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02/11/2010

The SEC investigates on JPMorgan

JPMorgan Chase has confirmed that the Securities and Exchange Commission is investigating whether it allowed a hedge fund to improperly choose assets for a USD1.1 billion mortgage securities deal, writes USAToday.
02/11/2010

Lazard provisionally closes an emerging markets strategy to new subscribers

p { margin-bottom: 0.08in; } Citywire reports that Lazard has decided to provisionally close its emerging markets strategies to new subscribers from 1 November, including the Lazard Emerging Markets Fund, domiciled in Dublin, whose net asset value totalled USD568.62m as of 30 September, and the Lazard Emerging Markets Fund, domiciled in London, whose net asset value totalled GBP788.56m. The funds are a part of the emerging market strategy from Lazard, which represents an aggregate net asset value of about GBP20bn. Alongside the provisional closures, Lazard has decided to modify its commission structure, increasing the minimal investment for institutional investors.
02/11/2010

A&G to close Spanish funds and reopen them in Luxembourg

p { margin-bottom: 0.08in; } The Spanish-registered funds A&G Multiselection, A&G Bond Managers and A&G Tresoreria will be liquidated by A&G Fondos SGIIC, the management firm for Asesores y Gestores Financieros A&G, an affiliate of EFG International, Funds People reports. Foreign clients and institutional investors will be offered the transfer of their assets to similar products registered in Luxembourg: DIP Multiselection, DIP Bond Managers and DIP Tesorería (DIP is an acronym for “disciplined investment process”).
02/11/2010

Fund assets down 0.3% in October

p { margin-bottom: 0.08in; } According to the Spanish Inverco association of asset management firms, assets in securities funds on sale in Spain as of 29 October totalled slightly over EUR145.34bn, which represents a decrease of EUR541m or 0.3% compared with the end of September. The decline is the result of positive market effects of nearly EUR1bn, which were not enough to offset redemptiosn of over EUR1.53bn.
02/11/2010

Mutuactivos launches a mortgage fund

p { margin-bottom: 0.08in; } On 28 September, Mutuactivos, the asset management affiliate of Mutua Madrileña, launched the Mutuafondo Cédulas FI fund, which was registered by the CNMV on 25 October. Under normal conditions, the portfolio will be 90% invested in cédulas hipotecarias from Spanish issuers or similar products from issuers domiciled in EU member states. The remainder will be invested in money markets (including repos of debts from EU countries), and under no circumstances will the proportion of cédulas hipotecarias fall below 50%. The benchmark index is the iboxx Euro Spain Covered. The recommended investment duration is 5 years, and subscriptions will be open until 19 November.CharacteristicsName: Mutuafondo Cédulas FIISIN code: ES017580600Minimal initial subscription: EUR10Front-end fee: 2%Management commission: 0.4%Exit fee: 2 % (from 19/11/2010 to 19/11/2015)
02/11/2010

Claude Tiramani to manage Lutetia Emerging Opportunities

The French-registered FCP fund Lutetia Emerging Opportunities was founded on 1 November 2010 by Lutetia Capital, which will also market the fund. The international equities fund will be managed by Claude Tiramani, former star manager at BNP Paribas Asset Management (see Newsmanagers of 2 June), combining active geographical allocation and stock-picking.The portfolio of 60-80 positions will be focused exclusively on equities in businesses likely to profit from increasing domestic demand in emerging countries (urbanisation, increasing buying power, growth of financed economy). Shares in euros are hedged against currency risks (there is also a share class in US dollars).In order to complement and corroborate internal analyses, Lutetia Capital has formed preferred partnerships with known asset managers in the major emerging regions (Latin America, Asia, Eastern Europe and the Middle East); French managers have also formed an expert committee including specialists in domestic demand in each of these regions.CharacteristicsName: Lutetia Emerging OpportunitiesISIN code: FR0010927251Front-end fee: 3% maximumManagement fee: 1.75 % (P shares)1% (I shares)2,35% (R shares)Performance commission: 15% of performance exceeding the MSCI Emerging Markets Free index
02/11/2010

Fitch: ratings for money market funds not affected by exposure to Citigroup and BofA

p { margin-bottom: 0.08in; } The ratings agency Fitch Ratings announced on 29 October that the ratings of money market funds monitored by Fitch were unaffected by the exposure of these funds to Citigroup and BofA, whose short-term rating of F1+ has been placed on a watch with negative implications. The agency has also placed its ratings of treasury notes (ABCP) from the two banks on watch with negative implications.
02/11/2010

AdvisorShares preparing an actively-managed high yield ETF

p { margin-bottom: 0.08in; } By 3 December 2010 at the latest, AdvisorShares Investments is planning to have completed launch of what it claims is the first actively-managed high yield ETF. The Peritus High Yield ETF (NYSE acronym: HYLD) is managed by Peritus I Asset Management in Santa Barbara, California. The manager will focus on credit offering the best risk/return profile, but will also use US Treasuries to protect itself against adverse market conditions.
02/11/2010

Carlyle acquires Syniverse for USD2.6bn

p { margin-bottom: 0.08in; } Two days after announcing its acquisition of ComScope for USD3.9bn (see Newsmanagers of 28 October), the Carlyle Group announced on 29 October that it is acquiring Syniverse Technologies (equipment and soluteions for IT businesses) for about USD2.6bn. The price of USD31 per share represents a 35% premium over the average closing price of Syniverse in the 30 trading days to 26 October. The transaction will be completed in first quarter 2011. The operation was supported unanimously by the board of directors of Syniverse. The acquisition is financed by the Carlyle Partners V fund (USD13.7bn), and by credits from Barclays Capital and Credit Suisse.
02/11/2010

SWIP appoints Craig Mackenzie as head of sustainable investment

p { margin-bottom: 0.08in; } Responsible Investor reports that Scottish Widows Investment Partnership (SWIP) has appointed Craig Mackenzie as head of responsible investment, a position which includes lobbying businesses to improve their practices in this area. Mackenzie, who was previously at the University of Edinburgh as director of the Centre for Business and Climate Change, will begin in his new position on 1 November. He will be responsible for strategies and performance in this area of sustainable development in all asset classes, including real estate and private equity.
02/11/2010

Assets at F&C not only increased by Thames River deal

p { margin-bottom: 0.08in; } In third quarter, assets at F&C Asset Management Plc increased by GBP12.9bn to GBP108.2bn, compared with GBP95.3bn as of the end of June. This is due to factors other than external growth, such as net subscriptions of GBP598m (of which GBP124m were for Thames River), GBP4.2bn from the acquisition of Thames River Capital on 1 September, and positive currency effects of GBP3.3bn due to the appreciation of the euro against the pound Sterling and market effects of GBP4.8bn, of which GBP0.7bn are unrealized gains in derivative positions for institutional clients.
02/11/2010

RFP from British Nest Corporation

p { margin-bottom: 0.08in; } Nest Corporation, a British firm which manages private complementary pensions, will this week announce a request for proposals for a series of management mandates. Applications must be announced in the official journal of the European Union, Nest Corporation said in a statement published on 1 November. Nest Corporation has also announced that it has awarded a contract to provide fund administration and custody services to State Street for a period of ten years.
02/11/2010

Ignis creates a real estate unit

p { margin-bottom: 0.08in; } The UK asset management firm Ignis Asset Management has announced the launch of a real estate business with GBP2.6bn in assets, Fund Strategy reports. The team will include 30 people. Ignis has hired Alan Gardner, head of forecasting services from Jones Lang LaSalle, Steven Beveridge as COO, and Robert Boag as senior investment director. Daniel Baynes and Chris Brydie have been recruited as real estate managers.
02/11/2010

Appetite for equities set to rebound

p { margin-bottom: 0.08in; } According to a recent survey by Schroders of 100 clients in Europe, the Middle East and Central and South America, 89% of respondents say investors are going to come back to equity markets in the next 12 months. As of 31 July this year, net inflows to equities totalled EUR22.7bn, following a peak of over EUR110bn in 2009. The survey also shows that 72% of clients are planning to invest in hedge funds via a UCITS structure in the next two to three years, compared with 38% currently.
02/11/2010

Credit Suisse not planning to liquidate Euroreal real estate fund

p { margin-bottom: 0.08in; } On 28 October, Credit Suisse announced that it has absolutely no plans to liquidate its German-registered open-ended real estate fund CS Euroreal (EUR6.13bn in assets as of the end of September), as the situation is very different for this product than it was for the KanAm US-grundinvest, DEGI Europa and Morgan Stanley P2 Value funds. First of all, routine revisions have only resulted in a depreciation of 0.80% for the portfolio in the period to the end of April. The fund shows returns of 2.5% for the twelve months to 30 September. The CS Euroreal attracted more than EUR400m in net subscriptions in the most recent period. It then saw net outflows of over EUR300m in May, as the German government debated plans for a law on real estate funds (see Newsmanagers of 21 May), which led to another freeze on redemptions, which will be in place until May 2012 at the latest. Since then, the fund has attracted more than EUR100m in net subscriptions. Currently, Credit Suisse is in talks to sell assets. The talks have reached a highly advanced stage and will result in liquidity being freed up. Sales of properties will take place by the end of the year at prices largely in line with market value.
02/11/2010

Assets under management down at Popular

p { margin-bottom: 0.08in; } For January-September, Banco Popular has posted net profits of EUR521m, compared with EUR651m for the corresponding period last year. The operating ratio has degraded to 33.49%, compared with 29.06%. Assets in investment funds (Popular Gestión) as of the end of September totalled EUR7.05bn, compared with EUR8.03bn one year previously. However, assets in wealth management totalled EUR913.6m, compared with EUR876m at end-December and EUR883.6m at end-September ’09, while assets in pension funds totalled EUR4.12bn, compared with EUR4.19bn nine months earlier, and EUR4.12bn as of the end of September 2009.
02/11/2010

Dutch pension fund PNO excludes Wal-Mart

p { margin-bottom: 0.08in; } The pension fund for the Dutch media industries, PNO, with assets under management of about EUR3bn, has announced that it has excluded the US business Wal-Mart from its investment universe for failure to respect the rights of employees. The pension fund has admitted failure, as it only took the exclusionary step after a policy of engagement and active participation in general shareholders’ meetings did not achieve the desired results. PNO follows the example of the Norwegian government pension fund, which put Wal-Mart on its blacklist in 2006.
02/11/2010

Cantillon diametrically alters strategy

p { margin-bottom: 0.08in; } The hedge fund management firm Cantillon Capital Management, founded in 2003 by William von Mueffling, formerly of Lazard Asset Management, attained USD10bn in assets due to the success of its policy of short-selling, the Wall Street Journal reports. But in June, Cantillon closed its hedge funds and redeemed USD3.5bn to subscribers, retaining only USD1bn in long-only assets. Since then, Cantillon has managed to attract investments from US and foreign pension funds and sovereign funds through returns of 21% since the beginning of the year, and assets now total over USD5bn. Subscribers were won over by the additional fact that Cantillon charges only 1.25% maximal management commissions, and no performance commissions. But von Mueffling says that he is considering limiting assets in the Cantillon Global Equity fund to USD7.5bn.
02/11/2010

Shinhan BNP AM releases highly concentrated South Korea equities funds

p { margin-bottom: 0.08in; } Asian Investor reports that Shinhan BNP Paribas Asset Management has opened sales of highly concentrated funds of South Korean equities, ahead of an expected return of local, retail and high net worth investors to the South Korean equities markets in 2011. Patrick Mange, co-deputy CEO of the joint venture in Seoul, admits that 2010 was a more difficult year than expected, in light of constant redemptions to retail investors in equities. According to available statistics, net outflows from South Korean equities funds have totalled over KRW9trn, or about USD7.9bn, since the beginning of the year.
02/11/2010

Strong demand for Bolton's fund

Demand for Anthony Bolton’s new fund has been so strong that the board is considering ways to make the shares less expensive, according to the Financial Times.Shares in the Fidelity China Special Situations fund hit a premium of almost 13 per cent to their net asset value on Monday.
02/11/2010

Fidelity IM loses its head for China

p { margin-bottom: 0.08in; } Fidelity Investment Management has confirmed the departure of Zhan Long, managing director for China based in Hong Kong, and announced that a replacement will soon be named, Asian Investor reports. Long is reported to have been tapped to take up the position left vacant by the departure of the general manager at Bank of Communications Schroder Fund Management in Shanghai (BoCom Schroder). Assets under management at BoCom Schroder fell 40% in the first six months of the year to USD8.3bn.
02/11/2010

Jupiter: Guy de Blonay and Philipp Gibbs trade jobs

p { margin-bottom: 0.08in; } From the beginning of 2011, Guy de Blonay will become principal manager of the Financial Opportunities fund (over GBP1bn in assets) at Jupiter, for which he has been second manager since 1 June (see Newsmanagers of 5 May), Fund Strategy reports. Philip Gibbs, who was principal manager, becomes second manager for the product, which has over 13 years of track record.
02/11/2010

RWC hands former Strategic Reserve Fund to Peter Allwright and Stuart Frost

p { margin-bottom: 0.08in; } On 1 November, RWC Partners confirmed that Peter Allwright and Stuart Frost, recently recruited fdrom Threadneedle (see Newsmanagers of 1 July) have taken over day-to-day management of the RWS Cautious Absolute Rate and Currency (ARC) fund, formerly known as the Strategic Reserve Fund, with assets of USD60m, which continues to have a performance objective of 300 basis points above cash over a market cycle. The fund offers daily liquidity, and complies with the UCITS III directive, with sales licenses in Germany, Italy, Luxembourg, the United Kingdom and Switzerland. It is available in currency-hedged shares in euros, Swiss francs, pounds Sterling and US dollars.
02/11/2010

Turkish regulator opens investigation of Mark Mobius (Templeton AM)

p { margin-bottom: 0.08in; } The Turkish securities commission (SPK) has opened an investigation of Mark Mobius, star manager and chairman of Templeton Asset Management, who on 12 October in Malaysia predicted a strong correction of 15-20% for the Turkish market by the end of the year. The next day, the fall materialised, with a drop of 3.1%. the heaviest decline in a single day of trading since 25 May, the Wall Street Journal reports. The investigation came following complaints from retail investors. This type of prediction is not in itself illegal. However, if the regulator can prove that Mobius knowingly made false and misleading statements and that, in addition, he was in a position to profit from a fall in Turkish share prices, he could face a fine.
02/11/2010

Perkins (Janus) launches a value fund

p { margin-bottom: 0.08in; } Janus has announced the launch of the Irish-registered fund Perkins Global Value Fund (IE00B45RV888 for institutional and IE00B4K9P323 for retail investors), a part of its Dublin-domiciled Janus Capital Funds range.The fund will invest worldwide in undervalued equities, relying on an investment process developed by Perkins Investment Management which gives top priority to management of risk of losses.The performance objective of the Perkins Global Value Fund (70-100 positions) is to outperform the MSCI World benchmark index over a complete market cycle, while limiting losses in difficult market conditions and earning good returns when market conditions are better.The sub-fund will be managed by Gregory Kolb, who until July 2010 was manager of the Janus Global Fundamental Equity Fund using a value approach.Management fees are 1.25% for retail shares (A class) and I% for the institutional share class (I). Janus fund distributors are permitted to charge a maximum of 6.25%.
02/11/2010

Smaller and younger hedge funds have better performance

p { margin-bottom: 0.08in; } The fourth annual study by PerTrac Financial Solutions of the performance of hedge funds finds htat in 2009, funds two years old or less earned average returns of 19.81%, compared with 18.65% for funds aged 2-4 years, and 19.80% for those more than four years old. The trend to outperformance for the youngest funds continues, but the differences are shrinking, probably because the number of hedge funds launched in 2008 and early 2009 was significantly lower. Small hedge funds (with up to USD100m) and mid-sized funds (USD100-500m) posted average returns of 19.78% and 20.18%, respectively, compared with 17% for those with over USD500m. This confirms a trend observed from January 1996 to December 2007, and offsets 2008, when the large funds lost only 14.10%, compared with 17.03% for small funds. However, Meredith Jones, director, strategic consulting at Barclays Capital, who collaborated on the study with PerTrac, says that potential performance often comes with high volatility. That could explain why in 2008, a year when all categories of funds saw losses, small funds were deeper in the red than mid-sized or large funds.
02/11/2010

Ireland attracting a growing number of funds

p { margin-bottom: 0.08in; } As of the end of June, the number of funds relying on services provided in Ireland totalled 6,116, compared with 6,098 last year, while corresponding assets came to USD1.4603trn, or EUR1.12922trn, an increase of 7.2% compared with USD1.3617trn in 2009, according to statistics from Lipper (Ireland Fund Encyclopaedia). The number of management firms with funds domiciled in Ireland increased to 388 from 358 in 2009, an increase of 31% over five years and 63% in the last ten years. BNY Mellon (USD270.4bn), State Street International (USD228.7bn), and J.P. Morgan (USD175.2bn) are the three largest fund administrators and also the largest custodians, with respective amounts under custody of USD260.3bn, USD237.1bn, and USD184.1bn. In terms of the largest fund promoters, the acquisition of Barclays Global Investors (BGI) put BlackRock in first place, with assets of USD187.4bn, ahead of Goldman Sachs with USD70.3bn, Pimco (Allianz Global Investors group) with USD48.8bn, and HSBC (USD48.6bn).
02/11/2010

Hedge fund universe profoundly marked by crisis

p { margin-bottom: 0.08in; } As many as 45% of hedge fund managers in the United States and about 50% of managers in Europe and Asia say that at least one of their funds has not returned to its peaks before the crisis, according to the 2010 edition of the Greenwich Associates “Global Custodian Prime Brokerage Study.” Nearly 55% of US hedge funds participating in the study, and 35% to 40% of European and Asian hedge funds report an improvement of 20% or more in their returns in first quarter 2010 compared with first quarter 2009. For the world as a whole, nearly 70% of hedge funds earned returns of 11% or more for the year to first quarter 2010, while nine out of ten have positive returns in the same period. Another significant development revealed by Greenwich Associates is that leverage used by hedge funds remains well below pre-crisis levels. Despite this, there is a tendency to increase leverage. For the sector as a whole, average leverage ratios have increased from 1.8 in first quarter 2009 to 2 in first quarter 2010. This average includes among others leverage of 2.3 for hedge funds oriented to fixed income, compared with 2.2 previouusly, while leverage has increased from 1.7 to 1.9 for US hedge funds. But these levels are still well below the averages of 2.3 for the sector as a whole in 2007, or 3.4 for fixed income funds that year.
02/11/2010

Highbridge (JPMAM) prend la majorité chez Gávea Investimentos

Dans une lettre aux investisseurs daté du 27 octobre, le brésilien Gávea Investimentos (10,1 milliards de reals d’encours fin septembre), a annoncé que par le truchement du gestionnaire alternatif américain Highbridge Capital Management, J.P.Morgan Asset Management a pris la majorité dans son capital, mais les détails financiers de l’opération n’ont pas été dévoilés.Gávea Investimentos est une société de gestion spécialiste des hedge funds, du private equity et de la gestion de fortune. L'équipe dirigeante de Gávea restera en place. Elle se compose du président et CIO Armino Fraga, ancien président de la Banque centrale du Brésil, de son frère Luiz Fraga, co-fondateur et co CIO/private equity, de Gabriel Srour, co-CIO pour les hedge funds, de Chrys Meyn, co-CIO/private equity et de l’administrateur délégue Amaury bier, ancien secrétaire d’Etat à l’Economie au ministère des Finances du Brésil. Enfin, Marcelo Stallone restera à la tête de la division grandes fortunes (Gávea Gestão de Patrimônio).
02/11/2010

LGIM launches an emerging markets tracker fund

p { margin-bottom: 0.08in; } Legal & General Investment Managers (LGIM) has launched an emerging markets tracker fund, Investment Week reports. The Global Emerging Markets Index fund, managed by Robert Dowling, which debuted on 29 October, replicates the FTSE All-World Emerging index, and offers investors a way to invest in shares to be added to the index. Minimal investment in the UCITS format fund is set at GBP500. Total expense ratio (TER) is estimated at 0.99%.

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