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10/01/2011

Paris marketplace seeks to encourage management entrepreneurs

p { margin-bottom: 0.08in; } Les Echos reports that the body to promote the competitiveness of Paris Finance Innovation, with the assistance of the AFG, is preparing a market structure to assist independent managers to develop. “There is a need for an institutional fund of funds, an accelerator for growth, so that independent managers can acquire adequate size to win over institutionals and export their expertise to the rest of Europe,” says Jean-François Bay, CEO of Morningstar France. “This would require approaching institutionals and asking them to feed a local fund which would invest in funds and young management firms.” Finance Innovation and the AFG are hoping to have the project up and running by the end of the year.
10/01/2011

French FRR modifies investment strategy

p { margin-bottom: 0.08in; } Now that the French state pension fund, the Fonds de réserve pour les retraites (FRR), has been placed under the control of the public debt amortisation facility (Cades), the supervisory board at the institution has passed new guidelines for its investment strategy, Agefi reports. The pension reform law requires that the FRR pays Cades EUR2.1bn per year from 2011 to 2024. This liability will be funded with flows from investments in fixed income products, a large part of which are French bonds. The fund has launched a call for bids for two tenders, each of which would be divided into five five-year passive management mandates. The first of these, for about EUR12bn, will be invested in OAT. The second, for about EUR6bn, will be for bonds from developed countries, rated at least investment grade. The call for bids is open until 31 January. The portfolio of the FRR will continue to be allocated about 60% to fixed income, and 40% to “performance” assets. In this second category, the Fund will increase the amounts invested in open-ended funds, the newspaper reports.
10/01/2011

HDF Finance reshuffles commercial management

p { margin-bottom: 0.08in; } Following the announcement by the website H24 Finance on Thursday, 6 January that Christophe Chouard, director of sales at the management firm HDF Finance, has been fired, Christine du Fretay, chairman of the board, in an interview with Newsmanagers, stated that the “possible” departure of Chouard might be motivated by personal reasons, and will not take place for a few weeks, in order to ensure a smooth transition. The position of head of institutional clients now held by Chouard will be divided in two, with one person for France, and another for international operations. The position for France will be given to David Baufils, currently Chouard’s deputy, while de Fretay confirms that the firm is in a recruitment phase for the international role.
10/01/2011

LFP increases presence in capital of LFP-Sarazin AM

p { margin-bottom: 0.08in; } Agefi reports that at a press conference last Friday, Bertrand Fournier, chairman of the board at LFP-Sarazin AM, announced that an option call was exercised in December, bringing LFP’s stake in LFP-Sarasin AM, the group’s affiliate dedicated to socially responsible investment (SRI), from 60% to 67.5%.
10/01/2011

Bruno Zaraya joins Métropole Gestion

p { margin-bottom: 0.08in; } Métropole Gestion on 7 January announced the arrival of Bruno Zaraya as head of retail sales for France, in charge of commercial development of the firm in the IFA, private banking and fund of fund markets. The appointment is a part of “Métropole Gestion’s strong development in line with the ambitions laid out for the firm in September 2010,” the firm says in a statement. Zaraya, 32, previously worked at Sal. Oppenheim France, where he began in December 2008, as head of sales.
10/01/2011

French investor chooses BNP Paribas IP and BlackRock

p { margin-bottom: 0.08in; } According to several sources cited by Agefi, the French institutional investor Agirc Arrco has awarded a fixed income management mandate for EUR800m in European bonds to BNP Paribas Investment Partners and BlackRock. The two asset management firms will each be in control of EUR400m.
10/01/2011

BNY Mellon Asset Servicing tops USD200bn in assets under administration in ETFs

p { margin-bottom: 0.08in; } In 2010, ETF assets under administration at BNY Mellon Asset Servicing increased 46% to over USD200bn. The operator provides its services to 400 funds in the United States, and nearly 500 different portfolios worldwide. Last year, says Joseph Keenan, the largest growth in assets in ETFs went to products which replicate emerging market indices and those which offer exposure to commodity and bond instruments, a major trend which is set to continue this year.
10/01/2011

Putnam Investments to scale up relations with consultants serving institutionals

p { margin-bottom: 0.08in; } Putnam Investments has announced the promotions of Robert E. Alan as head of relations with consultants in North America, and Keith E. Thomas, as head of relations with consultants internationally. Alan will be based in Boston, Thomas in London. Both men joined Putnnam in 2006. They will lead Putnam’s effort to develop relations with consultants who assist institutional investors with their investment strategies and manager selection. “Institutional management represents an increasingly large proportion of Putnam’s activities, and the promotion of two experienced and respected professionals such as Rob Alan and Keith Thomas is a sign of our longstanding engagement not only to accompanying institutional investors throughout the world, but also to construct strong relationships with the community of consultants,” says Joseph Phoenix, managing director and head of international institutional management, cited in a statement.
10/01/2011

Manulife Am recruits a head of equities for Asia

p { margin-bottom: 0.08in; } Manulife Asset Management on 6 January announced the recruitment of Ronald Chan as senior managing director and head of equities for Asia from 3 January. He will be based in Hong Kong, and will report to Michael Dommermuth, president and head of Manulife Asset Management (Asia). Chan previously worked at Pacific Eagle Asset Management, as deputy chief investment officer.
10/01/2011

SEC opens investigation about state of California

p { margin-bottom: 0.08in; } According to reports in the New York Times, cited by La Tribune, the US financial market regulator, the SEC, has opened an investigation to determine whether the state of California correctly disclosed the level of risk for investments by the state pension fund CalPERS.
10/01/2011

Strong start to the year for US equities funds

US equity mutual funds have seen an inflow of USD3.5bn in the week ending January 5, their best weekly inflow since December 2007, according to Lipper Americas, cited by the Financial Times. It raises hopes that retail investors’ exodus from stocks may be over.
10/01/2011

Goldman trading team planning their own fund

The last big proprietary trading team at Goldman Sachs has started raising money to launch a new hedge fund independent of the bank, according to the Financial Times. The team – led by two senior members of Goldman Sachs’ Principal Strategies desk, Daniele Benatoff and Ariel Roskis – has already secured a USD300m commitment from the hedge funds Brummer & Partners, people familiar with the team’s plans said.
10/01/2011

Polar Capital closes a hedge fund

p { margin-bottom: 0.08in; } The UK asset management firm Polar Capital Holdings has announced that it will be closing the Polar Capital Discovery Fund, and redeeming assets to investors within a four-week time frame. The product, with USD31m in assets, registered in the Cayman Islands, is a global macro hedge fund managed by Paul Lambert.
10/01/2011

BNY Mellon wins a custody contract worth USD800m

p { margin-bottom: 0.08in; } Banco National de Costa Rica, the largest commercial bank in Costa Rica, has awarded a custody mandate to BNY Mellon for a USD800m portfolio of equities, bonds and US Treasury securities.
10/01/2011

Janus launches two funds

p { margin-bottom: 0.08in; } The US management firm Janus Capital Group on 6 January announced the launch of two funds, the Janus Global Bond Fund and the Janus Emerging Markets Fund. As of the end of September 2010, assets under management at Janus totalled USD160.8bn.
10/01/2011

“For the BNY Mellon Global Real Return Fund, the quality of analysis has a bearing on asset allocation”

In 2010, BNY Mellon Asset Management earned large inflows in France for the BNY Mellon Emerging Markets Debt Local Currency Fund, managed by Alexander Khozemiakin, at Standish. This year, the US management firm is planning a push in France for the BNY Mellon Global Real Return fund (EUR), managed by James Harries, at Newton, another of the group's 20 boutiques. Newsmanagers talks about the product with Robert Stewart, director of investment at Newton.
10/01/2011

Union Investment Real Estate acquires Euragone AM

p { margin-bottom: 0.08in; } As of 1 January, the Hamburg real estate management firm Union Investment Real Estate (UIRE) acquired its “longstanding French partner” Euragone Asset Management, which will now be known as Union Investment Real Estate France SAS. The acquisition price was not disclosed.The new affiliate, which manages about EUR2.7bn in assets, has 12 employees in Paris, and will be led by Dominique Dudan, who has previously served in management positions at Accor Hotels & Resorts, HSBC Real Estate, and BNP Paribas Immobilier. She was most recently CEO of the French asset management firm Arcole.UIRE (an affiliate of the management firm for the German co-operative banks) has a portfolio in France of 27 properties, with a total of 380,000 square metres. The properties are located in the regions of Paris and Marseilles as well as Limoges. The property portfolio in France is by far the largest foreign presence for UIRE, and it is also expected to grow further, says Richard Kutscher, chairman of the executive board at UIRE.
10/01/2011

Assets in Spanish funds down by more than EUR26.5bn in 2010

p { margin-bottom: 0.08in; } As of the end of December, according to VDOS Stochastics, assets in Spanish funds totalled slightly under EUR143.96bn, which represents a contraction of 15.69%, or EUR26.79bn, compared with 31 December 2009.Of this decline, EUR26.55bn (or 99.1%!) is due to redemptions, and EUR238m is due to losses. As of 24 December, VDOS had estimated that losses last year totalled 15.35%, for assets of EUR144.54bn (see Newsmanagers of 3 January).In December, the decline in assets was 0.63%, or EUR905m, despite capital gains of EUR1.31bn, as net outflows totalled EUR2.21bn.
10/01/2011

Moore trader launches an asset management firm

p { margin-bottom: 0.08in; } Financial News reports that Paul Findley, one of the main traders at Moore Capital, is preparing to found an alternative management firm, to be entitled Bramshott Capital. The firm will launch a European long/short equities fund in April.
10/01/2011

Finma grants branch status to Newedge offices

p { margin-bottom: 0.08in; } On 7 January, Newedge, a 50/50 joint venture of Société Générale and Crédit Agricole CIB, announced that it has been granted clearance by the Swiss financial regulator, Finma, to turn its representative offices in Zurich and Geneva, which currently have 16 employees, into branches. The agreement will allow Swiss clients to be served by a single provider, rather than having to deal directly with the various locations of Newedge worldwide.
10/01/2011

Net inflows of over EUR1bn to Italian funds in 2010

p { margin-bottom: 0.08in; } Over the year 2010 as a whole, mutual funds on sale in Italy posted net subscriptions of EUR1.094bn, despite net outflows of EUR3.187bn in December alone, according to the most recent statistics from the Italian association of asset managers, Assogestioni. Inflows were driven by equities funds (EUR2.118bn), balanced funds (EUR3.543bn), bond funds (EUR17.172bn), and flexible funds (EUR4.101bn). However, money market funds saw outflows of EUR23.882bn, and hedge funds had outflows of EUR1.959bn. In terms of the country of domicile of funds, those based in Italy have seen net redemptions of EUR10.056bn, while funds domiciled abroad had inflows of EUR11.15bn. As a result, at the end of the year, foreign funds represented 57.2% of assets under management in Italy in mutual funds.
10/01/2011

Partners Group opens a representative office in São Paulo

p { margin-bottom: 0.08in; } The Swiss private equity management firm Partners Group (EUR20bn in assets) on 7 January announced that it has opened a branch in São Paulo. Brazil is a market which is thought to offer highly promising potential, and the growing complexity of the private securities market requires a local presence. Partners Group now operates a network of 14 locations worldwide, on four continents.
10/01/2011

Année record pour NYSE Euronext sur les dérivés

L’opérateur boursier transatlantique a fait état d’une année 2010 record pour ses activités de dérivés. Le volume moyen quotidien des échanges a atteint 8,43 millions de contrats, soit une hausse de 24% par rapport à 2009. Le pôle européen, NYSE Liffe, a vu transiter pour sa part 1,2 milliard de contrats l’an passé. Chaque jour, précise l’opérateur, 4,7 millions de contrats ont été traités via NYSE Liffe, représentant une valeur notionnelle de 1.200 milliards d’euros, un chiffre en progression de 14,9% comparé à 2009.
10/01/2011

LFP relève sa part dans LFP-Sarasin AM

Intégrée au sein du groupe UFG-LFP depuis son absorption par UFG en juillet 2009, LFP a porté fin 2010 sa participation de 60% à 67,5% dans LFP-Sarasin AM, filiale du groupe dédié à l’investissement socialement responsable (ISR). Une «option call a été exercée courant décembre», a indiqué Bertrand Fournier, président du directoire de LFP-Sarasin AM. UFG-LFP gère quelque 32 milliards d’euros d’actifs.

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