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19/01/2011

Bad year in 2010 for short-selling strategy

p { margin-bottom: 0.08in; } For the year 2010, the distressed securities strategy was the best performer in the hedge fund arena, with gains of 13.8%, just ahead of convertibles arbitrage (+12.2%), according to the Edhec-Risk Institute. The worst results were for the short selling strategy which lost 16.9% for the year. Fund of funds strategy gained 5.2%.
19/01/2011

Les institutionnels surpondèrent les actions

Selon le sondage BofA Merrill Lynch Survey of Fund Managers de janvier, 55 % des allocataires d’actifs interrogés ont indiqué être surpondérés en actions internationales, ce qui est la proportion la plus élevée depuis juillet 2007. En décembre, ils n'étaient que 40 % dans ce cas. Parallèlement, 54 % des investisseurs institutionnels sous-pondèrent les obligations, contre 47 % le mois dernier.Cet engouement pour les actions s’appuie sur une confiance accrue dans la conjoncture mondiale et les bénéfices des entreprises : 39 % tablent sur une croissance supérieure à la moyenne pour les 12 mois qui viennent, ce qui est le résultat le plus élevé depuis que la question est posée (février 2008) tandis que 57 %, contre 45 % en décembre, estiment que les bénéfices des entreprises vont augmenter d’au moins 10 % cette année.D’autre part, 72 % des gestionnaires interrogés (contre 48 % il y a deux mois) pensent que l’inflation va augmenter cette année, mais cette inflation n’est pas considérée nécessairement comme une menace. Et la proportion d’investisseurs estimant que la politique monétaire est excessivement stimulante a diminué à 42 %.
19/01/2011

Assets at C-Quadrat up 26% in 2010

Funds of the Austrian-German management asset firm C-Quadrat as of the end of 2010 had total assets under management of EUR3.34bn, which represents an increase of 26% compared with EUR2.66bn as of 31 December 2009. Net subscriptions have also increased 23% compared with 2009, to a total of EUR804m.C-Quadrat also said that at the end of the year, it obtained the status of investment advisor from the SEC, which will allow it to manage or advise US funds for investors based in the United States.
19/01/2011

New sales officer at Neuflize Private Assets

p { margin-bottom: 0.08in; } Jean-Philippe Abougit, former director of sales for Natixis Multimanager, has joined the sales team at Neuflize Private Assets. He will serve distribution clients in France. Neuflize Private Assets, an affiliate of the ABN Amro group, manages EUR4.6bn in assets.
19/01/2011

Credit Suisse launches ETFs in France

p { margin-bottom: 0.08in; } Credit Suisse has announced the listing of 45 ETF funds on NYSE Euronext in Paris. The range includes both funds based on swaps and physical replication products. It also includes one ETF of Chinese A-class equities, which complies with French OPCVM regulations. In total, 13 ETFs cover emerging markets. Credit Suisse, which has been present in the ETF market since 2001, manages assets of EUR9.2bn in this area. Currently, Credit Suisse ETFs are traded in Switzerland, the United Kingdom, Germany and Italy; they are now also available in France.
19/01/2011

Mandarine Gestion attracted EUR500m in 2010

p { margin-bottom: 0.08in; } Net subscriptions at Mandarine Gestion totalled EUR500m in 2010 (see Newsmanagers of 18 June and 20 December 2010). Assets as of the end of December total over EUR1.5bn, says Andreas Krebs, managing director and partner.The Mandarine Valeur fund, managed by Marc Renaud, has EUR1.1bn in assets, and has outperformed the Stoxx 600 by 30.4% in two years. The other Mandarine fund on sale in Germany, Mandarine Unique (EUR42m in assets) has outperformed the Stoxx Small 200 by 14.64% since its launch in March 2010.Mandarine will now release a third fund in Germany, the Reflex, which is managed by Marc Renaud and Joëlle Morlet-Selmer for stock-picking, in collaboration with François Rochette of Edmond de Rothschild Asset Management (EDRAM) for portfolio structuring. The product has assets of EUR114m, and has earned 28.35% since its launch in France in June 2009.
19/01/2011

Pimco to take charge of product sales

p { margin-bottom: 0.08in; } The US asset management firm Pimco will take over the product sales activities previously provided by Allianz Global Investors, the asset management unit of the German insurer, Agefi reports. Now that the group has received permission from the regulatory authorities to open a German arm of its broker/dealer operation, Pimco Investments, the new entity will manage sales from New York from 11 April.
19/01/2011

Institutionals and IFAs make increasing use of alternative investments

The third annual survey by Morningstar and Barron’s of the perceptions and use of alternative investments by 151 institutional investors and 669 independent financial advisers in the United States has found that use of this type of investment is becoming more popular, but that thevehicles used to invest in them are changing.Nadia Papagiannis, a strategist for alternative investments at Morningstar, says there have been USD2.7bn in net outflows in the first three quarters of 2010 from hedge funds monitored by Morningstar, while at the same time, net subscriptions to mutual hedge funds totalled USD17.3bn.Investors are seeking to reconcile the diversification offered by alternative strategies with the liquidity and transparency of publicly-traded vehicles. Managers are moving to meet this need, as hedge and commodity mutual fund products represented 14% of all funds launched in 2010, and 20% of all ETFs. Institutional investors prefer traditional mutual funds and ETFs toimplement their most liquid alternative strategies, but they continue to use hedge funds for less liquid strategies, such as arbitrage, distressed equities, and corporate actions.More than 70% of institutional investors surveyed predict that alternative products will represent more than 10% of their portfolios over the next 10 years, and 37% (compared with 25% in 2009) predict an allocation to alternative products of over 25%. More than half of IFAs predict that allocations by their clients to alternative products will increase by more than 10% per year in the next five years.
19/01/2011

Two managers found their own firm

p { margin-bottom: 0.08in; } Larry Pitkowsky and Keith Trauner, two former portfolio managers of the Fairholme fund, are launching their own asset management firm, the Wall Street Journal reports. They say they are planning to use the same value approach that they used at GoodHaven Capital Management, which made the Fairholme fund the third best fund in the large cap category in the ten years to the end of December, with annualised returns of 11.5%.
19/01/2011

Universal-Investment attracted EUR11.2bn in 2010

p { margin-bottom: 0.08in; } As of the end of December, assets under management or administration at Universal-Investment totalled EUR130bn, EUR18bn more than one year previously. Net subscriptions totalled EUR11.2bn, compared with EUR8.1bn for institutional funds and masterfunds, and EUR3.1bn for open-ended funds. Universal manages about EUR9.3bn for institutional investors in “Spezialfonds,” protected or overlay products.The Frankfurt-based asset management firm has also announced that Stefan Rockel was promoted on 1 January as a member of the board of directors. He will be in charge of development for the Luxembourg affiliate and investment product structuring, with the assistance of the local securitisation affiliate created in 2010.André Jäger and Oliver Schmucker, who have previously been heads of departments, are promoted as central directors. The former is now head of risk control and investment compliance. He becomes the central risk manager for the Universal-Investment group as a whole, with the additional mission of developing all reporting functions.Schmücker is now responsible for development of internalisation activities (administration and fund accounting, surveillance of respect for limit thresholds) and process management. Universal-Investment currently has about EUR20bn under administration for German, Austrian and Luxembourg clients.
19/01/2011

GAM adds to German sales team

p { margin-bottom: 0.08in; } As of 1 January, Christopher Hönig, head of key accounts at SAM Sustainable Asset Management, has joined the asset management firm GAM in Germany as client director, Fondsprofessionell reports. With Karolyn Krekic, he will serve intermediaries and institutional investors.
19/01/2011

Christoph Schumacher joins Union Investment Institutional Property

p { margin-bottom: 0.08in; } Christoph Schumacher, director of indirect investments and structured products at Generali Deutschland Immobilien, CEO of Generali Deutschland Immobilien Verwaltungs and CEO of Generali Immobiliare Asset Management, will on 1 March 2011 become a member of the board of directors at Union Investment Institutional Property. He will be in charge of fund structuring and client relationship management.
19/01/2011

DEGI Europa distributes 20% of its assets

p { margin-bottom: 0.08in; } On 24 January, the roughly 90,000 shareholders in the open-ended real estate fund DEGI Europa (Aberdeen) will receive EUR9.70 per share, as part of a planned liquidation of the fund (see Newsmanagers of 25 October 2010). The distribution will total EUR254.1m, or more than 20% of the EUR1.2677bn in assets in the fund as of 31 December. The next redemption will come in July 2011. The total amount will depend on the outcome of sales of assets (see Newsmanagers of 18 January 2011).
19/01/2011

HVB launches a transparent fund aimed at charities

p { margin-bottom: 0.08in; } For German municipal authorities and charities, HypoVereinsbank (HVB) has launched the Luxembourg-registered Kommunal- & Stiftungsfonds Defensiv fund (LU0555949709, LU0555949964), managed by UniCredit Luxembourg, the Börsen-Zeitung reports. The flexible fund is notable for its transparency, with specific, regular reporting. Allocation to equities may not exceed 25%, though allocation to bonds may go up to 100%. The management team may use futures and options to hedge for currency risks and manage durations. The fund may invest directly in securities, as well as in ETFs, ETCs, and other funds.
19/01/2011

Conquest launches a fund inspired by the seven deadly sins

p { margin-bottom: 0.08in; } Conrad Mattern, a well-known fund adviser in Munich, who heads the analysis agency Conquest, will unveil the Prosperia Mephisto I fund this 19 January in Frankfurt, a fund which invests in firms symbolising the seven deadly sins, Handelsblatt reports. For pride, Mattern has chosen luxuries; for greed, he has chosen financials and discounters; for envy and jealousy, the advisor has chosen the lifestyle sector, while wrath is represented by prison operators. For lust, the manager has chosen “distractions for adults,” and for gluttony, he has chosen firms in the alcohol and tobacco sectors. Lastly, for sloth, the manager has selected shares in the leisure sector.
19/01/2011

Mergers and acquisitions up 40% in 2010

p { margin-bottom: 0.08in; } In 2010, merger and operation activities in France increased 40.1% year on year, according to statistics from mergermarket. With 542 transactions, activity volume of EUR36.4bn means a spectacular increase of 90.6% in the value of operations. They have not yet returned to pre-crisis levels, as French mergers and acquisitions remain 75.7% below their 2007 levels, which measured EUR149.9bn in total. Cross-border mergers and acquisitions, which are three times higher than in 2009 with a total volume of EUR15.6bn, prove that France is attracting foreign investment once again, mergermarket says. French businesses are also more interested in foreign markets than last year. They made 18% more deals than in 2009.
19/01/2011

Henderson adds to SRI team

p { margin-bottom: 0.08in; } Henderson Global Investors announced on 17 January that its team dedicated to socially responsible investment has recruited Bridghet Boulle as an SRI analyst. Boulle previously worked at PIRC. Henderson has also appointed Harriet Lamb as a member of its SRI consulting committee. Lamb is currently executive director of the British Fairtrade Foundation.
19/01/2011

Jeffrey Weingarten named CEO of Grosvenor Fund Management

Grosvenor has appointed Jeffrey Weingarten, who was the chief investment officer and managing director of Goldman Sachs Asset Management International, to the role of chief executive of Grosvenor Fund Management, which offers a range of sector and regional specialist property investment funds. He succeeds Stuart Beevor.At the same time James Raynor, currently GFM’s director, Continental Europe, has been appointed to the new role of GFM’s chief investment officer. Robert Davis, currently GFM’s finance director, will become GFM’s chief operations officer. These appointments are effective 17 March 2011. James’ and Robert’s existing responsibilities are unaffected by the changes: James will continue to lead GFM’s Continental European team and Robert will continue to run GFM’s finance team.Jeffrey Weingarten joined GFM as non-executive chairman in September 2010, following two years as a consultant to the business. The role of chairman will now be resumed by Mark Preston, group chief executive of Grosvenor.
19/01/2011

Barclays fined GBP7.7m

p { margin-bottom: 0.08in; } The British Financial Services Authority (FSA) has fined Barclays GBP7.7m for abusive sales of funds. The FSA Accuses the British group of selling two funds from Aviva, the global balanced income fund and the global cautious income fund, to more than 12,000 clients, without verifying whether the products offered corresponded correctly to the buyers’ risk profiles. The FSA has also pointed to a lack of training for personnel at the bank, a lack of clarity in documents distributed to clients, poorly-adapted sales monitoring procedures, and very poor reaction at Barclays when the problems were discovered. Between July 2006 and November 2008, sales of shares in funds totalled GBP692m. The FSA states that Barclays, which has already paid out GBP17m in compensation to clients, may have to pay out another GBP42m.
19/01/2011

Cofunds tops GBP30bn in assets under administration

p { margin-bottom: 0.08in; } The British distribution platform Cofunds has topped GBP340bn in assets under administration, according to Money Marketing. In 2010, the platform attracted GBP7.2bn. In third quarter 2010, Cofunds was the best-performing British platform for the sixth consecutive quarter.
19/01/2011

CAI opens a research office in Shenzhen

p { margin-bottom: 0.08in; } The Asia specialist hedge fund Central Asset Investments (CAI), based in Hong Kong, will open a research office in Shenzhen, China, this Tuesday, 18 January, Asian Investor reports. The office will be led by Bill Tsai, former managing partner at Longridge Capital, and will include three new analysts: Alex He, Ferry Feng, and Franky Xie.
19/01/2011

La Banque du Canada relève ses prévisions

La banque centrale du Canada a maintenu hier le statu quo monétaire, sans surprise, et a légèrement revu à la hausse ses prévisions de croissance. Considérant que la reprise mondiale était plus rapide que prévu, elle a revu à 2,4% sa prévision de croissance pour 2011 et à 2,8% le chiffre pour 2012, contre 2,3% et 2,6% attendus en octobre.
19/01/2011

CIC prend pied à Toronto

China Investment Corp pourrait annoncer vendredi selon Reuters l’ouverture d’un bureau à Toronto. Le fonds souverain chinois, soucieux d’apparaître comme un investisseur présent mondialement, chercherait à se rapprocher ainsi des opportunités offertes par les matières premières canadiennes. Tout en bénéficiant d’un régime fiscal plus avantageux qu’aux Etats-Unis.
19/01/2011

Ambitions intactes pour la Bourse de Hong Kong

Dans un entretien accordé au quotidien, le président de la Bourse de Hong Kong, Ronald Arculli, qui se targue d’appliquer les «meilleures pratiques et normes internationales», assure qu’il entend maintenir la position de force de la place financière dans le monde en termes de cotation. La position de centre mondial du yuan offshore confère à ses yeux à Hong Kong un avantage inégalé.

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