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14/01/2011

Mandat chinois pour BNY Mellon Asset Servicing

La China Construction Bank (CCB) a retenu BNY Mellon Asset Servicing comme global custodian pour le future fonds Qualified Domestic Institutional Investor ou QDII qui sera lancé en Chine par Yinhua Fund Management Company qui prendra le nom de Yinhua Anti-Inflation Theme Fund Les encours de Yinhua se montaient fin décembre à 85 milliards de yuans.
14/01/2011

AmLeague signs up two new entrants

p { margin-bottom: 0.08in; } The AmLeague company a few days ago signed up two new competitors for its championship (see Newsmanagers of 10 January 2010): AllianceBernstein and Swiss Life.
14/01/2011

Netherlands' Steven Maijoor nominated to lead ESMA

p { margin-bottom: 0.08in; } The European Securities and Markets Authority (ESMA) on 13 January announced that it is proposing the Dutchman Steven Maijoor for a five-year term as president of the new European authority. The proposal from the ESMA supervisors’ committee must now be approved by the European parliament, which will hold a hearing with the candidate in the next few weeks. Parliament will have one month to potentially oppose the appointment.Maijoor is currently director of the Netherlands financial markets authority (AFM), where he is in charge of financial information, audit questions and supervision of market integrity.The supervisors’ committee has also named the president of the Portuguese market authority, Carlos Tuvares, as vice-president of ESMA. He will assume ESMA presidency until a president is approved. The supervisory committee will also name an executive director in the second half of February.
14/01/2011

Banque Postale joins Euribor

p { margin-bottom: 0.08in; } The European Banking Federation (EBF) on 13 January announced that the Euribor managing committee had approved the membership of two new establishments in the European inter-banking interest rate standard Euribor: the Finnish Pohjola, and the French Banque Postale. Euribor now has 44 participating banks.
14/01/2011

Partners Group assets up by almost one quarter in 2010

p { margin-bottom: 0.08in; } As of the end of December, assets at Partners Group totalled EUR21.4bn, which represents a 24% increase over the CHF25.7bn announced one year ago (see Newsmanagers of 14 January 2010). In 2009, assets increased 5.34% in Swiss francs. Net subscriptions in 2010 increased to EUR4bn, from CHF3.6bn. As of 31 December, assets were distributed as follows: EUR15.2bn in private equity, EUR2bn in private debt, EUR2.5bn in private real estate, and EUR0.7bn for companies of the group.
14/01/2011

Russell to acquire U.S. One

p { margin-bottom: 0.08in; } Russell Investments (USD155.4bn in assets as of the end of 2010), which is seeking to set up a viable infrastructure and a complete range of ETFs, is planning to acquire US One Inc, which manages the One Fund, a US-registered ETF of equities ETFs which offers exposure to 95 global markets.In a SEC filing, Russell has announced that the Russell Investment Management Company will become the advisor to the One Fund, and that an extraordinary general shareholders’ meeting is scheduled for mid-February in order to vote that change through, along with the acquisition of U.S. One by Russell. The deal, whose financial details have not been disclosed, will be completed soon after that.Paul Hrabal, president of U.S. One, will collaborate as a consultant for ETF activities at Russell.In 2010, Russell launched an ETF in Australia, the Russell High Dividend Australian Shares ETF (ticker ASX: RDV), whose assets as of the end of December totalled USD106m.
14/01/2011

Year starts well for Schroders

p { margin-bottom: 0.08in; } Schroders has started the year extremely well on the French market, largely due to winning a large mandate. In 2010, net inflows totalled EUR700m and assets under management at the end of the year totalled EUR3.5bn. Like last year, Schroders estimates that the environment, which is characterised by low interest rates and rising profits in particular, is favourable for high-risk assets, including equities, as well as high yield, which will profit from mergers and acquisitions. “In a recovery phase, equities and high yield are two asset classes which offer the most attractive potential for returns,” said Patrick Brenner, multi-asset class manager for Schroders, on a visit to Paris. Schroders foregrounds its interest in Japanese equities, which will profit from growth in the region. Japan, which is still in a deflationary phase, may benefit from the broader rise in inflation and a recentl falling trend for the yen. Schroders is also predicting divergence between east and west, with more rapid growth in emerging markets than in developed markets, which is really nothing new, and with stronger inflation. Schroders recommends a more defensive position, but Patrick Breneer estimates that a potentially more effective way to gain from emerging markets is to play local currencies, which will benefit from continued growth and appreciation in these currencies. For the Euro zone, where the situation may first “get worse before it gets better,” says Brenner, the important thing will be to protect against risks of rising inflation and an accentuation of the sovereign debt crisis in Europe.
14/01/2011

CFO to leave AllianceBernstein

AllianceBernstein has announced that chief financial officer John B. Howard informed the company on January 10, 2011, that he will leave AllianceBernstein to return to his former employer, AQR Capital Management, in his former role as chief operating officer. He will remain with AllianceBernstein until February 15, 2011, in order to oversee the release of fourth quarter 2010 earnings and assist with the transition. The company has engaged a firm to conduct an internal and external search for a successor. Edward J. Farrell, AllianceBernstein’s corporate controller, will also serve as interim chief financial officer.
14/01/2011

Edram reshuffles management

p { margin-bottom: 0.08in; }In addition to theappointment of Philippe Uzan as chief investment officer at Edmond deRothschild Asset Management (see Newsmanagers of yesterday), theasset management firm announced on Thursday, 13 January that it isreorganizing its teams. The firm will now be composed of sevenautonomous management teams and a transversal research team, or eightteams, including 39 managers and analysts.The eight units are:Asset allocationUS and globalequitiesEuropean equitiesAsia (Edmond deRothschild Asset Management Hong Kong)Small &midcaps and SRIEmerging marketsand commoditiesResearchAll of these willreport to Uzan and Bruno Vanier, co-director. The two heads aremembers of the executive board, which also includes Flavien Duval,director of risk management, Christophe Boulanger, CEO, and PhilippeCouvrecelle, chairman of the board, a statement says.
14/01/2011

Assets under management down in 2010 at Legg Mason

p { margin-bottom: 0.08in; } Assets at Legg Mason as of 31 December totalled USD671.8bn, compared with USD673.5bn three months earlier, and USD681.6bn twelve months earlier. Assets in equities funds were up to USD184.2bn, from USD169.6bn and USD168.7bn.However, bond funds were down to USD355.8bn, compared with USD371.6bn as of the end of September, and USD365.8bn at the end of 2009. For money market funds, assets totalled USD131.8bn, compared with USD132.3bn three months earlier. At the end of 2009, they totalled USD147.1bn.
14/01/2011

Strong inflows for Franklin Templeton in France

p { margin-bottom: 0.08in; } At an event to celebrate the fifteenth birthday of Franklin Templeton in France, Dominique de Préneuf, CEO, announced on the evening of 13 January that 2010 was the best year ever for the US management firm in the country, with net inflows of EUR1.2bn. Assets are now well above EUR4bn.
14/01/2011

Net inflows to Ucits funds in November totalled EUR16bn

p { margin-bottom: 0.08in; } Net inflows to UCITS funds in November totalled EUR16bn, compared with EUR7bn in October, according to statistics from the European fund and asset management association (EFAMA). This development is due to an end to outflows from money market funds, which finished the month under review with a net inflow of EUR4.1bn, though they lost EUR20bn in October. Since the beginning of the year, UCITS funds have seen a net inflow of EUR92bn. Money market funds have had outflows of over EUR122bn, while long-term UCITS funds (excluding money markets) attracted nearly EUR215bn in eleven months, compared with EUR156bn in January-November 2009. In November, long-term UCITS funds earned net inflows of EUR11.6bn, compared with EUR26.3bn in October. Equities funds had net inflows of EUR8.4bn, compared with EUR12.8bn in October, while bond funds had inflows of only EUR0.3bn, compared with EUR7.7bn in October. Net inflows to diversified funds were down to EUR1.8bn, compared with EUR3.4bn the previous month. Inflows to non-UCITS funds has remained stable at EUR11.6bn, compared with EUR11.9bn in October, putting the total for the first eleven months of the year at EUR105bn.
14/01/2011

Bond funds lose momentum in November

European investors brought to bear their first net withdrawal from bond funds in 21 months (-EUR4.6bn), according to Lipper’s latest Fund Flash. While emerging market debt still enjoyed significant inflows (EUR 1.8bn), this was well below the average for the past twelve months (EUR 3.6bn) and insufficient to counter the scale of redemptions from short-term EUR funds (-EUR 8bn) and EUR Corporate and USD bond funds combined (-EUR 1.6bn).The silver lining to this black bond cloud hanging over the industry was an injection of EUR11.5bn into equity funds, adds Lipper. The result of these diverging attitudes to equities and bonds was to bring Europe-wide long-term fund sales back down to earth, at EUR9.7bn (excluding money market funds). Total net sales reached EUR12.5bn in November. JPMorgan was the new winner of the best-selling group this month (EUR1.6bn), just ahead of Franklin Templeton. Schroders was the most successful equity group in November, heading the leader board with net sales of EUR1.5bn, although JPMorgan, Franklin Templeton and Aberdeen all attracted equity inflows over EUR1bn.ETF activity was more muted this month, with net sales totalling EUR1.8bn, 94% of which moved into equity-related products. This brings the year’s net sales total for ETFs to EUR29.3bn (to the end of November), EUR19.2bn of which relates to equity funds and EUR7.3bn to fixed income.
14/01/2011

Barclay Hedge Fund index gained 2.92% in December

p { margin-bottom: 0.08in; } Hedge funds gained 2.92% in the month of December, and have finished the year with performance of 10.90%, according to the Barclay Hedge Fund index, calculated by BarclayHedge. Virtually all strategies gained ground in December, especially the equity long bias strategy, which earned 5.11% for the month, and 14.04% for the year. Only the equity short bias strategy lost ground, with losses of 5.80% in December and 14.35% for the year.
14/01/2011

Pimco wades into Lehman controversy

p { margin-bottom: 0.08in; } Pimco, the manager of the largest bond fund in the world, has rallied the cause of investors who challenge the bankruptcy regime at Lehman Brothers, and are seeking an improvement to the level of reimbursement for holders of bonds, the Financial Times reports. The group includes 19 lenders, including Paulson & Co and CalPERS, representing USD20bn in redemption demands.
14/01/2011

Vanguard delays launch of municipal bond funds

Vanguard Group has delayed plans for three funds specialising in municipal bonds as yields in the market jump to the highest level in two years, according to the Financial Times. A heated debate is under way about the health of this market, which had been considered a relatively safe place to invest because defaults historically have been much lower than those experienced in corporate bonds.
14/01/2011

iShares launches high yield ETF in France

p { margin-bottom: 0.08in; } iShares, the ETF platform from BlackRock, on Thursday, 13 January announced the launch of its bond ETF iShares Markit iBoxx Euro High Yield Bond fund, which allows investors access to the European high yield credit market, in France. The product offers exposure to about 100 of the most liquid mid-rated corporate bonds. The Markit iBoxx Euro Liquid High Yield, designed by Markit, is based on ratings of each security by Fitch, Standard & Poor’s and Moody’s, which are used to determine their inclusion in the index. “Investor appetite for European high yield has increased in the past year,” says Blanca Koenig, bond strategist at BlackRock. “Since its first listing on the LSE on 6 September, the fund has already attracted more than EUR400m in Europe,” she adds.
14/01/2011

AGI Europe launches an SRI fund managed by AGI France

p { margin-bottom: 0.08in; } Thomas Wiesemann, chief market officer at Allianz Global Investors Europe, on 13 January announced the launch of the Luxembourg-registered SRI equities fund Allianz Euroland Equity SRI, whose stock-picking is provided by Christine Clet-Messadi of Allianz Global Investors France, on the basis of a three-step process.First, the universe is limited to equities from promising Euro zone companies which respect minimal criteria in terms of human rights; then, the shares are passed through a fundamental filter as well as extra-financial environmental, social and governance (ESG) analysis. At the conclusion of this process, Clet-Massadi makes the stock picks. The manager explains that AGI is convinced that businesses which rely on a sustainable development strategy are often the ones which best anticipate future developments.The portfolio includes 40 to 60 positions. Characteristics Name: Allianz Euroland Equity SRIISIN code: LU0542502157Front-end fee: 5%Management commission: 1.50% (maximum 2.25%)Administrative fees: 0.30% (maximum 0.5%)
14/01/2011

S&P puts LGT on negative watch

p { margin-bottom: 0.08in; } The ratings agency Standard & Poor’s on 13 January announced that it has placed the LGT Bank in Liethtenstein AG (LGT) under rating watch negative, due to the potential acquisition of BHF Bank by LGT. Standard & Poor’s estimates that, aside from private banking and asset management, the other activities of BHF Bank could have a negative impact on the profile of LGT’s activities. The agency also points to the execution risks for such a transaction, in which the details are not yet fully known, it says.
14/01/2011

Edouard Carmignac congratulates Jean-Claude Trichet

p { margin-bottom: 0.08in; } In an open letter published in several national newspapers in Europe, Edouard Carmignac, the founder and president of the eponymous asset management firm, congratulates Jean-Claude Trichet, president of the European Central Bank. “At a time when another crisis was threatening the Euro in early December, he had the courage and the clairvoyance to have the public debt of European countries in difficulty be acquired by the European Central Bank, which also greatly assisted banks in these countries to refinance,” he writes. Carmignac also expresses support for the creation of a European pension plan.
14/01/2011

Major reshuffle at BBVA Asset Management

p { margin-bottom: 0.08in; } José Luis Escrivá, who was previously head of research services, and economist in chief for the group, has been appointed as head of a new global business unit, “governments and multilateral organisations,” at BBVA. The unit will be a part of the wholesale banking and asset management (WB&AM) branch. Escrivá will be replaced by Jorge Sicilia, currently economist in chief at BBVA for North America.Funds People reports that BBVA Asset Management, which will continue to be led by Luisa Gámez, is reorganizing into four units instead of five. There will be a product team, led by Sergio Fernandez Pacheco, an institutional team, led by Juian Ide, Quality Funds (multi-management, stock-picking), led by Eduardo Garcia Hidalgo, replacing Myriam Luque, who is promoted to COO, and the investment division, led by Julio Sobremazas. Ines Castro is leaving Quality Funds, where she was head of the funds solutions activity, to join the institutional branch.The organisation will also be restructured into three geographical regions: Europe, led by Paloma Piqueros; Mexico, led by Jorge Perez-Samano, and Latin America, for which BBVA AM is still seeking a director.
14/01/2011

Absolute return label no longer favoured by FSA

p { margin-bottom: 0.08in; } UK asset management firms say that the Financial services authority (FSA) is privately advising them to no longer use the qualification “absolute return” for new fund launches, as this way of presenting things gives the impression that growth is guaranteed for these vehicles, Money Marketing reports. The British investment management association (IMA) in May 2008 introduced the category “absolute return,” which currently includes 50 products. Morningstar reports that six funds of this type lost money in the past year. Andy Merricks, investment director at Skerritt Consultants, claims, like some others, that the qualification “absolute return” is misleading as a label for some funds that identify themselves this way. “The label ‘absolute junk’ might be more appropriate,” says Merricks, cited by Money Marketing. The FSA had no comment on the question.
14/01/2011

Analyst fined for sending misleading message

A former MF Global analyst has been fined GBP50,000 for sending clients and colleagues a “misleading and inaccurate” instant message about Enterprise Inns, a UK-listed company, according to the Financial Times. The Financial Services Authority said trading in shares of the company more than trebled and the price rose more than 4 per cent in the two hours after Christopher Gower sent his message, entitled “Hot off the press”. The regulator said Mr Gower’s message on May 7 2008, which cited a meeting he had with the chief executive of Punch Taverns, inaccurately gave the impression he was passing on inside information about Enterprise’s efforts to win permission to convert to a real estate investment trust (Reit), the Financial Times writes.
14/01/2011

Aberdeen AM launches a Latin America fund

p { margin-bottom: 0.08in; } Aberdeen Asset Management has launched a British-registered Latin America fund, managed by Devin Kaloo and the emerging markets team, Investment Week reports. It will be similar to the Luxembourg-registered Global Latin America Equity Fund.
14/01/2011

Chinese mandate for BNY Mellon Asset Servicing

p { margin-bottom: 0.08in; } The China Construction Bank (CCB) has retained BNY Mellon Asset Servicing as its global custodian for the future Qualified Domestic Institutional Investor (QDII) fund which will be launched in China by Yinhua Fund Management Commpany, which will be known as the Yinhua Anti-Inflation Theme Fund. Assets at Yinhua as of the end of December totalled CNY85bn.
14/01/2011

Good results for Fisch AM

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Fisch Asset Management, a specialist in convertible bonds, last year registered a record inflow of CHF1bn. Assets under administration at the same time increased by 21%, to CHF4.6bn (compared with CHF3.8bn in 2009). The only flat note is the evolution of currencies. As a large majority of client funds are managed in foreign currencies (euro, dollar), currency effects resulted in a reduction of CHF200m to results which are otherwise very positive as a whole.
14/01/2011

Founder of SAM Group founds a wealth management bank

p { margin-bottom: 0.08in; } Globalance Bank, which has received a license from Finma, is now operational, Agefi reports. Globalance Bank, founded by Reto Ringger, the founder of SAM Group (acquired by Robeco), places the emphasis on sustainable investments, sells no proprietary products, and offers its clients total transparency in terms of costs. Ringger will be CEO of the bank, which has 18 employees. The board of directors will be led by Felix R. Ehrat, senior partner and chairman of the board of directors at the law firm Bär & Karrer, in Zurich. The board of directors, compared of five independent members, also includes Thomas Kubr, founder and CEO of Capital Dynamics; Joachim Schoss, creator and CEO of Scout 24, director of Goldbach Group and Neue Zürcher Zeitung; Diana Strebel, an independent entrepreneur and director of Ricola, and Louis, Count of Zech, a member of the board of directors at BHF-Bank Frankfurt.
14/01/2011

Petercam "greens" fund management

At the beginning of 2011, the Belgian asset management firm Petercam Institutional Asset Management set up a sustainable development committee to adopt a sustainable development approach for European equities management.Previously, Petercam had relied on ratings from Ethibel, an affiliate of Vigeo. Now, the Belgian management firm will obtain its information directly from Vigeo, including studies which are the basis for ratings, with the objective of making these information resources internal, and to make us of them in a critical spirit.With this in mind, the sustainable development committee will be composed of four high-profile individuals. They are Axel Miller, CEO, Peter De Keyser, chief economist, Stijn Decock, a macro-analyst who has been focused on these issues for four years, and Michael Casselman, a private equity specialist. The mission of the committee is to set the strategic priorities of the firm in sustainable development.In a relatively short period of time, Ives Hup, sales director for France estimates, Petercam will be far enough along in its reflections to present its funds for a Novethic label.Recruitments and additionsIn late 2010, Petercam recruited two equities analysts, followed by another who joined the firm on 11 January 2011. The objective was to increase the number of analysts from 11 to 15. Two credit analysts will soon be recruited.At the end of January, the team will also gain a specialist in RFPs, who will also handle support functions, as will the database specialist, to be recruited at the same time. In addition, a specific support function role will be created.Petercam is planning to launch a Belgian-registered metals & mining equities fund at the end of February, which will be managed by Alexander Weinberg.

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