedge-fund manager John Paulson personally netted more than USD5 billion in profits in 2010—trumping the nearly USD4 billion he made with his «short» bets against subprime mortgages in 2007, according to The Wall Street Journal. Appaloosa Management founder David Tepper and Bridgewater Associates chief Ray Dalio each personally gained between USD2 billion and USD3 billion last year, according to investors and people familiar with the situation. James Simons, founder of Renaissance Technologies LLC, also produced profits in that range.
28/01/2011

Poor bottom line for “airbag” funds

p { margin-bottom: 0.08in; } Christian Michel, director of fund analysis at Feri EuroRating, says the number of absolute return funds available in Germany has increased over the past six years from 53 to 188 products as of the end of 2010. This trend is likely to continue, and quality is not getting any better, Die Welt reports. Currently, assets in these funds totalled about EUR32bn.In the past three years, only 10 of the 188 funds met the expectations of investors, according to Feri: these both generated annual returns 100 basis points higher than the risk-free money market rates, and avoided losses of more than 10% in any half. Ten other funds managed to earn returns of over 2%, despite losses of more than 10% in some half years. But this is equivalent to returns on a savings account, which would involve no risk.
28/01/2011

GAM launches a UCITS-compliant convertibles fund

GAM continues to expand its UCITS III absolute return range with the launch of GAM Star Global Convertible Bond. The new fund is co-managed by in-house managers Ben Helm and Alex McKnight. They employ a flexible, value-driven investment approach designed to perform across market environments and to have low correlation to both equities and bonds. They aim to extract value during different stages of the market cycle using an active non-benchmarked style.
28/01/2011

Strong growth in inflows to bond funds in third quarter

p { margin-bottom: 0.08in; } Assets in funds worldwide as of the end of September totalled EUR17.36trn, a slight decline compared with their levels at the end of June 2010 IEUR17.5trn), according to the most recent quarterly figures from the European asset management association (EFAMA). The decline is largely due to the appreciation of the euro against the US dollar, as the assets in funds as expressed in US dollars is up 10.5%. Global inflows totalled EUR156bn in third quarter, their highest level since first quarter 2008. This development is due to a slowdown in outflows from money market funds, and continuing significant inflows to bond funds. Inflows to long-term funds (in other words all funds except money market funds) increased slightly, to EUR190bn in third quarter, compared with EUR180bn in second quarter. This evolution is largely due to an increase in net inflows to bond funds, to EUR128bn from EUR83bn previously. Meanwhile, there has been an net outflow of EUR24bn from equities funds in the United States, compared with -EUR6bn in second quarter, and a net inflow of EUR4bn to European equities funds, following an outflow of EUR12bn in second quarter. Outflows from money market funds slowed in third quarter, with outflows of EUR34bn, compared with EUR194bn in second quarter. This movement is as marked in the United States as it is in Europe.
28/01/2011

Amafi publishes a report on regulation of commodities markets

p { margin-bottom: 0.08in; } The French financial markets association (Amafi) has send a report to the prime minister of France, François Fillon, and the minister of the economy, Christine Lagarde, on international regulation of commodities markets. Market professionals were hoping to make a contribution to considerations in this area which the G20 are currently mulling under the leadership of France. The Association identifies twelve areas for action, where it estimates that “the efforts of the G20 should concentrate particularly, either as a top priority or in the mid-term.” Among these priorities are the question of the perimeter of application of the regulations, transparency and quality of data, and the conditions under which forwards enter into the category of commodity derivatives. Among the mid-term goals, the study points to compensation for commodities derivatives, the establishment of an ad hoc framework which would allow for market abuses to be shut down, and the potential influence of ETFs in volatility phenomena.
28/01/2011

Unigestion earns a large part of its inflows in France in 2010

In 2010, the Swiss asset management firm Unigestion experienced net inflows of EUR658m, bringing its assets under management to EUR8.4bn. Of these total inflows, EUR300m were registered in France, where the Swiss establishment has been present since 1993, and where it has held an AMF license since 2004. France is the second-largest market for Unigestion, at EUR1.9bn, after Switzerland, which represents 32% of its activities, while the UK is in third place at 20%. Unigestion’s fund of hedge funds business worked particularly well in 2010, with a net inflow of EUR380m. “Two thirds of these inflows came from new clients, but at the same time, our ten largest clients reinvested with us in the past year,” says Jean-François Hirschel, managing director in charge of marketing. In total, Unigestion has EUR2.7bn in funds of hedge funds. The remainder is divided between minimum variance equities management (EUR2.9bn) and private equity (EUR1.5bn). To continue its development, particularly internationally, Unigestion will soon establish a more active sales team to better cover Europe.
28/01/2011

New PRI initiative for inclusive finance

p { margin-bottom: 0.08in; } The Principles for Responsible Investment (PRI) on 27 January in the Hague announced principles for investors in inclusive finance, known as the Principles for Investors in Inclusive Finance (PIIF), which aim to make financial institutions more accessible to those most in need. The same day, 40 major international investors signed the principles at the responsible finance forum in the Hague. The first signatories of the PIIF are: Accion Investments in Microfinance, Achmea, APG, Bamboo Finance, Blue Orchard Finance, Blue Orchard Investments, Calvert Foundation, Caspian Advisors, Cordaid, Developing World Markets, Dutch Microfund, FMO, Finance-in-Motion, Goodwell Investments, Grassroots Capital Management, Incofin Investment Management, Leger des Heils, Microvest Capital Management, Minlam Asset Management, MN Services, Municipality of Eindhoven, Nedlloyd Pension Fund, Norwegian Microfinance Initiative (NMI), Oikocredit, Pensioenfonds Vervoer, Pensioenfonds Zorg en Welzijn (PFZW), Pensionfund of the Ministers in the Protestant Church in the Netherlands, PGGM, PMA, PNO Media, Reaal, responsAbility Social Investments, Sarona, SNS Asset Management, SPF Beheer, Stichting Pensioenfonds SNS Reaal, Symbiotics, TIAA-CREF, Triodos Investment Management, and Triple Jump.
28/01/2011

BNPP IP aims to double assets in Germany by the end of 2012

p { margin-bottom: 0.08in; } Martin Theisinger, head of distribution in Germany for retail and wholesale products, has told Fonds Professionell that BNP Paribas Investment Partners (BNPP IP) is aiming to double its assets under administration in Germany by the end of next year, from a current total of EUR7bn. The French asset management firm has a team of asset allocators, German-speaking economists and a specialist wholesale team in Frankfurt.The priorities for 2011 are European, emerging and US equities and bonds. In terms of themes, BNPP IP will insist in Germany on megatrends (globalisation, infrastructure, and urbanisation), and on security needs, with the protected products of the STEP Parvest range, including the STEP Parvest 90 Euro and the STEP 80 World Emerging Euro.
28/01/2011

Sovereign wealth funds seek German real estate investments

p { margin-bottom: 0.08in; } Christian Ulbrich, director of the Europe, Middle East and Africa region at Jones Lang LaSalle, says sovereign wealth funds in the past few months have reconsidered their position on Germany, as it is undergoing a stronger-than-expected economic recovery, the Frankfurter Allgemeine Zeitung reports. They are now seeking properties in Germany, generally larger complexes with good rental assets, focusing on the larger cities of Frankfurt, Munich, Berlin, Düsseldorf and Hamburg. These funds are not all from China or India; the Norwegian sovereign fund also has investment needs, along with other countries rich in commodities, such as Indonesia and Angola.
28/01/2011

Schroders launches an emerging markets high yield fund

Schroders has launched a new fund which aims to provide investors with a high level of income through investing in a blend of emerging market sovereigns, corporates and developed market high yield bonds. Warren Hyland, a global bond fund manager at Schroders, will coordinate management of the fund and will aim to achieve the high income objective by actively allocating assets between the three broad high yield fixed income sectors as well as using active currency management. Warren will be supported by Schroders’ fixed income team, including a global network of 25 credit analysts and 30 specialised portfolio managers.
28/01/2011

Former head of Pioneer returns at Citi

p { margin-bottom: 0.08in; } There is once again talk of Dario Frigerio, the former CEO of Pioneer Global Asset Management, more than a year after he left the management firm of the Italian UniCredit group, which is now up for sale. His position there was subsequently given to the British Roger Yates, former CEO of Henderson. Frigerio has now been appointed by Citi as senior advisor to its investor services in the Global Transaction Services activity at the bank, a newly-created position. Frigerio will be based in Italy, and will provide strategic advising and will be involved in extending the firm’s client base in Europe, the Middle East and Africa.
28/01/2011

Jurgen Stegmann (NBIC) to join Robeco as CFO

p { margin-bottom: 0.08in; } As Constant Korthout, CFO and director of risk management since 2002, has been appointed chief financial officer and chief risk officer at Van Lanschot NV / F van Lanschot Bankiers NV (see Newsmanagers of 26 August 2010), he will be replaced from 15 March as CFO of Robeco. Jurgen Stegmann was previously chief risk officer at NIBC in the Hague, a position he has held since 2000.Stegmann joins the board of Robeco (EUR150bn in assets as of the end of December), alongside Roderick Munsters (CEO), Hester Borrie (Sales and Marketing), Leni Boeren (COO), and Hans Rademaker (CIO). He will be responsible for legal, fiscal, financial, corporate development & planning, risk management, treasury and facilities & purchasing activities.
28/01/2011

N+1 founds another brokerage affiliate

p { margin-bottom: 0.08in; } The management firm Nmas1 (N+1), in which Banque Syz acquired a stake in 2009, on 21 January obtained a license from the CNMV to create the brokerage firm N+1 Equities, which will focus on Spanish equities, and may trade on its own behalf, Cinco Días reports. The new structure will not overlap with the group’s existing brokerage firm, which will focus on private banking activities.
28/01/2011

Aviva Investors to launch a UCITS-compliant fund of inflation-linked emerging market bonds

p { margin-bottom: 0.08in; } Aviva Investors currently manages about EUR2.5bn in three emerging market debt products. These include a UCITS-compliant fund of external bonds (in hard currencies), with USD660m in assets, a fund of emerging market bonds in local currencies, with USD680m, and an emerging markets inflation-linked LC bond fund which does not comply with UCITS, with USD780m (on a USD400bn market), launched in January 2010.The British asset manager is now working with its legal team to convert the last of these products into a UCITS-compliant fund by second quarter, as European regulations on the distribution of risk have been made more flexible. The fact of holding 55% Brazilian paper is no longer an obstacle, as it was at the time of launch. At the same time, Aviva wants to avoid to close the fund, in order to later open it within UCITS III standards, as in the second case the firm would have to pay the Brazilian 6% IOF tax on foreign investment again.
28/01/2011

Swiss private banking: a quality export

p { margin-bottom: 0.08in; } Agefi Switzerland reports that an independent recruitment specialist in Geneva for banking professionals, Astrid Bek & Associates, will open an affiliate in Singapore this November. According to Astrid Bek, there are real opportunities to export private banking to Asia, Brazil and the Middle East. Major Asian investors, both private and sovereign, are seeking to structure their investments, and Singapore is becoming the new global centre for private banking, a role that Switzerland once occupied. The wealth management model of Asian banks is in transition between mass-affluent and private banking, where Swiss expertise is highly valued.
28/01/2011

Credit Suisse launches an all-terrain bond fund

p { margin-bottom: 0.08in; } On 11 February, Credit Suisse will launch a new sub-fund of its Luxembourg structure Credit Suisse Fund (Lux), the Fixed Income Cycle Invest, which will use a cycle-monitoring model to make full use of all four phases of the conjuncutral cycle (overheating, cooling, depression, and growth) to select the most attractive bond assets.The fund, a UCITS-compliant FCP fund, may invest worldwide, and may access all segments, from money markets to high yield, including government and corporate bonds with the full spectrum of ratings. The turnover will exploit the potential of the most promising assets depending on the position in the economic cycle.The fund, which is now available in Germany and Austria, has a strategic allocation determined by the global investment committee at Credit Suisse, with constant care to actively limit risk, the portfolio manager, Oliver Gasser, says.CharacteristicsName: Credit Suisse Fund (Lux) Fixed Income Cycle InvestISIN Codes: A share class: LU0563098960B share class: LU0563099182R share class (USD): LU0563100378R share class (CHF): LU0563100022Management commission: 1% for A, B and R share classes
28/01/2011

Pas d'augmentation de la garantie des Etats européens

Les gouvernements européens devraient finalement s’orienter vers une hausse de la capacité de financement du fonds de soutien et le rendre plus flexible, indique le quotidien qui cite un entretien avec le commissaire européen aux affaires économiques, Olli Rehn. En revanche, la garantie de 440 milliards d’euros des Etats de la zone euro ne devrait pas être augmentée.
28/01/2011

Citigroup cherche déjà un repreneur pour EMI

Citigroup entend prendre le contrôle d’EMI plus rapidement prévu. Le groupe ne respectera pas ses objectifs à fin mars selon le quotidien, et Guy Hands, à la tête de Terra Firma, ne sera pas capable de lever les 200 millions de livres nécessaire pour satisfaire aux exigences de la banque. Cette dernière prendra alors la barre. Citigroup cherche déjà un repreneur. Surprise, Guy Hands lui-même figure parmi la liste des candidats potentiels, aux côtés d’un fonds de pension canadien, le CPP Investment Board. Blackstone ou les concurrents d’EMI, Sony Music, Universal Music ou Warner Music seraient également à l’affût.
28/01/2011

Iceland Foods mis en vente

La chaine britannique spécialisée dans les produits surgelés pourrait être mise en vente par son actionnaire majoritaire. La valorisation d’Iceland Foods pourrait atteindre selon le quotidien 1,5 milliard de livres, l’équivalent de 1,74 milliard d’euros. La société est détenue à 67% par le gestionnaire des actifs de la banque islandaise Landsbanki.
28/01/2011

L’AMF publie la synthèse de la consultation sur les OPA

A la suite de la clôture le 5 janvier de la consultation sur une modification du règlement général relatives aux OPA, l’AMF en a publié la synthèse. 17 réponses ont été apportées. 11 émanent de cabinets d’avocats, 3 d’associations représentatives des émetteurs, une d’une association représentative des sociétés de gestion et 2 d’émetteurs.
27/01/2011

Le Frob espagnol place sa dette

Le Fonds de restructuration du secteur bancaire espagnol émettra un emprunt de 3 milliards d’euros, dont la mise à prix se fera à 220 points de base au-dessus de la courbe des swaps, a déclaré jeudi un chef de file à Reuters. Le spread indicatif était de 200 à 225 points de base. La mise à prix doit intervenir dans le courant de la journée. Le livre d’ordres approchait des 3,5 milliards d’euros en milieu de matinée. Citigroup, HSBC, RBS, Santander et SG CIB dirigent le placement. Le Frob est noté Aa1/AA/AA+ respectivement par Moody’s, S&P et Fitch.

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