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13/10/2010

Lombard Odier recrute chez Selectium Europe

Lombard Odier Investment Managers renforce son équipe dédiée aux hedge funds par le recrutement de Marc Bataillon, qui rejoint la société avec son équipe en provenance de Selectium Europe. Il sera responsable des actions européennes. L’intéressé a de nombreuses années d’expériences dans la gestion long/short des actions européennes, précise Hedge Week.
13/10/2010

Syz & Co nomme Xavier Guillon CEO d’Oyster Funds

Le groupe bancaire suisse SYZ & CO a annoncé ce mardi la nomination de Xavier Guillon au poste de CEO de sa division de fonds d’investissement Oyster Funds. Il remplace Alan Mudie qui prend la tête du nouveau service SYZ Fund Research, un service d’analyse de fonds et de sélection de gestionnaires « long only » (lire par ailleurs).Arrivé chez Syz & Co il y a 3 ans, Xavier Guillon était jusqu’alors responsable des «services aux Gérants Indépendants» du groupe bancaire, poste qu’il conserve. Avant cela, Xavier Guillon a travaillé pendant 14 ans à New York et à Londres auprès de la banque privée Brown Brothers Harriman, où il était responsable de l’équipe de vente de la recherche à la clientèle institutionnelle.Parmi les objectifs à atteindre par Xavier Guillon se trouve notamment le développement de nouveaux marchés, notamment celui d’Asie.
13/10/2010

Syz & Co se renforce dans l'analyse de fonds

Le groupe bancaire suisse Syz & Co lance Syz Fund Research, un service d’analyse de fonds et de sélection de gestionnaires «long only». Le service sera dirigé par Alan Mudie, précédemment CEO de la division Oyster Funds et ancien responsable de l’activité en Suisse de FundQuest (Groupe BNP Paribas). Syz Fund Research vient en complément de la sélection et du contrôle des gérants externes de la famille de fonds de la banque. En effet, pour les classes d’actifs jugées essentielles (actions Europe, actions Monde, allocation d’actifs, absolute return, obligations), le groupe bancaire a développé des compétences propres. En revanche, la gestion d’autres classes d’actifs a été confiée à des gestionnaires externes permettant ainsi de proposer des fonds de tiers à la clientèle de la banque privée et aux gestionnaires indépendants. Pour sélectionner ces gérants, une équipe est dédiée au sein de la division Oyster de l'établissement. Compte tenu de ses bons résultats, elle devient donc un service à part entière et voit son champ d’action élargi.Syz Fund Research sera également chargé de détecter les tendances gagnantes de demain afin de créer de nouveaux fonds de placement innovants.
13/10/2010
Fonds

Les fonds quantitatifs profitent de l’environnement actuel

Les sociétés spécialisées dans le suivi de tendances (trend followers), comme Winton Capital, BlueCrest et Man Group, ont vu leurs hedge funds quantitatifs enregistrer des performances soutenues ces deux derniers mois et sont parties pour un bon troisième mois grâce aux évolutions marquées des marchés des devises et obligataires, rapporte le Financial Times. Par exemple, AHL, le fonds de man Group de 21 milliards de dollars, est déjà en hausse de 8,22 % environ depuis le début du mois selon une personne proche du dossier.
Fonds
13/10/2010

Aberdeen regroupe multigestion long-only et fonds de hedge funds

Suite à l’annonce du depart de Michiel Timmerman, qui était CIO, multi-manager investments, Aberdeen Asset Management a promu Graham duce et aidan Kearney, des anciens de Credit Suisse Asset Management qui ont rejoint en 2009, au poste de co-heads of multi-manager investments au sein de la division stratégies d’investissement alternatif du groupe. Ils seront responsables d’une équipe de 40 professionnels de l’investissement et d’un encours de 13,5 milliards de livres en multigestion long-only ainsi qu’en fonds de hedge funds. En d’autres termes, Aberdeen fusionne les activités long-only et fonds de hedge funds de Credit Suisse et de RBS.Jusqu'à présent, Graham Duce et Adian Kearney étaient co-heads de l’activité de multigestion qu’ils avaient apportée de Credit Suisse ; désormais, ils sont aussi responsables des portefeuilles de fonds de hedge funds acquis auprès de RBS Asset Management depuis le début de cette année. Cela posé, ils restent subordonnés à Anne Richards, head of alternative investment strategies et CIO d’Aberdeen AM.
13/10/2010

Keith Speck quitte Santander AM

Le 12 octobre, Santander Asset Management UK a confirmé l’information selon laquelle Tom Caddick et Toby Vaughan rejoignent son département multigestion (voir Newsmanagers d’hier) en provenance de LVAM. A cette occasion, précise Fund Strategy, le gestionnaire indique que Tom Caddick va prendre la succession de Keith Speck comme head of multi-manager. En effet, Keith Speck quitte l’entreprise.
13/10/2010
Fonds

F&C lance un fonds actions européennes

F&C Investments vient de lancer un fonds investi sur les actions européennes cherchant à offrir aux investisseurs à la fois une croissance du capital et un revenu. Domicilié à Luxembourg, le fonds F&C European Growth & Income Sicav est géré par Paras Anand, responsable des actions européennes, lequel gère aussi un OEIC de droit britannique investi sur l’Europe hors Royaume-Uni et qui a adopté une stratégie croissance et revenus il y a deux ans.Le gérant cherche à investir sur le long terme dans de grandes entreprises dont les perspectives sont mal appréhendées par le marché. Diversifié sur plusieurs secteurs, le portefeuille est actuellement largement surpondéré sur les financières. En termes géographiques, le fonds est actuellement investi dans 13 pays, dont 22 % au Royaume-Uni, 20 % aux Pays-Bas, 14 % en Allemagne et 11 % en France et en Suisse chacun.Le rendement du fonds est estimé aujourd’hui à environ 3,7 %, contre un rendement de 3,2 % pour l’indice. Les dividendes du fonds seront versés chaque trimestre. Doté d’une part en euros et d’une autre en livres sterling, le fonds a été lancé avec 69 millions d’euros provenant de clients et est enregistré à la vente en Autriche, en Irlande, au Royaume-Uni, en Allemagne, en Finlande, en Italie, aux Pays-Bas, en Espagne et en Suède.
Fonds
13/10/2010
Fonds

Source lance un ETF sur le MSCI EMU Small Cap

Depuis le 12 octobre, la cote du segment XTF de la plate-forme électronique Xetra (Deutsche Börse) comprend un 729ème ETF, avec le fonds coordonné de droit irlandais lancé par Source qui réplique l’indice MSCI EMU Small Cap Total Return (net). L’indice comprend actuellement 568 titres dont la capitalisation est comprise entre 32 millions d’euros et 3,5 milliards d’euros. Tous sont cotés sur l’une des places boursières de l’UEM.Ce nouveau produit porte à 80 fonds la gamme des ETF et ETC Source dédiés aux indices actions et matières premières. Source gère aujourd’hui plus de 7,5 milliards de dollars d’encours, et les volumes échangés sur ses produits depuis son lancement, en avril 2009, dépassent désormais les 95 milliards de dollars.CaractéristiquesDénomination : MSCI EMU Small Cap Source ETFCode Isin : IE00B68GBJ73Frais de gestion : 0,40 %
Fonds
13/10/2010
Fonds

Nordea décide le "soft closing" de son fonds haut rendement européen

Depuis le 11 octobre, Nordea n’accepte plus de souscriptions de nouveaux clients ou au travers de nouveaux partenaires de distribution pour le Nordea 1 - European High Yield Bond Fund que gère Henrik Østergaard (lire notre article du 2 juillet 2009).Grâce à sa performance et aux souscriptions, ce fonds lancé en 2002 a désormais dépassé 1,4 milliard d’euros d’encours, ce qui le porte à un niveau proche de son plafond de capacité, après une analyse des perspectives pour le marché de référence. Les souscriptions restent possibles pour les investisseurs qui détiennent déjà des parts du fonds.Nordea précise que son US High Yield Bond Fund géré à New York par MacKay Shields affiche un encours de 550 millions de dollars mais est encore loin d’avoir atteint sa limite de capacité.
Fonds
13/10/2010
Fonds

Partenariat entre ABN Amro Private Banking et Lyxor AM

ABN Amro Private Banking et Lyxor Asset Management ont conclu un partenariat aux termes duquel ABN Amro pourra offrir à sa clientèle une très large sélection des hedge funds de Lyxor, rapporte Hedgeweek.ABN Amro Private Banking pourra notamment proposer une sélection de produits de multigestion à la fois offshore et au format Ucits III au sein de l’Union européenne. Egalement disponible, un portefeuille géré activement qui comprend des fonds «single strategy» et des fonds de multigestion de single managers, utilisables sur une base thématique. Les produits sont disponibles pour la clientèle d’ABN Amro Private Banking en Belgique, en Allemagne, en France, en Suisse, au Luxembourg, à Hong Kong, à Singapour et aux Pays-Bas.
Fonds
13/10/2010

Source launches MSCI EMU Small Cap ETF

p { margin-bottom: 0.08in; } Since 12 October, the XTF segment of the Xetra electronic platform (Deutsche Börse) has listed its 729th ETF, an Irish-domiciled, UCITS-compliant fund from Source which replicates the MSCI EMU Small Cap Total Return (net). The index currently includes 568 shares, with capitalisation ranging from EUR32m to EUR3.5bn. The new product brings the range of Source ETFs and ETCs dedicated to equities and commodities indices to 80 products. Source now manages more than EUR7.5bn in assets. Characteristics Name: MSCI EMU Small Cap Source ETF ISIN code: IE00B68GBJ73 Management fee: 0.40%
13/10/2010

Nordea announces soft closing of its European high yield fund

p { margin-bottom: 0.08in; } Since 11 October, Nordea is no longer accepting further subscriptions from new clients or via new distribution partners for its Nordea 1 – European High Yield Bond Fund, managed by Henrik Østergaard (see Newsmanagers of 2 July 2009). Due to its performance and subscriptions, the fund, launched in 2002, now has over EUR1.4bn in assets, putting it near its upper capacity limit, based on an analysis of outlooks for the market of reference. Subscriptions will remain possible for investors who already hold shares in the fund. Nordea says that its US High Yield Bond Fund, managed in New York by MacKay Shields, has assets of USD550m, but that it is not yet approaching its capacity limit.
13/10/2010

F&C launches a European equities fund

F&C Investments has launched a new fund to provide investors with a combination of capital growth and income from European equities. The Luxembourg domiciled F&C European Growth & Income SICAV fund is managed by Paras Anand, head of European equities, who also manages a UK OEIC fund focused on Europe ex. UK which adopted a growth and income strategy two years ago. The manager looks to blend a focused portfolio of blue-chip long-term investments where he believes the market is materially mis-pricing a company’s prospects. The fund invests across sectors but currently is heavily over weight financials. It currently holds investments in 13 countries with approximately 22% in the UK, 20% in the Netherlands, 14% in Germany and 11% in both France and Switzerland. The yield on the current portfolio is estimated to be approximately 3.7% compared with a benchmark yield of 3.2%. Dividends on the fund will be distributed quarterly. The fund, which has both a euro and sterling share class, was launched with client seeding of some GBP60 million (EUR69 million) and is initially registered for sale in Austria, Ireland, UK, Germany, Finland, Italy, Netherlands, Spain and Sweden.
13/10/2010

DWS launches a residential real estate fund

p { margin-bottom: 0.08in; } DWS is offering clients the closed fund DWS Access Wohnen 2 for a minimal subscription of EUR10,000, until 30 November 2010. The fund has a maximal capacity of EUR120m, half of which will be leverage. The fund follows Access Wohnen 1, with a volume of EUR100m. If necessary, the new fund may be scaled up to EUR250m, The new product will invest initially in 19 properties with 451 residential units, in nine German cities. It will be managed by alt+kelber Immobiliengruppe GmbH. Front-end fees are set at 5%, and the distribution for 2012 will be 6.25% of invested capital, before taxes. Distribution will increase gradually each year up to 7% in 2020.
13/10/2010

French asset managers mobilise for passage of UCITS IV directive

p { margin-bottom: 0.08in; } According to a study by the Euroland Consulting agency on behalf of AFG, the association of French asset managers, asset management firms are highly favourable to the new UCITS IV directive, and are actively mobilising to fully benefit from it. The study surveyed 68 asset managers representing 90% of mutual fund assets. The study finds that the vast majority of asset management firms are internationally oriented, and that many others are planning to go abroad. The study identifies two groups of fund management companies: on the one hand, those which are already international and which rely on product passports to export their products, for whom the directive will bring a reduction of costs which is considered highly attractive, and on the other hand, asset management firms which are not or not highly present on international markets, to whom the directive offers the opportunity to develop internationally without the high structuring or legal costs. The new product passport is popular as it will make the export of French funds to the rest of Europe much easier, while the management firm passport will allow the management of funds based abroad, closer to clients, from France. Asset managers with experience in French master-feeder funds are planning to make full use of the UCITS-compliant master-feeder scheme, pending a clarification of the fiscal terms. In the criteria for domicile of feeder and other master funds, demand and proximity to clients remain highly important. Cross-border fund mergers are still perceived as complex and are not considered a priority. Lastly, the Key Investor Information Document (KIID) is perceived as a good information document, but the cost of putting it in place will have to be borne.
13/10/2010

Madoff's last home has been sold

According to the Wall Street Journal, a Palm Beach home, in Florida, owned by Bernard Madoff’s wife, Ruth, has been sold in the USD5 million range, people familiar with the deal said.It was the last Madoff home on the market. The money will be used to repay investors victimized by Madoff’s Ponzi scheme.@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; }
13/10/2010

Hedge funds developing in Asia and Brazil

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Asian and Latin American cities are catching up with London and New York as locations for the world’s biggest hedge funds, writes the Financial Times. São Paulo and Rio de Janeiro are now home to five hedge fund managers each managing more than USD1bn – compared with one 12 months ago, data @font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } by Hedge Fund Intelligence due to be released on Wednesday will show. Hong Kong and Singapore welcome 15 billion-dollar fund managers, from 10 at the beginning of 2010.
13/10/2010

Good month for hedge funds in September

Hedge funds were positive for the third consecutive month in September, up 3.45%. The Eurekahedge Hedge Fund Index advanced to a healthy 5.15% year-to-date return, after witnessing its best September on record. The MSCI World Index also posted strong gains of 6.75% for the month. All regions and strategies posted positive returns in September. Greater China hedge funds gained 7.02% during the month.
13/10/2010

KanAm grundinvest reduces distribution by half

p { margin-bottom: 0.08in; } For the fiscal year ending on 30 June 2010, KanAm has paid shareholders in its open-ended real estate fund KanAm grundinvest a dividend of EUR1.25 per share, compared with EUR2.50 per share for the fiscal year ending on 30 June 2009 (see Newsmanagers of 30 September 2009). The performance of the fund has fallen to 1.1% from 5%, but the occupancy rate has improved to 99.2%, from 98.6% one year earlier. The Munich-based management firm says that about 40% of leases on properties in the fund mature in 2019 or later, while only 4.8% will end in 2011.
13/10/2010

ComStage launches four bund future ETFs

p { margin-bottom: 0.08in; } On 12 October, ComStage (Commerzbank group) listed four Luxembourg-registered ETFs on the XTF segment fo the Xetra electronic platform in Frankfurt which use the bund future as underlying, and strategy indices developed by Commerzbank on the contract. All of the new products carry a management commission of 0.20%. The funds are the ComStage ETF Commerzbank Bund-Future TR (LU0508799334), ComStage ETF Commerzbank Bund-Future Leveraged TR (LU0530118024), ComStage ETF Commerzbank Bund-Future Short TR (LU0530119774) and ComStage ETF Commerzbank Bund-Future Double Short TR (LU0530124006).
13/10/2010

Johannes Führ launches an SMB bond fund with AmpegaGerling

p { margin-bottom: 0.08in; } The Swiss asset management firm Johannes Führ Vermögensverwaltungs AG (Basel) has contracted the German firm AmpegaGerling Investment GmbH to create the Johannes Führ Mittelstands-Retenfonds AMI, a German-registered fund of bonds from small and mid-sized businesses, launched on 12 October. The objective is to capture the high returns which SMBs are required to offer in order to procure financing. The portfolio will include only up to 20% bonds which are not rated, and each position will be limited to 1% of assets. The valuation of the solvency of the issuing businesses is undertaken through an exclusive computer-assisted analysis program at Johannes Führ, which covers 300 businesses. To avoid all currency risks, the manager will invest only in bonds denominated in Euros. Characteristics Name: Johannes Führ Mittelstands-Rentenfonds AMIISIN code: DE000A0YAYG5 (P shares)DE000A0YAYH3 (I shares)Front-end fee: 3%Management commission: 1.15%Minimal subscription: EUR500
13/10/2010

Morgan Stanley P2 Value fund on razor's edge

p { margin-bottom: 0.08in; } Reporting on the troubles for open-ended real estate funds in Germany, the Wall Street Journal states that the two products for which the situation is most critical are DEGI Europa, as Aberdeen, which acquired DEGI, no longer has the natural sales outlet of the Dresdner Bank network, and the Morgan Stanley P2 Value. The newspaper reports that according to financial industry sources, the real estate funds of funds Allianz Premium Immobilien and DJE Real Estate hold 15% of P2 Value’s AUM, and would like to redeem their investments as soon as possible, which could endanger the survival of the fund.
13/10/2010

Savings investors pull out of HQ funds

p { margin-bottom: 0.08in; } Funds from HQ Fonder have seen net redemptions of SEK2.7bn in September, following outflows of SEK968m in August, according to Dagens Nyheter. The asset management firm is an affiliate of the Swedish bank HQ Bank, which was in enforced liquidation, and which has since been bought by Carnegie. In September, HQ Fonder managed SEK26bn in assets, of which SEK23.3bn were in equities funds.
13/10/2010

Partnership between ABN Amro Private Banking and Lyxor AM

p { margin-bottom: 0.08in; } ABN Amro Private Banking and Lyxor Asset Management have concluded a partnership, by the terms of which ABN Amro will offer its clients a wide selection of Lyxor hedge funds, Hedgeweek reports. ABN Amro Private Banking will offer a selection of multi-management products, both offshore and in UCITS III-compliant formats, in the European Union. It is also offering an actively-managed portfolio which includes single strategy, single manager funds and multi-management single manager funds which can be used on a thematic basis. The products are available to clients of ABN Amro Private Banking in Belgium, Germany, France, Switzerland, Luxembourg, Hong Kong, Singapore and the Netherlands.
13/10/2010

Thomson Reuters signs up to UN PRI

p { margin-bottom: 0.08in; } Thomson Reuters announced on 12 October that it has signed the United Nations Principles for Responsible Investment (UN PRI). The decision is a sign of the group’s engagement in responsible practices based on ESG criteria, Thomson Reuters says in a statement.
13/10/2010

Foreign asset managers take advantage of Spanish fund crisis

p { margin-bottom: 0.08in; } As the asset management sector in Spain is rapidly losing assets, foreign funds are gaining ground and resisting the crisis in Spain, overcoming obstacles such as competition from savings accounts, Cinco Días reports. Since the beginning of the year, foreign management firms have launched 103 funds, compared with 54 in the corresponding period of last year. They now account for 21% of Spanish funds by volume, compared with 14% in 2007. In 2009, assets under management increased 38% compared with 2008, and in the first half of 2010, they increased another 28% compared with the end of 2009, while assets in Spanish funds fell 3% in 2009 and 11% as of the end of June.
13/10/2010

France actively exporting funds to Spain

p { margin-bottom: 0.08in; } In an article on the superiority of foreign management firms to Spanish firms, Cinco Días reveals that French firms were the most active this year. The number of French funds on the Spanish market has increased from 122 in 2007 to 201 currently. Lyxor (Société Générale) has released 11 ETF funds on the Spanish market since the beginning of the year, compared with 3 on the same date last year. Axa has launched three funds and decided to distribute them through Allfunds Bank, Banco Inversis and Catalunya Caixa, as well as through Axa Ibercapital. Saint-Honoré has released 13 funds via Allfunds, compared with 7 last year. LFP has launched three funds.
13/10/2010

Bestinver ranks second in the world for performance, after HMG Finance

p { margin-bottom: 0.08in; } Expansión reports that according to Citywire rankings, Bestinver (EUR4.4bn), the asset management affiliate of the Spanish Acciona group, is the world’s second-best asset management firm in terms of performance, largely thanks to its Bestinver Internacional fund, which has earned 33.5% since the collapse of Lehman (15 September 2008). The number one is HMG Finance – Globetrotter, which gained 44.7%.
13/10/2010

Prudential and Schroders recruit new heads of sales in Asia

p { margin-bottom: 0.08in; } Asian Investor reports that Beonca Yip is leaving Lyxor Asset Management to join Prudential AM as regional head of retail distribution. Sophina Hui, previously at Amundi AM, has joined Schroder Investment Management as head of institutional clients in Hong Kong.
13/10/2010

Achmea awards a bond mandate to Standish

p { margin-bottom: 0.08in; } The Netherlands-based pension fund management firm Achmea Beleggingsfondsen Beheer B.V., an affiliate of the Achmea insurance group, has allocated a EUR230m mandate to invest in European bonds to Standish Mellon Asset Management Company LLC, an affiliate of BNY Mellon Asset Management. Previously, management of the unit trust was handled by a single asset manager, but Achmea has decided to appoint two more managers. Standish is the only foreign firm among the three. The mandate will be managed by the Standish team specialised in Euro bonds, directed by David Leduc, managing director of global fixed income.

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