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26/10/2010

Polar to launch an emerging markets fund

Polar Capital is going to add an income fund to its recently launched global emerging markets range, says Investment Week. The fund will be run by the three managers the firm poached from Axa Framlington in July: William Calvert, Ming Kemp and Neil Denman.
26/10/2010

db x-trackers launches two corporate bond funds in Frankfurt

p { margin-bottom: 0.08in; } The XTF segment of the Xetra electronic trading platform now includes 739 ETF funds, as db x-trackers on 25 October listed two new Luxembourg-registered products: the db x-trackers II iBoxx® € Liquid Corporate 100 Financials Sub-Index Total Return ETF (LU0484968812) and the db x-trackers II iBoxx® € Liquid Corporate 100 Non-Financials Sub-Index Total Return ETF (LU0484968655). They are corporate bond funds, with fees of 0.20% each.
26/10/2010

HSBC releases GIF Global Macro II in Germany

p { margin-bottom: 0.08in; } HSBC Global Asset Management (Deutschland) on 25 October announced that it has released its daily liqudity newcits fund GIF Global Macro II (see Newsmanagers of 6 October) in Germany. The fund aims for returns 1,200 basis points higher than the Euribor 1 month, with maximal volatility of 15%, double that of the fund launched in June 2007, the GIF Global Macro.
26/10/2010

Are sustainable development funds really sustainable?

A recent, but as yet unpublished, research by the University of Zurich measured the sustainability of large sustainable funds with the help of the RepRisk-Index (RRI), and compared their RRI scores with those of traditional equity funds, writes the Financial Times Fund Management. The scores of both categories are almost identical, showing that sustainable funds are not more sustainable than any other equity fund.
26/10/2010

Man launches a fund of funds in Italy

Man Investments has been granted a sales license in Italy for the Man Long/Short Europe, a new UCITS III-compliant fund of funds which focuses on long/short equities strategy.The fund allows Italian investors access to European managers specialised in this alternative strategy, within a UCITS III-compliant vehicle. The portfolio, managed by the Man long/short equities team, is composed of 8 to 12 managers, selected from a total universe of over 300 funds.Minimal investment for retail shares is EUR1,000.
26/10/2010

Sarasin opens a representative office in Abu Dhabi

p { margin-bottom: 0.08in; } Bank Sarasin-Alpen (ME) Limited, an affiliate of the Basel-based Banque Sarasin & Cie SA (Rabobank group), announced on 25 October that it has opened a representative office in Abu Dhabi, under the name Bank Sarasin-Alpen (ME) Limited Abu Dhabi, after receiving a corresponding license from the central bank of the United Arab Emirates. The license will allow the firm to offer private clients the complete range of wealth management services from the Sarasin group. Sarasin is already present in the Middle East and in India via its affiliate Sarasin-Alpen, in Dubai, Doha, Manama, Mascate, Mumbai and New Delhi.
26/10/2010

Strong growth for UCITS funds in third quarter

UCITS funds in third quarter earned returns of 1.09%, according to the most recent statistics compiled by the UCITS Alternative Index (Nara Capital).The best returns in third quarter were for emerging markets (3.43%) and event-driven (3.11%) strategies. Since the beginning of the year, these strategies have earned 1.21% and 3.47%, respectively.The best-performing strategy of the year remains fixed income, with gains of 3.75% since the beginning of the year, and assets under management equivalent to 29% of the overall total. At the other end of the spectrum, commodities have lost 6.76%.
26/10/2010

Russell launches a new international index

p { margin-bottom: 0.08in; } Russell Investments has launched a new international index, which offers institutional investors increased flexibility in the management of their mandates. The Russell World Cap Index brings together the Russell 3000 and Russell Global indices, excluding US large caps. It currently includes 5,193 equities, about 93% of which are drawn from the Russell Global Index. In a growing global economy, institutional investors are seeking wider exposure to new investment opportunties worldwide.
26/10/2010

SEC questions Warren Buffett

p { margin-bottom: 0.08in; } L’Echo reports that the Securities and Exchange Commission (SEC) in second quarter questioned Berkshire Hathaway in order to establish why Warren Buffett’s holding company had not reported significant depreciations of its stakes in Kraft and US Bancorp (EUR1.33bn) on its books for over one year.
26/10/2010

Net profits of CHF1.66bn for UBS in third quarter

UBS has reported net profits of CHF1.664bn for third quarter, compared with CHF2bn in second quarter, and losses of CHF564m in third quarter 2009, the bank announced on 26 October in a statement. In the nine months of 2010, UBS has earned net profits of CHF5.871bn, following losses of CHF3.94bn between January and September of last year.Pre-tax profits for the Wealth Management unit totalled CHF492m, compared with losses of CHF67m in second quarter. Net inflows to Wealth Management & Swiss Bank totalled CHF0.9bn, following outflows of CHF5.5bn one quarter previously.Pre-tax profits for Wealth Management Americas totalled CHF47m, compared with losses of CHF67m in second quarter. Net inflows totalled CHF0.3bn, following outflows of CHF2.6bn.Pre-tax profits for Global Asset Management totalled CHF114m, compared with CHF117m in second quarter. Earnings totalled CHF473m, compared with CHF533m in second quarter, due to a decline in management commissions due to a deline in average invested assets and a reduction in commissions for Global Real Estate. Net inflows were zero in third quarter, after inflows of CHF3.4bn in second quarter.
26/10/2010

La Commerzbank lance un fonds sur le marché chinois

Selon Fund Strategy, Commerzbank Corporates & Markets (C&M) a lancé un fonds d’actions chinoises par le biais d’une co-entreprise avec la société de gestion basée à Pékin China Asset Management (ChinaAMC).Géré par Michael Wen et Edward Wang, le Commerzbank China Volatility fund est une sicav luxembourgeoise conforme au format Ucits qui investit dans trente à soixante sociétés chinoises. ChinaAMC est l’un des grands groupes chinois de gestion d’actifs, avec des actifs sous gestion de 45 milliards de dollars.
26/10/2010

Funds are unpopular with German savers

p { margin-bottom: 0.08in; } According to a survey of a representative sample by the Emnid institute on behalf of Deutsche Postbank, 41.1% of Germans say they would be able to regularly set aside some savings, but 16% say they are unable to save. Among the most significant findings of the study, traditional savings accounts are the preferred support for 49.1% of respondents, ahead of housing savings plans (35%) and life insurance (31.2%). Shares in investment funds and equities are in last place, at 21.9% (and only 14.8% in the new Länder).
26/10/2010

Emerging markets funds gain ground

p { margin-bottom: 0.08in; } On the German market, funds specialised in equities and bonds of emerging markets as of the end of August had assets of EUR30.3bn, compared with EUR24bn as of the end of December 2009. In other words, the Kommalpha agency reports, assets under management in these funds increased by EUR6.3bn, which represents 22.4% of total growth of EUR28.2bn to total assets in securities funds in the period under review. In the space of eight months, the market share for emerging market funds has increased from 3.7% to 4.5%, while the number of funds in this category has increased by 5%, or 19 funds. The EUR2.7bn in net subscriptions in January-August to emerging markets funds corresponded to 17.9% of total subscriptions, while EUR3.6bn in market effects was equivalent to 27.7% of the total.
26/10/2010

Management reshuffle at comdirect

p { margin-bottom: 0.08in; } On 1 November, the comdirect board members Michael Mandel (marketing and distribution, product and treasury management) and Carsten Strauß (investment advising and residential property financing) will take over the responsibilities of Alexander Boldyreff, director of distribution. Boldyreff was appointed on 25 October as chairman of the board at TeamBank (the new name of easyCredit), effective from 1 January 2011, replacing Theophil Graband, who will be joining VR-Leasing as chairman of the board.
26/10/2010

Pimco has nearly doubled its market share in bond funds

p { margin-bottom: 0.08in; } Diversified funds, and especially bond funds, are the big winners in terms of net subscriptions on the German market in the first eight months of the year. According to the Kommalpha agency, assets in bond funds increased by EUR11.1bn in the period under review, of which EUR1.8bn was due to market effects. Pimco Europe alone managed to attract over EUR11.75bn, which gives it a market share of 18%, virtually double what it had at the end of 2009.In the rankings of net inflows for all categories combined in January-August, the next three after Pimco Europe are db x-trackers (the ETF specialist firm of the Deutsche Bank group) with EUR1.89bn, Franklin Templeton IF, with EUR1.75bn, and Allianz Global Investors, with EUR1.69bn.
26/10/2010

Javier Mazzaredo takes over as head of Santander private bank

p { margin-bottom: 0.08in; } The director for international affairs at Santander Asset Management, Javier Mazzaredo, has been appointed as director of the private bank for the Santander network in Spain. He will report to Alberto Ridaura, head of the Patrimonios division. Private banking activities are aimed at clients with financial savings of over EUR500,000. It now has over 26,700 clients, while Santander Wealth aims at the client segment with over EUR10m.
26/10/2010

Bank of Nova Scotia acquires a wealth management firm

p { margin-bottom: 0.08in; } Agefi reports that the third-largest bank in Canada has completed its acquisition of the wealth management firm WaterStreet Group, for an undisclosed amount. The acquisition will allow Bank of Nova Scotia to develop its range of services for the ultra high net worth segment, the newspaper says.
26/10/2010

Le dollar baisse encore malgré le G20

Le G20 Finance n’a pas réussi à enrayer le repli du dollar en dépit des engagements, plus significatifs que de coutume, pris le week-end dernier.
26/10/2010

Un milliard de dollars pour un nouveau hedge fund

Le quotidien assure que Pierre-Henri Flamand, co-responsable du trading pour compte propre de Goldman Sachs au moment de son départ de la banque américaine en mai dernier, devrait concrétiser à Londres la semaine prochaine le plus important lancement mondial d’un hedge fund cette année. Sur la base d’engagements de la part d’investisseurs institutionnels américains par le biais de fonds de fonds, le gérant pourrait lever plus d’un milliard de dollars. Il pourrait compter 14 gérants début 2011. L’autre responsable du trading chez Goldman Sachs, Morgan Sze, devrait à son tour tenter l’aventure de son propre fonds en début d’année prochaine.
26/10/2010

Les banques rendent le label Step plus souple

Avec la bénédiction de la BCE, les professionnels de la dette court terme ont signé une nouvelle convention qui offrira plus de souplesse d’utilisation aux émetteurs. L’encours de papier court labellisé Step en Europe atteignait 409 milliards d’euros à fin septembre.
26/10/2010

Christine Lagarde tourne le dos à la guerre des changes

La ministre des finances s’est félicitée à son retour de Corée du Sud de l’influence française dans l’accord sur la gouvernance du Fonds monétaire international, selon le quotidien. «Nous avons tourné le dos à la guerre des monnaies en nous engageant à ne pas recourir à des politiques de dévaluation compétitive», précise-t-elle.
26/10/2010

Bain Capital pourrait introduire FCI en Bourse

Le groupe américain de capital-investissement envisage «sérieusement» d’introduire en Bourse l’ancienne filiale de connectique du français Areva, a rapporté Reuters de source proche du dossier. Goldman Sachs a été mandatée pour étudier le dossier, a-t-on indiqué, en précisant que l’opération pourrait se faire en 2011. Bain Capital a tâté le terrain en vue d’une vente de FCI, mais s’est finalement décidé à mettre l’entreprise en Bourse pour profiter de la hausse récente de certains groupes du même secteur sur les marchés financiers, ont précisé plusieurs sources. Bain Capital et Goldman Sachs n’ont pas souhaité commenter ces informations. Selon son site internet, FCI, cinquième fabricant mondial de connecteurs électroniques, comptait 12.000 employés en 2009, pour un chiffre d’affaires de 935 millions d’euros. Bain Capital a acheté la société à Areva en 2005 pour une valeur d’entreprise d’un milliard d’euros environ.
26/10/2010

Warren Buffett peaufine sa succession

Berkshire Hathaway a fait part de l’arrivée de Todd Combs, gérant spécialiste du secteur financier en provenance du hedge fund Castle Point Capital, afin de prendre en charge «une part significative» du portefeuille d’investissement du groupe dirigé par Warren Buffett depuis 1965.

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