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27/10/2010
Fonds

Les fonds Apollo et CVC prennent le contrôle de Brit Insurance

Au terme de quatre mois de négociation, l’assureur britannique Brit Insurance va passer entre les mains des fonds Apollo Global Management (Apollo) et CVC Capital Partners (CVC), rapporte l’Agefi. L’offre émane du consortium, valorisant le groupe jusqu'à 888 millions de livres (1 milliard d’euros). L'équipe dirigeante de Brit Insurance, qui restera en place, investira jusqu'à 1,5 million de livres dans le groupe, note le quotidien.
Fonds
27/10/2010

Laurent Crosnier remplace Bruno Crastes chez Amundi Londres

Citywire rapportait mardi 26 octobre la nomination de Laurent Crosnier au poste de CEO chez Amundi Londres, afin de remplacer Bruno Crastes qui a quitté la société en avril dernier pour créer sa propre structure - H2o AM.Laurent Crosnier, qui occupait la fonction de CIO, supervisera l'équipe de Londres qui a été renforcée récemment. Amundi Londres est spécialisée dans l’activité du «fixed income» et les stratégies de performances absolues, précise Citywire.
27/10/2010

La gamme Spectrum de Skandia accessible sur Transact

Skandia Investment Group (SIG) annonce que sa gamme Spectrum, composée de six fonds et gérée en fonction d’objectifs de volatilité est désormais accessible sur la plate-forme Transact. La gamme, gérée par Skandia Investment Group, a déjà attiré plus de 720 millions de livres d’encours depuis son lancement en 2008, indique la société de gestion.
27/10/2010

JPMorgan va racheter un hedge fund brésilien

JPMorgan Chase va acquérir, via sa filiale Highbridge, 55 % de Gávea, un hedge fund de 6 milliards de dollars géré par Arminio Fraga, l’ancien responsable de la Banque centrale brésilienne, indique le Financial Times, qui cite des personnes proches du dossier. L’acquisition, qui fait suite à neuf mois de négociations, pourrait être annoncée dès mercredi.
27/10/2010

Nouveau CEO chez ABN Amro Private Banking Schweiz

ABN AMRO a annoncé le 26 octobre la nomination d’Erik Jens, 51 ans, en qualité de country executive et CEO d’ABN Amro Private Banking Schweiz. Erik Jens a exercé auparavant des fonctions dirigeantes dans les activités de clientèle privée et d’entreprises chez ABN Amro Bank, Fortis et MeesPierson.
27/10/2010

Réorganisation de Bank of China à Genève

Selon L’Agefi suisse, BOC (Suisse) Fund Management SA, la division de gestion institutionnelle du groupe Bank of China à Genève, est en cours d’intégration dans la banque privée Bank of China (Suisse) SA. Le processus devrait être finalisé d’ici la fin de l’année et il pourrait avoir des conséquences sur l’emploi (la société compte onze collaborateurs), précise BOC, qui souhaite «se concentrer sur son offre de produits maison tout en renforçant son architecture ouverte». Bank of China s’est implantée à Genève en décembre 2008.
27/10/2010

Nicolas Faller rejoint à son tour l'UBP

Richard Wohanka, l’ancien CEO de Fortis Investment Management qui a pris depuis un an la tête de la division gestion d’actifs de l’Union Bancaire privée (UBP) à Genève (lire notre article du 13 octobre 2009), continue d’attirer les talents de son ancienne maison. Après Yves Stein tout récemment (lire notre dépêche du 19 octobre), c’est maintenant Nicolas Faller qui rejoint l’UBP au 1er novembre comme responsable des ventes Europe afin d’étoffer les services offerts à la clientèle privée et institutionnelle au sein de la région. L’intéressé, qui sera également membre du comité exécutif de la gestion d’actifs de l’UBP était responsable ventes monde et membre du comité exécutif de BNP Paribas Investment Partners après avoir été global head of distribution partners chez Fortis Investments.Par ailleurs, dans le cadre de l’internationalisation de ses activités et de son développement en Europe, l’UBP crée une nouvelle équipe focalisée sur le Benelux qui sera dirigée par Frédéric Peemans, qui rejoint l’UBP après avoir été responsable des ventes de Robeco pour la Belgique et le Luxembourg. Auparavant, il avait été gérant obligataire chez Fortis Investments.Enfin l'établissement genevois se renforce au Japon avec la nomination de Kazuhito Yoshihara comme CEO du bureau de Tokyo. L’intéressé est également passé par la case Fortis Investments avant de rejoindre BNP Paribas Investment Partners Japon.
27/10/2010
Fonds

Oyster lance un compartiment UCITS III en monnaies à haut rendement

Le groupe bancaire suisse Syz & Co a annoncé mardi 26 octobre le lancement de Oyster ForExtra Yield EUR, un nouveau compartiment sous la forme d’un fonds UCITS III de sa SICAV luxembourgeoise Oyster. Testée depuis deux ans, la stratégie du nouveau produit consiste à bénéficier des taux d’intérêt élevés payés par certaines monnaies. Chaque mois, les actifs du compartiment sont investis dans des contrats de change à terme dans les cinq monnaies présentant le meilleur rapport rendement/risque. Pour l’instant, Oyster ForExtra Yield EUR est réservé à une clientèle institutionnelle, mais le compartiment devrait être prochainement enregistré dans plusieurs pays européens, dont la Suisse, afin de le rendre accessible au grand public comme les autres compartiments d’Oyster. Pour le marché français une demande d’enregistrement n’a pas encore été déposée pour une distribution au grand public, précise Syz & Co.
Fonds
27/10/2010

Jyske Invest launches a fund in pounds sterling

p { margin-bottom: 0.08in; } The Danish management firm Jyske Invest has announced the launch of the Jyske Invest Balanced Strategy (GBP) fund, denominated in pounds sterling, for 10 November. The fund will aim to generate performance at least equal to that of a benchmark index (60% bonds, 40% equities), composed as follows: 50% JP Morgan Hedged ECU Unit GBI Global 40% MSCI AC World Daily, indklucind net dividends5% JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified2.5% Merrill Lynch Global High Yield Index, BB-B constrained1.25% Merrill Lynch Global Broad Market Corporate Index, BBB rated1.25% Merrill Lynch Euro High Yield Index, BB-B rated constrained Index.Subscriptions are open until 5 November, inclusive. The product (DK0060238194), a sub-fund of Investeringsforeningen Jyske Invest International, is aimed at investors with a horizon of at least three years. The initial price of shares will be GBP100.
27/10/2010

Positive market effects and net inflows to Luxembourg funds

p { margin-bottom: 0.08in; } According to the financial sector surveillance commission (CSSF), overall net assets in collective investment organisms and specialised investment funds as of 30 September 2010 totalled EUR2.083740trn, compared with EUR2.068990trn as of 31 August 2010. The increase is 0.71% in one month and 17.47% for the past twelve months. In detail, in the month of September, positive variation comes to EUR14.750bn, of which EUR5.161bn is due to positive market effects (+0.25%), and EUR9.589bn (+0.46%) due to net inflows.
27/10/2010

ETF assets up in third quarter

p { margin-bottom: 0.08in; } According to a study by Deutsche Bank, assets under management in exchange-traded products (ETP) domiciled in Europe increased in January-September by 20% to eur204.4BN. ETPs include both exchange-traded funds (ETF) and exchange-traded commodities (ETC). EUR25bn of increase in net assets is due to net subscriptions, of which EUR7.2bn were in third quarter. Deutsche Bank estimates put global assets at EUR1.248trn in ETPs as of the end of September, 14% higher than at the end of December. The number of ETCs comes to 2,525 worldwide, of which 1,283 are in Europe, and 960 in the United States. The study also finds that in the first three quarters of the year, the highest subscriptions (EUR4.5bn) were for equities products, compared with EUR1.28bn for bond products and EUR1.4bn for commodities products. Among equities ETFs, the largest net inflows were for emerging markets funds, with EUR1.4bn in first quarter, EUR1.7bn in second quarter and EUR2.2bn in third quarter. Among bond ETFs, the largest inflows went to corporate bond products, with EUR1.1bn, while products replicating emerging market government bonds saw net outflows of EUR200m. In the area of commodities, gold ETPs attracted a net EUR987m in third quarter, out of a total of EUR1.4bn. Since the beginning of the year, these products have attracted EUR4.4bn.
27/10/2010

Banif offers ETF funds

p { margin-bottom: 0.08in; } Santander’s private banking affiliate, Banif, is now offering ETFs on its Innova platform, Funds People reports. The products are selected from funds available from Allfunds Bank (a joint venture of Santander and Intesa Sanapolo). The Banif Innova focus list, which will now be complemented by some ETFs, includes the Julius Baer Absolute Return, Santander Revalorización Activa, Quadrim 4, Robeco US Premium Equities, M&G Pan European, Templeton Asian Growth and Invesco Pan European Equity funds.
27/10/2010

AdvisorShares launches an ETF fund advised by Cambria

p { margin-bottom: 0.08in; } On 26 October, AdvisorShares launches the Cambria Global Tactical ETF (GTAA), a quantitative ETF fund advised by Cambria Investment Management in Los Angeles, on NYSE. The two co-managers, Mebane Faber and Eric Richardson, CIO and CEO of Cambria, respectively, will invest actively in ETFs covering all the major asset classes worldwide, including equities, bonds, real estate, commodities and currencies. Management commission is set at 1.35%.
27/10/2010

Morgan Stanley REI to liquidate P2 Value

p { margin-bottom: 0.08in; } The Munich-based management firm Morgan Stanley Real Estate Investment GmbH announced on 26 October that it plans to liquidate the open-ended real estate fund P2 Value, for which redemptions were frozen at the end of October 2008 following net outflows of EUR600m, with a volume at that time of EUR1.7bn. Currently, with EUR211m in liquidity and 34 properties remaining in the portfolio, the fund has EUR852.58m in assets, after risk provisions and credit redemptions are deducted. Liquidation will be undertaken over a three-year period, as for the DEGI Europa (see Newsmanagers of 25 October), until the end of September 2013. Investors will theoretically receive the proceeds of sales every six months, to the extent that liquidity is available. The net asset value of the fund will be published on each trading day. After 30 September 2013, any assets which may be remaining in the fund’s portfolio will be transferred to the depository bank (UniCredit Bank AG), which will then be in charge of liquidating them. Morgan Stanley REI has decided not to charge transaction fees on sales of the properties. The closure of the P2 Value fund will also have a negative impact on 13 real estate funds of funds or diversified funds. For example, positions on the fund represent 16.6% of the Euro Netto Fonds UI, 13.2% of the IFM-Real Estate Plus 1, and 13% of the FFPB Substanz.
27/10/2010

UCITS IV directive will be a major source of savings

p { margin-bottom: 0.08in; } In a study of the impact of the UCITS IV directive on the asset management sector in Europe (“UCITS IV: Implications for the Asset Management Industry in Europe”), the research and advising agency Celent estimates that the two main themes related to the directive will be growth and consolidation. In the environment of the new directive, the UCITS fund market will continue to grow, both in Europe and internationally. This will be all the more so as hedge funds are showing a growing interest in these vehicles. In operational terms, the directive will also bring strong pressure to standardise flows, processes and systems for all participants. In the longer term, the major contribution of the directive will be an occasion for management firms to make total annual savings of EUR2bn to EUR3bn through appropriate use of terms in the legislation dealing with master-feeder structures, Celent says savings on administration and transactions directly attributable to master-feeder structures may range from 10% to 15%. The study finds that the degree to which the UCITS project is successful will depend on several challenges it faces, including taxation, management of commissions, pay scales, and others. But the sector is confident. As evidence of this, the study finds, the European asset management federation (EFAMA) is backing a pan-European retirement products, which would be in UCITS format.
27/10/2010

Stable quarterly results for Deutsche Bank asset management

p { margin-bottom: 0.08in; } The asset management unit of Deutsche Bank in third quarter earned pre-tax profits of EUR78m. This result takes into account a net charge of EUR52m related to the acquisition of Sal. Oppenheim/BHF. Excluding this one-time charge, pre-tax profits would have been the same as in third quarter of last year (EUR134m). Invested assets were down EUR25bn in third quarter to EUR846bn. The group has reported pre-tax profits of EUR1.3bn for the quarter, but after a one-time charge of EUR2.3bn related to Postbank is taken into account, the quarter brings a net loss of EUR1bn.
27/10/2010

Open-ended real estate funds are a disappearing breed

p { margin-bottom: 0.08in; } On 26 October, the Munich-based management firm Morgan Stanley Real Estate Investment announced that it is liquidating the open-ended real estate fund P2 Value, following the closures of the KanAm US-grundinvest and DEGI Europa (Aberdeen). With the spectacular end of these three funds, the likelihood that other funds which have suspended their redemptions will reopen has been considerably reduced, Die Welt observes. Currently, with the three products in liquidation, redemptions are frozen for more than EUR25bn in assets (in 11 funds), out of total assets of EUR88bn in the sector. Though KanAm, Aberdeen and Morgan Stanley REI considerably increased the liquidity of their funds through sales of assets, it was not enough to keep up with redemption demands. Professionals give Commerzbank a good part of the blame for the current situation, since as exclusive distributor, it refused to support the reopening of the DEGI Europa fund, and lowered the rating of the real estate fund Premium Management Immobilien-Anlagen from Allianz Global Investors, while offering a discounted transfer from the fund to its own hausinvest product.
27/10/2010

Threadneedle launches a European equities hedge fund

p { margin-bottom: 0.08in; } On 26 October, Threadneedle announced the launch of a long/short equities hedge fund domiciled in Ireland (IE00B3ZWD247), entitled Threadneedle Apex European Fund. The fund, which is not UCITS-compliant, will be managed by Paul Doyle, who will use the same strategy as for the Threadneedle European Crescendo Fund, which he has lead-managed since 2008, and which shows average annual performance of 6.10% over the past ten years. Doyle will be assisted by William Davies, head of European equities. Bottom-up stock-picking will be complemented by a top-down overlay to determine sectoral exposure without compromising risk management. Threadneedle states that due to strong demand from investors in the Threadneedle European Crescendo Fund seeking to change over to the Threadneedle Apex European Fund, the fund domiciled in the Cayman Islands will be closed in October.
27/10/2010

U.S. Capital Advisors selects National Financial

p { margin-bottom: 0.08in; } National Financial, an affiliate of Fidelity Investments specialised in custody and clearance services for brokers, has announced that U.S. Capital Advisors has selected it to provide securities clearing for its wealth management division.
27/10/2010

Rothschild & Cie Gestion looks to international development

p { margin-bottom: 0.08in; } Thanks to inflows of EUR1bn since the beginning of the year, Rothschild & Cie Gestion now has assets under management of EUR21bn, higher than at the end of 2007 (EUR20.49bn), up from a low of EUR18.12bn at the end of 2008, Option Finance reports. Jean-Louis Laurens, managing partner and CEO, has announced that in 2011, the management firm is planning to develop its commercial presence in Spain and Italy. Laurens has also announced that the firm has no plans to launch newcits.
27/10/2010

Profits up for asset management firm which triggered flash crash

p { margin-bottom: 0.08in; } Waddell & Reed Financial, whose sell order on USD4.1bn in futures triggered the “flash crash” of 6 May, has announced that as of September it managed USD76bn in assets, the Wall Street Journal reports. Net profits for third quarter totalled USD40.5m, up 21% compared with July-September 2009 (USD33.4m). However, net subscriptions declined to USD658m from USD731m in second quarter, and USD2.4bn in the corresponding period of last year.
27/10/2010

BlackRock creates an investment strategy group at iShares

p { margin-bottom: 0.08in; } On 26 October, BlackRock announced that Russ Koesterich, head of the investment strategy team at its scientific equity group, has been appointed to also serve as global chief investment strategist for the new global investment strategy group of the iShares (ETF) division. The creation of the group and the appointment of a dedicated chief investment strategist come in response to demand from clients seeking insights on a variety of economic and investment subjects related to asset classes, sectors and markets for which iShares offers products.
27/10/2010

Three appointments at Barclays Wealth Managers

p { margin-bottom: 0.08in; } Barclays Wealth Managers France has announced the arrival of three new partners, as Jean-François Moulin joins the firm as head of internal control. He joins the Control & Governance department, and will report to Matthieu Desgrees du Lou, head of control & governance. He was previously a member of the general inspection service at the BPCE group. Elodie Duvaldestin will serve as head of product marketing for France. She joins from the Paris team of Morgan Stanley Investment Management, where she was head of marketing. Philippe Gaboriau joins Barclays Wealth Managers as multi-manager. He was previously at Primonial FundQuest, as an analyst and manager in multi-management.
27/10/2010

Net increase in profits for Invesco in third quarter

p { margin-bottom: 0.08in; } In adjusted figures, net profits at Invesco for July-September totalled USD185m, compared with USD125m in second quarter, and USD117.7m for the corresponding period of last year. Meanwhile, by GAAP accounting standards, net profits to be distributed to ordinary shareholders increased by 37.3% in the first nine months of the year, to USD290.5m, from USD211.6m. Assets as of the end of September totalled USD604.5bn (see Newsmanagers of 13 October), compared with USD557.7bn as of the end of June, and USD446.9bn twelve months previously.
27/10/2010

JPMorgan to buy a Brazilian hedge fund

JPMorgan Chase is to buy, through its unit Highbridge, Gávea, a USD6bn hedge fund run by Arminio Fraga, Brazil’s former central bank chief, according to the Financial Times citing people close to the situation. The acquisition, which comes after nine months of talks, could be announced as early as Wednesday.
27/10/2010

Standard Life planning bond version of GARS fund

p { margin-bottom: 0.08in; } Fund Strategy reports that Standard Life is planning to launch a bond version of its global absolute return strategy (GARS). As of the end of August, assets under management in the GARS fund totalled over GBP5bn. In first half 2010, net inflows to the fund totalled GBP1.7bn.
27/10/2010

Spectrum range from Skandia available on Transact

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) has announced that its Spectrum range, composed of six funds managed on the basis of volatility objectives, is now available on the Transact platform. The range, managed by Skandia Investment Group, has already attracted more than GBP720m in assets since its launch in 2008, the management firm says.
27/10/2010

Skandia Investment Group awards a mandate to Aviva Investors

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) announced on 26 October that it has awarded a GBP8m mandate to Aviva Investors for development of the Skandia UK Strategic Best Ideas Fund, the only long/short UCITS III-compliant multi-management fund in the All Companies sector of the IMA. Since its launch in September 2007, the fund has ouutperformed the FTSE All Share index by more than 10%. The fund is currently managed by seven British long/short equities managers: Paul Casson (Henderson), Richard Plackett (BlackRock), Tim Steer (Artemis), Phil Hardy (Polar Capital), Mark Lyttleton (BlackRock), Colin McLean (SVM), and Ben Wallace (Gartmore). Julius Lipner of Aviva Investors will now join this group.
27/10/2010

Laurent Crosnier replaces Bruno Crastes at Amundi London

p { margin-bottom: 0.08in; } Citywire reported on Tuesday, 26 October that Laurent Crosnier has been appointed as CEO of Amundi London, replacing Bruno Crastes, who left the firm in April to found his own company, H2o AM. Crosnier, who previously served as CIO, will oversee the London team, which has recently taken on new recruitments. Amundi London is specialised in fixed income and absolute return strategies, Citywire reports.
27/10/2010

234 funds overstepped their classifications in 2009

p { margin-bottom: 0.08in; } According to the Investment Management Association (IMA), 234 of the 2,409 funds which the association regularly monitors last year infringed rules concerning the product classifications they were supposed to belong to, Fund Strategy reports. The association generally issues three monthly warnings before removing a fund from a given sector.

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