p { margin-bottom: 0.08in; } The founder of the hedge fund management firm Peloton Partners, Ron Beller, has decided to start up again with a former Peloton colleague, Manal Mehta. IN San Francisco, they have founded the management firm Branch Hill Capital, and will initially manage their own USD40m in assets, the Wall Street Journal reports. Peloton Partners, with its ABS fund, imploded in February 2008, at the height of the credit crunch. Since opening its doors on 1 June, the Branch Hill fund has earned 15%. It will be open to external investors by the end of the year, according to a source familiar with the matter.

p { margin-bottom: 0.08in; } “To beat the stock market indices, you have to break away from them,” says Didier Bouvignies, managing partner and head of management at Rothschild & Cie Gestion, at a presentation of the active and contrarian approach of the management firm, which has “high exposure to high-risk assets.” In the present context, the firm is sceptical of predictions that there will be a double-dip continuation of the recession. In reality, Bouvignies continues, “primary real estate does not represent a serious threat, if only because it represents only 2 1/2 % of GDP. Also, in the current configuration, there is little danger of a steep increase in interest rates. Finally, businesses are now in excellent health, which in theory will allow them to make new investments and recruitments.” Bouvignies adds that “though we are a little bit less optimistic than a few months ago, we haven’t let ourselves wallow in pessimism.” This line of conduct represents a more positive sentiment than the European consensus, by which the equities markets are thought to be headed in a less than positive direction at present. “Europe is excessively undervalued,” with share multiples 20% lower than the prevailing multiples on the US equity markets, “because European shares are sanctioned by considerations related to government debts, which also explains the divergence in performance between Germany and Italy, for example,” says Bouvignies. In sector terms, Rothschild & Cie Gestion, known for its expertise in “growth at reasonable price” (GARP) management, wonders whether the best of the shares with strong exposure to international markets, after a strong rebound, may reach such high levels that it would be difficult to consider them disappointing, or for analysts to adopt such a view of them. At any rate, “though risk premiums are resorbing, the most money is not to be made on equities,” the CIO continues. The banking sector, he says, is still victim to excessive fears about capital and the evolution of business, though these problems are becoming less serious. On European government bonds, Bouvignies says that “the best-rated bonds are relatively unattractive, and remuneration is at its lowest levels in a century, at least for German, French and Dutch government bonds.” For “peripheral” bonds, “there have been too many fears of default, and we do not expect such a scenario to occur in Italy, for example.” As to corporate bonds, Bouvignies notes that “portage is currently interesting, but not in excessive proportions, since portage is producing 140 to 50 basis points, which is simply rather attractive.”

p { margin-bottom: 0.08in; } Jefferies announced on 16 September that it has created a futures unit, and has appointed Patrice Blanc, former CEO of Newedge, as president of the unit.

p { margin-bottom: 0.08in; } The Wall Street Journal reports that Bill Gross, manager of the Pimco Total Return Fund (USD248bn), has reduced its exposure to US government bonds to 36% as of the end of August, from 63% at the end of June. Jeff Gundlach has reduced the allocation of the DoubleLine Core Fixed Income Fund to 36% as of the end of August, from 52% in July. Lastly, Dodge & Cox is short-selling futures on Treasuries from some of its bond portfolios. The Wall Street Journal adds that funds such as the Templeton Global Bond Fund and the Loomis Sayles Bond Fund, which have generally avoided Treasuries for some time, are finding better “opportunities” outside the United States.

p { margin-bottom: 0.08in; } Les Echos reports that the European Commission is planning to extend the application of the markets in financial instruments directive (MiFID), which currently applies only to equities markets. The rules may soon be extended to “bond markets, and particularly to derivative product markets,” the European commissioner for the internal market and financial services, Michel Barnier, announced in Brussels yesterday. The European Union, which is planning to increase responsibility for actors by “eliminating excessive risk-taking” and increasing investor protections, particularly for SMEs, is also seeking to guarantee fair competition between traditional and alternative platforms.

J.P. Morgan Asset Management – Global Real Assets on 17 September announced that in addition to its new team in Paris (see Newsmanagers of 17 September), another team of experienced professionals will be recruited for its Frankfurt offices. The team will be led by Michael Ramm, co-head of acquisitions for the real estate arm of JPMAM.The real estate group has been present in Germany since 2005, and manages a portfolio of about 300,000 square metres.

p { margin-bottom: 0.08in; } From 20 September, the Munich-based direct bank DAB Bank will be offering a range of savings plans (at least EUR50 per month) linked to ETFs from db x-trackers and ETCs from db ETC, with no transaction fees. The fees will be covered by Deutsche Bank, who will rebate shareholders for fees paid. The renewable cooperation agreement will be initially valid for five years, and is valid for already active savings plans as well as those to be created in the future. The new collaboration brings the number of db x-trackers ETF funds on sale via DAB Bank to 59. The direct bank’s offer also for the first time includes seven db ETC products.

Alternative strategies made a small gain (+0.02%) in August, clearly outperforming the S&P index, according to the Edhec Institute. Similar to its situation in June, and despite the losses of convertible bonds and a shrinking credit spread (-0.85%), the Convertible Arbitrage strategy took advantage of the plummeting stock market to manage a positive return (+1.25%) for a third consecutive month. Despite the losses on the commodities market but along with regular bonds, the CTA Global strategy managed a significant gain (+3.04%), its best since last November.The poor performances of the stock market naturally impacted the equity-oriented strategies. After some comfortable gains in July, the Equity Market Neutral (-0.57%), Event-Driven (-0.29%) and Long/Short Equity (-0.96%) strategies all inevitably lost ground.Curiously enough, despite its reduced exposure to the stock market, the Equity Market Neutral strategy was not the best performing among them. Conversely, the Fixed-Income Arbitrage strategy managed a significant profit (+0.99%)

p { margin-bottom: 0.08in; } Legal & General Investments has appointed Frank McGarry as director of sales, fundstraetgy reports. McGarry, who will take up his new position in October, was previously head of intermediated sales at Insight Investment. The firm has ambitions to become one of the top five providers of unit trusts in the United Kingdom.

p { margin-bottom: 0.08in; } Fundstrategy reports that Colin Beveridge, investment director for international equities at SWIP (Scottish Widows Investment Partnership), has decided to leave the group from the end of September. The resignation follows the departure of his former boss, Ian Vose, who left SWIP in April this year to join Investec Asset Management.

p { margin-bottom: 0.08in; } Société Générale Private Banking Hambros has announced the opening of a new office in Edinburgh, Scotland. “The new office represents a first step in private banking in this territory, whose capital, Edinburgh, is a major crucible of wealth creation in the United Kingdom, and an ideal location for SGPB Hambros as part of its development of wealth management activities in the region,” a statement from the firm says. Scottish private clients will have access to SGPB Hambros’ expertise in the areas of wealth engineering and fiduciary services, investment solutions (in equities and bond stock picking, investment products, real estate offerings and access to capital markets), as well as a complete range of credit solutions. Mike Smith and Chris Thomson, who joined SGPB Hambros in 2008, will be in charge of the office, which is a part of Société Générale Private Banking’s regionalisation strategy in more mature markets, similar to the one it has recently deployed in France, with the opening of offices this year in Strasbourg and Rennes (see Newsmanagers of 20 May 2010).

p { margin-bottom: 0.08in; } On 12 September, Charter group created the firm Charter Group Fund Administration Ltd (CGFA) in London, with Brian Taitz. The new entity will focus primarily on offshore funds managed by boutiques, but will also offer reporting service for performance attribution for more traditional funds. Taitz, the managing director of CGFA, previously created and led a fund administration firm in Sydney. The preparation of financial reports and technical aspects of accounting questions will be handled by Donné Sephton, who created DS Consulting in January 2007.

p { margin-bottom: 0.08in; } After leaving her job as group CIO for Fidelity International in London in March (see Newsmanagers of 12 March), Nicky Richards is now returning to Australia, where from 1 January 2011 she will officially become CIO of MLC, the wealth management division of National Australia Bank (NAB). MLC manages about AUD65bn in assets with 30 investment professionals. Richards will take over the position previously held by Susan Gosling, who held the role in addition to that of head of capital markets research, MLC stated on 20 September. In July, MLC recruited Michael Karagianis from UBS as investment strategist, and Stefano Cavaglia (formerly of UBS and PanAgora Asset Management) as alternatives portfolio manager.

p { margin-bottom: 0.08in; } On 17 September, the CNMV issued a registration for the Irish-domiciled Nomura Investment Solutions Plc, whose five sub-funds will be distributed in Spain by Allfunds Bank. The sub-funds are: Nomura Interest Rate Investment Strategy Fund, Nomura Interest Rate Investment Strategy Irisx4 Fund, Nomura AR CS Fund, Nomura Macro CPS Fund, and Nomura Macro Commodity Strategy Fund.

p { margin-bottom: 0.08in; } The British hedge fund management firm Brevan Howard (USD32bn in assets), listed on the London Stock Exchange (LSE), announced on 20 September that it has recruited the former deputy governor of the Bank of Brazil, Mário Mesquita, to head up a research office in São Paulo.

p { margin-bottom: 0.08in; } With its new Global Markets range, Barclays Wealth is launching a range of five profiled OEIC portfolios, actively managed (for weighting), which invest primarily in ETFs, particularly products from iShares (BlackRock), and which are mainly aimed at IFA clients, while the management firm had previously focused primarily on private banking clients. The multi-asset class products will have a higher than average exposure to government bonds. The funds carry a front-end fee of 4%, and a management commission of 1%, of which 0.5% is a trail commission. Minimal subscription is GBP3,000.

p { margin-bottom: 0.08in; } TCF Investment (the brand name of TCF Fund Managers) has announced the launch in mid-October of four Total Clarity funds, profiled products (Defensive Portfolio, Cautious Portfolio, Diversified Balanced Portfolio and Diversified Long-Term Growth Portfolio) whose TER is limited to 0.8%. This TER will be reduced gradually as assets increase, to finish at 0.6% when assets under management are over GBP1.5bn. TCF will pay no commissions to advisers, but will offer them the opportunity to invest in the funds. The products, which will carry no front-end or exit fees, will invest in a variety of low-cost vehicles, largely ETFs available in the UK. They may also invest in shares in institutional funds not available to retail investors, but not in hedge funds. Initially, the Total Clarity Funds will be available on the Axa Elevate, Ascentic, Macquarie, Novia, Standard Life Wrap, Suffolk Life, Transact, SIPP Centre, SIPP Deal and Raymond James platforms.

The two new synthetic replication and over-collateralisation ETFs from iShares launched on the London Stock Exchaneg on Monday (see Newsmanagers of 20 September) are the iShares MSCI Russia Capped Swap ETF, which, as its name indicates, replicates the MSCI Russia Capped Index, and the iShares S&P CNX Nifty India Swap ETF, which does the same for the S&P CNX Nifty India index. The products are domiciled in Ireland.The Russia fund charges 0.75%; the India fund, 0.84%.

p { margin-bottom: 0.08in; } The CNMV announced on 20 September that on 17 September it received notice of the liquidation of the fund of hedge funds Selección Alternativa from Riva y García Gestión, which had only 100 subscribers and assets of EUR6.35m as of the end of August.

p { margin-bottom: 0.08in; } Asian Investor reports that the general manager of the Hong Kong offices of the International Alternative Management Association (AIMA), Jo Orgill, has left the professional organisation to join Samsung Securities, where she will develop the securities trading activities of the firm.

p { margin-bottom: 0.08in; } Asian Investor reports that Clariden Leu is planning to submit an application for a banking license in Hong Kong, which would allow it to participate in Renminbi markets. Other wealth managers such as Julius Baer have already taken steps in this direction. Two other Swiss banks, Pictet and BSI, have not ruled out making similar efforts. Clariden Leu may also set up a representative office in continental China.

p { margin-bottom: 0.08in; } HSBC Holdings announced on 17 September that it has sold an 80.1% stake in the capital of HSBC Private Equity (Asia) to the management of the firm. The management team, whose interests are embodied in the holding company Foci Holdings, will acquire a majority stake for USD18.8m; HSBC will retain only 19.9% of capital. Assets under management at HSBC Private Equity Asia total USD3.5bn. The transaction will be completed in fourth quarter 2010.

Lundi 20 septembre, Source a précise que son nouvel ETF irlandais BofAML Hedge Fund Factor Source, qui est conforme à la directive OPCVM III (lire notre article du 20 septembre) est disponible en dollars et en euros. Ils répliquent l’indice de stratégie Merrill Lynch Factor Model qui a été spécialement conçu pour répliquer la performance d’un vaste univers de hedge funds au travers d’un portefeuille constitué de grands indices internationaux parfaitement liquides.Les nouveaux ETF de Source ont pour objectif d’offrir à l’investisseur une exposition large et exhaustive à l’univers de la gestion alternative, sans pour autant être investis dans aucun hedge fund en particulier.

La société de gestion A Plus Finance vient d’annoncer le lancement d’A Plus Rendement 10, un Fonds d’investissement de proximité (FIP) investi dans les obligations convertibles et les obligations à bon de souscription d’actions (OBSA). Compte tenu de la composition de son portefeuille, A Plus Rendement 10 pourra bénéficier tout au long de la période d’investissement, d’une part du rendement des titres obligataires et d’une autre de la plus-value associée, en cas de conversion des obligations en actions, ou de la prime de non conversion.L’univers d’investissement d’A Plus Rendement 10 privilégie des secteurs reconnus aujourd’hui pour leur forte croissance comme les Technologies de l’information, l’Environnement et le E-business. Enfin, le FIP A Plus Rendement 10 investira dans 4 grandes régions françaises : IDF, Bourgogne, Rhône-Alpes et PACA. Caractéristiques :Code Isin : FR0010923797Souscription ouverte jusqu’au : 30/06/2011Commissions de souscription : 5 % max.Frais de gestion : 3,95 %Montant de la part : 100 eurosMontant minimum à la souscription : 1 000 eurosDurée : 5 ans

L’appellation d’investissement socialement responsable (ISR) est «totalement illégitime» pour une majorité des produits d'épargne commercialisés sous ce nom par les banques et les assurances, estime l’association Les Amis de la Terre dans un rapport publié le 20 septembre («Investissement socialement responsable : l’heure du tri»). «Avec l’"Investissement socialement responsable», banques et assurances entrent dans la valse du «développement durable». Malheureusement, elles n’ont pas changé leurs pratiques réelles et se sont limitées à promouvoir un affichage qui n’a pas de sens. Elles vendent à leurs clients des fonds soi-disant socialement responsables mais il s’avère qu’ils ne le sont pas. Détenir des actions de Total, Shell, Areva ou de BNP Paribas est-il socialement responsable? Pour les Amis de la Terre, la réponse est clairement «non». L’appellation «ISR» est donc totalement illégitime pour une immense majorité des produits d’épargne ainsi nommés par les banques et les assurances elles-mêmes», explique Soisic Rivolan, rédactrice du rapport dans un communiqué.Parmi les 89 fonds analysés dans le rapport, pas moins de 71 fonds contiennent dans leurs portefeuilles d’actifs au moins une des quinze entreprises controversées sélectionnées par Les Amis de la Terre (GDF Suez, BNP Paribas, Axa, Bayer, France Télécom, Royal Dutch Shell, Novartis, BMW, Nestlé, BP, Total, Deutsche Bank, Rio Tinto, Andritz et Areva) parce qu’elles ont eu des comportements socialement irresponsables dans une période récente.Deux éléments majeurs expliquent la présence d’entreprises controversées dans les fonds «socialement responsables», selon le rapport: les fonds sont investis presque systématiquement dans des entreprises multinationales, par nature plus promptes à avoir des pratiques contestables. Par ailleurs, la notation extra-financière, telle que pratiquée par l’agence de notation extra-financière Vigeo est qualifiée de «défaillante». «La démarche d’analyse de Vigeo, par exemple, consiste uniquement en une compilation de données publiques, provenant essentiellement de l’entreprise. L’agence ne mène aucune enquête propre et ne vérifie pas ses informations», indique le rapport.Les fonds ISR drainent pourtant de plus en plus de capitaux. En 2009, le volume des encours ISR a fait un bond de 70% pour atteindre 50,7 milliards d’euros, soit 1,9% des actifs sous gestion en France. Parallèlement à ce rapport, Les Amis de la Terre proposent un guide à l’attention des usagers des banques «Environnement : comment choisir mon épargne ?», classant les produits d'épargne, du livret A à l’assurance-vie en passant par le livret développement durable, «selon leurs impacts et leurs risques sociaux et environnementaux».

Acropole AM vient de recruter Anne-Sophie Pacot en tant que directrice clientèle grands comptes. Agée de 36 ans, Anne-Sophie Pacot aura pour mission de conquérir de nouvelles parts de marché et de promouvoir les fonds d’Acropole AM auprès d’une clientèle française diversifiée : institutionnels, entreprises, comptes propres de banques, etc. Elle rapportera à Nathalie Sabathier, directeur général d’Acropole AM et responsable du développement. Avant de rejoindre Acropole AM, l’intéressée était depuis dix ans chargée de relations auprès des investisseurs institutionnels et des distributeurs chez CPR Asset Management (2000-2009).

UniCredit (maison mère de Pioneer ndlr.) a convoqué ce jour une réunion extraordinaire du conseil d’administration au cours duquel le directeur général Alessandro Profumo devrait démissionner, indique le Financial Times. Ses relations avec le conseil d’administration, dirigé par le président Dieter Rampl, se seraient détériorées un peu plus ces derniers jours. Dieter Rampl prendrait la relève jusqu’à ce qu’un remplaçant soit trouvé, probablement avant Noël.

HSBC Holdings a annoncé le 17 septembre la cession d’une participation de 80,1% au capital de HSBC Private Equity (Asia) à l'équipe dirigeante.L'équipe dirigeante, dont les intérêts sont regroupés au sein de Foci Holdings, vont prendre la participation majoritaire pour un montant de 18,8 millions de dollars, HSBC ne détenant plus que 19,9% du capital.Les actifs sous gestion de HSBC Private Equity Asia s'élèvent à 3,5 milliards de dollars. La transaction devrait être bouclée d’ici au quatrième trimestre 2010.

Selon Asian Investor, le general manager de l’antenne à Hong Kong de l’Association internationale de la gestion alternative (AIMA), Jo Orgill, quitte l’organisation professionnelle pour rejoindre Samsung Securities et développer les activités titres de la société.

Selon Asian Investor, Clariden Leu envisage de déposer une demande de licence bancaire à Hong Kong, qui lui permettrait de participer au marché du renminbi.D’autres gestionnaires de fortune comme Julius Baer ont déjà engagé des démarches dans ce sens. Deux autres banques suisses, Pictet et BSI, n’excluent pas de s’engager dans cette voie. Clariden Leu pourrait également installer un bureau de représentation en Chine continentale.